The Zhitong Finance App learned that on Thursday, Netflix (NFLX.US) started trading higher and is now up nearly 5% to $77.50. According to the news, billionaire investor Bill Ackman once again bought Netflix shares through Pershing Square, which he manages. This is his second time investing in the streaming giant. Pershing Square clearly stated in its latest investment report: “Netflix has essentially won the streaming war.”

Pershing Square believes that short videos are mainly distributed from traditional TV and weaker streaming services rather than Netflix; AI risks are also overestimated. Producing high-quality long videos is still expensive, and Netflix's scale advantage, AI-driven recommendation system, and ad targeting may strengthen its competitiveness.

Looking ahead, the agency expects Netflix's revenue to maintain double-digit growth, with content costs growing at a lower rate than revenue, driving profit margins to continue to expand. Combined with repurchases, earnings per share are expected to be close to 20% compound annual growth. The current valuation is clearly discounted for such a company with steady growth and dominant position.

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