On August 13, Netflix rose 3.37% in regular trading, trading at approximately $76.7 per share. The rally was driven by the disclosure that hedge fund titan Bill Ackman's Pershing Square fund built a substantial new position of 3.15 million shares in Netflix during Q2, representing 4.9% of the fund's portfolio.

The move is notable given Ackman's history with the stock — in early 2022, Pershing Square purchased $1 billion worth of Netflix shares at around $400 per share, only to liquidate the position months later at $225 per share, incurring a loss exceeding $400 million. His return signals renewed conviction that Netflix has emerged as the winner in the streaming wars.

Fundamentally, Netflix's Q2 advertising pre-sale bookings nearly doubled, while the company executed a record single-quarter share buyback of nearly $5 billion, raising total buyback authorization to $27 billion. Management projects full-year free cash flow of $12.5 billion, up over 30% year-over-year, with revenue growth of 13%-14% and operating margins of 31.5%.

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