VeriSign, Inc. - $VRSN (short)

VRSN (short): YTD .Com growth driven by high-churn registrars using ~50% rebates, with growth inflecting down in FY2026E as scaling laws hit. 6 registrars w/ ~14% lower renewal rates (~63% vs 73%) now 12.4% of domains. Google killed parked domain ads (~30% of domains), dropping revenues 85-90%, forcing non-renewal. 25-50% downside as narrative shifts back to melting ice cube.