The TMT Multiple Tracker 8.14.26

Tech and media stock valuations, EPS revisions, and P/E changes. Week of August 14, 2026.

Happy Friday! I want to provide useful market intelligence to my paid subscribers so I’m resurrecting the Accrued Interest TMT Tracker. The point of my tracker is not to predict stock movements, but to help explain HOW MUCH of stock’s moves this week were based on consensus earnings revisions vs. changes in the earnings multiple.

For those new to value investing theory, a stock price (P) is equal to earnings (E) multiplied by how much investors want to pay for those earnings, which is the multiple (P/E). Most stock screeners out there just tell you price moves, with no context. My weekly tracker will be a resource for you to help determine for yourselves whether or not your stocks are cheap or expensive.

This week I am going to start with nine TMT stocks, ranked by month-to-date move. All prices as of Thurs close, August 13, 2026. “Month to date” measured from the July 31 close. Consensus market data is from TIKR.com. As always, if any numbers look off - blame me. As the saying goes, all models are wrong, but some are useful. I hope this tracker helps spark insights. First, here is the snapshot for the free subs. I will have more details below for paid users. Subscribe for the full breakdown.

Biggest Gainer: Reddit ($RDDT) was the best performer in my coverage group by a wide margin, up more than 25% on the month and more than 17% in the last week alone. It was announced after hours on Thurs Aug 13th that Reddit will be joining the S&P 500, replacing AvalonBay Communities before the open on Aug 18th.

Duolingo ($DUOL) is the other name that moved hard, up 17.6% in a week. The stock was rallying after falling following Q2 earnings on Aug 5th. It was also up on news on Aug 13th that it acquired Animade, a London-based animation and motion design studio. Bulls think that this will help with user engagement and right now the bulls are winning.

Biggest Decliner: No surprise, AppLovin ($APP) was the worst performer in the group at -21.0% MTD, and it is the only name here down double digits. APP is down following Q2 earnings that caused several analysts to lower price targets. Google ($GOOGL) is the quiet one, down 3.2% on the week while most of the group rallied, along with the broader market. I don’t read too much into Google here.

Something I found surprising was that 8 of 9 of the stocks’ movement was based mostly on multiple expansion rather than upwards earnings revisions. Oftentimes changes in a stocks’ multiple can be a leading indicator of changes in investor sentiment.

Now below the paywall I am going to share the following: 1) the full multiple grid with 2026 and 2027 estimates (both GAAP and Non-GAAP), 2) estimate revisions, and 3) the decomposition that separates what moved the stock - earnings or multiple. OK - please join me below!