Margins, Growth, and Monetization: NU’s Next Leg Higher

Not sure how to start this one, so we’ll just jump right in.

NU is a bit of a lightning rod stock. It’s a bank. It’s a growth company. It’s both, but neither. And it is pretty well covered. So, if you’re looking for a regurgitated AI mess of stats and jargon you should stop reading now.

I’ve owned NU since January of 2024. I wrote about it in August of 2024 and then again in January of 2025. If August’s piece was bullish with near term caution (mostly correct), January’s piece was long-term constructive but short term bearish (pretty correct). But things have changed a little for NU. So I wanted to get back to a longer term view.

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