Cautious Outlook on Global Payments: Hold Rating Amid Growth Challenges and Technological ConstraintsWe recommend investors tighten their fintech focus to traditional networks, digital finance, high-quality crypto infrastructure, and next-generation, software-centric processors. Our view is that traditional processors, like Global, Fiserv (FI $65.15; PayPal (PYPL $68.34; Market Perform), will struggle to deliver durable economic growth. As a result, we see irreversible multiple degradation even as EPS growth is notionally intact. Our best ideas: Affirm (AFRM $72.08; Outperform), SoFi (SOFI $30.63; Outperform), Coinbase (COIN $330.42; Outperform), Circle (CRCL $117.86; Outperform), Block (XYZ $74.30; Outperform), and Shift4 (FOUR $68.38; Outperform). Global looks less bad.