Take-Two Interactive: Positioning for a Multi-Year GTA VI-Led Supercycle and High-Margin Live-Service GrowthWe view Grand Theft Auto VI and the anticipated evolution of GTA Online as a major growth catalyst for Take-Two, with the hype cycle around GTA VI, scheduled for November 19, 2026, likely to be among the most significant in entertainment history. Early consumer response supports this view, with the second GTA VI trailer generating over 475 million views within 24 hours, highlighting the franchise’s global reach. We believe this pre-launch momentum should support a valuation re-rating ahead of release, while GTA Online 2, though not yet formally announced, has the potential to materially expand recurrent consumer spending and drive a structurally higher long-term earnings profile.