Netflix Stock Falls 41% from Peak; Record Buyback and Institutional Divergence

Stock down 41% from peak, record $4.7B buyback signals management conviction despite Q2 guidance miss and studio closures (Night School, Moonloot). Institutional divergence: Bill Ackman enters at ~$74, Tiger Global exits entirely. $27B remaining buyback authorization. Stock near 52-week low but recently hit five-week high on ad commitment news. Q2 aftermath shows margin expansion and valuation compression to ~20-24x forward earnings.