That’s where it gets interesting.

The story still sounds clean—growth, margins, AI as a tailwind.

But that’s also what the setup looked like before the break.

The question isn’t whether Adyen can execute.

It’s what has to stay true for the return to work from here—and how much room there is if any part of that shifts.

The risk isn’t failure.

It’s the story holding… and the outcome still disappointing.