Is this streaming stock the next trillion dollar company?

This panel was filmed on 9 September 2025.

As part of Livewire Live 2025, we asked panellists to find us the Nvidia of the future.

No small ask, especially given how hard it wad to predict where Nvidia itself would end up back when it was a humble gaming company. 

Thankfully, our panellists were able to deliver.

Joshua Cummings, Janus Henderson portfolio manager, pitched Spotify (NASDAQ: SPOT) as the stock he thinks could become the next $1 trillion company and tech giant.

"Spotify to us is now fully and completely demonstrating signals and signs of a long-term winning aggregator in much the same way that Amazon did for us many years ago," says Cummings. "They're taking something like 50 to 60% incremental growth share."

With 38% global market share and almost 700 million active users, Spotify is already the dominant force in an industry that's expecting huge growth. 

It leaves Spotify in a great position to emulate the growth and success of similarly disruptive aggregators like Amazon and Netflix, says Cummings. 

"We feel like they've broken away from the pack, frankly. And anytime you have one competitor gaining 50 cents on the growth dollar, that's pretty hard to fight. That's a really nice tailwind at your back."

Under eccentric co-founder and CEO Daniel Ek, Spotify haven't lost the edge that helped them disrupt the music business even as they mature into a market giant.

"We love founder-led businesses, absolutely love them." - Joshua Cummings

"We actually think that the company's really found profitability religion, and we think it's pretty much up and to the right from here. We feel great about this business."