What Changed In eBay's Story?

Investors are paying a premium for eBay (EBAY). The stock currently trades at 4.3 times its sales over the past twelve months, compared to 3.1 for the S&P 500. Justifying that valuation requires tracking a recent shift in corporate messaging. Back in April 2025, during the fiscal Q1 2025 call, management emphasized the uncertainty that tariffs and trade policy changes created for eBay's sellers and buyers. That rhetoric has faded. So what has management been talking up instead.