MercadoLibre defies platform gravity by accelerating GMV growth and expanding take rates at massive scale, signaling deepening merchant and consumer dependency. I initiate MELI at Buy with a $2,300 price target, driven by logistics scale, fintech ecosystem strength, and anticipated EPS recovery in 2026–2027. Margin compression is a deliberate investment in logistics and fintech infrastructure, already yielding measurable cost advantages and cross-selling synergies.