It is not only a popular service that allows merchants to accept cashless payments but the most ubiquitous digital wallet, with a huge lead over second-place Apple Pay. Looking at the bigger picture, the management team thinks Block's total addressable market (in terms of gross profit) is $120 billion, up significantly from previous estimates. As the Federal Reserve hiked interest rates to fight inflation, investors have soured on growth tech stocks, a category that Block occupies.