Channel checks for Cardlytics ($CDLX) are improving, particularly with Amex, ahead of Q3 earnings next week. The author believes $CDLX, currently down 99% from its peak, presents a major opportunity due to a misunderstood business model shift to a high-margin managed self-service platform, which could lead to a significant rerating. The recent extension of the JP Morgan deal until 2028 further supports the bull case against short sellers.