Last fall, new Peloton CEO Peter Stern made a bet. The company announced a complete refresh of its entire hardware lineup , complete with swivel screens and AI-powered features. Today, the initial results of Stern’s bet are in. In its Q2 2026 earnings call, Stern noted that the hardware refresh hasn’t landed with existing Peloton users, resulting in weaker-than-expected holiday sales during what’s usually Peloton’s strongest quarter. As a result, Peloton stocks fell roughly 20 percent this