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The Great Decoupling of Labor and Capital
A programming note: I initially wanted to cover Microsoft’s earnings today, but I am changing the schedule a bit as I felt more inspired to write today’s piece.
Almost two decades ago, Hewlett-Packard (HP) was the first tech company to exceed $100 Billion annual revenue threshold in 2007.
Alphabet 3Q'25 Update
Alphabet is a $3.4 Trillion company. Yet, the stock is up almost ~50% since 2Q’25 earnings. The stock has largely shredded the initial search related jittery post-ChatGPT and is now firmly seen as one of the key winners in AI. 3Q’25 call only bolstered this view.
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Amazon 3Q'25 Update
Amazon reported a fantastic quarter yesterday. Not only AWS growth has accelerated, it does appear such acceleration may continue at least in the near term. Moreover, the rest of the business, especially the core e-commerce continues to be a secular winner.
Here are my highlights from yesterday’s call.
Revenue
Meta 3Q'25 Update
Let me start with the conclusion: while Meta’s stock is down ~10% after earnings, the company remains extremely well positioned for the long-term. Meta can, however, still be uncomfortable to own in the short-term as the company is going to navigate pretty aggressive capex plans next year. Nonetheless, I
CoStar 3Q'25 Update
CoStar had a decent quarter, but the stock is down 15% post-earnings. To be quite frank, the market reaction is quite perplexing to me as I couldn’t quite find anything that would warrant such a drop.
Here are my highlights from the call.
Revenue
CoStar acquired Domain for $1.
Amazon marketplace trends
A programming note: We are heading towards a pretty packed earnings week. As a reminder, I will cover only one company’s earnings every day. My tentative earnings coverage schedule for the next few days is: CoStar (Wednesday), Meta (Thursday), Amazon (Friday), Alphabet (Saturday) , Microsoft (Sunday), and Insurance Brokers (Monday)
Music's AI mess
Most of you may not have heard about Xania Monet, but “she” created a bit of a stir in the music industry last month when Hallwood Media, an independent music label company, signed a $3 million deal with her as her new track “How Was I Supposed To Know” reached
Amazon's robot army
Back in June 2025, WSJ reported that while the average number of employees per Amazon facility continues to go down every year, the number of packages that Amazon ships per employee each year has increased from 175 in 2015 to almost 4,000 in 2025. This massive productivity gain largely
The coming debt deluge?
One of the core differences of the current AI revolution from the earlier bubble periods was that almost all of the funding so far has come from operating cash flow (OCF) of some of the most profitable companies on earth! Despite massive capex increases in recent years, all the major
Instacart: "Webvan done right"
You can listen to this Deep Dive here
With a 10-month old son, MBI household understandably doesn’t quite enjoy going to grocery stores. So our habit of ordering grocery online survived longer than perhaps many families did since the pandemic. Since every member of MBI household, including my son,