The Long-term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios

In my “Lipstick on Frontier AI Pigs” piece, I wrote the following: Apart from ignoring the cost of training, another deeply questionable assumption Amodei makes in his argument is the gross margin for inference. In his “stylized” example, he assumes gross margin to be 67% which is directly responsible for

Walmart’s Trillion-Dollar Mojo

Walmart was the most recent member in the trillion dollar club companies. After coming to IPO in 1970, it took them almost 54 years to reach half a trillion dollar of Enterprise Value (EV). The next $500 Billion took just two years! As they say, the first $500 Billion is

Figma 4Q'25 Update

While Figma’s stock reacted positively to its 4Q’25 earnings, the stock is still down ~33% YTD. Considering the SaaS-ocalypse backdrop, Figma posted pretty strong numbers. Its revenue growth accelerated from 38% YoY in 3Q’25 to 40% in 4Q’25. Figma’s Net Dollar Retention (NDR) for customers

Booking vs Airbnb's 4Q'25, Booking's Response to Existential Question

Now that both Booking and Airbnb reported its 4Q’25, I will first compare and contrast their respective quarter through different KPIs. Then I will discuss some key takeaways from the call behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep

Some Portfolio Changes

Perhaps it’s hardly a surprise if you read yesterday’s piece “Lipstick on Frontier AI Pigs”, but I made some changes to my portfolio yesterday which I will elaborate behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on

Lipstick on Frontier AI "Pigs"

Dario Amodei recently did an interview with Dwarkesh Patel. While plenty of people found it rather reassuring for the “AI trade” to continue, I came away with much more consternation not only about Anthropic but also about anyone whose revenue or earnings is hinged on Anthropic spending ever increasing amount

Airbnb 4Q'25 Update

Programming Note: I will be traveling with my family for the next three days. Hence, I will take some time off, but will be back on Tuesday next week. Earnings for most internet or SaaS stocks these days appear to be just another event for these stocks to go further

Shopify's Miraculous Momentum

One of the most impressive things about Shopify is their ability to grow GMV in tandem with Amazon in recent quarters. Shopify was able to maintain such admirable momentum in 4Q’25. One of the key reasons for Shopify to be able to match Amazon’s growth is that their

Spotify's Teachable Moments

Spotify launched its premium subscription plan back in 2009 and it took them nearly a decade to reach the milestone of 100 million premium subscribers back in 1Q’19. It took them 16 quarters to add the next 100 million premium subscribers. As they are set to reach 300 million

Zuckerberg's Lens

10 years ago, Alphabet was the largest company among today’s big tech companies. (I’m going to ignore Tesla and Nvidia in this discussion as they are more recent additions to this list). Remarkably, these five companies were clustered quite close to each other back in 2016 as their