How I Am Using AI

AI is clearly a moment of significant change. Anyone who is somewhat involved in any “knowledge work” must have tangibly felt it by now.

Floor & Decor 3Q’26: Déjà Vu, But Priced For A Lost Decade

I know perhaps you are thinking and reading mostly about Jensen Huang today. I will spare you from the Huang saga and take this opportunity to catch up on earnings of a company that has absolutely nothing to do with AI: Floor & Decor (FND).

DoorDash’s FBA Moment

In my DoorDash 3Q'26 piece, I said I wanted to think more about the DashMart angle of the Instacart deal. I don't think DashMart is the main reason DoorDash is paying ~$17 billion for Instacart.

Constellation Software 3Q'26: Organic Growth Recovers, but Still Below Its Old Pace

Constellation Software's (CSU) organic growth bounced back from its 2Q'26 trough. Maintenance and other recurring revenue, which is ~77% of total revenue, grew +4% (FXN) organically, up from +2% last quarter.

Anthropic vs Meta: Room to Be Wrong

Anthropic is expected to go public at ~$1.5 trillion, although some investors are now reportedly pushing for something closer to $1 trillion after last week’s AI selloff. As it turns out, Meta’s enterprise value is also ~$1.5 trillion.

Airbnb 3Q’26: Back in Growth Mode, but Agents Still Worry Me

When I sold Airbnb at $170s to buy more Meta at $650s couple of months ago, I admit I felt a little smart after watching Airbnb stock tumbling down while Meta skyrocketing to the Muse hype.

Uber 3Q'26: Eats vs DoorDash, and the AV Math

Uber's 3Q'26 looked a lot like the last few quarters. Gross Bookings grew 20% in constant currency, and Delivery (+23%) outgrew Mobility (+17%) again.

Shopify 3Q’26: Closing In on Half of Amazon

In 1Q'17, Shopify's Gross Merchandise Value (GMV) was ~10% of Amazon's estimated retail GMV. It took them seven years to reach ~30%.

Microsoft FY 1Q'27: My Confusion vs. the Market’s Certainty

Microsoft’s quarterly earnings last week was strong, as they were at every hyperscaler this quarter. Azure grew 48%, up from 42% in the June quarter.

DoorDash 3Q’26: Buying the Big Basket

DoorDash had another solid quarter. Total orders grew 28% YoY and marketplace Gross Order Value (GOV) grew 36%, and excluding Deliveroo both grew at the same 17% and 23% as in 2Q'26.