Amazon 3Q’26: Trillion Dollar Talks

Amazon rarely says much beyond the next quarter, yet in its 3Q’26 call management highlighted that AWS will grow over 40% in each of 2027 and 2028. Andy Jassy then added that Amazon “may have two of them”, i.e. trillion-dollar revenue businesses in AWS and stores, in the next 5-10 years.

Alphabet 3Q’26: Search Worries Weighing In

For the second consecutive quarter, Alphabet posted negative Free Cash Flow (FCF). That wasn’t really a surprise, but investors were jolted by a dilapidated quarter from Search.

Anthropic S-1: Race, Choice or Flywheel?

Anthropic is about to list at somewhere between $1.5 and $2 trillion valuation. After months of leaks, we finally have an S-1 from Anthropic.

Intuitive Surgical: The Long Road to Everyday Surgery

Programming Note: MBI Deep Dives will be off tomorrow, but I will be back on Wednesday. I know AI is all the rage these days, but it was a nice break to spend some time studying a business whose customers are hospitals and surgeons.

Spotify 3Q’26: Built for the Background

Spotify’s 3Q’26 was essentially a “we did what we said” quarter. Premium subscribers reached 306 million, one million ahead of guidance.

Meta 3Q’26: Healthy Core, But Investors Spooked by Potential Funding Ambitions

Meta has finally joined the “illustrious” Big Tech club of negative free cash flow, whose membership already includes Alphabet and Amazon (perhaps I should add OpenAI and Anthropic to the list as well?).

The Strongest Argument Against SpaceX’s Compute Pricing Is SpaceX

Programming note: Every MBI Deep Dives article, including the entire archive of 630 posts, now comes with audio. To listen, just open the article on the website and hit play on the player at the top.

Is Microsoft Over-Earning on OpenAI?

I have been trying to work out whether Microsoft is over-earning on its relationship with OpenAI.

Meta’s GEM, Part 2: Finding the Scaling Law

Last year, I first wrote about Meta’s Generative Ads Recommendation Model or GEM. Over the last couple of years, Meta published several blog posts covering different facets of their ad infrastructure in the age of AI.

TSMC 3Q’26: Easing Off the Brake

Last year, Ben Thompson described TSMC as the brake on the AI buildout: “If Altman and OpenAI are the ones pushing to accelerate the AI infrastructure buildout, it’s Wei and TSMC that are the brakes.” TSMC has been easing off that brake all year.