MBI Deep Dives

MBI Deep Dives

Veeva Model Update

As I have promised earlier, I have updated my Veeva model yesterday. If you are not familiar with the company, I suggest you read my Deep Dive (September 2024), and an update on the company from December last year. I will briefly go through the model and share some thoughts

Meta at the AI Crossroads

A couple of days ago, NYT reported that Meta will delay releasing its new foundational AI model to May this year. While Meta never really publicly disclosed when they would likely release their new model, it was widely believed to be sometime in March. However, NYT’s reporting indicated that

Editing Adobe

At first glance, everything seems to be chugging along just fine at Adobe. Their earnings yesterday continued to show that revenue is still growing at double digit rate with operating margins remaining quite stable. In fact, Adobe mentioned their ARR from “AI first” offering tripled YoY with monthly active users

Meta's Chip Resilience

AWS, Google, and Microsoft have all deployed a similar chip strategy with varying degree of success. Google has its TPUs, AWS has Trainium, and Microsoft has its Maia chips. The success of their chips so far are also in that order with TPU being ahead of the pack and Maia

Follow-up on "AWS: Pre and Post-ChatGPT"

Last Saturday, I published a piece outlining my reasons for nervousness about the long-term future of AWS. This led to a noticeably more constructive feedback from readers which I would like to address in this follow-up piece. I will also expand on a couple of points further behind the paywall.

Constellation Software 4Q'25 Update

Amidst an unprecedented drawdown relative to its history, Constellation Software (CSU) had a rather reassuring quarter. Things are, at least so far, chugging along just fine. The maintenance or recurring revenue segment, which is ~75% of their revenue, grew by 6% (FX adjusted) YoY in 4Q’25 which is a

Nvidia's Burgeoning Moats, Pichai's Comp

Jensen Huang mentioned at Morgan Stanley (MS) TMT Conference last week that Nvidia just reported “the single best print in the history of humanity”. While such glib comments attracted a lot of attention, I thought Huang’s session was quite instructive in explaining to investors how Huang is busy at

Notes from MS Conference: Meta, and Microsoft

Morgan Stanley (MS) had their annual TMT conference last week. Let me share some notes from Meta, and Microsoft’s sessions today. Meta Platforms Susan Li, CFO of Meta, attended the MS conference. As you can imagine, there were plenty of questions around ROIC on their capex. It turns out

AWS: Pre and Post-ChatGPT

Back in 2014, Jeff Bezos wrote to Amazon shareholders: “A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you find

Why AI Is Unlikely to Kill OTAs

Online Travel Agency (OTA) stocks such as Booking and Expedia both reacted very positively yesterday after The Information reported OpenAI’s retreat from direct checkouts. From The Information: OpenAI is scaling back its plan to introduce shopping directly inside ChatGPT, marking a change in its high-profile effort to put checkouts