MBI Deep Dives

MBI Deep Dives

Software in Crosshairs

I came across this tweet on last Friday that indicates that the first trading day in 2026 was the worst day for software stocks since 2009 (and third worst in the last 20 years)! During the holidays, I came across several pieces on the current and future potential state of

The Pursuit of Better Explanations

A couple of weeks ago, Instagram algorithm showed this reel to me about James Cameron. It’s a two part series (part 1, part 2) which in aggregate will take you four and half minutes to watch. I recommend you watch the videos, but in case you don’t, this

The Battle for Attention

During 1Q’17 Netflix earnings call, Reed Hastings mentioned something that raised some eyebrows or perhaps created a muffled laughter: Think about it when you watch a show from Netflix and you get addicted to it, you stay up late at night. You're really -- we're

2025 Annual Letter

Broadly speaking, I tend to reflect on my year in three buckets: a) operating performance of MBI Deep Dives, b) performance of my personal portfolio, and c) my personal health as well as relationships with my friends and family. For the second consecutive year, MBI Deep Dives has been in

One Year of Parenting!

When the world was celebrating Christmas last year, we welcomed our son Nile to the world! “Oh, a Christmas baby!!”— we kept hearing from the doctors and nurses in the hospital. I didn’t grow up celebrating Christmas, but who knew my greatest cause for celebration would arrive on the

The Ecosystem Advantage

Like “Spotify Wrapped”, ChatGPT yesterday let its users see their 2025 stats which was fun to go through. I almost exclusively use ChatGPT Pro model (with extended thinking) which makes it hard for me to casually chat with ChatGPT as it typically takes 10-20 minutes for each of my queries.

Veeva's Opportunity in Clinical Software

In my Veeva update a couple of days go, I highlighted the below chart to make the point that Veeva clearly expects clinical segment to be their major growth opportunity in their journey to reach $6 Billion revenue run-rate by 2030. Given that context, I wanted to deepen my understanding

Sam Altman's Explanation

Jensen Huang in his recent Joe Rogan podcast had an interesting story from early years of Nvidia: “we convinced ourselves that chip is going to be great. And so I had to call some other gentleman. So I called TSMC…and I explained to them what we were doing. And

Veeva Update

Most software stocks are in bit of a tough spot in 2025. Even till late October this year, IGV (tech-software ETF) was slightly trailing both SPY and QQQ, but today its YTD is lagging SPY and QQQ by ~10 and ~14 percentage points respectively. Veeva has experienced a more dramatic

Why I am not writing a Deep Dive this month

I was working on this month’s Deep Dive on Nvidia. I was excited to finally study the largest company in the world with focus and patience it deserves, but after spending the last three weeks on the business, I have decided to give up on writing the Deep Dive.