# MBI Deep Dives
> Investment Research
Public Ghost content for AI and LLM tooling. Use `/llms-full.txt` for consolidated page and post context.
Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`).

## Pages
- [About MBI](https://www.mbi-deepdives.com/about-mbi.md) - MBI is the abbreviation for “Mostly Borrowed Ideas”, which is my pseudonym on Twitter. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In an…
- [Account](https://www.mbi-deepdives.com/account.md)
- [Audio](https://www.mbi-deepdives.com/audio.md)
- [Start Here](https://www.mbi-deepdives.com/home.md) - Welcome to MBI Deep Dives. I publish one in-depth research on a publicly listed company every month. Subscribers can download the pdf of the deep dives as well as detailed financial models, all of which can be found here. Here are some sample deep dives you can explore before subscribing to my rese…
- [Latest Posts](https://www.mbi-deepdives.com/latest-posts.md) - Click here
- [Log In](https://www.mbi-deepdives.com/login.md) - Log in New? Subscribe here If you have any problem logging in, please contact rezwan@mbi-deepdives.com
- [Deep Dives](https://www.mbi-deepdives.com/models.md)
- [Portfolio](https://www.mbi-deepdives.com/portfolio.md)
- [Privacy Policy](https://www.mbi-deepdives.com/privacy-policy-2.md) - By signing up, you are providing us with some personal data, including names, addresses, email addresses and payment details. We will not share them with any third party except as is necessary for processing payments. We use MailerLite as our marketing platform for managing your personal informatio…
- [Thank You](https://www.mbi-deepdives.com/thank-you.md) - Your subscription has been set up successfully.
- [Twitter Threads](https://www.mbi-deepdives.com/twitter-threads.md)

## Posts
- [A Few Changes to My Publishing Schedule](https://www.mbi-deepdives.com/a-few-changes-to-my-publishing-schedule.md) - I would like to make a few changes to my schedule. I am currently working on my Uber Deep Dive but, frankly speaking, I am further behind than I would like to be. As a result, I plan to spend next week solely on the Deep Dive, and I am hoping to publish it by the end of next week. There won’t be an…
- [What Anthropic's 25 Gigawatts Can Earn in 2030](https://www.mbi-deepdives.com/anthropic-2030.md)
- [Groceries, Aggregators, and Agents](https://www.mbi-deepdives.com/groceries-aggregators-and-agents.md)
- [What You Have to Believe for OpenAI to Break Even in 2030](https://www.mbi-deepdives.com/oai-breakeven.md)
- [My Last Financial Model](https://www.mbi-deepdives.com/my-last-financial-model.md)
- [Meta’s Trojan Horse for the Consumer Internet](https://www.mbi-deepdives.com/meta-muse.md)
- [Why “Affordable Luxury” Doesn't Compound](https://www.mbi-deepdives.com/affordable_luxury.md)
- [Muse Implications for Consumer Internet](https://www.mbi-deepdives.com/muse-marketplace.md)
- [First Impression of Muse](https://www.mbi-deepdives.com/muse.md)
- [Pulte’s Bag of Tricks](https://www.mbi-deepdives.com/pulte.md)
- [A quick update on Deep Dives](https://www.mbi-deepdives.com/a-quick-update-on-deep-dives.md) - I won’t be publishing anything new today, but I wanted to share a short update on the Deep Dives I’ve been working on. Last month, I started working on Micron to understand the memory complex a bit better. After a couple of weeks, I concluded that not only was it far more technical than I expected,…
- [What can I learn from my 20-month-old son?](https://www.mbi-deepdives.com/learning_from_son.md) - Programming Note: As a reminder, every Sunday, I write pieces that are predominantly based on personal experiences which may or may not be loosely connected with investing. If you are reading MBI Deep Dives everyday, I think it would be rather useful for my readers to understand my personal lens a…
- [Bypassing RevenueBench to Buy the Feedback Loop](https://www.mbi-deepdives.com/revenuebench.md)
- [Spare a Thought for Broadcom Shareholders](https://www.mbi-deepdives.com/avgo3q26.md)
- [Notes from a Dasher Shift, and the Drone Delivery Future](https://www.mbi-deepdives.com/dasher.md)
- [The Bid Shading Threat to Amazon Advertising](https://www.mbi-deepdives.com/amzn_ads.md)
- [The Left Tail of AI](https://www.mbi-deepdives.com/the-left-tail-of-ai.md)
- [An Ode to Ben Thompson](https://www.mbi-deepdives.com/an-ode-to-ben-thompson.md) - Programming Note: As a reminder, every Sunday, I write pieces that are predominantly based on personal experiences which may or may not be loosely connected with investing. If you are reading MBI Deep Dives everyday, I think it would be rather useful for my readers to understand my personal lens a…
- [Veeva 2Q’26: "SaaSpocalypse" Cancelled](https://www.mbi-deepdives.com/veev2q26.md)
- [Meta Buys Away its Distraction at Minimal Cost](https://www.mbi-deepdives.com/meta-settlement.md)
- [Nvidia Climbing the Wall of Worries](https://www.mbi-deepdives.com/nvdafy2q27.md)
- [Nvidia’s Long-Term Margin Question](https://www.mbi-deepdives.com/nvda-lt-margin.md)
- [Big Tech Off-Balance Sheet Concerns](https://www.mbi-deepdives.com/off-bs.md)
- [Stripe’s “Singularity” and the Divergence from Adyen](https://www.mbi-deepdives.com/stripe-vs-adyen.md)
- [Core Memory](https://www.mbi-deepdives.com/core-memory.md)
- [The Non-linear Economics of Grocery Delivery Basket](https://www.mbi-deepdives.com/grocery-basket.md)
- [Walmart’s Evolution](https://www.mbi-deepdives.com/wmt2q26.md)
- [Instacart’s Unit Economics, and Implications for DoorDash](https://www.mbi-deepdives.com/cart-vs-dash.md)
- [Airbnb Model Update (2026)](https://www.mbi-deepdives.com/abnb-2026.md)
- [Rethinking the Data Moat](https://www.mbi-deepdives.com/data-moat.md)
- [Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge](https://www.mbi-deepdives.com/dash-vs-uber.md)
- [The AI Compute Squeeze](https://www.mbi-deepdives.com/compute-squeeze.md)
- [Why I am going to utilize options more to manage my portfolio](https://www.mbi-deepdives.com/options.md)
- [Constellation Software 2Q'26: Soft Organic Growth, but Encouraging Deployment Pace](https://www.mbi-deepdives.com/csu2q26.md)
- [License to Chase the AI Frontier](https://www.mbi-deepdives.com/frontier.md)
- [Figma 2Q'26: Near-Term Re-acceleration vs. Long-Term Durability](https://www.mbi-deepdives.com/fig2q26.md)
- [Digital Advertising Industry Snapshot 2Q'26](https://www.mbi-deepdives.com/digital_ad_2q26.md)
- [Shopify 2Q'26: Sustained Miraculous Growth](https://www.mbi-deepdives.com/shop2q26.md)
- [Airbnb 2Q'26: Widening the Gap with Booking](https://www.mbi-deepdives.com/abnb2q26.md)
- [DoorDash 2Q'26: Growth Beyond the Restaurant](https://www.mbi-deepdives.com/dash2q26.md)
- [Spotify 2Q'26: Pressing the Monetization Lever](https://www.mbi-deepdives.com/spot2q26.md)
- [FICO FY 3Q'26: Welcome to "Gaming"](https://www.mbi-deepdives.com/fico3q26.md)
- [Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs](https://www.mbi-deepdives.com/meta-googl-10q.md)
- [Floor & Decor 2Q'26: Tentative Green Shoots](https://www.mbi-deepdives.com/fnd2q26.md)
- [Hyperscalers vs AI Labs Debate, and the Moving AI Frontier](https://www.mbi-deepdives.com/hyperscalers-vs-labs.md)
- [Amazon 2Q'26: AWS Gets the Love](https://www.mbi-deepdives.com/amzn2q26.md)
- [Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling](https://www.mbi-deepdives.com/meta2q26.md)
- [DoorDash: The Infrastructure of Local Commerce](https://www.mbi-deepdives.com/dash.md)
- [The Fleet Owners' Push for Aggregating Demand](https://www.mbi-deepdives.com/uber-vs-waymo.md)
- ["From an era of proof scarcity to an era of proof abundance"](https://www.mbi-deepdives.com/proof.md) - Programming Note: As a reminder, every Sunday, I write pieces that are predominantly based on personal experiences which may or may not be loosely connected with investing. If you are reading MBI Deep Dives everyday, I think it would be rather useful for my readers to understand my personal lens a…
- [Texas Instruments 2Q'26: Not Another Head Fake](https://www.mbi-deepdives.com/txn2q26.md)
- [Tesla and SpaceX's Likely Merger, Portfolio Change](https://www.mbi-deepdives.com/tesla-and-spacexs-likely-merger-portfolio-change.md)
- [Alphabet 2Q'26: Google Cloud is On Cloud Nine](https://www.mbi-deepdives.com/goog2q26.md)
- [Danaher 2Q'26: Yet Another "Meh" Quarter](https://www.mbi-deepdives.com/dhr2q26.md)
- [The Geopolitics of Open Weights](https://www.mbi-deepdives.com/open-weights.md)
- [TSMC 2Q'26: Stratospheric Margins Amidst the AI Super Cycle](https://www.mbi-deepdives.com/tsm2q26.md)
- [ASML 2Q'26: Time to Flex Pricing Power](https://www.mbi-deepdives.com/asml2q26.md)
- [Airbnb’s Cost of Market Creation and Regulatory Survival](https://www.mbi-deepdives.com/abnb_ban.md)
- [WhatsApp's New Era](https://www.mbi-deepdives.com/whatsapp.md)
- [Defending the Enterprise Castle from the Model Layer](https://www.mbi-deepdives.com/enterprise-vs-model_layer.md)
- [What Makes Us Rich](https://www.mbi-deepdives.com/rich.md) - Programming Note: As a reminder, every Sunday, I write pieces that are predominantly based on personal experiences which may or may not be loosely connected with investing. If you are reading MBI Deep Dives everyday, I think it would be rather useful for my readers to understand my personal lens a…
- [Matan on Stitch Fix](https://www.mbi-deepdives.com/matan-on-stitch-fix.md) - Matan Zinger has been writing a very interesting series on Stitch Fix over the last couple of weeks. I typically don’t spend much time on companies with less than a billion dollar market cap, but given the hype this company briefly enjoyed back in 2020-21, I was genuinely curious why the stock cras…
- [Meta On the Offense!](https://www.mbi-deepdives.com/meta-on-the-offense.md)
- [The Salience of Data](https://www.mbi-deepdives.com/data.md)
- [Why Consumer AI Appears to be Lagging Enterprise](https://www.mbi-deepdives.com/consumer-vs-enterprise-ai.md)
- ["It's not a lie if you believe it"](https://www.mbi-deepdives.com/its-not-a-lie-if-you-believe-it.md)
- ["Never Sell" Episode: Scuttleslops, OpenAI Valuation, Ryan Specialty](https://www.mbi-deepdives.com/never-sell-16.md) - Programming Note: As mentioned earlier, MBI Deep Dives will be off for the next week and I will resume the cadence of posting daily on Tuesday next week (July 07, 2026). For the “Never Sell” podcast, Scuttleblurb and I published a new episode yesterday. Scuttleblurb recently introduced a new featur…
- [Recommended Read](https://www.mbi-deepdives.com/recommended-read.md) - Instead of writing my personal musings on this Sunday, I would actually suggest you read these two pieces that expanded my understanding of the world: “How funerals keep Africa poor”, and “Why kinship societies kill their old”. They are both quite thought provoking and illuminating in a way that is…
- [The Shape of Compute Curve](https://www.mbi-deepdives.com/the-shape-of-compute-curve.md) - In a recent podcast, Lambda (one of the neoclouds) CTO Stephen Balaban expressed almost bit of a disdain for the critics who wondered whether the hyperscalers or neoclouds are “gaming” the GPU accounting by assuming higher useful lives of the GPUs than warranted. From the podcast: Matt Turck: You’r…
- [The ASIC-GPU Standoff](https://www.mbi-deepdives.com/the-asic-gpu-standoff.md) - My friend Liberty recently highlighted an interesting paper from Google that goes through the evolution of TPUs. The objection to domain-specific silicon which might sound quite persuasive is the one about obsolescence: a chip may take two to three years to design, fabricate, and deploy, and AI mov…
- [Scale Without Sluggishness](https://www.mbi-deepdives.com/scale-without-sluggishness.md)
- [Scheduling and Disclosure Update](https://www.mbi-deepdives.com/scheduling-and-disclosure-update.md) - A few things I wanted to share: what’s coming up, a break I’m taking next week, and a change to my portfolio disclosure. What I’m working on I’m currently working on DoorDash, which I expect to publish sometime next month. After that, I plan to turn to Pool Corp, and then spend some time on memory…
- [Spotify Model Update](https://www.mbi-deepdives.com/spot-model-update.md)
- [Some Notes from Spotify's 2026 Investor Day](https://www.mbi-deepdives.com/spot-2026.md)
- [On Father’s Day](https://www.mbi-deepdives.com/fathers-day-26.md) - Programming Note: As a reminder, every Sunday, I write pieces that are predominantly based on personal experiences which may or may not be loosely connected with investing. If you are reading MBI Deep Dives everyday, I think it would be rather useful for my readers to understand my personal lens a…
- [Airbnb's Fintech Opportunity](https://www.mbi-deepdives.com/abnb-fintech.md)
- [Shopify at the E-com OS Layer](https://www.mbi-deepdives.com/shopify-os.md)
- [What's Embedded in OpenAI's Stock Price?](https://www.mbi-deepdives.com/openai.md)
- [Airbnb's Incentives](https://www.mbi-deepdives.com/airbnbs-incentives.md)
- [Owning the Hill](https://www.mbi-deepdives.com/owning-the-hill.md)
- [Meta's Myriad Questions](https://www.mbi-deepdives.com/metas-myriad-questions.md)
- [The Geography of Time](https://www.mbi-deepdives.com/the-geography-of-time.md)
- [Adobe's Continued Deceleration](https://www.mbi-deepdives.com/adbe2q26.md)
- [FICO: Capital Allocation, Management Incentives, and Valuation](https://www.mbi-deepdives.com/fico4.md)
- [Automation's Asymptote: Part 2](https://www.mbi-deepdives.com/automations-asymptote-part-2.md)
- [Automation's Asymptote](https://www.mbi-deepdives.com/automations-asymptote.md) - Anthropic launched “Claude Fable 5” yesterday which is the much anticipated “Mythos-class” model. Anthropic was already leading in most benchmark with its Opus 4.8 model, but Fable 5 created a bit more distance from its competitors. Anthropic’s pace of model release even when its setting the bar at…
- [FICO: The Contestable Monopoly?](https://www.mbi-deepdives.com/fico3.md)
- [Veeva 1Q'26: Strong Present, Patient Future](https://www.mbi-deepdives.com/veev1q26.md)
- [Airbnb's Soul Search Beyond Homes](https://www.mbi-deepdives.com/abnb_soul.md)
- [FICO: Deconstructing the Monopoly Margins](https://www.mbi-deepdives.com/fico2.md)
- [Floor & Decor's Cyclical Malaise vs Structural Moat](https://www.mbi-deepdives.com/fnd_cycle.md)
- [The Honeymoon Phase of Capacity](https://www.mbi-deepdives.com/honeymoon.md)
- [The Best Yardstick](https://www.mbi-deepdives.com/yardstick.md)
- [Figma 1Q'26: "Not Dead"](https://www.mbi-deepdives.com/fig1q26.md)
- [FICO: Pricing the Standard](https://www.mbi-deepdives.com/fico1.md)
- [Constellation Software 1Q’26: Leaning In Amidst the SaaSpocalypse](https://www.mbi-deepdives.com/csu1q26.md)
- [Roblox 1Q'26: Age Check Hangover, But Aiming to Go Beyond the Blocks](https://www.mbi-deepdives.com/rblx1q26.md)
- ["MBI" Skill for Claude and Codex](https://www.mbi-deepdives.com/mbi_skill.md)
- [Digital Advertising Industry Snapshot 1Q'26](https://www.mbi-deepdives.com/digital_ad_1q26.md)
- [Airbnb 1Q'26: Growth Acceleration Despite War Headwind](https://www.mbi-deepdives.com/abnb1q26.md)
- [Insurance Brokers 1Q'26 Update](https://www.mbi-deepdives.com/insurance-brokers1q26.md)
- [Shopify 1Q'26: Impressive, But Still Not Enough to Justify Valuation](https://www.mbi-deepdives.com/shop1q26.md)
- [Floor & Decor 1Q'26: Persistent Macro Challenges, but Pro Growth Encouraging](https://www.mbi-deepdives.com/fnd1q26.md)
- ["Never Sell" Episode: Big Tech earnings, S&P and Moody’s, AI](https://www.mbi-deepdives.com/never_sell_15.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode yesterday. While I have already covered big tech's earnings over the last few days (Meta, Alphabet, Amazon, and Microsoft), we expanded on how IT budget reallocation towards AI may not lead to any sustained long-term advantage…
- [Microsoft FY 3Q'26: Multi-Model Mirage, Copilot Momentum](https://www.mbi-deepdives.com/msft3q26.md)
- [Amazon 1Q'26: Rosy Near-term but "Cloudy" Long-term](https://www.mbi-deepdives.com/amzn1q26.md)
- [Alphabet 1Q'26: Stratospheric Heights in Performance and Expectations](https://www.mbi-deepdives.com/goog1q26.md)
- [Meta 1Q'26: Nothing to Complain About](https://www.mbi-deepdives.com/meta1q26.md)
- [Spotify 1Q'26: Recalibrating Expectations](https://www.mbi-deepdives.com/spot1q26.md)
- [Roblox: Aggregating the Attention of Next Generation](https://www.mbi-deepdives.com/rblx.md)
- [Personal Day](https://www.mbi-deepdives.com/personal-day.md) - I’m taking a personal day today, but wanted to share a couple of quick updates. I was working on a Deep Dive on Roblox this month and it will go out tomorrow. After that, I’ll be working on Deep Dives on FICO and DoorDash over the next couple of months. One change: while I’ve typically published ea…
- [A (Largely) Functional World: Part 2](https://www.mbi-deepdives.com/functional2.md)
- [The Era of Tokenmaxxing](https://www.mbi-deepdives.com/tokenmaxxing.md)
- [Pricing "The Compute Theory of Everything", Texas Instruments Hitting Inflection Point](https://www.mbi-deepdives.com/txn1q26.md)
- [Tesla's Terafab Dream](https://www.mbi-deepdives.com/terafab.md)
- [Danaher 1Q'26 Update](https://www.mbi-deepdives.com/dhr1q26.md)
- [Meta's Heterogeneous Fleet](https://www.mbi-deepdives.com/mtia2.md)
- [Token Cost Conundrums](https://www.mbi-deepdives.com/token-cost.md)
- [The Counterintuitive Truths](https://www.mbi-deepdives.com/counterintuitive.md)
- [Huang Isn't Planning to Wake Up a Loser](https://www.mbi-deepdives.com/not-a-loser.md)
- [TSMC 1Q'26 Update](https://www.mbi-deepdives.com/tsm1q26.md)
- [ASML 1Q'26 Update](https://www.mbi-deepdives.com/asml1q26.md)
- [AI Economics in the East: Part 2](https://www.mbi-deepdives.com/ai-economics-in-the-east-part-2.md)
- [Frontier AI's Economic Engine](https://www.mbi-deepdives.com/frontier-ais-economic-engine.md)
- [AI Economics in the East](https://www.mbi-deepdives.com/ai-economics-in-the-east.md)
- [Too Cheap to Meter, Too High to Measure](https://www.mbi-deepdives.com/too-cheap.md)
- [Meta Strikes Back!](https://www.mbi-deepdives.com/meta-strikes-back.md)
- [Jassy's Defense](https://www.mbi-deepdives.com/jassys-defense.md)
- [The Jagged Intelligence of Humans](https://www.mbi-deepdives.com/jagged.md)
- [Man and Machine](https://www.mbi-deepdives.com/man-and-machine.md)
- [The Fat-Tailed Economics of AI](https://www.mbi-deepdives.com/fat-tail-ai.md)
- ["Serious" Era of Software Investing](https://www.mbi-deepdives.com/serious-saas.md)
- [A (Largely) Functioning World!](https://www.mbi-deepdives.com/functioning-world.md)
- ["Founder Mode" Complacency](https://www.mbi-deepdives.com/founder-mode-complacency.md)
- ["Never Sell" Episode: AI Doom, Veeva, Research and Writing](https://www.mbi-deepdives.com/never-sell-14.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode covering investors’ increasing fascination around AI doom scenarios, why we think Veeva is likely to be more insulated from AI disruption, and the value of approaching investment research more as a judge rather than as a lawye…
- [Unprecedented Lock-in](https://www.mbi-deepdives.com/unprecedented-lock-in.md)
- [Social Media's Defense](https://www.mbi-deepdives.com/social-medias-defense.md)
- [The Pendulum Between Intelligence and Knowledge](https://www.mbi-deepdives.com/pendulum.md)
- [Energy's Moment](https://www.mbi-deepdives.com/energy.md)
- [Thoughts on Last Week](https://www.mbi-deepdives.com/last-week.md)
- [Digital Engagement's Fat Tail Risk?](https://www.mbi-deepdives.com/fat_tail.md)
- [Follow-up on Floor & Decor](https://www.mbi-deepdives.com/fnd3.md)
- [Meta's Agentic AI Ambitions](https://www.mbi-deepdives.com/metas-agentic-ai-ambitions.md)
- [Scuttleblurb on Ryan Specialty](https://www.mbi-deepdives.com/scuttleblurb-ryan.md)
- [Why I am buying Floor & Decor](https://www.mbi-deepdives.com/fnd2.md)
- [Ryan Specialty: The Unconflicted Middleman](https://www.mbi-deepdives.com/ryan.md)
- [Nadella's Flip-Flop](https://www.mbi-deepdives.com/nadellas-flip-flop.md)
- [Survival of the Fastest](https://www.mbi-deepdives.com/nvda_gtc26.md)
- [OpenAI's Dilemma](https://www.mbi-deepdives.com/openai-dilemma.md)
- [The Neocloud Trojan Horse](https://www.mbi-deepdives.com/neocloud.md)
- [Veeva Model Update](https://www.mbi-deepdives.com/veev26.md)
- [Meta at the AI Crossroads](https://www.mbi-deepdives.com/meta-at-the-ai-crossroads.md)
- [Editing Adobe](https://www.mbi-deepdives.com/editing-adobe.md)
- [Meta's Chip Resilience](https://www.mbi-deepdives.com/mtia.md)
- [Follow-up on "AWS: Pre and Post-ChatGPT"](https://www.mbi-deepdives.com/aws2.md)
- [Constellation Software 4Q'25 Update](https://www.mbi-deepdives.com/csu4q25.md)
- [Nvidia's Burgeoning Moats, Pichai's Comp](https://www.mbi-deepdives.com/nvda-moat-pichai-comp.md)
- [Notes from MS Conference: Meta, and Microsoft](https://www.mbi-deepdives.com/meta-msft.md)
- [AWS: Pre and Post-ChatGPT](https://www.mbi-deepdives.com/aws.md)
- [Why AI Is Unlikely to Kill OTAs](https://www.mbi-deepdives.com/ai-vs-ota.md)
- [Veeva FY4Q'26 Update](https://www.mbi-deepdives.com/veevafy4q26.md)
- [Never Sell: MBI Interviews Asianometry](https://www.mbi-deepdives.com/asianometry.md) - For this month’s "Never Sell" podcast, I had the privilege of speaking with Asianometry. If you have any interest in semiconductors, you have probably come across his exceptionally useful YouTube videos before. I myself spent countless hours watching several of his playlists related to semiconducto…
- [Frontier AI Economics](https://www.mbi-deepdives.com/frontier-ai-economics.md)
- [How Elephants May Die](https://www.mbi-deepdives.com/how-elephants-may-die.md)
- [Hardcoding Habits](https://www.mbi-deepdives.com/hardcoding-habits.md)
- [Meta’s AI Advantage is "In the Water"](https://www.mbi-deepdives.com/metas-ai-advantage.md)
- [Digital Advertising Industry Snapshot 4Q'25](https://www.mbi-deepdives.com/digital-advertising-industry-snapshot-4q25.md)
- [The Nvidia Math](https://www.mbi-deepdives.com/the-nvidia-math.md)
- [CoStar's Obfuscation, and AI vulnerabilities](https://www.mbi-deepdives.com/csgp4q25.md)
- [Scuttleblurb on Veeva](https://www.mbi-deepdives.com/scuttleblurb-veeva.md)
- [Alphabet: From Search to AI to "AGI"](https://www.mbi-deepdives.com/goog2026.md)
- [The Long-term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios](https://www.mbi-deepdives.com/hyperscalers.md)
- [Walmart’s Trillion-Dollar Mojo](https://www.mbi-deepdives.com/wmt4q25.md)
- [Figma 4Q'25 Update](https://www.mbi-deepdives.com/fig4q25.md)
- [Booking vs Airbnb's 4Q'25, Booking's Response to Existential Question](https://www.mbi-deepdives.com/bkng4q25.md)
- [Some Portfolio Changes](https://www.mbi-deepdives.com/some-portfolio-changes-2.md)
- [Lipstick on Frontier AI "Pigs"](https://www.mbi-deepdives.com/lipstick-on-frontier-ai-pigs.md)
- [Airbnb 4Q'25 Update](https://www.mbi-deepdives.com/abnb4q25.md)
- [Shopify's Miraculous Momentum](https://www.mbi-deepdives.com/shop4q25.md)
- [Spotify's Teachable Moments](https://www.mbi-deepdives.com/spot4q25.md)
- [Zuckerberg's Lens](https://www.mbi-deepdives.com/zuckerbergs-lens.md)
- [Amazon: 2026 Update](https://www.mbi-deepdives.com/amazon-2026-update.md)
- [Never Sell: Episode 13-Big Tech Earnings](https://www.mbi-deepdives.com/never-sell-13.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode on Big Tech earnings. One of the key topics that I highlighted is why I think the street is likely mismodeling Meta. We also touched on Microsoft and Amazon’s current predicament. You can listen to it here: Spotify, Apple, You…
- [Some thoughts from last week](https://www.mbi-deepdives.com/some-thoughts-from-last-week.md)
- [Amazon 4Q'25 Update](https://www.mbi-deepdives.com/amzn4q25.md)
- [Alphabet 4Q'25 Update](https://www.mbi-deepdives.com/goog4q25.md)
- [Insurance Brokers 4Q'25 Update](https://www.mbi-deepdives.com/insurance-brokers-4q25-update.md)
- [The Fog of AV Economics](https://www.mbi-deepdives.com/the-fog-of-av-economics.md)
- [Betting Big on Meta](https://www.mbi-deepdives.com/meta2026.md)
- [Trillion Dollar Club](https://www.mbi-deepdives.com/trillion-dollar-club.md) - A couple of weeks ago, I recorded a podcast with my friend Liberty to discuss all the companies in “trillion dollar club”. Enjoy! From Liberty’s Highlights: “At nearly two hours, this one is massive, but you know what they say: Too much of a good thing can be wonderful! My friend MBI and I sat down…
- [Microsoft in the "Dance Floor"](https://www.mbi-deepdives.com/msft_dance.md)
- [Meta 4Q'25 Update](https://www.mbi-deepdives.com/meta4q25.md)
- [Texas Instruments 4Q'25 Update](https://www.mbi-deepdives.com/txn4q25.md)
- [A "Sneaky" Bull Case for Tesla's Operating Performance?](https://www.mbi-deepdives.com/tsla_sneaky_bull_case.md)
- [Figma: The Design OS at the AI Crossroads](https://www.mbi-deepdives.com/fig.md)
- [The Social Media Ban Wagon](https://www.mbi-deepdives.com/the-social-media-ban-wagon.md)
- [Some charts that caught my attention](https://www.mbi-deepdives.com/some-charts-that-caught-my-attention.md)
- [The Bull Case for AI Content on UGC Platforms](https://www.mbi-deepdives.com/bull_case_ai_ugc.md)
- [The Case for Giving Employees More Agency in Compensation](https://www.mbi-deepdives.com/agency_sbc.md)
- [The Great SaaS Debate](https://www.mbi-deepdives.com/the-great-saas-debate.md)
- [The Slow Singularity](https://www.mbi-deepdives.com/the-slow-singularity.md)
- [Incentives > Intelligence: The Real Barrier(s) to Agentic AI](https://www.mbi-deepdives.com/incentives-intelligence.md)
- [The Misunderstood Utility of Search Ads](https://www.mbi-deepdives.com/search-ads.md)
- [TSMC's Green Signal](https://www.mbi-deepdives.com/tsmcs-green-signal.md)
- [Airbnb: Inbound Headwinds, AI Moat Question, and a CTO Shakeup](https://www.mbi-deepdives.com/abnb_cto_ai_headwind.md)
- ["File over App", Veeva at JPM Healthcare Conference](https://www.mbi-deepdives.com/file-over-app-veeva.md)
- [The Ecosystem Advantage: Part 2](https://www.mbi-deepdives.com/the-ecosystem-advantage-part-2.md)
- [China's Rise in Innovation Ladder and Questions for ASML](https://www.mbi-deepdives.com/chinas-rise-in-innovation-ladder-and-questions-for-asml.md)
- [Software in Crosshairs: Part 2](https://www.mbi-deepdives.com/software-in-crosshairs-part-2.md)
- ["The Compute Theory of Everything"](https://www.mbi-deepdives.com/the-compute-theory-of-everything.md)
- [Climbing the Scaling Wall](https://www.mbi-deepdives.com/climbing-the-scaling-wall.md)
- [CoStar's Outlook](https://www.mbi-deepdives.com/costars-outlook.md)
- [Scaling Law Skepticism](https://www.mbi-deepdives.com/scaling-law-skepticism.md)
- [Alphabet's Alpha Bet](https://www.mbi-deepdives.com/alphabets-alpha-bet.md)
- [Software in Crosshairs](https://www.mbi-deepdives.com/software-in-crosshairs.md)
- [The Pursuit of Better Explanations](https://www.mbi-deepdives.com/the-pursuit-of-better-explanations.md) - 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 is how the part 1 starts: “James Cameron is t…
- [The Battle for Attention](https://www.mbi-deepdives.com/the-battle-for-attention.md)
- [2025 Annual Letter](https://www.mbi-deepdives.com/2025.md)
- [One Year of Parenting!](https://www.mbi-deepdives.com/one-year-of-parenting.md) - 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 Christmas day!…
- [The Ecosystem Advantage](https://www.mbi-deepdives.com/the-ecosystem-advantage.md)
- [Veeva's Opportunity in Clinical Software](https://www.mbi-deepdives.com/veeva-clinical.md)
- [Sam Altman's Explanation](https://www.mbi-deepdives.com/sam-altmans-explanation.md)
- [Veeva Update](https://www.mbi-deepdives.com/veeva-update.md)
- [Why I am not writing a Deep Dive this month](https://www.mbi-deepdives.com/why-i-am-not-writing-a-deep-dive-this-month.md) - 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. I still feel too much gaps in knowledg…
- [Digital Advertising's "Bitter Lesson" Moment](https://www.mbi-deepdives.com/digital-advertisings-bitter-lesson-moment.md)
- [The Reality of Meta's Reality Labs](https://www.mbi-deepdives.com/the-reality-of-metas-reality-labs.md)
- [CoStar and Zillow's Google Risk](https://www.mbi-deepdives.com/costar-and-zillows-google-risk.md)
- [Adobe and Airbnb](https://www.mbi-deepdives.com/adobe-and-airbnb.md)
- [Booking on the Offense](https://www.mbi-deepdives.com/booking-on-the-offense.md)
- [Synopsys' Pricing Evolution in Design IP](https://www.mbi-deepdives.com/snps_ip_pricing.md)
- [Lululemon's Succession](https://www.mbi-deepdives.com/lululemons-succession.md)
- [Adobe and Figma's Divergent Path](https://www.mbi-deepdives.com/adobe-and-figmas-divergent-path.md)
- [The "Edge AI" Bear Case](https://www.mbi-deepdives.com/the-edge-ai-bear-case.md)
- [Waymo's Surge](https://www.mbi-deepdives.com/waymos-surge.md)
- [Music's AI Mess: Part 2](https://www.mbi-deepdives.com/musics-ai-mess-part-2.md)
- [Dollar Store Earnings 3Q'25](https://www.mbi-deepdives.com/dg-dltr3q25.md)
- [My experience on Airbnb Experience: Part 2](https://www.mbi-deepdives.com/abnb_experience2.md)
- [Reader's feedback on "The Great Abstraction"](https://www.mbi-deepdives.com/feedback-great-abstraction.md)
- [Understanding AWS Graviton Playbook](https://www.mbi-deepdives.com/aws-graviton.md)
- [The Great Abstraction?](https://www.mbi-deepdives.com/the-great-abstraction.md)
- [Why is AWS partnering with GCP?](https://www.mbi-deepdives.com/aws-gcp.md)
- [Behind the scenes: Airbnb vs Booking](https://www.mbi-deepdives.com/abnb_bkng.md)
- [Never Sell: Episode 12-Serial Acquirer ROIC, Fiserv Debacle and Management Credibility, Wise and Stablecoins](https://www.mbi-deepdives.com/never-sell-episode-12-serial-acquirer-roic-fiserv-debacle-and-management-credibility-wise-and-stablecoins.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed Some of the relevant posts that we touched on this episode: 1. What exactly is CSU’s ROIC? 2. Fiserv’s October Massacre 3. Wise is probably going to be fine 4. The…
- [The Depreciation Battleground](https://www.mbi-deepdives.com/the-depreciation-battleground.md)
- [Anthropic's focused bet, Portfolio Change](https://www.mbi-deepdives.com/anthropics-focused-bet-portfolio-change.md)
- [Solving the "DoorDash Problem"](https://www.mbi-deepdives.com/solving-the-doordash-problem.md)
- [Booking: The shareholder friendly OTA king](https://www.mbi-deepdives.com/bkng.md)
- [The limits to our imagined vision of the future](https://www.mbi-deepdives.com/the-limits-to-our-imagined-vision-of-the-future.md) - A programming note: I hope to publish my Deep Dive on Booking Holdings tomorrow. Since this is my first year of publishing daily at MBI Deep Dives, I am still thinking about some vacation policy. I will let you know once I finalize something, but for now, I would like to take Thursday and Friday of…
- [Meta's biggest competitor(s)](https://www.mbi-deepdives.com/metas-biggest-competitor-s.md)
- [Walmart and Target CY 3Q'25 Earnings](https://www.mbi-deepdives.com/walmart-and-target-cy-3q25-earnings.md)
- [The corporations of the future](https://www.mbi-deepdives.com/the-corporations-of-the-future.md)
- [Some Portfolio Changes](https://www.mbi-deepdives.com/some-portfolio-changes.md)
- [Messaging Opportunity and Group Chat Dynamics](https://www.mbi-deepdives.com/messaging-opportunity-and-group-chat-dynamics.md)
- [The appeal of conversational commerce](https://www.mbi-deepdives.com/the-appeal-of-conversational-commerce.md)
- [On the eve of Gemini 3.0](https://www.mbi-deepdives.com/gemini3.md)
- [The Great Concentration of Productivity](https://www.mbi-deepdives.com/the-great-concentration-of-productivity.md)
- [Meta's GEM](https://www.mbi-deepdives.com/metas-gem.md)
- [Nadella's truth](https://www.mbi-deepdives.com/nadellas-truth.md)
- [Why I may have underestimated the potential for Airbnb Experiences](https://www.mbi-deepdives.com/why-i-may-have-underestimated-the-potential-for-airbnb-experiences.md)
- [What exactly is CSU's ROIC?](https://www.mbi-deepdives.com/what-exactly-is-csus-roic.md)
- [Constellation Software 3Q'25](https://www.mbi-deepdives.com/csu3q25.md)
- [How would we know if market were "AGI" pilled?](https://www.mbi-deepdives.com/how-would-we-know-if-market-were-agi-pilled.md)
- [Digital Advertising Industry Snapshot, Portfolio Change](https://www.mbi-deepdives.com/digital-advertising-industry-snapshot-portfolio-change.md)
- [Airbnb 3Q'25 Update](https://www.mbi-deepdives.com/abnb3q25.md)
- [Corpay 3Q'25 Update, Portfolio Change](https://www.mbi-deepdives.com/corpay-3q25-update-portfolio-change.md)
- [Shopify 3Q'25 Update](https://www.mbi-deepdives.com/shop3q25.md)
- [Insurance Brokers 3Q'25 Update](https://www.mbi-deepdives.com/insurance-brokers-3q25-update.md)
- [Never Sell: Episode 11-The Big Tech Capex Debate, Amazon Retail, Align’s Pricing Challenge](https://www.mbi-deepdives.com/never-sell-ep11.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed Unlike yours truly, Scuttleblurb rarely talks about big tech in public, so I really enjoyed discussing and thinking through the thorny capex debate. David (Scuttleb…
- [The Great Decoupling of Labor and Capital](https://www.mbi-deepdives.com/the-great-decoupling-of-labor-and-capital.md)
- [Alphabet 3Q'25 Update](https://www.mbi-deepdives.com/goog3q25.md)
- [Amazon 3Q'25 Update](https://www.mbi-deepdives.com/amzn3q25.md)
- [Meta 3Q'25 Update](https://www.mbi-deepdives.com/meta-3q25-update.md)
- [CoStar 3Q'25 Update](https://www.mbi-deepdives.com/csgp3q25.md)
- [Amazon marketplace trends](https://www.mbi-deepdives.com/amazon-marketplace-trends.md)
- [Music's AI mess](https://www.mbi-deepdives.com/musics-ai-mess.md)
- [Amazon's robot army](https://www.mbi-deepdives.com/amazons-robot-army.md)
- [The coming debt deluge?](https://www.mbi-deepdives.com/the-coming-debt-deluge.md)
- [Instacart: "Webvan done right"](https://www.mbi-deepdives.com/cart.md)
- [Airbnb's bet on anti-trend](https://www.mbi-deepdives.com/airbnbs-bet-on-anti-trend.md)
- [Texas Instruments 3Q'25 Update](https://www.mbi-deepdives.com/txn3q25.md)
- [Danaher 3Q'25 Update](https://www.mbi-deepdives.com/dhr3q25.md)
- [ChatGPT's value capture problem](https://www.mbi-deepdives.com/chatgpts-value-capture-problem.md)
- [TSMC's Margins](https://www.mbi-deepdives.com/tsmcs-margins.md)
- [Why I bought some puts](https://www.mbi-deepdives.com/why-i-bought-some-puts.md)
- [Sartorius 3Q'25 Update](https://www.mbi-deepdives.com/sartorius-3q25-update.md)
- [ASML's China question](https://www.mbi-deepdives.com/asmls-china-question.md)
- [Why I don't worry (as much) about big tech's depreciation schedule](https://www.mbi-deepdives.com/why-i-dont-worry-as-much-about-big-techs-depreciation-schedule.md)
- [Gartner may not be "AI loser"](https://www.mbi-deepdives.com/gartner-may-not-be-ai-loser.md)
- [AI diffusion](https://www.mbi-deepdives.com/ai-diffusion.md)
- [Rare earth shenanigans](https://www.mbi-deepdives.com/rare-earth-shenanigans.md)
- [Less is more?](https://www.mbi-deepdives.com/less-is-more.md)
- [The Cat Paper](https://www.mbi-deepdives.com/the-cat-paper.md)
- [First impression of ChatGPT Agent, and apps on ChatGPT](https://www.mbi-deepdives.com/first-impression-of-chatgpt-agent-and-apps-on-chatgpt.md)
- [Meta's monetization game](https://www.mbi-deepdives.com/metas-monetization-game.md)
- [Airbnb's mix shift](https://www.mbi-deepdives.com/airbnbs-mix-shift.md)
- [GDP's absurdity](https://www.mbi-deepdives.com/gdps-absurdity.md)
- [Thoughts on Alpha School](https://www.mbi-deepdives.com/thoughts-on-alpha-school.md)
- [OpenAI's admirable pace of iterations](https://www.mbi-deepdives.com/openais-admirable-pace-of-iterations.md)
- [First impression of Meta Ray-Ban Display, Taking a big swing at Airbnb](https://www.mbi-deepdives.com/first-impression-of-meta-ray-ban-display-taking-a-big-swing-at-airbnb.md)
- [Constellation's Succession](https://www.mbi-deepdives.com/constellations-succession.md)
- [Airbnb Model Update](https://www.mbi-deepdives.com/airbnb-model-update.md)
- [Expanding the scope of digital advertising](https://www.mbi-deepdives.com/expanding-the-scope-of-digital-advertising.md)
- [Never Sell: Episode 10-Lululemon, Align, LLMs and Newsletters, Portfolio Holdings, Right for the Right Reasons](https://www.mbi-deepdives.com/never-sell-episode-10-lululemon-align-llms-and-newsletters-portfolio-holdings-right-for-the-right-reasons.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed As the title suggests, we tried to cover a bunch of topics, but I wanted to highlight our discussion on Lululemon. Lululemon has been a big loser for me in 2025 and…
- [Reader Response to "AI Overinvestment"](https://www.mbi-deepdives.com/reader-response-to-ai-overinvestment.md) - A couple of days ago, I wrote a piece titled “What if there’s an overinvestment in AI?” I received some thoughtful emails in response to that piece. One reader named Craig Melillo took the time to share a more detailed thoughts which he granted me the permission to share with all of you. I am copyi…
- [Buying Constellation Software amidst its consternation!](https://www.mbi-deepdives.com/buying-constellation-software-amidst-its-consternation.md)
- [What if there's an overinvestment in AI?](https://www.mbi-deepdives.com/what-if-theres-an-overinvestment-in-ai.md)
- [ASML: The Machine that Builds the "Machine God(s)"](https://www.mbi-deepdives.com/asml.md)
- [Nvidia and OpenAI's Gambit](https://www.mbi-deepdives.com/nvidia-and-openais-gambit.md)
- [Airbnb's Evolution](https://www.mbi-deepdives.com/airbnbs-evolution.md)
- [The resilience of consumer spending in the US](https://www.mbi-deepdives.com/the-resilience-of-consumer-spending-in-the-us.md)
- [My Experience on Airbnb Experience](https://www.mbi-deepdives.com/my-experience-on-airbnb-experience.md)
- [The Data Center Story: Part 2, Portfolio Change](https://www.mbi-deepdives.com/the-data-center-story-part-2-portfolio-change.md)
- [The Data Center Story: Part 1](https://www.mbi-deepdives.com/the-data-center-story-part-1.md)
- [Thoughts on Meta Connect 2025](https://www.mbi-deepdives.com/thoughts-on-meta-connect-2025.md)
- [Amazon's "unfair" advantage in advertising](https://www.mbi-deepdives.com/amazons-unfair-advantage-in-advertising.md)
- [How people use ChatGPT and its implications, Portfolio Change](https://www.mbi-deepdives.com/how-people-use-chatgpt-and-its-implications-portfolio-change.md)
- [Why we need Intel foundry spin-off, funded by a mag7 consortium](https://www.mbi-deepdives.com/why-we-need-intel-foundry-spin-off-funded-by-a-mag7-consortium.md)
- [Texas Instruments' data center and robotics opportunity](https://www.mbi-deepdives.com/texas-instruments-data-center-and-robotics-opportunity.md)
- [Airbnb's untapped monetization lever(s)](https://www.mbi-deepdives.com/airbnbs-untapped-monetization-lever-s.md)
- [Notes and thoughts on Meta and Microsoft discussion at GS Communicopia](https://www.mbi-deepdives.com/notes-and-thoughts-on-meta-and-microsoft-discussion-at-gs-communicopia.md)
- [Why Synopsys Sank](https://www.mbi-deepdives.com/why-synopsys-sank.md)
- [More Alphabet!](https://www.mbi-deepdives.com/more-alphabet.md)
- ["Innoveracy", Finding Awe](https://www.mbi-deepdives.com/innoveracy-finding-awe.md)
- [The Appeal of Cash](https://www.mbi-deepdives.com/the-appeal-of-cash.md)
- [Google's evolving TPU strategy](https://www.mbi-deepdives.com/googles-evolving-tpu-strategy.md)
- [Texas Instruments and Analog Devices at Citi TMT Conference](https://www.mbi-deepdives.com/texas-instruments-and-analog-devices-at-citi-tmt-conference.md)
- [Lululemon 2Q'25 Update](https://www.mbi-deepdives.com/lulu2q25.md)
- [Technology vs Platform Shift, Portfolio Change](https://www.mbi-deepdives.com/technology-vs-platform-shift-portfolio-change.md)
- [Why I bought more Alphabet!](https://www.mbi-deepdives.com/why-i-bought-more-alphabet.md)
- [The Changing Healthcare Landscape](https://www.mbi-deepdives.com/the-changing-healthcare-landscape.md) - Last month, JP Morgan published a very interesting healthcare piece titled “Sick as a Dog” which I read yesterday. They also published a podcast on this piece, but I think you would enjoy reading the piece instead. I would like to highlight some interesting points from the piece. One of the startli…
- [MBI turns five!](https://www.mbi-deepdives.com/mbi-turns-five.md) - On this day five years ago, I decided to start an independent research service. I had a simple idea: just one Deep Dive on a publicly listed company every month. It may seem there are a plethora of Substacks or independent research services today, but even five years ago, there was only a handful o…
- [The ROI Question](https://www.mbi-deepdives.com/the-roi-question.md)
- [Google's "first mistake"](https://www.mbi-deepdives.com/googles-first-mistake.md)
- [Dollar General 2Q'25, Microsoft's Cybersecurity business](https://www.mbi-deepdives.com/dollar-general-2q25-microsofts-cybersecurity-business.md)
- [Meta's (lack of) Agency](https://www.mbi-deepdives.com/metas-lack-of-agency.md)
- [Amazon's Ambition in Groceries: Part 2](https://www.mbi-deepdives.com/groceries_2.md)
- [The Promise and Pitfall of Agentic Commerce](https://www.mbi-deepdives.com/the-promise-and-pitfall-of-agentic-commerce.md)
- [Never Sell: Episode 9-Global Payments, AI and Software, OpenAI and Anthropic Bubble?](https://www.mbi-deepdives.com/never-sell-episode-9-global-payments-ai-and-software-openai-and-anthropic-bubble.md) - For the “Never Sell” podcast, Scuttleblurb and I published a new episode today. You can listen to it here: Spotify, Apple, YouTube, RSS feed As a reminder, if you have any questions for either MBI Deep Dives or Scuttleblurb, please feel free to email us the questions which we may try to respond/dis…
- [Challenges for Self driving Semi, ADI 3Q'25 Earnings](https://www.mbi-deepdives.com/challenges-for-self-driving-semi-adi-3q25-earnings.md)
- [Airbnb's unique demand driver](https://www.mbi-deepdives.com/airbnbs-unique-demand-driver.md)
- [Walmart and Target Earnings](https://www.mbi-deepdives.com/walmart-and-target-earnings.md)
- [Constraints, and challenges of value capture in the AI race](https://www.mbi-deepdives.com/constraints-and-challenges-of-value-capture-in-the-ai-race.md)
- [Union Pacific: Chasing the Transcontinental Dream](https://www.mbi-deepdives.com/unp.md)
- [Global Payments, Tax Shenanigans](https://www.mbi-deepdives.com/global-payments-tax-shenanigans.md)
- [Market Bubble Talk, Frozen Housing Market Implications](https://www.mbi-deepdives.com/market-bubble-talk-frozen-housing-market-implications.md)
- [Amazon's Ambition in Groceries: Part 1](https://www.mbi-deepdives.com/groceries_1.md)
- [Tyler Technologies, Portfolio Change](https://www.mbi-deepdives.com/tyler-technologies-portfolio-change.md)
- [Cursor's Conundrum](https://www.mbi-deepdives.com/cursors-conundrum.md)
- [Beyond the "Search" Box](https://www.mbi-deepdives.com/beyond-the-search-box.md)
- [Maravai 2Q'25 Update](https://www.mbi-deepdives.com/mrvi2q25.md)
- [Golden age of Digital Ads, LLM P&L](https://www.mbi-deepdives.com/golden-age-of-digital-ads-llm-p-l.md)
- [ChatGPT's Edge, Tech Talent Retention](https://www.mbi-deepdives.com/chatgpts-edge-tech-talent-retention.md)
- [CoStar Multifamily vs Zillow Rentals](https://www.mbi-deepdives.com/costar-multifamily-vs-zillow-rentals.md)
- [Shopify's Surprise, XPEL 2Q'25](https://www.mbi-deepdives.com/shopifys-surprise-xpel-2q25.md)
- [Digital Advertising Snapshot, Corpay 2Q'25, Portfolio Change](https://www.mbi-deepdives.com/digital-advertising-snapshot-corpay-2q25-portfolio-change.md)
- [Airbnb 2Q'25 Update](https://www.mbi-deepdives.com/abnb2q25.md)
- [Novelty bias and future of software engineering, Social's growing share in ad dollars](https://www.mbi-deepdives.com/novelty-bias-and-future-of-software-engineering-socials-growing-share-in-ad-dollars.md)
- [The "humorless" and timeless machine of Booking Holdings, Portfolio Change](https://www.mbi-deepdives.com/the-humorless-and-timeless-machine-of-booking-holdings-portfolio-change.md)
- [Some notes from Big Tech 10-Qs](https://www.mbi-deepdives.com/2q2510q.md)
- [Never Sell: Episode 8 - AI, Meta, Process, Pods, Writing](https://www.mbi-deepdives.com/never-sell-episode-8-ai-meta-process-pods-writing.md) - For the “Never Sell” podcast, Scuttleblurb and I recorded an “AMA” episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed Thank you for asking thoughtful questions. If you have any questions for either MBI Deep Dives or Scuttleblurb, please feel free to email us the questions which w…
- [Microsoft FY2025 Update](https://www.mbi-deepdives.com/msft2025.md)
- [Amazon 2Q'25, Portfolio Change](https://www.mbi-deepdives.com/amzn2q25.md)
- [Meta 2Q'25, CoStar suing Zillow, Portfolio Change](https://www.mbi-deepdives.com/meta2q25.md)
- [Video on NotebookLM, Amazon's response to WSJ, Brown & Brown 2Q'25](https://www.mbi-deepdives.com/07-30-2025.md)
- [Meta Ray-Ban, Ads in AI Chats](https://www.mbi-deepdives.com/07-29-2025.md)
- [Google's response, Lululemon Community](https://www.mbi-deepdives.com/07-28-2025.md)
- [Insurance Brokers, Portfolio Change](https://www.mbi-deepdives.com/07-27-2025.md)
- [CoStar 2Q'25 Update](https://www.mbi-deepdives.com/csgp2q25.md)
- [Texas Instruments 2Q'25 Update](https://www.mbi-deepdives.com/txn2q25.md)
- [Alphabet 2Q'25, Corpay M&A, Portfolio Changes](https://www.mbi-deepdives.com/goog2q25.md)
- [Danaher 2Q'25 Update](https://www.mbi-deepdives.com/dhr2q25.md)
- [Tariff conundrums, AI capex boom, Edge computing fallacy, AI ARR chicanery](https://www.mbi-deepdives.com/07-22-2025.md)
- [Cognex: Agents of Automation](https://www.mbi-deepdives.com/cgnx.md)
- [MBI Daily Dose (July 20, 2025)](https://www.mbi-deepdives.com/07-20-2025.md)
- [MBI Daily Dose (July 19, 2025)](https://www.mbi-deepdives.com/07-19-2025.md)
- [MBI Daily Dose (July 18, 2025)](https://www.mbi-deepdives.com/07-18-2025.md)
- [MBI Daily Dose (July 17, 2025)](https://www.mbi-deepdives.com/07-17-2025.md)
- [MBI Daily Dose (July 16, 2025)](https://www.mbi-deepdives.com/07-16-2025.md)
- [MBI Daily Dose (July 15, 2025)](https://www.mbi-deepdives.com/07-15-2025.md)
- [MBI Daily Dose (July 14, 2025)](https://www.mbi-deepdives.com/07-14-2025.md)
- [MBI Daily Dose (July 13, 2025)](https://www.mbi-deepdives.com/07-13-2025.md)
- [MBI Daily Dose (July 12, 2025)](https://www.mbi-deepdives.com/07-12-2025.md)
- [MBI Daily Dose (July 11, 2025)](https://www.mbi-deepdives.com/07-11-2025.md)
- [MBI Daily Dose (July 10, 2025)](https://www.mbi-deepdives.com/07-10-2025.md)
- [MBI Daily Dose (July 09, 2025)](https://www.mbi-deepdives.com/07-09-2025.md)
- [MBI Daily Dose (July 08, 2025)](https://www.mbi-deepdives.com/07-08-2025.md)
- [MBI Daily Dose (July 07, 2025)](https://www.mbi-deepdives.com/07-07-2025.md)
- [MBI Daily Dose (July 06, 2025)](https://www.mbi-deepdives.com/07-06-2025.md)
- [MBI Daily Dose (July 05, 2025)](https://www.mbi-deepdives.com/07-05-2025.md)
- [MBI Daily Dose (July 04, 2025)](https://www.mbi-deepdives.com/07-04-2025.md)
- [MBI Daily Dose (July 03, 2025)](https://www.mbi-deepdives.com/07-03-2025.md)
- [MBI Daily Dose (July 02, 2025)](https://www.mbi-deepdives.com/07-02-2025.md)
- [MBI Daily Dose (July 01, 2025)](https://www.mbi-deepdives.com/07-01-2025.md)
- [From Monthly to Daily](https://www.mbi-deepdives.com/from-monthly-to-daily.md) - I have decided to make some changes to MBI Deep Dives. Before I get to the changes, here is a quick update on next month’s Deep Dive: I am currently studying Cognex (CGNX) and expect to publish the Deep Dive by July 25. For this month’s Never Sell podcast episode, David Kim from Scuttleblurb and I…
- [APi: Safety-as-a-"Subscription" in a Fragmented Market](https://www.mbi-deepdives.com/apg.md)
- [Lululemon 1Q'25 Update](https://www.mbi-deepdives.com/lulu1q25.md) - Disclosure: I own January 2026 $165 Call Options While the quarter looks mostly okay, Lulu’s guide is the primary culprit for the stock to be down 20%+ after-hours today. Before we get into that, let me recap the quarter first and then I will share some highlights from the call. Subscribe Sales by…
- [June 2025 Update](https://www.mbi-deepdives.com/june-2025-update.md) - Just a few quick updates for this month: I am going to publish my Deep Dive on APi Group (APG) by 26th of this month. For this month's "Never Sell" podcast episode, David Kim from Scuttleblurb and I discussed Booking and Airbnb. I even had some product ideas for Brian Chesky; it was a fun conversat…
- [Perimeter: Private-Equity GP Economics in Public Markets](https://www.mbi-deepdives.com/prm.md)
- [May 2025 Update](https://www.mbi-deepdives.com/may-2025-update.md) - Some quick updates for this month: I am going to publish my Deep Dive on Perimeter Solutions (PRM) by 25th of this month. Given that this is a busy earnings season, I wanted to study a small cap company instead of undertaking a large cap company this month. For this month's "Never Sell" podcast epi…
- [Amazon 1Q'25 Update](https://www.mbi-deepdives.com/amzn1q25.md) - Disclosure: I own shares of Amazon Amazon has another pretty decent quarter. Here are my highlights from today’s call. Subscribe Revenue Overall revenue grew by 10% (FX neutral). While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25. A…

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