Personal Day

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

A (Largely) Functional World: Part 2

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

The Era of Tokenmaxxing

A couple of weeks ago, Meta’s internal dashboard for “tokenmaxxing” got a lot of attention after The Information reported on it. Although such tokenmaxxing phenomenon only started getting attention recently, Shopify has been doing something similar since mid-2025. It is also hardly a Meta or Shopify specific thing;

Pricing "The Compute Theory of Everything", Texas Instruments Hitting Inflection Point

Believe it or not, the iShares Semiconductor ETF (SOXX) was essentially flat on the year as of March 30…less than four weeks ago. Since then, semiconductor stocks appear to have chugged something with serious kick: the sector is up 47% YTD(!!), and given Intel's print last night,

Tesla's Terafab Dream

Tesla had their earnings yesterday, but given the company trades at ~226x NTM EV/EBIT multiple, it is bit of a waste of time to spend time dissecting their existing business. Ultimately, Tesla has become a moonshot bet on several projects that currently do not contribute materially to their numbers.

Danaher 1Q'26 Update

Danaher had another somewhat uneventful quarter. Looking at Danaher’s numbers every quarter is a stark reminder just how anemic the growth has proved to be for a company that enjoys some supposedly secular tailwinds. Even if you adjust for their spin-off of Environmental & Applied solutions segment in

Meta's Heterogeneous Fleet

Last month, I mentioned the following on Meta’s Chip Resilience: “…in an earlier blog post last year, Meta’s own engineers mentioned dealing with 5–6 hardware SKUs a year makes it harder to move workloads around and can create underutilization and software friction. From Meta’s own blog

Token Cost Conundrums

A couple of weeks ago, I highlighted a couple of pieces by Anjali Shrivastava who made the point that a token is not a fixed unit of cost. Today’s piece is a follow-up driving the point home that even though every model charges its API customers per token,

The Counterintuitive Truths

In my investing career, there are perhaps couple of truths that felt counterintuitive to the extent that my first instinct was to fight it. Not only didn’t it feel right, what complicated it further is accepting these truths felt deeply uncomfortable. The first was the paradox of skill. As

Huang Isn't Planning to Wake Up a Loser

You may have already listened to Jensen Huang on the recent episode of Dwarkesh podcast. If you haven’t, I highly recommend you listen to the entire episode and not just the bits and pieces clips. This wasn’t the kind of episode that you want an AI to summarize