Veeva FY4Q'26 Update

Veeva had a really fine quarter. While the consensus was expecting $811 Million revenue in FY4Q’26, Veeva posted $836 Million revenue. As you can see below, revenue growth of 16% in Q4 comfortably surpassed opex growth of only ~7% which led Veeva to post their highest ever LTM GAAP

Never Sell: MBI Interviews Asianometry

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 semiconductors over the

Frontier AI Economics

When I say frontier AI model developers have somewhat “speculative” economics, I do not intend to mean it is destined to be bad even though “speculative” does have negative connotation. What I want to highlight is the range of outcomes for frontier AI model developers is still fairly wide, an

How Elephants May Die

Hendrik Bessembinder's research indicates that ~4% of companies account for virtually all the excess return over the one-month Treasury bill rate in the US stock market since 1926. You have probably already come across this study before, but one of my inferences from this study was we

Hardcoding Habits

In early 2025, Mark Zuckerberg mentioned that he estimates EU fined the US tech companies more than $30 Billion over the last decade or so. He went onto lament that instead of US government defending their tech companies from this indirect form of “tariff”, US government itself often led such

Meta’s AI Advantage is "In the Water"

ChatGPT or any chat bots have the benefit of novelty factor to capture our imagination in the last three years. However, one challenge with the chat bot paradigm is it requires a level of intentionality from the users that may not be as pervasive and persistent than most power users

Digital Advertising Industry Snapshot 4Q'25

Programming Note: I will be in San Francisco Bay Area next Tuesday. If any of you wants to meet for lunch around Larkspur, please feel free to reach out. Since it will be one-on-one lunch meeting, I may have to decline if there are multiple interests. As I

The Nvidia Math

Nvidia posted yet another amazing quarter, and their guide for next quarter was comfortably ahead of the elevated consensus estimates. Yet, the stock has gone down?? In fact, one of the recurring bemusements among many investors is why Nvidia stock seemed to have lost its momentum despite the massive capex

CoStar's Obfuscation, and AI vulnerabilities

While I used to enjoy Andy Florance’s humor during CoStar’s earnings calls, I cannot say I relished listening to the 45-minute prepared remarks by Andy Florance and almost 90-minute earnings call yesterday. Perhaps the stock being flat for almost the last seven years is not helping

Scuttleblurb on Veeva

My friend Scuttleblurb yesterday wrote a very thoughtful piece on Veeva (link to his Website, and Substack). With his permission, I want to highlight three specific bits from his piece. First, Scuttleblurb explained Veeva’s myriad products through the lens of a typical clinical workflow which I thought was really