MBI Deep Dives (Page 3)

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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.

Digital Advertising's "Bitter Lesson" Moment

Eric Seufert recently had an interesting podcast with a couple of professors who authored the paper titled “The Impact of Visual Generative AI on Advertising Effectiveness”. The authors pursued four specific lines of inquiry to understand how visual Generative AI (genAI) fits into the advertising landscape. Here are the four

The Reality of Meta's Reality Labs

You have all seen the chart of Meta’s Reality Labs (RL) losses. Just as a reminder, ever since Meta started reporting RL as a separate segment, it has reported a cumulative loss of $73 Billion in the last 20 quarters. Obviously, they were incurring losses even before reporting the

CoStar and Zillow's Google Risk

It seems Google’s masks are off now that the regulatory monkeys are increasingly off its back! Yesterday, Inman reported: “Real estate data and analytics firm HouseCanary shook up the industry over the weekend with its Google partnership, which prominently displays ComeHome listings at the top of search results for

Adobe and Airbnb

Yesterday, I stumbled onto this time-series chart of Adobe and Airbnb’s EV to LTM Gross Profit (GP) multiple. I thought it was quite interesting that they trade at almost the same LTM EV/GP multiple. While Adobe consistently grew gross profit at low double digit rate, Airbnb used to