MBI Deep Dives (Page 5)

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The Jagged Intelligence of Humans

Today’s piece is slightly different from my typical investing musings. I have been thinking about this for the last few days, and I would like to get this off my chest. In a recent episode on “No Priors” podcast, Andrej Karpathy mentioned the following: “…these models still are not,

Man and Machine

For a typical company, analysts and investors evaluate a company’s capital allocation by looking at how the company allocates the cash it generates. Ultimately, there are only five things you can do with your cash flow from operations: a) invest in your own business to grow more in the

The Fat-Tailed Economics of AI

Anthropic yesterday disclosed that their run-rate revenue has surpassed $30 Billion (I appreciate that unlike most people in tech, they didn’t call it ARR). To contextualize how mind boggling the growth is, Anthropic ended 2025 with annual run rate of just $9 Billion which then shot to $19 Billion

"Serious" Era of Software Investing

A couple of weeks ago, Redpoint published an interesting presentation on the state of software industry. It’s a good recap of what has been going on in both the public and private software market. Redpoint pointed out that the SaaS selloff in the last 12 months hasn't

A (Largely) Functioning World!

Programming Note: On every Sunday from now on, I will try to 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

"Founder Mode" Complacency

Colossus recently published a chapter from Sebastian Mallaby’s new book on Demis Hassabis titled “The Infinity Machine”. I haven’t read the book, but did read this chapter. It was a riveting read. While I knew DeepMind had second thoughts about staying within Alphabet’s umbrella, I didn’t

"Never Sell" Episode: AI Doom, Veeva, Research and Writing

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 lawyer defending

Unprecedented Lock-in

Apollo recently published their US housing outlook which is an interesting read to get up to speed on how the housing market is faring. Let me highlight a couple of things from their piece that stood out to me. One of the things that jumped out to me is just

Social Media's Defense

Last week, I shared my concern that algorithmic content may force companies such as Meta to share some liabilities for the content shown on their properties because of the product design choices these companies made. From my piece: I…do sympathize with the concerns related to algorithmic content on all

The Pendulum Between Intelligence and Knowledge

Over the last week or so, I have started noticing an interesting development that is worth highlighting. Let’s start with Microsoft’s announcement yesterday. From Microsoft’s blog yesterday (emphasis mine): “Today, Researcher—Microsoft 365 Copilot’s deep research agent for work—takes a significant step forward. Designed to