Nvidia’s Long-Term Margin Question

Nvidia will report earnings later today, but I want to take a bit longer term view and discuss some concerns I harbor in my mind about their long-term margin questions behind the paywall.

Big Tech Off-Balance Sheet Concerns

A couple of weeks ago, WSJ published a piece titled “Why Big Tech’s AI Spending Is $3 Trillion Higher Than It Seems”. Some excerpt from the piece: “Each quarter, big tech companies disclose their massive capital expenditures on artificial-intelligence infrastructure, from data centers to chips.

Stripe’s “Singularity” and the Divergence from Adyen

Last week, Stripe announced their acquisition of OpenRouter, the AI model gateway and routing platform. Ben Thompson had an interesting take on Stripe’s OpenRouter deal, so I won’t repeat the potential strategic reasons to pursue such an acquisition.

Core Memory

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.

The Non-linear Economics of Grocery Delivery Basket

A couple of days ago, I discussed about Instacart’s unit economics and mentioned “there is non-linearity in grocery economics in terms of basket size which is why owning half the basket size of Instacart certainly does not lead to half the profits.” Today’s post is about quantifying such

Walmart’s Evolution

After posting 4%+ same store sales growth in the US for eight consecutive quarters, Walmart’s comp numbers last quarter surprised investors a bit as it came to be only 2.6% in Q2 FY27. During the call, management flagged their health & wellness (H&W) segment as the primary culprit for the poor comp.

Instacart’s Unit Economics, and Implications for DoorDash

While covering DoorDash’s 2Q’26 a couple of weeks ago, I showed the company’s LTM unit economics on a per order basis. I re-created this per order economics for Instacart.

Airbnb Model Update (2026)

The last time I shared my updated Airbnb model was October 2025. As the stock has gone up ~50% since then, investors need to re-underwrite the assumptions today.

Rethinking the Data Moat

I want to highlight a couple of pieces which I found to be quite intriguing. The first is Dwarkesh Patel’s conversation with Ryan Greenblatt, chief scientist at Redwood Research.

Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge

Uber’s decision to divest its stake in Serve, the autonomous delivery robot company that was spun out of Uber in 2021, was more interesting than it may appear at first glance. When I looked into it, I came to realize that Serve is actually a publicly listed company now.