MBI Deep Dives (Page 5)

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Alphabet 2Q'26: Google Cloud is On Cloud Nine

For the first time as a public company, Alphabet reported negative Free Cash Flow (FCF) in 2Q’26. That sounds scary (only if you have very rudimentary understanding of investing); you need to juxtapose it with the fact that the same company has now accelerated its revenue for six consecutive

Danaher 2Q'26: Yet Another "Meh" Quarter

Danaher is one of those compounders that has largely lost its luster in current market. However, Danaher shareholders cannot quite blame Mr. Market since 2Q’26 earnings didn’t provide much of an evidence of Danaher getting out of their growth slump that they have been under for multiple years.

The Geopolitics of Open Weights

Ever since Kimi K3 was released, it really captured the attention of the broader AI and investor community. As open weight closes the gap with closed, frontier models, many are understandably worried about the implications across the value chain. As far as I can tell, while you can legitimately argue

TSMC 2Q'26: Stratospheric Margins Amidst the AI Super Cycle

Programming Note: MBI Deep Dives will be off for the next three days. The regular cadence of daily posts will resume on Tuesday next week. TSMC, which is perhaps the most mission-critical company on earth, is dealing with almost embarrassing amount of riches as their customers (and customers’ customers)

ASML 2Q'26: Time to Flex Pricing Power

Back in 1Q’26 call, ASML management was asked whether they are willing to flex their pricing power given how demand for chips seems to materially outweigh the supply. ASML management indicated to prefer more measured approach across different set of customers throughout the cycle. From 1Q’26 call (emphasis

Airbnb’s Cost of Market Creation and Regulatory Survival

Airbnb is one of those rare marketplaces that derive supermajority of its demand organically and hence, they have the privilege of mostly not needing to pay Google et al for traffic. However, Airbnb appears to have a different “recurring” expense to keep their business growing: field operations and policy expenses

WhatsApp's New Era

Last month, Mark Zuckerberg announced a surprising leadership change in WhatsApp. Will Cathcart, who led WhatsApp since 2019, was replaced by Kunal Shah, an India-based serial entrepreneur. Just before joining WhatsApp, Shah was running CRED, an Indian fintech platform that rewards members with a high credit score for timely

Defending the Enterprise Castle from the Model Layer

If Microsoft’s lagging stock performance didn’t already cause a tinge of nervousness among its shareholders, Satya Nadella has been writing several pieces on X almost to clarify why Microsoft may be in a spot of bother in a world where model layer eventually becomes utterly dominant in capturing

What Makes Us Rich

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

Matan on Stitch Fix

Matan Zinger has been writing a very interesting series on Stitch Fix over the last couple of weeks. I typically don’t spend much time on companies with less than a billion dollar market cap, but given the hype this company briefly enjoyed back in 2020-21, I was genuinely