The AI Compute Squeeze

Programming Note: MBI Deep Dives will be off during the weekend and I will resume the daily posting cadence from Monday next week.

Why I am going to utilize options more to manage my portfolio

Back in 2021, I once responded to someone on X (formerly twitter) why I didn’t want to engage in trading options. While that choice sounded “wise” to me, reality hit me in 2022.

Constellation Software 2Q'26: Soft Organic Growth, but Encouraging Deployment Pace

Constellation Software (CSU) delivered a quarter that can be considered bit of a Rorschach test. Organic growth printed the weakest number in nearly 6 years while capital deployment pace is running pretty hot.

License to Chase the AI Frontier

While looking at Artificial Analysis Intelligence Index, I was quite struck by what they all have in common. The top model developers except one all have one thing in common: they are all currently founder-led companies.

Figma 2Q'26: Near-Term Re-acceleration vs. Long-Term Durability

Following its IPO last year, Figma reported two consecutive quarters of revenue growth deceleration. Then it flipped and revenue growth re-accelerated in each of the last three quarters.

Digital Advertising Industry Snapshot 2Q'26

As I do after every quarter, let me share the snapshot of the overall digital advertising industry. Let me first explain some changes for this quarter’s edition.

Shopify 2Q'26: Sustained Miraculous Growth

Shopify’s Gross Merchandise Value (GMV) maintained its almost miraculous 30% growth (FXN) in 2Q’26. This was actually their fifth consecutive quarters of 29-30% GMV (FXN) growth.

Airbnb 2Q'26: Widening the Gap with Booking

Airbnb reported an acceleration in nights and seats (N&S) booked, adding 14 million (+10%) N&S YoY which was the highest since 3Q’23. More importantly, Airbnb guided low double digit N&S growth even for 3Q’26 which indicates a likely sustained acceleration in the business.

DoorDash 2Q'26: Growth Beyond the Restaurant

DoorDash had a fine quarter with total orders growing ~27% YoY (~17% ex Deliveroo) and marketplace Gross Order Value (GOV) growing ~36% YoY (~23% ex Deliveroo). More importantly, GOV in US restaurant category slightly accelerated in 2Q’26 primarily due to DashPass membership.

Spotify 2Q'26: Pressing the Monetization Lever

Spotify reached 300 Million Premium subscribers milestone in 2Q'26. Getting from zero to 100 Million took over a decade, 100 to 200 Million took 15.5 quarters, and 200 to 300 Million took roughly 14 quarters.