Topic

Mag7

A collection of 13 issues

Digital Advertising Industry Snapshot 4Q'25

Programming Note: I will be in San Francisco Bay Area next Tuesday. If any of you wants to meet for lunch around Larkspur, please feel free to reach out. Since it will be one-on-one lunch meeting, I may have to decline if there are multiple interests. As I do after

The Nvidia Math

Nvidia posted yet another amazing quarter, and their guide for next quarter was comfortably ahead of the elevated consensus estimates. Yet, the stock has gone down?? In fact, one of the recurring bemusements among many investors is why Nvidia stock seemed to have lost its momentum despite the massive capex

The Long-term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios

In my “Lipstick on Frontier AI Pigs” piece, I wrote the following: Apart from ignoring the cost of training, another deeply questionable assumption Amodei makes in his argument is the gross margin for inference. In his “stylized” example, he assumes gross margin to be 67% which is directly responsible for

Zuckerberg's Lens

10 years ago, Alphabet was the largest company among today’s big tech companies. (I’m going to ignore Tesla and Nvidia in this discussion as they are more recent additions to this list). Remarkably, these five companies were clustered quite close to each other back in 2016 as their

Trillion Dollar Club

A couple of weeks ago, I recorded a podcast with my friend Liberty to discuss all the companies in “trillion dollar club”. Enjoy! From Liberty’s Highlights: “At nearly two hours, this one is massive, but you know what they say: Too much of a good thing can be wonderful!

Some charts that caught my attention

a16z recently published their “State of Markets” presentation. I will share some of the charts from the presentation that caught my attention. First of all, I do want to highlight a key limitation of a16z’s data; they mention that the presentation only includes data voluntarily provided to a16z by

"The Compute Theory of Everything"

One of my favorite recent genre of content these days is annual reflection from AI researchers. Dan Wang isn’t an AI researcher, but I think his fantastic annual letters was inspiration among many. I will admit that through his letters, Wang has singlehandedly elicited from me a sense of

Climbing the Scaling Wall

Last month, Gavin Baker in ILtB podcast mentioned the following: “I think there's been a big misunderstanding of maybe in the public equity investing community, or the broader more generalist community, based on the scaling laws of pre-training, there really should have been no progress in '24

Scaling Law Skepticism

Peter Lee, Head of Microsoft Research, once quipped a joke about Moore’s law: “There’s a law about Moore’s law…the number of people predicting the death of Moore’s law doubles every two years.” As a reminder, Moore’s law is not a law of physics or

The "Edge AI" Bear Case

On “Invest Like The Best” podcast yesterday, Gavin Baker mentioned the following: “In three years, on a bigger phone, you’ll be able to run a pruned-down version of Gemini 5, Grok 4, or ChatGPT. And that’s free. This is clearly Apple’s strategy - we’re going to