Topic

Portfolio_Change

A collection of 11 issues

The Data Center Story: Part 2, Portfolio Change

So I finished the Data Center episode by stepchange yesterday. But let me offer a correction from yesterday’s piece first. I quoted “stepchange” saying, “Many enterprises had PUE numbers around 2, meaning twice as much power went to lights, cooling, and everything else compared to the amount of power

How people use ChatGPT and its implications, Portfolio Change

There was a lot of chatter about an NBER working paper “How People Use ChatGPT” yesterday. Unlike most survey work or academic paper looking into this question, what differentiates this paper is it is written by people at OpenAI. As you can imagine, there is a treasure trove of interesting

More Alphabet!

“Eventually, AI will change everything…though not everyone fully grasp the extent of the tsunami that is approaching…Training AI models is a gigantic multitrillion-dollar market. It's hard to conceive of a technology market as large as that one. But if you look close, you can find one

Technology vs Platform Shift, Portfolio Change

Is the current AI phenomenon a technology or a platform shift? Or is it both? I read couple of pieces yesterday that makes a pretty convincing case that it is only a technology shift so far. Casey Winters made this point almost a couple of years ago which I think

Tyler Technologies, Portfolio Change

I have published 61 Deep Dives over the last five years. Obviously, that’s a lot to keep track for one person. However, given that I already spent a month studying each of these businesses, it usually doesn’t take too long for me to get up to speed on

Digital Advertising Snapshot, Corpay 2Q'25, Portfolio Change

Digital Advertising Snapshot As is the tradition in every earnings season, I am sharing my digital advertising Snapshot after 2Q’25 earnings. Three key takeaways: 1. For the nine consecutive quarters, Meta has outpaced Google in terms of incremental share. If Meta’s guide is any indication, that will almost

The "humorless" and timeless machine of Booking Holdings, Portfolio Change

Almost three years ago, my friend Scuttleblurb described Booking in a way that I believe truly encapsulated the essence of the company: Booking is metrics – it iterates on performance marketing game mechanics and humorlessly monitors every bit of performance down the hour. Indeed, I doubt there is any better company

Amazon 2Q'25, Portfolio Change

A programming note: For my next Deep Dive, I am currently working on Union Pacific which I will publish sometime later this month. After Union Pacific, I will do a Deep Dive on ASML in September. You can find all the past 61 Deep Dives here. Subscribe Amazon 2Q’25

Meta 2Q'25, CoStar suing Zillow, Portfolio Change

Final Reminder: Prices for new subscribers will increase to $30/month or $250/year from tomorrow. Anyone who joins by July 31, 2025 will keep today’s pricing of $20/month or $200/year. I have been publishing everyday since the beginning of this month. I hope it is clear

Insurance Brokers, Portfolio Change

I have written about insurance brokers before (see my Brown & Brown Deep Dive, and write-up on Aon). I love insurance broker business and while they are certainly not the most exciting businesses around, the entire industry has been a reliable compounding machine for investors for decades. Hence, even though