Earnings
Microsoft delivered a strong Q2 FY26 performance, exceeding expectations across revenue, operating income, and EPS, while continuing to invest aggressively in AI infrastructure to support rapidly expanding demand. Revenue grew 17% year over year, with operating income up 21%, underscoring the durabi
AI
TSMC’s 4Q25 results confirm what we have been saying for months: the AI infrastructure buildout is not slowing down, and TSMC sits at the center of it. Revenue of $33.7B beat the high end of guidance. Gross margin of 62.3% exceeded the guide by over 100 basis points. Management guided to close to 30
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Note: I had the chance to attend both the CES 2026 Financial Analyst QA and the Industry Analyst QA, as well as time with management. I’m sharing nuggets learned from the QA and my meetings, as well as things from the NVIDIA CES 2026 announcements and management commentary that stood out and are tel
As I publish this, the world’s political and business leaders are gathering in Davos, once again debating the future of the global economy, geopolitical stability, and the role technology will play in shaping what comes next. Artificial intelligence, digital sovereignty, and resilience are central t
The Microsoft New Future of Work Report 2025 marks a significant milestone in how we understand the ongoing transformation of work. Over the past five years, the report series has traced the evolution of work, from remote and hybrid work models to the emerging integration of AI across teams and orga
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Note for paid subscribers: As we kick off the Dilligence Stack, I felt we needed to publish some anchor reports to set the foundation we will build upon. So, this report is quite long but has needed depth in each section. Each section will get its own deep dive in the coming months as well.…
Apple and Google did their joint announcement today, confirming Mark Gurman’s report from August (I swear this guy lives in the walls of Apple Park) that the new Siri and Apple Foundation Models will be based on Gemini models and technology. There’s a lot of nuance to this that many are overlooking
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There is perhaps no more consequential debate around the technology industry today than whether the current AI infrastructure buildout represents a bubble destined for collapse or the logical, sustainable deployment of mature technology. The numbers are indeed staggering, a root cause of people’s an
Apple
This will be a brief research note, mostly because I’m just talking about something cool. Back in March when Apple launched M3 Ultra in the Mac Studio, they graciously sent over a 512GB Unified Memory SKU of the system. It was insane for running LLMs, powering something like 4-bit quantized Deepseek
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The Architecture Graphics Built The GPU exists because graphics demanded a very specific kind of silicon—hardware capable of running identical mathematical operations across massive data volumes in parallel, repeatedly, without stalling. What looked like “drawing pictures” was always a continuous si
This year on Black Friday, one of my favorite products of the year: NVIDIA’s DGX Spark! My list of favorite products is by no means short, but this was a quick add simply because I’ve had so much fun playing with this. Unlike most other products I’ve used this year, it’s something that feels rewardi
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The semiconductor industry has experienced cycles of varying magnitude throughout its history. The PC era brought sustained growth. The smartphone revolution created what many called a supercycle. The cloud computing buildout extended that expansion further. What is happening now is something catego