Starbucks: The Turnaround Is Working, But Would I Buy It?
Previous management bet on machines over people and raised prices into an inflation squeeze. Brian Niccol reversed all of it. Two years in, here’s how the turnaround is going, and…
Sea Limited Q2 2026: From Promise to Proof
In Q1 I set a test to separate a real margin inflection from a Ramadan calendar boost. Shopee cleared it cleanly. Here’s my read on the quarter across Shopee, Monee…
Airbnb Grew Twice as Fast as Booking, What Happened?
Booking Holdings is up roughly 24% since I published “Why the AI Bear Case Has It Backwards” in February, as the market starts to shrug off the AI fears for…
Amazon Q2 2026: The Half a Trillion Dollar AWS Backlog
Amazon reported $62.6 billion of net income and 20% revenue growth. Neither number is quite what it looks like. The real story is the $496 billion of AWS revenue already…
Meta Grew 28% and the Stock Dropped, What Happened?
Meta just posted 28% revenue growth and the stock sold off anyway. The reason sits in one number: free cash flow of $784 million for the entire quarter, down from…
Alphabet Q2 2026: The $707 Billion Footnote
Advertising has gone from 78% of revenue to 68% while Cloud grew 82%. Everybody focused on the $195 to $205 billion capex guide, which can be revised and will be….
Netflix: The Pendulum Swings Back
The market was certain Netflix was broken in 2022, certain it was invincible in 2025, and certain it’s stalling today. Through all three, operating profit compounded 132%. Here’s whether it’s…
The $100k Stock Market Shopping List (July 2026 Edition)
A reader asked which stocks I’d buy today with a fresh $100,000, and whether to split it between two. On the split, my answer was no. Here are the six…
Meta’s Five-Week Flip, and Why I’d Watch the Neoclouds
As recently as late May, Meta had no plans to take on AWS. Five weeks later it’s selling its excess compute. Here’s who actually gets squeezed if AI demand turns,…
Shopify Deep Dive Part 1: The Falling Margin That Fooled Everyone
This is the first of a three-part deep dive on Shopify (Nasdaq/TSX: SHOP). Part 1 covers the business model and how Shopify actually makes money. Part 2 covers the $2…
The Memory Chip Boom, and Why I’m Not Chasing It
There’s a generational buildout going on right now, and big tech is buying memory chips the way people panic-bought toilet paper in 2020. When demand spikes that fast, you get…
Microsoft: Is OpenAI an Asset or a Liability?
I keep circling the same tension with Microsoft: a wonderful business I can never quite buy at the price I want. The multiple has finally come back to earth, but…