Insider Stocks · For members
An entry from my investing journal, for members.
The 10-K finally puts a number on OpenAI: $24.1B of FY2026 revenue. The bigger story is Nadella's plan to make every model substitutable, and $329.1B of datacenter leases that haven't started yet, sitting in note 13 while management explains how flexible the spending is.
Insider Stocks
The rest of this entry is for members
Before I buy a business, and before I sell one, I write up what I see: what it earns, what it’s worth, what could break it. Members read every entry, back to 2021. At least two new entries a month, more during earnings season.
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