Booking Holdings: Death by Agent, Round Two
The market has once again decided that OTAs will get slaughtered by AI agents, this time by Meta’s Muse. So...
Netflix’s Growth Is Slowing, Should We Be Worried?
Netflix hasn't reported horrendous numbers, and it isn't the kind of business AI is about to upend. But with the...
Musing About Meta’s New Front Door
Zuck kept Meta's compute instead of renting it out, and a free AI agent came out of it. Twelve days...
Shopify Deep Dive, Part 2: The $2.5 Billion Side Quest
On May 4, 2023, Tobi Lütke called four years and $2.5 billion of logistics spending a side quest and gave...
Domino’s Is Down 24% This Year. I’m Still Watching My Carbs.
Two years ago I said I'd look at Domino's again at 20x forward earnings. It's at 16x now, down 24%...
Microsoft Q4 2026: Nadella’s Plan to Make Every Model Swappable
The 10-K finally puts a number on OpenAI: $24.1B of FY2026 revenue. The bigger story is Nadella's plan to make...
Mastercard Q2 2026: Buy It and Go to the Beach?
An old saying goes, buy Mastercard and go to the beach. I checked the Q2 2026 filings to see if...
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....
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...
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...
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...
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...
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