Earnings Update/ Regulations

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….

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…

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…

Earnings season is wrapping up, and I’m making the biggest reshuffle to the portfolio this year: selling two turnaround bets that didn’t break my way, and putting the proceeds into…

Sea crushed Q1 across all three verticals yet kept full-year guidance untouched. Shopee’s margin line finally moved, Monee’s loan book grew 71% on a marketing spend that doubled, and Garena…

Paycom retired 15% of its float in 90 days at an average price of $127, draining more than half its cash balance and taking on $675 million of debt to…

Is Zuck going metaverse-mode with AI?

We went from aspiring to return to double-digit growth… to merely trying to sell product at full price. Q4 beat expectations, but the beat was mechanical. North America is still…

Sea closed 2025 with $22.9 billion in full-year revenue, up 36.4% year-on-year. Full-year net income reached $1.6 billion and adjusted EBITDA hit $3.4 billion. All three businesses exceeded the growth…

Trade Desk reported Q4 2025 revenue growth of 14%, guided Q1 2026 to just 10%, and lost another CFO in five months. Jeff Green blamed CPG and auto weakness, but…

MercadoLibre dropped 9% after Q4 2025 earnings on margin compression. But I’ve seen this playbook before. Revenue accelerated to 45%. Items sold hit the highest growth of the year. The…