Airbnb's Growth Outpaces Booking Despite Earlier Claims
"Booking management used to brag how they’re outgrowing Airbnb during 2023-24 period despite being larger of the two...Airbnb’s growth is comfortably ahead of Booking now" $ABNB $BKNG https://t.co/kIgkTdpMyz
Shopify Poised to Hit Half Amazon's GMV by 2025
"Back in 2017, Shopify’s GMV was only ~10% of Amazon’s estimated GMV. Given the way Shopify is growing, it seems likely that it will be half of Amazon’s GMV by the end of next year." $SHOP $AMZN https://t.co/4vusO6FaET
Most Foundry Users Stick to Single-Model Setup
"the more interesting takeaway that’s (deliberately?) not clear from $MSFT commentary is that the vast majority of their Foundry customers are still likely using a model from just one company instead of adopting the multi-model environment" https://t.co/8lBHknQv6t
Amazon Ad Share Falls as Google and Meta Surge
"It is interesting to observe a noticeable drop in Amazon ads incremental share compared to Google advertising which itself is losing share to Meta’s FOA. For the last four consecutive quarters, Amazon ads grew at 22%. In contrast, Google advertising...
Google Cloud Poised to Reach 70% of AWS Size Next Year
"Back in 1Q’20, Google Cloud was only 27.2% of AWS revenue. Six years later, it has become 53.3% of AWS revenue...I find it quite remarkable that Google Cloud may be ~70-75% of AWS size by next year." $GOOG $AMZN https://t.co/DKmcM2dWJU
Spotify Doubles Gross Profit, Keeps Opex Flat
"Back in 3Q’22, Spotify’s LTM Gross Profit was EUR 2.8 Billion. They nearly doubled the LTM gross profit from 3Q’22 to 1Q’26 and yet, the opex is largely flat." $SPOT https://t.co/vfl4l8Wwjo
Danaher’s Growth Remains Anemic Despite Secular Tailwinds
Looking at Danaher’s numbers every quarter is a stark reminder just how anemic the growth has proved to be for a company that enjoys some supposedly secular tailwinds $DHR https://t.co/cI5akoQpj4
Pick Your 5‑Year Equal‑Weight Investment Choice
Which of them would you buy at 50-50 weight at today’s valuation for the next 5 years if the condition is you must hold for the entire 5 years?
Meta's Heterogeneous Chip Fleet Boosts Competitive Edge
"while I was encouraged to see Meta’s diversified chip strategy, I was also a tad bit concerned whether the trade-off has too high a cost. However, I have now updated my opinion that Meta is increasingly quite enviably positioned due...
Avoid Single-Model Tokenization: Vendor-Controlled, Non-Transparent
"tokenization is a non-transparent billing unit that each vendor controls unilaterally...any enterprise would be really imprudent to standardize on just one model developer." https://t.co/Ho7XM32Rz2
Cloud Deployment Margins Rebound, Set to Rise Further
"The margin trajectory of cloud-based deployment segment is far more interesting. Notice how gross margin here was precipitously falling and even turned negative in 1H’25 when the Chinese labs were essentially on a death march to grab market share. However,...
Cheap Energy Evades Metering, Expensive Power Defies Measurement
Too Cheap to Meter, Too High to Measure read the full piece here: https://t.co/h5J0gTi7ew https://t.co/iFvBD73DvS
Low Promotion, High Churn, Substack Still Boosts Revenue
yep; I almost never share my Substack link and yet revenue from Substack increased ~80% YoY and is now ~20% of my overall revenue. Even if churn is high, I have no doubt that it has been certainly net positive...
Pichai: AI Central to Google, Not a Moonshot
this was such a riveting read. If you're a Google shareholder, nobody came across better than Sundar Pichai in this entire saga. The fact that so many of them wanted Pichai to resign is a good reminder how clueless outsiders...
Shopify's Profit Soars 26% CAGR, Costs Barely Rise
"While $SHOP gross profit compounded at ~26% CAGR since 2022, its operating expenses (S&M, R&D, and G&A) grew by only ~2% CAGR during this period." Shopify's Miraculous Momentum: https://t.co/ezGEIE1lOG https://t.co/WDbrMgAx78