Earnings
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Nvidia Earnings, Strawberry and Video, The Networking Question
Nvidia’s results continue to be best understood by the imbalance between supply and demand; that story, though, differs between Blackwell and Hopper, and it impacts both Nvidia’s prospects and its networking sales.
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Apple Earnings; AI, Capex, and R&D; The Vision Pro Gets a Killer App
Apple’s earnings reflect the company’s device-centric approach to AI; then, the widescreen Mac display is the Vision Pro’s killer app.
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Amazon Earnings, Robotics and Amazon’s Expanding 1P Business
AWS had strong growth, in part thanks to AI, but the real impact of automation is on the expansion of their retail business.
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Microsoft Earnings; Microsoft and OpenAI, Again; GitHub Copilot Adds Gemini and Claude
Microsoft’s latest earnings call is the clearest indication yet that the relationship between Microsoft and OpenAI is at best misaligned, and at worst on life support.
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Netflix Earnings, Netflix Maintenance, Netflix’s Venture Model
Netflix’s margin expansion highlight both its business model differentiation and also the advantage it has in maintaining its lead, thanks to getting to scale first.
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TSMC Earnings, Margins and Arizona, ASML and Peak Lithography
TSMC’s earnings highlight foundry economics and the importance of AI; meanwhile ASML and TSMC both give evidence that CPUs are struggling
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Broadcom and Intel?, Nvidia Earnings, DOJ Investigating Nvidia
Thinking about Intel rescue plans, then Nvidia’s earnings were expectedly uneven; what is unexpected is the extent to which the Justice Department wants to punish success.