Grab 1Q25: guidance raise, as expected. We see further upside. $5.6 pr...

Grab reported 1Q25 earnings overnight. Please see the link below for our take on the print.

Autos & Industrials, China AI, PC cycle, WFE, Arista, Besi, Grab. Our ...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 10 names we followed last week, follow the link below.

The Tech Infrastructure Quarterly Bible 3Q24

We publish today our comprehensive Quarterly Bible: 238 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Grab 3Q24: Strong underlying growth & margin expansion. Buy, $5.8

Bible 2Q24 – Ride-sharing & Delivery: Growth, margin expansion, and st...

Today, we are publishing the Ride sharing & Delivery​​​​​​ section of our 24th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Later this week we will publish the final section, on Enterprise IT. Ride-sharing demand remained strong, with Uber’s bookings accelerating in 2Q24, making it the fastest-growing ride...

Grab 2Q24: New product rollouts will be a temporary hit to margin expa...

Uber 2Q24 QT: Mobility accelerating. Profitability improves further

Didi’s resurgence in Latin America. What next?

Didi is increasing investments in Latin America to boost growth ahead of an IPO in early 2025. Uber is increasing investments in response to maintain share. This move is not unprecedented. We have seen Lyft and GoJek make similar moves in the US and Southeast Asia prior to their IPOs. During that period, both companies and their competitors experienced short-term margin pressure. However, competitive dynamics prevailed. There were minimal market share shifts, and the #2 quickly reined in investm...

The Tech Infrastructure Quarterly Bible 1Q24

We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Chinese AI ramp, Nvidia preview, WFE recovery, Cisco stabilization, Ar...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Grab 1Q24: Good momentum in mobility. Unit economics improve further. ...

Uber acquiring Delivery Hero’s Taiwan business. Our take

The Tech Infrastructure Quarterly Bible 4Q23

We publish today our comprehensive quarterly bible: 212 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Bible 4Q23 – Ride-sharing & Delivery: Strong growth and expanding marg...

Today, we are publishing the ride-sharing and delivery section of our 22nd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. Ride-sharing and delivery bookings beat expectations, and EBITDA margins expanded further in 4Q driven by leverage and cost control. Uber and Grab remain our favoured companies to own in t...

Grab 4Q23: soft 2024 guide, thesis intact. Buy, $5.0

Grab reported 4Q23 yesterday.

The Tech Infrastructure Quarterly Bible 3Q23

We publish this morning our comprehensive quarterly bible: 218 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Short cycle for auto semis? Strong unit economics in ride sharing & de...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

Grab 3Q23: EBITDA breakeven milestone hit

The Tech Infrastructure Quarterly Bible 2Q23

We publish this morning our comprehensive quarterly bible: 199 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.

Nvidia datacenter beats materially, non-A.I. spend weak but set to rec...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.