Tariffs – How would a recession affect our coverage?

The tariffs announced by the Trump administration in the last two weeks have resulted in major swings in the stock market and broader concerns regarding the global economy. We developed a framework to understand the situation and interpret its daily evolution last week and follow up today with an initial perspective on potential macro implications.

The Tech Infrastructure Quarterly Bible 4Q24

We publish today our comprehensive quarterly bible: 240 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 3Q24 – Ride-sharing & Delivery: Demand growth unabated, investme...

​​​​Today, we are publishing the Ride sharing & Delivery section of our 25th 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. In the coming weeks we will publish sections on Telecom Equipment, Industrials, and Foundry. Ride-sharing growth decelerated slightly as pricing growth slowed, though, with better suppl...

Uber extending its partnership with Waymo. Further evidence our ADASca...

Uber and Waymo announced today that they are extending their partnership.

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...

Nvidia 2FQ25: ROI controversy mis-framed by the sell side; Blackwell d...

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

Nvidia upgrade, SiC to reaccelerate, and more. The Tech Weekly Wrap-up

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

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:

Uber acquiring Delivery Hero’s Taiwan business. Our take

Uber 1Q24: We see only strengths in the quarter & guide, Buy $100 TP

SiC, Hybrid Bonding, Infineon, Uber, Arm, Arista. The Tech Weekly Wrap...

Uber 1Q24: We see only strengths in the quarter & guide

Uber reported 1Q24 this morning.

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...

Industrial and smartphone semi cycle, trailing-edge WFE declining, Cis...

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

Uber Investor Day: Our top takeaways and key slides

Uber hosted its investor day yesterday.

Uber 4Q23: Strong growth and margin expansion; Our thesis is playing o...

Uber 4Q23: Strong growth and margin expansion. Our thesis is playing o...

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.