The Tech Infrastructure Quarterly Bible 4Q25

​​​​We publish today our comprehensive quarterly bible: 243 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 acquiring Delivery Hero’s Taiwan business. Our take

Grab announced yesterday it is acquiring Delivery Hero's Taiwan business for $600m.

Bible 4Q25 – Ride-Sharing & Delivery: Accelerating into 2026; robotaxi...

Today, we are publishing the Ride-sharing and delivery section of our 30th 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 Smartphones, Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. Ri...

Auto and industrial recovery, Semicap, Arista, Cisco, and more. Tech w...

Grab 4Q25: 20% p.a. growth trading at 12x FCF. Buy

Dear all, Grab reported 4Q25 earnings. Please see the our full take on the print.

The Tech Infrastructure Quarterly Bible 3Q25

We publish today our comprehensive quarterly bible: 242 pages of detailed analysis 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:

Waymo’s latest datapoints: 10x growth in 2 years? Implications.

Bible 3Q25 – Ride-sharing & Delivery: Growth accelerating; margin expa...

Today, we are publishing the Ride-sharing and delivery section of our 29th 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 Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. Bookings across...

Duplicate of Grab 3Q25: growth accelerating; guidance raised; in line ...

Dear all, Grab reported 3Q25 earnings. Please see the link for our full take on the print.

AMD DC GPUs, Arista 2026 guide, Ride-Sharing & Delivery, Autos & Indus...

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 names we followed last week, follow the link below.

Grab 3Q25: growth accelerating; guidance raised; in line with our inve...

Dear all, Grab reported 3Q25 earnings overnight. Please see the link for our take on the print.

Robotaxis: Why isn’t Waymo ramping faster?

The Tech Infrastructure Quarterly Bible 2Q25

We publish today our comprehensive quarterly bible: 229 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. Please follow the link below for more details.

Bible 2Q25 – Ride-sharing & Delivery: Lower Prices, Higher Profits. Wa...

Today, we are publishing the Ride-sharing and delivery section of our 28th 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 Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. Ride-sharing bo...

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

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 34 names we followed last week, follow the link below.

Grab 2Q25: increasing penetration & usage; margin expansion ahead. Bu...

The Tech Infrastructure Quarterly Bible 1Q25

We publish today our comprehensive quarterly bible: 237 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.

Ride-sharing & Delivery: Lower prices fuel accelerating volumes

Today, we are publishing the Ride-sharing & Delivery section of our 27th 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 Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, Service Provider and Semicap Equipment. ...

AI re-platforming, tariff pull-ins, autos, weak iPhone cycle, HBM, and...

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 33 names we followed last week, follow the link below.

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.