Block Reports Record Profit Margins and a $309 Million Loss in the Same Quarter
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DoorDash Moves $31 Billion of Food a Quarter and Keeps Almost None of It
DoorDash is the dominant food-delivery company in America, and by the metrics it asks investors to watch, it is thriving: revenue up 33%, orders up 27%, adjusted earnings before interest, taxes, depre…
Shopify Is a 100x Bet on Consumer Spending That Can't Afford a Recession
Shopify is the arms dealer of e-commerce — it does not sell products, it sells the tools and the payment rails that millions of merchants use to sell their own, and it takes a cut of everything that m…
Uber Finally Turned a Profit, Just as the Cars Learned to Drive Themselves
Uber spent fifteen years and tens of billions of dollars proving it could exist, and it has finally won the argument: it is profitable, generating more than $2 billion of free cash flow a quarter, wit…
Palo Alto's Dazzling Security Growth Is Bought With Free Deals and Acquisitions
Palo Alto Networks is the giant of cybersecurity, and its latest numbers look spectacular: revenue up 31%, its key "next-generation security" annual recurring revenue up 60% to more than $8 billion, a…
Snowflake Is Priced as an AI Winner While Databricks Wins the AI Budget
Snowflake had a triumphant quarter. Its product revenue grew 34%, nearly 70% of its customers are now using its AI features, and the stock surged roughly 30% as investors celebrated it as one of the g…
Marvell Trades Richer Than Broadcom to Be the Runner-Up in Custom AI Chips
There is a booming corner of the AI economy that gets less attention than Nvidia but may matter almost as much: custom silicon. The largest cloud companies — Amazon, Google, Microsoft, Meta — are incr…
Salesforce Is Selling the AI That Could Eat Its Own Per-Seat Business
For two decades, the entire software industry has run on a single, beautiful pricing model: you pay per seat — per human being who logs in and uses the software. Salesforce built a $40-billion-a-year …
Disney's Streaming Turned a Profit Just as Its Cable Empire Melts
Disney just delivered the milestone Wall Street had demanded for years: its streaming business is now profitable, with operating income up 88% in the latest quarter and margins finally breaking into d…
Arm Is in Every Phone and Priced Like It's in Everything Else
Arm Holdings owns one of the most enviable positions in all of technology. Its chip designs are inside virtually every smartphone on Earth, and it collects a small royalty on each one — a toll on the …
Chime's Free Banking Runs on a Loophole, Not a Moat
One year ago today, Chime went public — the largest neobank in America, more than ten million members, a feel-good story about giving fee-free banking to the working-class customers the big banks igno…
GE Aerospace Is Priced at 40x for a Cycle That Always Lands
GE Aerospace is the prize that emerged from the long, painful breakup of General Electric — a clean, focused, best-in-class maker of jet engines, with one of the most beautiful business models in all …
Spotify Finally Makes Real Money, and the Labels Take Most of It
For most of its existence, Spotify was a paradox: a beloved product, a cultural institution, 700 million users — and a company that could not reliably make a profit. After fifteen years, that has fina…
Stablecoins Are Coming for the Most Profitable Toll Booth in Finance
Visa and Mastercard run what may be the single best business model in all of capitalism. Together they process more than $20 trillion of payments a year, taking a small cut of nearly every card swipe …
Costco Sells Groceries at Cost and Trades Like a Tech Stock
Costco is, by almost any measure, the finest retailer in America — a membership fortress with 148 million cardholders, renewal rates around 90%, and a brand so trusted that customers pay an annual fee…
Netflix Stopped Reporting Subscribers Just as the Easy Growth Ran Out
Netflix won the streaming wars, and it is not close. It has more than 325 million subscribers, over $50 billion in annual revenue, operating margins north of 30%, and the kind of free cash flow its co…
Microsoft Booked a $5.9 Billion Gain on a Company That Loses Billions
Microsoft is the bluest of blue chips, the steadiest mega-cap in the market, a fortress of recurring software profits. So it is worth pausing on a line buried in its accounts: over the nine months end…
Kalshi Is Worth $22 Billion on a Legal Theory the Courts Haven't Settled.
A few years ago, if you wanted to bet on a football game, you needed a sportsbook licensed by your state — DraftKings, FanDuel — which paid state taxes, followed state rules, and could not operate at …
Washington Bet Billions on Intel's Comeback. Its Customers Haven't.
Intel's stock has roughly tripled, and the reason is the most impressive collection of backers any turnaround has ever assembled. The United States government took an ownership stake of about 10% — a …
Boeing Says the Worst Is Over. Its Balance Sheet Says Wait.
After years of catastrophe — two fatal 737 MAX crashes, a door plug blowing off in mid-flight, a crippling strike, a revolving door of chief executives, and tens of billions of dollars in losses — Boe…
Hims & Hers Built a Billion-Dollar Business on a Loophole. The FDA Just Closed It.
For about two years, Hims & Hers had one of the best businesses in American healthcare, and it existed because of a technicality. When blockbuster weight-loss drugs like Wegovy and Zepbound fell into …
Buy Now, Pay Later Is Booming. So Is the Debt Nobody Can See.
The official numbers say American consumer credit is in decent shape — delinquencies elevated but manageable, balances high but serviceable. There is just one enormous category of debt those numbers l…
Carvana Came Back From the Dead. Its Balance Sheet Didn't.
In 2022, Carvana was a corpse the market had already buried. Its stock had fallen roughly 99%, from around $370 to under $4, as a mountain of debt, collapsing used-car prices, and a frozen credit mark…
Vertiv Sells the Picks and Shovels of the AI Boom. It's Priced Like the Gold.
The oldest piece of wisdom in a gold rush is to sell the picks and shovels — to get rich supplying the miners rather than gambling on which one strikes the vein. It is wisdom precisely because it is s…