News
220 pieces of our own coverage across 10 sectors
Updated Aug 29, 2026
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Starlink Matched Seven Rivals' 2025 Revenue. Our 2027 Case Is 2.7 Times That Total
Seven satellite rivals generated $11.457B in their 2025 fiscal years, almost exactly Starlink's $11.4B. Our weekly-Starship case puts Starlink at $17.1B in 2026 and $30.8B in 2027.
Our Weekly-Starship Model Takes Starlink From $4.29 Billion to $9.04 Billion a Quarter
At 60 V3 satellites a flight, 10x the capacity of V2 and 90% of a weekly Starship manifest, equivalent network capacity reaches 4.4x today's mixed-generation level by late 2027. A deliberately sublinear revenue model turns that into $9.04 billion a quarter.
MongoDB Joins Coverage With the Same Rule of 40 It Had in 2020, Built From the Opposite Half.
MongoDB's R40 score is 54 today and was 81 in 2020. Growth fell 53 points. Free cash flow margin rose 26. The score recovered; the engine changed.
Our Coverage
IREN Q4 FY2026 reported earnings analysis
IREN's AI Cloud revenue doubled to $70.5M and passed mining — the call guided $25-30B of FY2027 capex against about $14B in hand. ARR lands mostly in March.
Corning Joins Coverage at 45.4, Its First Quarter Above 40 — and It Took a $1.3 Billion Cash Swing.
Corning joins coverage at 45.4, its first quarter above the bar in fourteen stored quarters — on a free-cash-flow swing from $30M to $1,295M in one quarter.
Anthropic Has Contracted 1.19 GW. Half of It Costs $2.37M per MW-Year, the Other Half $15.46M.
Four reported Anthropic capacity deals total 1,185 MW for $83.1B, and split by term they are two products: $2.37M per MW-year on 20-year leases, $15.46M on six.
Nvidia Guided a Year Ahead for the First Time — and Cut Its Margin Floor to 71%
Nvidia doubled revenue to $96.2B, then did two things it never has: guided a full year it has not started, and told the market gross margin bottoms at 71-72%.
Tesla's Brandenburg Shuttle Talks Are Not a Minivan. They Could Rebuild European Goodwill.
Brandenburg is exploring Tesla-powered rural shuttles, not a consumer minivan — a visible public service that could rebuild European goodwill. No contract yet.
OpenAI’s Jalapeño Beat GB300 on Its Test. NVIDIA’s $63 Bear Case Needs Three More Things.
OpenAI's Broadcom-built Jalapeño beat GB300 on throughput per watt. Our $63.15 NVIDIA bear case still needs capex digestion, share loss and a de-rating.
Klarna Joins Coverage and Its Rule of 40 Score Swung 375 Points in Four Quarters.
Klarna's R40 score went from +79 to -243 to +1 in four quarters. None of the swing was operations — it was a bank's deposits in the free-cash-flow line.
AFRM Q4 FY2026 reported earnings analysis
A $1,447.5M non-cash tax benefit turned $169.1M pre-tax into $4.62 GAAP EPS against a $0.33 consensus — and the quarter still beat on margin and 36% GMV growth.
Robinhood's $1.5 Billion Chain Number Looks Cumulative Against a $42 Million Float
Robinhood's $1.5B of Stock Token DEX volume sits against a $41.9M float: about 36 turns, no disclosed DEX take and a 119x climb to our model's $5B capacity.
XPeng's Deliveries Were Flat. Half Its Gross Profit Came From 14% of Revenue.
XPeng's deliveries were flat and vehicle margin fell — yet gross margin rose to 20.7%, because services grew 93.9% at a 75.1% margin: 49.6% of all gross profit.
Xiaomi Unveiled Three Chips. Our Model Still Prices the Entire AI and EV Segment as 104,199 Cars.
Xiaomi unveiled three XRING chips, but reports them beside EVs in one segment — which our model drives entirely from 104,199 vehicle deliveries at $35,118 each.
Uber Has Been Fined €1.13B by the Dutch Regulator—and 73% Landed This Week.
The Dutch regulator fined Uber €825M for algorithmic driver suspensions without human review — the second-largest GDPR penalty, 35 days of its free cash flow.
MRVL Q2 FY2027 reported earnings analysis
Marvell guided October to $3.150B and raised two fiscal years in one call — then fell 5.7% after hours on a GAAP miss and a communications half guided down.
Marvell Q2: The Next $3B Matters More
Marvell reports 27 August with consensus at guidance midpoint: $2.71B and $0.93. The open question is whether Q3 clears roughly $3B as custom AI silicon ramps.
Broadcom May Raise $60B for AI Deals. Its 10-Q Already Disclosed a $29B Lease Backstop.
Bloomberg says Broadcom may raise $60B for AI deals. Its 10-Q already discloses the shape: a $29B lease backstop — 44.7% of total debt — behind Apollo's racks.
Salesforce Earned $4.29 a Share and Its Operating Income Fell by $1 Million
Salesforce grew revenue 10.8% and GAAP EPS 119%, while operating income fell $1M. The gap is investment gains, a 14.7% smaller share count, and Informatica.
Palantir Is Scoring 155 on the Rule of 40 — and Both Halves Are Still Rising
Palantir has refused the growth-versus-margin trade for six quarters: revenue growth 17.6% to 92.8%, FCF margin 14.5% to 62.1%, and the score went 32 to 155.
Salesforce Spent $27.1B on Buybacks Funded by $25B of Debt. Its 12% EPS Growth Is Share Count.
Salesforce reports 26 August. Consensus says 12.4% EPS growth; the company's own guide implies non-GAAP net income flat to down at any plausible share count.
AbCellera Joins Coverage and Five of Its Last Eight Quarters Cannot Be Scored.
AbCellera joins coverage with five of its last eight quarters unscoreable: a +587.4% FCF margin on $4.1M of revenue breaks the Rule of 40's own arithmetic.
Hims's Cancer Test Costs $699, Not $250. WHOOP Sells It for $799 Without a Subscription.
Our February piece read a $250 discount as a $250 price. It is $699 off a $949 list plus a $349 Labs plan — while WHOOP sells the same GRAIL test for $799 flat.
Moderna Doubled on Phase 3 Data. The Business Books $2.2B and Burns $1.2B a Year.
Moderna's melanoma readout and flu approval added $27.8B of market value in a morning — 12.5x trailing revenue, none of it in a revenue line that grew 2%.
Two Platform Segments Collapsed. One Was Planned; the Other Was a Customer Leaving.
Goldman's Platform Solutions fell 64% and SoFi's Technology Platform fell 23% in the quarter ended 2026-06-30, both inside quarters the rest of the business made look excellent. The declines are the same shape and opposite diagnoses, and the number that separates them is a margin nobody printed.
We Said Buffett's Apple Selling Was the Statement. Apple Then Became the Most Valuable Company in the World.
Berkshire reports its third quarter under a new CEO after Buffett's Apple sell-down — and its EPS is the number most likely to be misread. Our Q2 2026 preview.
Mastercard Q2 2026: Beat and Raised Margins — Stock Barely Moves
Mastercard beat on revenue, EPS, and margin, with value-added services growing 20%, and the stock traded roughly flat while American Express fell 6% the same week. We break down why network scale keeps compounding quietly.
Okta Joins Coverage Scoring 38.8 on the Print That Moved It 27%.
Okta's beat moved the stock 27% and eight brokers raised targets. The Rule of 40 went the other way: 38.8, on 10.6% growth with cash doing all the work.
Nokia Joins Coverage With a Rule of 40 That Fell 34 Points and No Growth Miss.
Nokia joins coverage after growing 8% and expanding gross margin — while its Rule of 40 fell from +27.9 to −6.6 on a EUR 732M cash outflow. No growth miss.
CrowdStrike Cleared the $285M Bar by $47M — Then Raised the Raise
CrowdStrike's net new ARR of $332.8M beat the implied $285M bar by 51% and the year got raised again. Underneath: $5.3M of GAAP income on $399M of stock comp.
Vistra's Rule of 40 Has Printed −36 and +70 in the Same Ten Quarters.
Vistra joins the tracked set scoring 2.8, one quarter after 49.0 — for a merchant power company the score measures weather and hedge timing more than business.
Guyana's Stabroek Share Jumped 25 Points. Exxon Had Already Priced the 100,000-Barrel Cost.
Guyana's Stabroek entitlement jumped to 39.8%. Run the terms through Exxon's stake and the transfer costs 102.5 kb/d — the cost Exxon had already guided.
Amcor Grew Sales 57% in a Year Its Volumes Fell. Now the Fiscal Year Itself Is Changing.
Amcor closed FY2026 with $23.5B of sales, up 57% — but 52 points came from Berry and underlying volume/mix is negative 2%. A calendar year-end comes next.
Everything we have published
All 220 pieces, grouped by sector and listed newest first.