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Notes from MS Conference: Meta, and Microsoft
Morgan Stanley (MS) had their annual TMT conference last week. Let me share some notes from Meta, and Microsoft’s sessions today.
Meta Platforms
Susan Li, CFO of Meta, attended the MS conference. As you can imagine, there were plenty of questions around ROIC on their capex. It turns out
AWS: Pre and Post-ChatGPT
Back in 2014, Jeff Bezos wrote to Amazon shareholders:
“A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you find
Why AI Is Unlikely to Kill OTAs
Online Travel Agency (OTA) stocks such as Booking and Expedia both reacted very positively yesterday after The Information reported OpenAI’s retreat from direct checkouts. From The Information:
OpenAI is scaling back its plan to introduce shopping directly inside ChatGPT, marking a change in its high-profile effort to put checkouts
Veeva FY4Q'26 Update
Veeva had a really fine quarter. While the consensus was expecting $811 Million revenue in FY4Q’26, Veeva posted $836 Million revenue. As you can see below, revenue growth of 16% in Q4 comfortably surpassed opex growth of only ~7% which led Veeva to post their highest ever LTM GAAP
Never Sell: MBI Interviews Asianometry
For this month’s "Never Sell" podcast, I had the privilege of speaking with Asianometry.
If you have any interest in semiconductors, you have probably come across his exceptionally useful YouTube videos before. I myself spent countless hours watching several of his playlists related to semiconductors over the
Frontier AI Economics
When I say frontier AI model developers have somewhat “speculative” economics, I do not intend to mean it is destined to be bad even though “speculative” does have negative connotation. What I want to highlight is the range of outcomes for frontier AI model developers is still fairly wide, an
How Elephants May Die
Hendrik Bessembinder's research indicates that ~4% of companies account for virtually all the excess return over the one-month Treasury bill rate in the US stock market since 1926. You have probably already come across this study before, but one of my inferences from this study was we may
Hardcoding Habits
In early 2025, Mark Zuckerberg mentioned that he estimates EU fined the US tech companies more than $30 Billion over the last decade or so. He went onto lament that instead of US government defending their tech companies from this indirect form of “tariff”, US government itself often led such
Meta’s AI Advantage is "In the Water"
ChatGPT or any chat bots have the benefit of novelty factor to capture our imagination in the last three years. However, one challenge with the chat bot paradigm is it requires a level of intentionality from the users that may not be as pervasive and persistent than most power users
Digital Advertising Industry Snapshot 4Q'25
Programming Note: I will be in San Francisco Bay Area next Tuesday. If any of you wants to meet for lunch around Larkspur, please feel free to reach out. Since it will be one-on-one lunch meeting, I may have to decline if there are multiple interests.
As I do after