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MongoDB fell 29% in six weeks on a quarter beat and its CEO's exit to Meta, but the note argues the real question is whether a usage-based database gets paid more as AI agents do more work.
A Kristal Reads note examines how Micron is locking customers into multi-year memory agreements and what its capital-allocation choices could mean for shareholder value as the cycle runs.
Meta's push into AI agents could turn its network of people and businesses into one for completing transactions, as the company pairs a $900m CRED investment, the Muse personal agent and a new enterprise platform.
How On Holding scaled to CHF3 billion in revenue while avoiding footwear's markdown cycle, and why 2027 will reveal whether its model was design or favourable conditions.
Baidu's Q2 2026 results show nearly all incremental AI revenue coming from cloud as search users and advertising shrink, leaving the full-stack thesis unproven.
Meituan's Q2 delivery recovery lifted Core Local Commerce to RMB5.7 billion and adjusted net profit to RMB2.5 billion, but the note weighs how much defending customers against Alibaba, grocery costs and AI-driven discovery will leave for shareholders.
A Kristal Reads note examines why Tencent's Weixin agent advantage is becoming clearer while returns on its AI spending remain unproven, with shares down roughly 35% from the first reference price.
Alibaba cleared a cloud-margin milestone with AI segment revenue up 45% and profit up 133%, even as an HK$80bn equity raise and negative free cash flow enlarged the bet facing shareholders.
Oracle collected $11.4 billion in customer prepayments in Q1 as revenue rose 30% to $19.35 billion, but free cash flow stayed negative, leaving open how much profit reaches each share.
With Adobe's revenue up 25% over two years yet its shares down nearly 60%, the note weighs whether low valuation reflects durable earning power or anticipates managed decline.
A Kristal Reads note examines how Zscaler's Q4 — with 100%-plus non-seat ARR growth, 950-plus Zero Trust Everywhere enterprises and $770 million in Z-Flex bookings — makes its machine-scale security transition more visible, even as rising capital intensity and a cautious FY27 guide leave normalized
Broadcom guided AI semiconductor revenue toward $115 billion in fiscal 2027 and $230 billion in 2028 as it equips hyperscalers to build their own chips, but the note questions whether its share of the economics will rise.
Snowflake's product-revenue growth accelerated to 37% in Q2 FY27, with management attributing roughly half the pickup to AI tools that speed migrations and deepen consumption.
Palo Alto Networks closed fiscal 2026 with revenue up 34% to $3.41 billion and NGS ARR up 63% to $9.1 billion, yet shares fell about 7% as the note weighs whether cross-selling momentum can translate into free cash flow per diluted share.
Credo's Q1 showed $479 million revenue up 115% and 68% gross margin as its reliability technology moved into optics, yet its first photonic-chip wins excluded its own DSPs, leaving open how much of the connection customers will let it own.