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Nubank posted its first billion-dollar quarter, but the note argues the widening credit-delinquency gap versus Brazilian peers—tied to owning the primary customer relationship—may matter more than AI itself.
An analysis of Sandisk argues the NAND maker may not need to escape the memory cycle, as multi-year contracts, low capital intensity and buybacks could permanently shrink its share count before the next downturn.
Adyen processed €803.8bn in H1 with volume up 24% but take rate slipping to 16.2bps, sharpening the question of whether loyalty, billing and money-movement products can monetize deepening merchant relationships faster than payments commoditize.
Applied Materials posted record revenue of $9.12 billion and a 55%+ Semiconductor Systems gross margin, yet the stock fell as questions turned to how much of the AI-driven boom's economics survive after the cycle fades.
An analysis of Lumentum's first billion-dollar quarter argues AI is pushing optics ever closer to the processor, with pump lasers, EMLs and optical switches all running behind fast-expanding supply.
Sea's Q2 2026 revenue beat consensus by nearly $700 million yet EBITDA came in flat, raising the question of whether Shopee's thin margin reflects weak economics or profit being reinvested.
Nvidia has assembled Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilise over $500bn for AI infrastructure, raising the question of whether each new dollar of capacity needs less support than the last.
Ibiden's Q1 broke a two-decade pricing convention as customers stopped demanding quarterly price cuts and advance payments nearly doubled to ¥154.5 billion, raising the question of whether AI-substrate complexity is a durable moat or a temporary shortage.
Five quarters after the thesis began, MercadoLibre's commerce, credit and AI signposts have largely cleared, yet the stock is down 30% as management reinvests all operating leverage without a margin timeline.
Constellation signed roughly 920 MW of nuclear power contracts averaging 18.5 years in Q2 without a landmark hyperscaler deal, and raised 2026 adjusted EPS guidance to $11.50–$12.50.
Spotify reached 300 million Premium subscribers and a record 33.4% gross margin in Q2 as management shifted from chasing user growth to deeper monetisation via personalisation and usage-based products.
An analysis of Booking Holdings' Q2 results, where room nights grew 5.3% but revenue rose 8% on a richer merchant model, and why marketing outpacing revenue leaves the loyalty moat unproven.
Toast's Q2 delivered record location adds and the first revenue-attached evidence that its restaurant operating system can perform work restaurants outsource, though the note stresses economic proof remains unsettled.
An analysis of Uber's Q2 results argues the company is proving autonomous fleets need its demand while withholding the disclosures that would show what shareholders earn from a $10-billion-plus commitment.
An in-depth look at DoorDash's second quarter, where adjusted gross margin hit an all-time 54.2% without any change in take rate, while the note argues its advertising and merchant-services economics remain largely undisclosed.