Stripe’s “Singularity” and the Divergence from Adyen
Stripe’s net revenue rose 41% in 1H 2026 versus Adyen’s 21% FX-adjusted growth, fueled by AI-native startups and acquisitions including…
Substack
MBI Deep Dives
Everything we have picked from this writer, newest first.
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
The Non-linear Economics of Grocery Delivery Basket
Instacart’s larger grocery baskets create disproportionately better delivery economics than DoorDash’s, making half the basket size worth…
Walmart’s Evolution
Walmart says Medicare Maximum Fair Price rules will cut FY27 US comps by 125 basis points, while pharmacy margins and prescription volumes…
Instacart’s Unit Economics, and Implications for DoorDash
Instacart’s per-order unit economics provide a benchmark for assessing DoorDash’s LTM profitability and operating model.
Airbnb Model Update (2026)
Airbnb shares have risen about 50% since October 2025, prompting a revised 2026 model and return assumptions at the current price.
Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge
DoorDash’s integrated autonomous-delivery strategy contrasts with Uber’s 2026 divestment of Serve Robotics, its former delivery-robot…
The AI Compute Squeeze
CoreWeave and Nebius cite AI compute shortages and higher-priced GPU renewals, but older-chip utilization and depreciation vary across…
Why I am going to utilize options more to manage my portfolio
Options strategies will manage portfolio risk after Meta, Alphabet and Amazon calls drove gains, while Lululemon LEAPs produced an 80% loss.
Figma 2Q'26: Near-Term Re-acceleration vs. Long-Term Durability
Figma raised its 2026 revenue growth guide to 39%, but a roughly 1% sequential 3Q outlook and unchanged $125-135 million operating-income…
Shopify 2Q'26: Sustained Miraculous Growth
Shopify sustained 30% FX-neutral GMV growth in 2Q’26, reaching roughly 44% of Amazon’s retail GMV as international, POS and B2B volumes…
Airbnb 2Q'26: Widening the Gap with Booking
Airbnb added 14 million booked nights and seats, up 10%, and guided low-double-digit third-quarter growth as North America and EMEA…
DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
Spotify 2Q'26: Pressing the Monetization Lever
Spotify reached 300 million Premium subscribers in 2Q26 and is increasing free-service friction in emerging markets to lift conversion and…
FICO FY 3Q'26: Welcome to "Gaming"
FICO's fiscal third-quarter 2026 revenue rose 26% year over year but missed consensus, and shares fell about 24% after earnings.
Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI…
Floor & Decor 2Q'26: Tentative Green Shoots
Floor & Decor held 2026 guidance after a 2Q beat, with comps improving through June; tariff refunds lifted margins and may fund pricing…
Amazon 2Q'26: AWS Gets the Love
Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.
Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling
Meta’s Q2 2026 revenue beat was offset by one-off costs and softer guidance, while generative ad ranking lifted conversions and Family of…
DoorDash: The Infrastructure of Local Commerce
DoorDash built a last-mile logistics network around restaurant delivery, then extended it to groceries, convenience, and other local…
DoorDash
DoorDash positions itself as infrastructure for local commerce.
The Fleet Owners' Push for Aggregating Demand
Uber’s hybrid-network proposal would keep AVs and human drivers on its dispatch platform, while Waymo and Tesla pursue vertically…
Texas Instruments 2Q'26: Not Another Head Fake
Texas Instruments’ 2Q’26 revenue grew 23% year over year and 13% sequentially, supporting management’s view that pricing and demand have…
Tesla and SpaceX's Likely Merger, Portfolio Change
Tesla and SpaceX are increasingly integrated through Terafab, Optimus, Grok and Starlink, strengthening the case for a merger to pool…
