Summary Google's efforts to durably reengineer its cost base, enabling it to expand operating margins even when it is investing in the future of the business. Google Cloud continues to benefit from cloud migration, and it is seeing market share gains and an increasing contribution from AI. AI will be a key long-term growth driver for Google, and the company is integrating generative AI into most parts of its business. Most of Google Cloud’s top 100 customers are already using its generative AI solution. While it is early days in terms of seeing the returns on investment on AI capital expenditures, management underscored that for Google, the risk of under-investing is dramatically greater than the risk of over-investing. da-kuk While the threat of OpenAI and generative AI has been a he

Summary Tesla, Inc. posted weaker revenues, margins, and free cash flows as there are clear headwinds not just from macro factors, including debates about competition and EV adoption. In particular, management's tone was negative during the Q3 2023 earnings call, with a heavy emphasis on the high-interest rate as a significant headwind for its business and consumer sentiment. Tesla also lowered expectations for Cybertruck due to difficulties in ramping the Cybertruck as it involves a new design and technology. Furthermore, expectations were also managed for its 50% growth target and Mexico factory due to the difficult macroeconomic environment. baona Tesla, Inc. (NASDAQ:TSLA) is seeing some dark clouds ahead for its business as high-intere

Summary CrowdStrike published revenue growth of 32%, free cash flow margin of 28%, achieving a Rule of 60 on a free cash flow basis. Guidance was revised down as expected, and the extent to which it was guided down was better than expected, alleviating fears of a more severe impact from the incident. Near-term temporary headwinds include extended sales cycles, more flexible payment terms, impact from customer commitment packages, but the long-term targets were once again reiterated. Customer conversations show that customers still see CrowdStrike as their top consolidation partner, and retention ratios continue to be strong even after the incident. CrowdStrike is seeding long-term partnerships with customers through the customer commitment packages, which provides customers affected by the

Summary Despite the weakness in the market environment, Aptiv showed strong cost control and flexibility by generating strong margins and profitability. The company is aggressively repurchasing shares, indicating confidence in its undervaluation and a focus on enhancing shareholder value. Despite the weak operating environment in the automotive industry, Aptiv managed to book $4.3 billion in new business awards in the quarter. This includes continued traction in ADAS and market share gains at Chinese local OEMs. Strong execution, margin resilience, and strategic share buybacks position Aptiv for upside in the second half of 2024. Michael Vi Aptiv (NYSE:APTV) reported 2Q24 earnings which was as good as I could ask for given the current indu

Summary MSCI reported results that beat expectations on both top and bottom-line after a challenging 1Q24 that left the market in doubts. The rebound in retention rates from the prior quarter was a positive, and there was no deterioration in the current 2Q24 quarter. That said, MSCI continues to expect cancels to be elevated in 3Q24 compared to the prior year and that longer sales cycles continue to persist. MSCI announced new partnerships, including with Moody's, new product launches and continued innovation in core and new businesses as MSCI embraces AI. littleclie MSCI (NYSE:MSCI) reported results that were in line with my base case for the company, reaffirming my thesis that the weakness we saw in the business in the first quarter was

Summary Amazon's 2Q24 results beat expectations, with retail coming in mixed while AWS exceeded expectations. AWS saw acceleration for the third straight quarter, with management commentary skewing positive. Cost optimizations are likely a thing of the past and customers are now looking to add new projects and spend more on cloud migration and AI. Retail was mixed as Amazon continued to grow faster than the industry, but customers are reducing discretionary spend and trading down. There were also some encouraging announcements for Project Kuiper. Anderson Coelho While Amazon.com, Inc. (NASDAQ:AMZN) has fallen almost 20% from the peak to the trough, I am not worried about the company. In fact, I have a buy investment rating for Amazon and r

Summary Enovix is on track to produce its first battery samples with the EX-1M technology in Q2'24 and Fab-2 is expected to begin production in 2H24. Enovix has secured a development agreement with a top five smartphone OEM, representing a significant endorsement for the company. Enovix aims to launch multiple smartphones and IoT customers with the EX-1M battery by 2025. There is a clear product roadmap with continued innovation and improvement in battery attributes as the company continues to invest in research and development to stay ahead of the field. Enovix is extending cash runway through cost reductions, and it expects to have sufficient cash on hand to last through 2026. Daniel Grizelj Amidst depressed sentiment, the management team of Enovix (NASDAQ:

Summary indie Semiconductor has been the fastest-growing semiconductor company out of 224 others over the past two years. The company is expected to reach non-GAAP EBITDA breakeven in 4Q23, making it the only semiconductor company that IPO-ed in 2021 to achieve this. The strategic backlog grew from $4.3 billion in 2022 to $6.3 billion in 2023, demonstrating strength and momentum in the business even amidst a difficult macro. The recent wins suggest that business momentum continues to be strong and further validates indie Semiconductor's product portfolio and technology. The company continues to innovate and launch new products into the market to improve its competitive advantage and improve cross-selling within its customer base. SweetBunFactory indie Semiconductor (NASDAQ:

Summary Enovix's 3Q23 results show good progress on key milestones as the company transitions to scaled volume production. The company's vertical first strategy focuses on key large customers to drive scaled and efficient production. Enovix's EX2 technology has been well received by customers, and the company plans to launch smartphones in 2025 and scale into multiple models. The Gen2 autoline looks on track to complete factory acceptance testing by January 2024, and this will be followed by site acceptance testing and the start of sample production in April 2024. Enovix continues to show that it has a strong demand, a great management team, and a product with a solid value proposition. Just_Super Today, I will be reviewing Enovix's (NASDAQ:EN

Summary Amazon's 3Q23 revenue of $143.1 billion exceeded expectations and was at the high end of guidance. Operating income of $11.2 billion beat guidance by 32%, with outperformance in multiple areas, including North American Retail and AWS. The company also provided an update on its generative AI traction. Prime Video's traction remains encouraging, and it looks like it can be a large and profitable business on its own. Daria Nipot Today, I will be reviewing the opportunity for Amazon (NASDAQ:AMZN). Given that this is the second consecutive quarter of strong margin improvement for Amazon, I also revised my financial forecasts for the company and the corresponding intrinsic values and price targets were also revised higher. 3Q23 3Q23 reve

Summary One of the most important takeaways from 3Q23 was management's strategy for Shopee, which is to maximize long-term profitability through strong market leadership and scale. To achieve their long-term objective of maximizing profitability in the long run, the management team looks at three key operational factors, which are growth, current profitability and market share gain. Sea Limited is in an investment mode today, given rising competitive pressures to ensure it maintains its scale and market leadership for tomorrow. The company is investing in e-commerce live streaming and logistics to drive growth, market share gain, and improve user experience. I continue to see Sea Limited as an attractive investment for long-term investors given the quality of the management team and the co

Summary Navitas brings a strong value proposition in the power semiconductor industry with its GaN integrated circuit, which brings speed, energy savings and efficiency and lower weight and size. The company is gaining traction outside of its initial mobile market, diversifying its revenue into data center, solar and EV, as well as home appliances and industrial markets. Navitas has a strong competitive advantage as it is the only producer of GaN integrated circuits and this advantage is protected by a solid patent portfolio. The management team is led by four of Navitas co-founders, with the CEO and COO/CTO having strong alignment to shareholders with the equity incentive plan in place. SweetBunFactory Navitas Semiconductor (NASDAQ:NVTS)