Sunday Insights

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Sunday Insights

OpenAI Is Getting More Efficient at Running Its AI, Internal Financials Show

By Sri Muppidi · Dec 21, 2025 8:00am PST · 17 comments
As OpenAI discusses raising an unprecedented investment round of up to $100 billion, it can crow about some key improvements to how it runs its business. While its total computing costs are still high as a percentage of revenue, it is wringing more revenue out of every dollar it spends to run the servers that power ChatGPT’s subscription... As OpenAI discusses raising an unprecedented investment round of up to $100 billion, it can crow...
Sunday Insights

Why Elon Musk Is Suddenly Talking So Much About Space Data Centers

By Nick Wingfield and Cory Weinberg · Dec 14, 2025 8:00am PST · 16 comments
Every so often, prominent figures in tech begin amplifying the same topic so energetically that it makes you wonder if they’re all on the same group chat (or if the hive mind from “Pluribus,” the Apple TV+ sci-fi show, is a real thing). One such moment occurred this past week, when it became hard to escape the deafening online chatter about data... Every so often, prominent figures in tech begin amplifying the same topic so energetically that...
Sunday Insights

Dealmakers Are Toasting a Solid Year for Tech M&A

By Valida Pau · Dec 7, 2025 8:00am PST · 1 comment
U.S. tech mergers rebounded to their highest levels since 2021 this year, driven by big bets on AI and more tie-ups under a deal-friendly presidential administration. Total tech merger value reached $543 billion, more than the combined value of the past two years, according to data provider LSEG. Goldman Sachs and Qatalyst topped the charts for... U.S. tech mergers rebounded to their highest levels since 2021 this year, driven by big bets on...
Why China Doesn’t Want to Buy More Nvidia Chips
By Qianer Liu · Nov 30, 2025 7:59am PST · 3 comments
Sunday Insights

Why China Doesn’t Want to Buy More Nvidia Chips

By Qianer Liu · Nov 30, 2025 7:59am PST · 3 comments
Three years after the U.S.’s sweeping export restrictions that cut off Chinese access to AI chips, China has managed to turn the situation around. For the next five years, it will have more AI chips than its companies need. The excessive supply is a combination of local chipmakers catching up and tech companies stockpiling Nvidia chips via both... Three years after the U.S.’s sweeping export restrictions that cut off Chinese access to AI...
Sunday Insights

Nvidia’s Mushrooming Cash Pile Spotlights Spending Choices

By Martin Peers · Nov 23, 2025 8:00am PST · 4 comments
All of the big tech companies have long been cash geysers. But the rate at which Nvidia’s cash production has exploded in the past couple of years is on a whole different level than other companies have experienced. And that’s raising questions about how Nvidia will spend its fast-expanding cash pile. Nvidia’s free cash flow has mushroomed from... All of the big tech companies have long been cash geysers. But the rate at which Nvidia’s cash...
Sunday Insights

Bitcoin Is Falling and Crypto Stocks Are Crashing

By Yueqi Yang · Nov 16, 2025 8:00am PST · 3 comments
Bitcoin has tumbled into a bear market, but the real damage is in the companies that have hoarded crypto, hoping to mimic the gains of Michael Saylor’s bitcoin stock, Strategy. Strategy is down 44% since bitcoin peaked in early October. More importantly, it is now trading slightly below the value of its bitcoin holdings. Bitcoin is down 24% from... Bitcoin has tumbled into a bear market, but the real damage is in the companies that have hoarded...
Sunday Insights

AI and Crypto Companies Dominated IPO Winners in 2025

By Valida Pau · Nov 9, 2025 8:00am PST
The drought in initial public offerings ended this year, led by big winners in AI and crypto, but gains were rare for companies outside those industries. Bankers expect those trends to hold in 2026. Booms in AI and crypto delivered two of the biggest winners of the year: data center developer CoreWeave and stablecoin issuer Circle. The losers... The drought in initial public offerings ended this year, led by big winners in AI and crypto, but...
Chart by Shane Burke.
Google and Microsoft Face Less AI Spending Risk Than Meta, Amazon
By Martin Peers · Nov 2, 2025 8:00am PST · 1 comment
Chart by Shane Burke.
Sunday Insights

Google and Microsoft Face Less AI Spending Risk Than Meta, Amazon

By Martin Peers · Nov 2, 2025 8:00am PST · 1 comment
Of all the big tech companies investing in AI, Google and Microsoft are the best positioned to handle the growing costs of the technology, judging from data disclosed this past week in September-quarter earnings. Google and Microsoft generate more cash from their businesses than other big tech companies, including Apple. And they’re devoting a... Of all the big tech companies investing in AI, Google and Microsoft are the best positioned to...
Chart by Mike Sullivan.
Sunday Insights

Why Netflix Is Still Outrunning Rivals

By Martin Peers and Catherine Perloff · Oct 26, 2025 8:00am PDT
Netflix’s quarterly earnings reports have lately lacked the drama that once made the updates a must-watch for investors and reporters. For the past eight quarters, the video streamer has routinely posted quarterly revenue growth averaging around 15%—hardly hypergrowth but a big improvement on the 2% to 4% growth rate it recorded between... Netflix’s quarterly earnings reports have lately lacked the drama that once made the updates a...