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Bill McDermott, CEO of ServiceNow. Photo by Victor J. Blue/ Getty Images

What Investors Are Missing About ServiceNow

By Anita Ramaswamy · Feb 11, 2026 6:00am PST · 1 comment

Software stocks have started to recover after last week’s disastrous sell-off, but hardly enough to reverse a rout that has plagued the sector since fears that AI would render its products irrelevant took root. Several big-name software stocks, including ServiceNow, Adobe and Workday, are now trading at their lowest valuations in a decade. That... Software stocks have started to recover after last week’s disastrous sell-off, but hardly enough...

Microsoft CEO Satya Nadella. Jason Redmond/Getty Images.

Microsoft Is Striking the Right Balance Between Software and Cloud

By Anita Ramaswamy · Feb 2, 2026 6:00am PST · 2 comments

Microsoft is in Wall Street’s doghouse. The company’s shares have lagged the S&P 500 index for the past few months, and the big stock sell-off that followed last Wednesday’s earnings report has left them trading at their lowest value, as a multiple of operating profits, since 2022. Investors were responding to a slight slowdown in growth at... Microsoft is in Wall Street’s doghouse. The company’s shares have lagged the S&P 500 index...

Chart by Shane Burke

Intel is Now Pricier Than TSMC: That Makes No Sense

By Anita Ramaswamy · Jan 22, 2026 9:06am PST · 2 comments

Intel’s stock price has more than doubled in the past five months, since President Donald Trump announced the U.S. government would buy a 10% stake in the ailing chip manufacturer, followed by similar investments from SoftBank and Nvidia. Investors are betting the new capital, coupled with a surge in AI demand, will help resuscitate the company.... Intel’s stock price has more than doubled in the past five months, since President Donald Trump...

Outside ByteDance’s Beijing headquarters. Getty Images.

Why ByteDance’s Stock Should Rise After TikTok Deal Closes

By Anita Ramaswamy and Jing Yang · Jan 15, 2026 6:00am PST · 1 comment

Outside ByteDance’s Beijing headquarters. Getty Images.

Why ByteDance’s Stock Should Rise After TikTok Deal Closes

By Anita Ramaswamy and Jing Yang · Jan 15, 2026 6:00am PST · 1 comment

In the group of highly valued tech companies that have remained private, SpaceX and China’s ByteDance may be the biggest. But SpaceX has already signaled it will go public this year. And now that ByteDance has resolved the yearslong fight over its TikTok app in the U.S., the way may be clear for the Chinese tech giant to go public in the next... In the group of highly valued tech companies that have remained private, SpaceX and China’s...

Why Rivian Is a Better Bet Than Tesla Right Now

By Anita Ramaswamy · Jan 9, 2026 6:00am PST · 7 comments

As Elon Musk shifts Tesla away from its roots into robots and robotaxis, investors hunting for the next big electric vehicle play might want to consider Rivian, which is poised for a mainstream breakout just as Tesla was 10 years ago. Rivian’s sales are tiny—it sold just over 42,000 cars last year to Tesla’s 1.6 million. But the company... As Elon Musk shifts Tesla away from its roots into robots and robotaxis, investors hunting for...

Bloomberg via Getty Images

The Long Game Behind Waymo’s Potential $100 Billion Valuation

By Anita Ramaswamy · Dec 29, 2025 8:59am PST · 10 comments

Can Waymo justify a $100 billion valuation? That’s a question investors will answer as Alphabet’s autonomous ride-hailing company discusses raising funding at a valuation that amounts to 280 times its annualized revenue—many times higher than other ride-hailing companies. Waymo’s rapid expansion in recent months—despite some hiccups... Can Waymo justify a $100 billion valuation? That’s a question investors will answer as Alphabet’s...

Chart by Shane Burke

The Memory-Chip Rally Lifting Micron Isn’t Done

By Anita Ramaswamy · Dec 17, 2025 8:00am PST · 1 comment

When Micron Technology reports its fiscal first-quarter earnings on Wednesday afternoon, investors will be listening for the memory chip maker’s outlook in the next few quarters. Micron is one of three companies, along with Samsung and SK Hynix, that make high-bandwidth memory, a key component of AI chips. Surging demand for AI chips has lifted... When Micron Technology reports its fiscal first-quarter earnings on Wednesday afternoon,...

Chart by Shane Burke.

Arista Is the AI Data Center Networking Stock to Watch

By Anita Ramaswamy · Dec 9, 2025 11:06am PST · 5 comments

Chart by Shane Burke.

Arista Is the AI Data Center Networking Stock to Watch

By Anita Ramaswamy · Dec 9, 2025 11:06am PST · 5 comments

All the data centers hastily going up around the country for AI need networking pipes and software for moving data around. A few companies specialize in selling the networking gear, but one company, Arista Networks, stands out as undervalued on Wall Street. Arista has a much higher gross margin—64%—than rival Celestica, whose margin... All the data centers hastily going up around the country for AI need networking pipes and...

Lyft Investors Are Enjoying the Ride

By Anita Ramaswamy · Nov 13, 2025 6:00am PST · 1 comment

Here’s a stock market fact that will surprise nearly everyone who has followed the ride-hailing industry: Lyft’s stock performance is beating Uber’s by a fair margin this year. Lyft is riding a surprising rebound, turning a money pit into a cash generator and making promising deals in ride hailing. Lyft shares are up nearly 80% in 2025, ahead of... Here’s a stock market fact that will surprise nearly everyone who has followed the ride-hailing...

Left to right: Broadcom CEO Hock Tan, Nvidia CEO Jensen Huang, AMD CEO Lisa Su. Art: Shane Burke. Photos: Getty

Nvidia, Broadcom and AMD Face New Risks From OpenAI Deals

By Anita Ramaswamy · Oct 17, 2025 6:00am PDT · 3 comments

The deals keep coming for semiconductor firms and OpenAI. In the past month, Nvidia, Advanced Micro Devices and Broadcom have each reached very different agreements to supply chips to OpenAI. The arrangements open up all three to the risk that OpenAI, which expects to burn $115 billion through 2029, can’t afford to keep its commitments. The... The deals keep coming for semiconductor firms and OpenAI. In the past month, Nvidia, Advanced...

Oracle chairman Larry Ellison. Photo via Getty

The Magical Thinking Behind Oracle’s Valuation

By Anita Ramaswamy · Sep 18, 2025 6:00am PDT · 5 comments

For a company whose name refers to divine prophecies, Oracle hasn’t done a very good job of predicting the future. Investors, though, appear to believe in the company’s latest, most incredible forecast. The database giant last week upped its forecast for future revenue it expects to generate, based on its current contracts, by a whopping $317... For a company whose name refers to divine prophecies, Oracle hasn’t done a very good job of...

OpenAI’s $350 Billion Computing Cost Problem

By Amir Efrati and Sri Muppidi · Sep 11, 2025 9:12am PDT · 10 comments

OpenAI’s $350 Billion Computing Cost Problem

By Amir Efrati and Sri Muppidi · Sep 11, 2025 9:12am PDT · 10 comments

The most popular consumer internet services usually figure out how to make money even after a decade or more of losses. Amazon, Uber, Netflix and Snap all started generating cash by raising prices or leveraging their large audiences to sell ads or other services. OpenAI’s growing audience would seem to put it in a similar position. Its... The most popular consumer internet services usually figure out how to make money even after a...

Brex CEO Pedro Franceschi, left, and Ramp CEO Eric Glyman. Images via YouTube and Getty.

Make No Mistake, Brex and Ramp Are Fintechs, Not Software Firms

By Anita Ramaswamy · Sep 8, 2025 6:00am PDT · 4 comments

Fintech startups Brex and Ramp are hurtling toward initial public offerings as soon as next year as they duke it out over customers for their corporate credit cards. In the meantime, investors are getting excited about the companies’ rapid growth rates. Their numbers are impressive, but investors need to temper their enthusiasm. Ramp just passed... Fintech startups Brex and Ramp are hurtling toward initial public offerings as soon as next year...

Figma CEO Dylan Field during the company's initial public offering last month. Photo via Getty

The Funny Math Behind a Key Software Metric

By Anita Ramaswamy · Aug 22, 2025 7:31am PDT · 8 comments

The rise of artificial intelligence has turned the software industry into a minefield for investors. To address the risks, some are relying more on a metric known as net revenue retention to pick winners and avoid losers. In its simplest form, NRR, also known as net dollar retention, compares annual revenue from a year ago to now. The number can... The rise of artificial intelligence has turned the software industry into a minefield for...

Art via Mike Sullivan

AI Coding Startups Like Cursor Have Gotten Too Rich

By Anita Ramaswamy · Aug 6, 2025 6:00am PDT · 5 comments

Investors have embraced vibe coding as the next big thing in artificial intelligence. They are pouring cash into fast-growing companies offering coding assistants that can speed the work of software engineers—or potentially replace them. That optimism may be shortsighted. The companies that make AI models, such as OpenAI and Anthropic, are... Investors have embraced vibe coding as the next big thing in artificial intelligence. They are...

Dylan Field, CEO of Figma. Photo via Getty

Figma’s IPO May Be Hot, but Its Outlook Is Murky

By Anita Ramaswamy · Jul 21, 2025 6:00am PDT · 1 comment

Dylan Field, CEO of Figma. Photo via Getty

Figma’s IPO May Be Hot, but Its Outlook Is Murky

By Anita Ramaswamy · Jul 21, 2025 6:00am PDT · 1 comment

After two blockbuster tech initial public offerings, investors are positively drooling over Figma’s upcoming listing. The design software company is expected to launch into a surprisingly hot market for tech offerings led by CoreWeave and Circle, which are up more than 200% and 600%, respectively, since they started trading. Figma boasts... After two blockbuster tech initial public offerings, investors are positively drooling over Figma...

Art by Clark Miller; images via Getty.

Why OpenAI and Anthropic Are the Best Bets in Artificial Intelligence

By Anita Ramaswamy · Jul 4, 2025 11:00am PDT · 10 comments

There are no bargains in artificial intelligence. Investors just gave $2 billion to Mira Murati’s Thinking Machines Lab, which is five months old, has no products and produces little revenue. There is value, though, if you look closely enough. Focusing on valuation, growth rates and revenue across the AI landscape separates the reasonable values... There are no bargains in artificial intelligence. Investors just gave $2 billion to Mira Murati’s...

A OnlyFans-sponsored motorcyclist in competition in Qatar last year. Photo via Getty.

Why OnlyFans May Sell for 75% Less Than It’s Worth

By Anita Ramaswamy · Jun 13, 2025 6:00am PDT · 1 comment

OnlyFans is up for sale. The most obvious question about the porn-centric creator site is not what it will sell for, but what it would fetch if it delivered more socially acceptable content. A deeper analysis of the company, though, raises other important questions about regulations, artificial intelligence and competition. OnlyFans is up for sale. The most obvious question about the porn-centric creator site is not...

Photo via Getty

Chime’s IPO Is Coming. Here’s How to Value the One-of-a-Kind Fintech

By Anita Ramaswamy · May 26, 2025 6:00am PDT · 3 comments

Chime, a fintech that offers banking services to people with low and moderate incomes, says it aims to address the “fundamental misalignment between what’s good for banks and what’s good for consumers.” Now Chime is planning to go public, and the big question is what will be good for investors. The answer is complicated. Chime straddles the... Chime, a fintech that offers banking services to people with low and moderate incomes, says it...

TSMC Is Critical for AI, and Its Shares Are on Sale

By Anita Ramaswamy · May 14, 2025 6:00am PDT · 4 comments

TSMC Is Critical for AI, and Its Shares Are on Sale

By Anita Ramaswamy · May 14, 2025 6:00am PDT · 4 comments

Artificial intelligence depends on Nvidia’s computer chips. Nvidia depends on Taiwan Semiconductor Manufacturing Co. to make those chips. Right now, TSMC is in many ways the better way to invest in AI for the long term. TSMC and Nvidia are closely linked in business and in the stock market. Both companies’ stocks have soared on the back of the... Artificial intelligence depends on Nvidia’s computer chips. Nvidia depends on Taiwan...