Lead valuation note
Figma's customer metrics remain strong, but investors still have to weigh AI monetization, stock-based compensation, and post-IPO dilution.
A quick screen of index participation shows better internals without a full rotation away from mega-cap software.
4 min read
Hyperscaler capex is rising faster than revenue, shifting the debate from demand to depreciation and utilization.
6 min read
Volume growth is still useful, but investors are asking more pointed questions about mix, competition, and credit exposure.
5 min read
Foundry spending and advanced packaging are smoothing the old boom-bust pattern, at least for now.
7 min read
Delinquencies matter, but wage growth and refinancing windows may be more important for the next twelve months.
5 min read
The emerging model looks less like a pure replacement cycle and more like bundled access with overage economics.
6 min read