The Quarterly Call

Record-Breaking Quarter: Apple reported a record-breaking September quarter with revenue of $94.9 billion, driven by growth in iPhone and all-time high revenue in Services. Apple Intelligence Launch: The focus of the call was the successful launch of Apple Intelligence, with Tim Cook highlighting its positive impact on user experience and future potential. Strong Product Lineup: Apple emphasized i...

Mobileye's strategic objectives for its first phase as a public company remain largely intact despite unforeseen headwinds: Secure Long-Term ADAS Position: Mobileye has secured follow-on ADAS design wins from all of its top 10 customers (representing >80% of volume and 50% of global auto production) extending business into the early 2030s. "We have clearly experienced unforeseen headwinds that...

First GAAP profitable quarter as a public company : DoorDash achieved GAAP net income of $162 million, marking its first profitable quarter since going public. This was driven by strong growth across Total Orders, Marketplace GOV, and revenue. Continued strong growth despite macroeconomic headwinds : DoorDash reported 18% year-over-year (YoY) growth in Total Orders, reaching 643 million, and 19% Y...

Amazon experienced strong growth in the third quarter of 2024, reporting significant increases in key financial metrics. Net sales reached $158.877 billion, representing an 11% year-over-year increase. The North America segment saw a 9% rise in revenue to $95.537 billion, while International segment revenue surged by 12% to $35.888 billion. Notably, Amazon Web Services (AWS) recorded a 19% year-ov...

Expanding into Less Dense Markets: Uber is actively targeting growth in suburban and secondary markets, acknowledging a significant untapped opportunity in areas with limited on-demand services. Quote: "In the US alone, we estimate that 45% of the population lives in places without reliable on-demand service, leading to longer wait times and unfulfilled trips." - Dara Khosrowshahi, CEO This strate...

Strong Financial Performance: Revenue grew 19% year-over-year to $40.59 billion, with ad revenue reaching $39.89 billion. Net income surged 35% to $15.69 billion, driven by strong advertising demand, ad performance improvements, and operational efficiency. Continued Community Growth: Family of Apps daily active people (DAP) reached 3.29 billion in September, a 5% increase year-over-year. Engagemen...

Strong Start to FY25: Driven by Microsoft Cloud and AI, Microsoft delivered double-digit revenue and EPS growth, with continued share gains across businesses. AI Momentum: Microsoft's AI business is on track to exceed $10 billion annual revenue run rate in Q2 FY25, making it the fastest business in company history to reach this milestone. This is driven by strong inference demand and successful pr...

Key Themes: AI as a Growth Engine: AMD sees significant growth opportunities in AI, with a focus on both training and inference workloads. The company aims to provide a robust software ecosystem through its ROCm platform, positioning itself as an "open software alternative." Strengthening Data Center Position: AMD continues to gain server CPU share, driven by the strength of its EPYC processors. T...

Key Themes: AI as a Central Growth Driver: AI is deeply integrated across all Alphabet's products and platforms, with all seven platforms exceeding 2 billion monthly users now leveraging Gemini models. This includes Search, YouTube, and Google Assistant. Focus on Innovation and Scaling AI: Alphabet continues to invest heavily in AI research and infrastructure, including its own TPU technology alon...

PayPal delivered a solid Q3 2024, exceeding expectations and demonstrating continued progress in its strategic shift towards profitable growth. The company is focused on driving durable growth levers like branded checkout, improved Braintree economics, and Venmo monetization. Management expressed confidence in its strategy and ability to execute going into the holiday season and 2025. Fastlane is...

Dominance in EV Market: Tesla continues to be the only profitable EV company globally and is experiencing record deliveries despite an overall decline in automotive industry order volumes. Focus on Autonomy: Tesla is heavily investing in autonomous driving capabilities with the goal of achieving full autonomy by Q2 2025. All future vehicles are being designed as robotaxis. New Product Roadmap: Tes...

Exceptional Financial Performance: ServiceNow delivered another quarter of robust financial results, beating analyst expectations and raising guidance for the full year 2024. Sustained High Growth: Strong subscription revenue growth, driven by robust new customer acquisition and expansion within existing accounts. Market Leadership: ServiceNow continues to solidify its position as the leader in th...

TI delivered strong sequential growth and robust gross margins in Q3, highlighting its resilience amidst an uncertain global environment. Mixed Market Signals: The automotive market, particularly in China, exhibited strong growth while other sectors like industrial remain weak, showcasing an asynchronous recovery across different segments. Focus on Inventory and Capacity Build-Up: TI continues to...

NVIDIA has experienced a meteoric rise in the past five years. The company's dominance in the graphics processing unit (GPU) market has expanded into artificial intelligence (AI) and supercomputing. Fueled by the growing demand for AI-powered applications and high-performance computing, NVIDIA's revenue and stock price have skyrocketed. This success has solidified NVIDIA's position as a leading te...

Intuitive Surgical is the leader in robotics surgery. It offers the multiport da Vinci system (approximately 9,300 installed globally), the Ion Endoluminal System (736 installed), and the da Vinci SP system (243 installed). Intuitive Surgical expects continued procedure growth across platforms. We dive into their business model, competitive advantages and growth opportunities

Netflix emphasizes the importance of its content strategy in driving growth. A "steady drumbeat" of hit titles, both globally and locally produced, is key to attracting and retaining subscribers. Beyond this, Netflix is investing in initiatives like gaming, live events, and expanding into new markets.

TSMC's revenue growth in 3Q24 was fueled by strong demand for its industry-leading 3nm and 5nm technologies, driven by both smartphone and AI-related applications. TSMC management believes the demand for AI is real and sustainable, stating that it is just the beginning of a multi-year growth cycle. They see AI as foundational to scientific and engineering advancements and expect continued strong d...

ASML, a leading manufacturer of lithography equipment for the semiconductor industry, released its Q3 2024 financial results. Despite this positive performance, ASML revised its 2025 revenue forecast downwards due to a slower-than-expected recovery in the semiconductor industry and customer cautiousness. The slower recovery was driven by factors like a slower rebound in end markets such as mobile...

This episode covers AMD's focuses on the company's progress in advancing AI at the October event. The event features presentations from AMD executives and key partners including Google Cloud, Oracle Cloud Infrastructure, Databricks, Microsoft, Meta, Dell Technologies, Hewlett Packard Enterprise, Supermicro, Lenovo, and several AI companies. The discussions highlight the growing demand for AI compu...

At Meta Connect 2024, a range of innovations in mixed reality, AI, and the metaverse were revealed, with a focus on openness, accessibility, and fostering human connections. The Meta Quest 3 delivers premium mixed reality experiences, while Meta AI stands out by providing cutting-edge AI models with free, unlimited access. The Ray-Ban Meta AI glasses are also getting upgraded for enhanced convenie...

Accenture delivered a strong finish to fiscal 2024, achieving record bookings and demonstrating resilience amidst a challenging macroeconomic environment. Initially, conversations surrounding GenAI often revolved around its potential to replace or reallocate resources. However, there is a noticeable shift towards recognizing GenAI's capacity to drive incremental value. Clients are increasingly int...

The increasing adoption of High Bandwidth Memory (HBM) is impacting overall DRAM bit growth due to its higher trade ratio (standard bits lost to produce one unit of HBM), meaning it requires more wafers to produce the same number of bits compared to standard DRAM. As Micron allocates more wafer capacity to HBM to meet demand, this will moderate overall DRAM bit growth. That's structurally bullish...

Palo Alto Networks' platformization strategy encourages customers to adopt a comprehensive security approach by utilizing multiple offerings across their portfolio instead of individual point solutions. The goal is to provide more value and a consolidated security solution to their customer base with three key platforms: Network Security, Cloud Security, and Security Operations.