FreeAMZNJul 21
Inference cost curves are collapsing
Cost per token fell faster than anyone modelled. That changes the margin story.
Yara Haddad
Consumption vs seat models, security spend, and the unit economics under the cloud headlines.
Handle
@cloudmargins
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Publishing Since
May 2026
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Posts
6FreeNETMay 20
NET — consumption is stabilising
Net revenue retention is basing, and that's the variable that re-rates the stock.
FreeNETApr 13
NET: rule-of-40 back in range
Net revenue retention is basing, and that's the variable that re-rates the stock.
PaidCRWDMar 27
Why CRWD's margins inflect this year
Subscribers get the full thesis, the levels, and my positioning on CRWD. Subscribe to read on.
FreeCRWDMar 19
Reading CRWD past the bookings noise
Consumption trends stabilised two quarters before the Street will admit it.
FreeZSMar 4
Reading ZS past the bookings noise
Consumption trends stabilised two quarters before the Street will admit it.
Track Record
VerifiedLast 30 DaysNo closed calls in the last 30 days — open a call below and close it later; the verified scorecard builds automatically from real entry and exit prices over a rolling 30-day window.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Figures are computed automatically from third-party market data and may contain errors; option figures are modeled, not traded fills. Past performance is not a reliable indicator of future results.