The ad business is fine, which is the problem
It traded at 736.60, +0.70% on the session. A healthy core funding an expensive bet is the hardest situation to value honestly.
Free 4 min read
METAGOOGL
Stock
GOOGL
GOOGL
Delayed
Notes mentioning GOOGL
5Capex is a promise, depreciation is the bill
The shares traded at 498.00, -1.80% today. Enormous capital spending has been treated as a growth signal. It is also a cost that arrives later, on a schedule.
Free 4 min read
MSFTGOOGL
The moment capex turns into cash flow is the whole question
Every mega-cap has spent heavily on AI capacity. The market is now asking one thing: when does the spending start returning cash.
Free 2 min read
MSFTGOOGL
Owning the model, the chips and the distribution is a rare combination
The three layers I value separately, and why together they are worth more.
Paid 2 min read
When answers replace links, the ad load is the question
The search monetisation measures I watch as answers replace links.
Paid 2 min read