Market Maps
The AI Infrastructure Market Map
AI infrastructure is a vertical stack: chips, hyperscale capacity, model labs, apps. Value concentrates where supply is scarce. Read through the 2026 filings.
All writing
Archive
10 articles and counting.
SaaS Economics
Why Gross Margin Is Destiny in SaaS
Gross margin sets the ceiling on CAC payback, R&D budget, free cash flow, and valuation. Two SaaS firms with equal revenue but 80% vs 55% margin aren't the same.
SaaS Economics
Usage-Based Pricing vs Seat-Based Pricing
Usage-based pricing lifts net revenue retention but adds volatility. Seat-based is predictable but caps expansion. The choice is a strategy decision, not billing.
Market Maps
AWS Margin Pressure and the Cloud Reset
AWS revenue grew 20% but operating income only 14% in FY2025. The cloud reset is margin compression during the AI capex wave, read from the 10-K.
FAANG Strategy
Apple's App Store Economics Under Pressure
The App Store is the highest-margin slice of Apple's Services engine, and it's exactly the slice the EU DMA, Epic, and the DOJ are prying open.
FAANG Strategy
Google's AI Strategy Is a Distribution War
Google's AI strategy isn't a better model, it's distribution: Search, Chrome, Android, Cloud. Read the playbook through Alphabet's filings and capex.
SaaS Economics
Apple Services Revenue Margin: The Engine Inside iPhone
Apple Services revenue margin is 75.4%, turning a quarter of sales into 42% of gross profit. Read the margin engine through Apple's own FY2025 10-K.
Tech Business
Netflix Ad-Supported Tier: Why It Changes Everything
The Netflix ad-supported tier isn't a discount: it's a margin-and-TAM play adding a second revenue stream per member. Read Netflix's own filings.
IPO & M&A
Meta's Open-Source AI Strategy Explained
Meta's open-source AI strategy commoditizes the model layer, funded by a ~$200B ad engine. The full play, read through Meta's own SEC filings.
Market Maps
Amazon Prime and the Subscription Flywheel
The Amazon Prime subscription flywheel: how a $49.6B fee buys frequency that monetizes through seller fees and ads, read through Amazon's filings.