Market Maps
AWS vs Azure vs Google Cloud: The Cloud Wars
AWS vs Azure vs Google Cloud market dominance: how a three-way cloud infrastructure oligopoly splits share, growth, and margin, read through the filings.
All writing
Archive
45 articles and counting.
Tech Business
How Uber Makes Money After Years of Losses
The Uber business model and profitability, read through its filings: a 26.9% take rate on $193B bookings, $9.8B free cash flow, and the take-rate ceiling.
Tech Business
How Spotify Makes Money (and Finally Profits)
How Spotify makes money: a thin music-streaming margin widened by price hikes, ads, and audiobooks into €2.2B FY2025 operating profit, read through filings.
SaaS Economics
AI Is Breaking Per-Seat SaaS Pricing
AI is breaking per-seat SaaS pricing. See how consumption and outcome pricing re-rate SaaS revenue, with cited 2024-2026 vendor terms and a shift map.
SaaS Economics
Burn Multiple: The Efficiency Metric That Matters
Burn Multiple: The Efficiency Metric That Matters. How much cash you burn per dollar of new ARR, the benchmark bands, and why it beat growth-at-all-costs.
Tech Business
Microsoft and OpenAI: The Economics of the Deal
Microsoft OpenAI deal economics, decoded from the filings: how much cash actually left, what recirculates as Azure revenue, the 27% stake, and the $38B cap.
Market Maps
The AI CapEx Arms Race: Who Is Spending What
The AI capex arms race 2026 has four hyperscalers guiding ~$725B in spend. See who spends what, and why depreciation is the real story below the headline.
FAANG Strategy
NVIDIA: How the AI Chip Leader Makes Money
NVIDIA data center revenue gross margin AI infrastructure decoded: ~75% margins, 90% from one segment, and the customer concentration that makes it fragile.
Tech Business
Open Source Business Models That Actually Work
Open source business models that actually make money: managed hosting, open-core, and support. The patterns that work, read through SEC filings.
Market Maps
The AI Infrastructure Market Map
The AI Infrastructure Market Map reads the stack through 2026 filings: chips, capacity, model labs, apps. Value concentrates where supply is scarce.
SaaS Economics
Free Trial Activation and SaaS Growth
Free trial activation, not signups, drives SaaS growth. Activated trials convert at 35-65%; unactivated at 2-8%. The funnel framework and benchmarks.
SaaS Economics
Why SaaS Gross Margin Is Destiny
SaaS gross margin sets the ceiling on CAC payback, R&D budget, free cash flow, and valuation. See why 80% vs 55% margin builds two different companies.