Market Maps
AWS Margin Compression and the Cloud Reset
AWS margin compression is real: revenue grew 20% but operating income only 14% in FY2025. Read the cloud reset and AI capex squeeze from the 10-K.
All writing
Archive
45 articles and counting.
FAANG Strategy
Apple's App Store Economics Under Pressure
Apple App Store commission economics face the EU DMA, Epic, and DOJ. How regulation is rewriting the highest-margin slice of Apple Services, via the filings.
FAANG Strategy
Google Search AI Overviews: The Tradeoff
The Google AI Overviews monetization tradeoff in numbers: 58% fewer publisher clicks against 19% Search growth in Q1 2026. Who actually pays.
FAANG Strategy
Microsoft Copilot and Enterprise Lock-In
Microsoft Copilot enterprise lock-in strategy, read through the filings: how Copilot attaches to Windows, M365, Teams, Azure, and GitHub to raise switching costs.
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.
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.
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.
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.
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.