This is such a crazy chart, I think I must have done the calc wrong (they only disclosed annual 2025 in the release so I had to back out to get to Q4 only). But I've checked and cross checked it twice. Absolutely deranged situation.
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I'm wildly conservative when it comes to business expense expectations, but nearly 60% of revenue as Capex?!?! My naive experience suggests thats making the company way more fragile and increases bankruptcy risk.
AND YET...look at this cash flow chart from Mary Meeker's amazing 340 slide deck on AI. Normally, these stocks would have crashed w/this kind of decreased cash flow.
Why, from the world-eating revolutionary technology sector, generative AI, whose current annualized revenues are… :checks notes: less than that of Microsoft Gaming
Yeah, I mean people can only see and respond to so many ads in one day and I feel like most people are at their max already. As a paid product, I wonder how many people/companies will pay and how much (and for how long if they don't see a payoff worth the cost)
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