Nicholas Mugalli
@RealNickMugalli • 20,858 subscribers
Institutional TMT research, made public | daily Pre market brief + closing brief, trade alerts, earnings. Economics | Data, AI, semis & macro alpha |policy play
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As Treasury Sec Bessent talks following the Treasury’s debt buyback announcement. Here’s a must watch rare interview of his investment philosophy. If you’re bearish, I get why you’d be but please know that Scott & Trump arent ideological they will never allow it to fail. The printer is on…you don’t want to be on the wrong side of the printer. Just a matter of time before the Fed follow suit, $8.8T of MMF is ready to be injected into the “risky” assets. Limit up
Nicholas Mugalli781,740 просмотров • 8 дней назад
Jensen: I'll buy everybody, let me be 1st World's No. 1 CEO Jensen Huang at a Taiwan night market, too lazy to wait in line, pays to skip ahead The female citizen involved: I originally thought, just like that, I'd say hi through his bodyguard... Didn't expect him to walk right up to me, buy fast pass with a thousand yuan bill... and then, happily score a grilled corn cob😂
Nicholas Mugalli3,693,632 просмотров • 3 месяцев назад
Hear it from the Horse’s mouth. Jensen talking about the trillions of dollars going into compute. Whoaaa
Nicholas Mugalli280,037 просмотров • 18 дней назад
🇯🇵🇺🇸 The moment of the currency intervention by the US treasury on the USD/JPY Wild stuff
Nicholas Mugalli361,827 просмотров • 26 дней назад
If you got scared of the selloff this month. Nothing fundamental is broken, Korea will be fine. This is a must watch interview with Gavin Baker explaining the thesis for how compute constrained were and how much more we need. We're still so early. He's giving free game!! Bookmark
Nicholas Mugalli235,384 просмотров • 1 месяц назад
There it is folks. Right on schedule. $NOW beat the quarter revenue $3.99B vs $3.93B, EPS 90c vs 85c and then guided the full year to $15.76–15.78B against a street at $16.19B. The top of the range is $400M below consensus. The “best” executing company in enterprise software just told you that its best case for this year is $400M short of what analysts modeled. This morning i told you exactly how this breaks. The quarter was never going to miss ServiceNow doesn’t miss quarters, that’s the whole reputation. The guide is where the truth lives however, because the guide is where management has to price what customers are telling them in renewal conversations right now. And what are customers telling them? Go read the Reddit threads…enterprise admins comparing renewal quotes with AI features bundled at up to 2x, features they never asked for. Do you mean to tell me not every customer wants to pay double for AI they can’t turn off? The guide just told you the answer. Forced AI bundles don’t show up as churn in the quarter. They show up as hesitation in the pipeline…deals that rescope, renewals that shrink, CIOs who say “let’s revisit in six months” because their agent pilot might make the whole module unnecessary. A $400M guide down at a company priced for perfection is not a macro comment. It’s the first measurable data point of the structural thesis…workflow orchestration revenue is a function of enterprise workflow complexity, agentic AI compresses that complexity permanently, and the compression shows up in guidance before it shows up in revenue. What was Adobe 18 months ago is now $NOW idc how the stock reacts tonight the destiny is the same
Nicholas Mugalli75,109 просмотров • 1 месяц назад
Yesterday everyone sold optics because "CPO is delayed to 2027." Today I'm looking at this video of an $NVDA CPO switch running in production at Lambda, wired into GB300 clusters. Both headlines are true. CPO at the SWITCH is shipping now, 144 ports of 800G, liquid cooled, roughly 70% less power per port than pluggable optics. CPO at the GPU, the version that kills the module makers, that's the 2027-28 story, and it always was. Why does the switch get light first? Because the back end fabric is 86% of networking power in these clusters. At GB300 scale the network isn't plumbing anymore, it's part of the compute. Every watt you don't burn moving bits is a watt that generates tokens. Tokens per watt is the metric now. And the detail nobody will talk about again is even inside NVIDIA's most advanced CPO switch, the lasers sit OUTSIDE the package. 18 swappable lightsource modules. Field serviceable, because lasers fail. Pluggable, near package, copackaged, doesn't matter. Every road still runs through the laser makers…
Nicholas Mugalli108,542 просмотров • 2 месяцев назад
AppLovin CEO is trying to counter Anthropic’s CEO claims that SaaS is DEAD and never coming back. $APP is not an ad network. It is not a gaming company. It is an arbitrage engine with 400 engineers, $1.3 billion in cash flow per quarter, and a capital allocation track record that belongs in a business school curriculum. Start with the gaming studios. From 2018 to 2023, AppLovin acquired over 15 mobile gaming studios and 1,500 people. Nobody understood why. The answer was data. Third party advertisers would not share their conversion and ROAS data with AppLovin's model. So AppLovin became a first party advertiser — running its own games, generating its own behavioral data, feeding that data into Axon, its deep learning ad model. The studios were not a business. They were a training set. The moment Axon 2.0 launched in April 2023 and proved so effective that the entire gaming industry had to plug in and share their data to access the returns, the studios had served their purpose. AppLovin sold the entire portfolio to Tripledot and moved on. They used the asset to build the moat and immediately dumped the asset. That is not a pivot. That is a premeditated extraction. The 2022 buyback is the capital allocation move that defined the company's trajectory. The market had pushed AppLovin's market cap to $3.8 billion. The business was printing over $1 billion in EBITDA. Instead of open market repurchases, management identified that private equity backers and early insiders controlled nearly 50% of the float and needed liquidity. They bypassed the public market entirely, negotiated directly with those institutional holders, and executed a $6 billion leveraged buyback at the floor. Foroughi estimates that single decision generated $50 to $60 billion in retained value for remaining shareholders as the stock recovered. One negotiation. One decision. $50 billion created. The operating model is the part that should make every other tech CEO uncomfortable. AppLovin fired 40% of its workforce while growing revenue nearly 100% year over year. The C suite is four people—CEO, CFO, CTO, General Counsel. No CRO. No COO. No salesforce. Over 80% of the codebase is now written by AI, multiplying the output of their best engineers by up to 100x. The product does not need to be sold. Advertisers plug in, set a performance goal, and if the ROAS is positive they scale spend infinitely. The platform turns advertisers into blind arbitrageurs — they do not need to understand how it works, they just need to see the return. The TAM expansion is the next leg. Axon perfected gaming monetization. It is now being pointed at ecommerce and local SMBs — markets orders of magnitude larger than mobile gaming. The model does not need a sales team to penetrate them. It needs inventory and intent signals. It is acquiring both. The company has internal compensation triggers tied to a $1 trillion market cap. They went from $3.8 billion in 2022 to $154 billion today. The people running this business have done everything they said they would do, faster than anyone expected, with fewer people than anyone thought possible. That track record is the most important input in any forward model. Betting against a team that turned a $3.8 billion floor into $154 billion in three years, with 400 people, no salesforce, and an AI model that the entire industry has to use — requires a very specific and defensible thesis. Most of the people making that bet do not have one…stock is still being beaten to death…still not compelled. AI companies are just too good and getting better but interesting to see him come publicly to try to pump his stock
Nicholas Mugalli100,854 просмотров • 3 месяцев назад
This was Elon Musk talking about it a few months ago on Joe Rogan “you will get flying cars” and hints at Tesla $TSLA’s plans for a flying Roadster. He goes on to tell Joe that the vehicle has “crazy technology” and could be “crazier” than all the James Bond cars combined. Now the information is reporting this will be unveiled this month. Whose excited?
Nicholas Mugalli11,799 просмотров • 15 дней назад
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