November 14, 2025
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    Deep Dive

    Servicenow Moveworks Antitrust – What Investors Must Know

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    Executive summary Summary fundamentals Detailed fundamental analysis Revenue trends ServiceNow’s subscription revenue growth remains the core story. The company reported subscription revenue of $3.113B in Q2 2025, a 22.5% increase year-over-year, reflecting large-enterprise adoption of AI-enabled workflow tools and expansion outside traditional ITSM use cases. Customer expansion metrics showed continued growth in high-ACV accounts. Moveworks,…

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    MicroStrategy (MSTR) – Bitcoin Leverage and Software Core Business

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    Executive summary Summary fundamentals Detailed fundamental analysis Business model split: treasury company vs software vendor MicroStrategy’s public identity shifted in 2025 when it formally rebranded to Strategy Inc.; the business now publicly describes itself as a Bitcoin Treasury Company while continuing to operate its long-standing enterprise-software business (product licenses, subscriptions, support). The two cash engines…

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    Broadcom (AVGO) – AI Networking, Semis, and VMware Integration

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    Executive summary Summary fundamentals Detailed fundamental analysis Revenue trends and AI networking growth Broadcom’s FY2025 revenue trajectory shows a clear uplift from AI-driven networking and software. Q3 FY2025 revenue of $15.952 billion represented 22 percent YoY growth and Broadcom reported that AI-related revenue increased sharply (investor commentary quantified AI-generated revenue around $5.2 billion in the…

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    Deep Dive: Snowflake (SNOW) – Data Cloud Growth vs Profitability Risks

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    Executive summary Summary fundamentals Detailed fundamental analysis Revenue trends Snowflake’s product revenue accelerated to $1.0905 billion in Q2 FY2026, a 32% year-over-year increase that outperformed guidance and consensus. The growth is concentrated in product consumption-compute, storage and data transfer-reflecting enterprise migration of AI workloads and data modernization projects. Management reported 654 customers with trailing-12-month product…

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    Deep Dive: Lattice Semiconductor (LSCC) – Riding the Edge AI and FPGA Boom

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    Executive summary Summary fundamentals Detailed fundamental analysis Revenue mix and trendsLattice’s Q2 results show sequential improvement and pockets of end-market strength. Communications & compute revenue rose sharply, driven by server attach activity; management reported server revenue growth and higher attach rates across hyperscaler racks. The company’s revenue for Q2 was flat year-on-year but up sequentially,…

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    Deep Dive: AppLovin (APP) – Can AI-Powered Adtech Sustain Growth in 2025?

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    Executive summary Summary fundamentals Detailed fundamental analysis Revenue trends and growth sustainability AppLovin’s reported Q2 2025 revenue of $1.259 billion reflects a 77% year-over-year acceleration driven by higher net revenue per install, increased ad pricing and scaling of the MAX mediation platform. The company’s first-half 2025 figures show 74% year-to-date growth, and management emphasizes diversification…

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    Deep Dive: Reddit (RDDT) – Post-IPO Growth, Engagement Metrics, and Ad Market Position

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    Executive summary Reddit reported a breakout Q2 2025: revenue $499.6M (-78% YoY growth), advertising revenue $465.3M (+84% YoY), GAAP net income $89.3M, adjusted EBITDA $166.7M, and record daily active uniques (DAUq) 110.4M (+21% YoY). Strong ARPU acceleration (global ARPU $4.53, +47% YoY) and improving margins drove free cash flow $110.8M and cash + marketable securities…

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    Deep Dive: Rigetti Computing (RGTI) – Quantum Computing’s Commercial Path in 2026

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    Executive summary Rigetti reported Q2 2025 revenue of $1.8m and a net loss of $39.7m, while completing an equity raise that brought cash, cash equivalents and short-term investments to ~$571.6m and left the company with no outstanding debt at quarter-end. Management pushed product milestones (general availability of a 36-qubit multi-chip system and a stated plan…

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    Deep Dive: Opendoor (OPEN) — Can iBuying Survive in a Higher-Rate Housing Market?

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    Executive summary Opendoor reported tangible progress toward unit economics in Q2 2025 while shrinking balance-sheet exposure: revenue of $1.57B, gross profit $128M, and the company posted its first quarter of Adjusted EBITDA profitability since 2022 (Adjusted EBITDA $23M). Inventory and purchasing activity have been deliberately cut (homes purchased down 63% YoY), reflecting a pivot to…

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    Deep Dive: Palo Alto Networks (PANW) — Balancing Growth with Profitability

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    TL;DR Palo Alto Networks is executing a scale-at-margin cybersecurity strategy: FY-2025 revenue ≈ $9.2B (+15–16% YoY) with Next-Generation Security ARR running in the $5.6–5.8B range and gross margins roughly 73%. The company is pushing into identity and AI security via large M&A (CyberArk acquisition announced), while guided FY-2026 revenue implies mid-teens growth. Balance sheet leverage…

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