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Original, source-based guides to u.s. companies for investors.
20 articles · Original research guides with primary sources and worked examples
Break down Micron's memory cycle into pricing, bit shipments, product mix, and capital spending. Learn how to compare an earnings recovery with stock market expectations.
Read article →Analyze NVIDIA data center revenue through compute, networking, product transitions, inventory, and receivables. Assess rapid growth alongside the quality of cash collection.
Read article →Compare AMD's Data Center, Client and Gaming, and Embedded results using its reporting definitions. Understand how segment reclassifications and adjusted operating income can distort growth comparisons.
Read article →Understand internal transactions between Intel's product and foundry businesses when reading consolidated results. Separate manufacturing losses, external customer revenue, and the timing of investment and depreciation.
Read article →Distinguish TSMC's advanced-node revenue share from shipments and utilization. Connect new fabs, advanced packaging, exchange rates, and depreciation to assess investment efficiency.
Read article →Understand the lag between ASML net bookings, backlog, and system sales. Examine service revenue separately alongside equipment mix, customer acceptance, and export restrictions.
Read article →Understand the connection between Apple product sales and Services revenue. Examine gross profit, the installed base, and EPS without treating all Services revenue as subscriptions.
Read article →Distinguish the scope of Microsoft Cloud, Intelligent Cloud, and Azure metrics. Read constant-currency growth alongside the burden of data center investment.
Read article →Analyze Alphabet's Search and YouTube advertising alongside Google Cloud results. Connect traffic acquisition costs, shared AI investment, and unallocated expenses to segment profitability.
Read article →Compare Amazon's North America, International, and AWS businesses through revenue mix and operating income. Examine first-party versus seller-service accounting, inventory, payables, and capital spending.
Read article →Break Meta advertising revenue into impressions and average prices, and understand user metric limitations. Separate the effects of AI investment and Reality Labs losses on earnings and cash.
Read article →Understand the differences between Tesla vehicle deliveries and automotive revenue, and between energy storage deployments and revenue recognition. Compare profitability while separating credits, leases, and services.
Read article →Analyze Broadcom's semiconductor and infrastructure software revenue through their different business models. Examine the scope of AI revenue, acquisition effects, adjusted earnings, and debt repayment.
Read article →Distinguish the revenue and profit models of Qualcomm's QCT chip business and QTL licensing business. Interpret customer-designed chips, automotive design wins, and pretax earnings metrics.
Read article →Understand the timing gap between Netflix content production and acquisition spending and amortization. Compare profitability with cash generation without confusing content asset additions with cash spending.
Read article →Distinguish Palantir's total contract value and remaining deal value from recognized revenue. Assess growth quality through government contract options, customer expansion, and stock-based compensation.
Read article →Distinguish Oracle's remaining performance obligations from current cloud revenue. Examine IaaS versus SaaS alongside data center delivery schedules, capital spending, and lease commitments.
Read article →Separate Costco membership fee revenue from merchandise profits and understand recognition over the membership term. Examine the differences between paid memberships, cardholders, and renewal rates.
Read article →Learn to value Berkshire Hathaway's operating businesses separately from investment assets. Avoid double-counting insurance float, investment gains, and cash while examining each business's capital requirements.
Read article →Understand why price changes affect ExxonMobil's production, refining, and chemical businesses differently. Separate realized prices, production volumes, and refining margins, then examine cash after investment.
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