Subscribe
Sign in
Home
Notes
The Kristal Kasebook
Kristal Pulse
Legal | Disclaimer
About
KLA: A Perfect Business at an Imperfect Price
KLA may be the ultimate semiconductor tollbooth, just not at 49x earnings
Apr 10
•
Kristal Lens by Kristal.AI
3
1
ABF: The Material Beneath the Model
How Ajinomoto’s obscure film became the standard layer inside advanced packaging, and why AI is turning a forgotten materials business into…
Apr 8
•
Kristal Lens by Kristal.AI
1
Ibiden: The Hidden Bottleneck Beneath AI
AI’s next constraint is not the GPU itself, but the advanced substrate underneath it, and Ibiden may be one of the few companies positioned to turn that…
Apr 8
•
Kristal Lens by Kristal.AI
Constellation Energy’s 4Q25 Earnings: Second Act
Our original view was that Constellation sold pressure, not just power. Our updated view is that it is becoming something more valuable: a platform that…
Apr 2
•
Kristal Lens by Kristal.AI
5
1
1
Zhen Ding's 4Q25 Earnings: From Mobile Supplier to Interconnect Utility
The AI story is real. The question now is whether it is becoming large enough, fast enough, to change what this company is.
Apr 1
•
Kristal Lens by Kristal.AI
1
1
Latest
Top
Discussions
Ping An 4Q25 Earnings: The Number Nobody Watched
The RMB 8 billion buyback made the headlines, but the real story was CSM stabilization: the first sign in years that Ping An’s service-led model may be…
Mar 30
•
Kristal Lens by Kristal.AI
1
Rolls-Royce 2H25 Earnings: The Toll Booth Compounds
Rolls-Royce didn’t just prove the turnaround worked. It revealed a monopoly-like engine annuity with most of the cash still to come, and a geopolitical…
Mar 27
•
Kristal Lens by Kristal.AI
1
Meituan 4Q25 Earnings: What the bellhop earns in an oligopoly
The subsidy war did not break Meituan’s moat. It exposed something more important: the company may no longer be a monopoly platform, but it is still…
Mar 27
•
Kristal Lens by Kristal.AI
1
Tencent’s 4Q25 Earnings: The AI Dividend Gets Reinvested
Tencent proved it could monetise AI without an arms race. The real question now is whether WeChat becomes the execution layer for China’s agent economy.
Mar 24
•
Kristal Lens by Kristal.AI
1
Alibaba 3QFY26 Earnings: From Escrow to Agents
The AI thesis got stronger. The commerce repair got later. And the real question is whether cloud can become important fast enough to fund what commerce…
Mar 23
•
Kristal Lens by Kristal.AI
1
1
Rubrik’s 4QFY26: The Market Thinks It’s Backup. It’s Actually State Infrastructure
A record quarter confirmed Rubrik’s transition from data storage to enterprise state integrity, yet the stock trades like a slowing backup vendor.
Mar 13
•
Kristal Lens by Kristal.AI
1
1
Rheinmetall 4Q25 Earnings: The Moat Got Deeper While We Weren't Looking
Customer prepayments solved the free cash flow debate and revealed a deeper advantage: governments are financing the industrial capacity they cannot…
Mar 12
•
Kristal Lens by Kristal.AI
1
1
Oracle’s 3QFY26 Earnings: The Monetization Bridge
Q2 exposed the capital problem. Q3 offered the first believable answer: a way to monetize AI demand without funding every mile of the buildout alone.
Mar 11
•
Kristal Lens by Kristal.AI
1
Does every broken company deserve to be buried?
Join the discussion
Mar 10
•
Kristal Lens by Kristal.AI
1
See all
Kristal Lens by Kristal.AI
Subscribe
Kristal Lens by Kristal.AI
Subscribe
About
Archive
Sitemap
This site requires JavaScript to run correctly. Please
turn on JavaScript
or unblock scripts
