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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
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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
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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
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Kristal Lens by Kristal.AI
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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
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Kristal Lens by Kristal.AI
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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
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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
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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
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Kristal Lens by Kristal.AI
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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
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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
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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
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Kristal Lens by Kristal.AI
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Does every broken company deserve to be buried?
Join the discussion
Mar 10
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Kristal Lens by Kristal.AI
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Broadcom 1QFY26 Earnings, From Discipline Discount to Prime Contractor
How the refusal to play the AI hype game became the ultimate moat
Mar 5
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Kristal Lens by Kristal.AI
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Crowdstrike’s 4QFY26 Earnings: The Data Pipeline Disguised as a Security Company
The outage is forgotten, ARR growth is back above $1B, and SIEM is exploding. The real debate now is whether Falcon is just best-in-class security…
Mar 4
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Kristal Lens by Kristal.AI
Sea Limited 4Q25 Earnings: The Choice Not to Harvest
Unit economics are improving, but Sea is choosing scale over margins to deepen its ecosystem advantage.
Mar 4
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Kristal Lens by Kristal.AI
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