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Adobe 2QFY26 Earnings: The Abundance Paradox
We were right that AI would create more content. Q2 showed why turning that content into ARR is harder than we assumed.
Jun 16
1
Rubrik 1QFY27 Earnings: The Enterprise’s Undo Button
Rubrik spent a decade mapping what the enterprise used to be. Q1 and Investor Day asked whether agents can now put it back together.
Jun 15
1
Credo 4QFY26 Earnings: The Proof Moved to Light
Stronger company, less forgiving stock, and why gross margin is now the only number that matters
Jun 12
1
Zscaler 3QFY26: Upstream of the Wire
I asked whether Zscaler’s inline architecture was valuable. Q3 forced a harder question: where is cybersecurity value moving?
Jun 11
1
Oracle's 4QFY26 Earnings: The Price of the Moat
Oracle found a bridge across the capital chasm. Q4 asked whether shareholders get across too.
Jun 11
1
Palo Alto 3QFY26 Earnings: The Firewall Comes Back as a Sensor
The world moved from gate to graph. AI is now forcing the graph to operate at runtime.
Jun 10
1
Snowflake 1Q27 Earnings: Second Interface Collapse
We were early on the architecture and uncertain on the conversion. The data started catching up.
Jun 10
1
CrowdStrike’s 1QFY27 Earnings: The Question Changed
AI made Falcon’s data pipeline matter more.
Jun 9
1
Broadcom 2QFY26: The Phase Transition
The quarter disappointed the stock, but strengthened the case for Broadcom as AI’s industrial layer.
Jun 8
1
SpaceX and the Price of Belief
Valuing the world’s fastest builder of scarce physical infrastructure
Jun 8
•
Kristal Lens by Kristal.AI
1
May 2026
NVIDIA 1QFY25 Earnings: The Architecture of Intelligence
We thought NVIDIA was selling the rack. Q1 suggests it is trying to become the default way intelligence is produced.
May 21
•
Kristal Lens by Kristal.AI
1
The Route Changes
Why backward-looking metrics fail during disruption, and how to tell whether a moat still matters
May 21
•
Kristal Lens by Kristal.AI
1
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