Subscribe
Sign in
Home
Notes
The Kristal Kasebook
Kristal Pulse
Legal | Disclaimer
About
Latest
Top
Discussions
Constellation Energy 2Q26: Proof, Not a Pivot
The hyperscaler contracts finally arrived, but Q2’s bigger message is that Constellation does not need a spectacular deal for the core thesis to work.
Aug 7
•
Kristal Lens by Kristal.AI
1
1
Sandisk 4QFY26: The Earnings That Stay
The old catalyst was another pricing surprise. The new thesis is that a contracted earnings base deserves a higher multiple even as peak estimates begin…
Aug 6
•
Kristal Lens by Kristal.AI
1
DoorDash 2Q26 Earnings: Unpriced Lever
The fulfillment cost curve is already producing margin, while advertising and merchant services remain only partly visible. The question is how much of…
Aug 6
•
Kristal Lens by Kristal.AI
1
1
MercadoLibre's Q2'26: The Flywheel Has a Price
Five quarters of being right about the business and wrong about the stock. Q2 shows why the flywheel works, and why the market still refuses to pay for…
Aug 6
•
Kristal Lens by Kristal.AI
5
1
Uber 2Q26: Proved the AV Thesis. Now Comes the Bill.
The company is becoming indispensable to autonomous mobility but indispensability does not guarantee attractive economics.
Aug 6
•
Kristal Lens by Kristal.AI
1
1
Toast 2Q26 Earnings: The Operating System Gets Paid
Our view of Toast has not changed. What changed this quarter is the first measurable evidence that the same system can perform work restaurants…
Aug 5
•
Kristal Lens by Kristal.AI
1
Booking 2Q26: Fewer Nights, More Money
The merchant shift is enriching each transaction. Q2 still did not prove that Booking can win the next one without paying the gatekeeper again.
Aug 5
•
Kristal Lens by Kristal.AI
1
Spotify 2Q26: The Moat Learns to Monetise
The subscription model has broken through its old margin ceiling. Now Spotify is testing whether it can turn personalisation, pricing power, and…
Aug 5
•
Kristal Lens by Kristal.AI
1
1
Palantir 2Q26 Earnings: The Institutional Compiler
AI models understand the world. Palantir is compiling the firm and Q2 suggests each workflow is making the next one faster, broader, and more…
Aug 4
•
Kristal Lens by Kristal.AI
1
1
July 2026
Lam Research Q4 FY2026: The Physics Arrived Early
The June quarter showed that process intensity, installed-base monetization, and margins are converging faster than we expected.
Jul 31
•
Kristal Lens by Kristal.AI
1
1
Amazon Q2 2026: The Foundry Works. It May Never Finish.
AWS has proved the returns. The cash keeps funding the next buildout.
Jul 31
•
Kristal Lens by Kristal.AI
1
Meta 2Q26 Earnings: Cost of Being Right
Meta has proved that AI can make its advertising machine more valuable. It has not yet proved that shareholders will capture the return.
Jul 30
•
Kristal Lens by Kristal.AI
3
1
This site requires JavaScript to run correctly. Please
turn on JavaScript
or unblock scripts
