Notes - Security for AI and Data Security (Pt.2)
Summary
* Data security is rapidly becoming a core pillar of cybersecurity as AI adoption and data value surge, driving new demand for protection and compliance.
* DSPM has emerged as the leading data security category, with most top startups already acquired by incumbents like PANW, IBM, and RBRK.
* Platform vendors are
Beyond Operating Assets: Redefining ROIC for Tech Investors
Summary
* This project builds a capital‑allocator ROIC that judges how software CEOs deploy every dollar of capital, departing sharply from the traditional “operating‑asset” metric.
* We expand invested capital to include goodwill, unrecognised SBC, cash + investments, purchase commitments, and non‑current deferred revenue, items that better reflect how software
Notes - Security For AI and Data Security Uprise (Pt.1)
Summary
* With AI adoption finally moving into large-scale production this year, as anticipated in our PLTR update, it is now a more appropriate time to discuss the intersection of AI and cybersecurity.
* AI-powered security products are likely to experience a smoother and earlier J-curve of adoption compared
The Rise & Fall of Global Empires
Summary
* Empires follow a recurring arc — from education-led growth to industrial dominance, reserve currency status, and eventual decline driven by debt and overconsumption.
* The US now sits at the imperial peak, but Trump-era policies aim to reverse decline by reshoring industry and rebalancing trade.
* Education is the precursor
Instacart vs. DoorDash - Which is the Better Investment Today? (Pt.2)
Summary
* Despite slower growth, CART offers stronger gross margins, a higher ROIC, and significant retail media monetization potential, making its current valuation appear deeply discounted relative to DASH.
* While DASH is priced for sustained growth and margin expansion, CART’s vertical control, ad infrastructure, and AI roadmap suggest asymmetric upside
Notes: Day 2 Tech (Pt.2)
Summary
* Big tech has entered a “Day 2” phase, prioritizing margin expansion, efficiency, and capital returns over growth-at-all-costs.
* Rising antitrust pressure and overlapping expansions have intensified competition, forcing continuous innovation even at scale.
* Companies are monetizing more aggressively by trading off user and employee welfare, leading to