Sergey
@sergeycyw.bsky.social
I talk about growth stock investing and fundamental analysis with a long-term mindset. I provide earnings reviews and key news updates. Not investment advice.
SergeyCYW.substack.com
SergeyCYW.substack.com
Neo Cloud is moving from narrative to balance sheets 🧵
GPU-focused infrastructure is now the fastest-scaling segment of the AI economy. Training + inference demand flipped capacity into revenue almost instantly
$NBIS $CRWV $WULF $APLD $CIFR $IREN and $WYFI
GPU-focused infrastructure is now the fastest-scaling segment of the AI economy. Training + inference demand flipped capacity into revenue almost instantly
$NBIS $CRWV $WULF $APLD $CIFR $IREN and $WYFI
December 12, 2025 at 4:04 PM
Neo Cloud is moving from narrative to balance sheets 🧵
GPU-focused infrastructure is now the fastest-scaling segment of the AI economy. Training + inference demand flipped capacity into revenue almost instantly
$NBIS $CRWV $WULF $APLD $CIFR $IREN and $WYFI
GPU-focused infrastructure is now the fastest-scaling segment of the AI economy. Training + inference demand flipped capacity into revenue almost instantly
$NBIS $CRWV $WULF $APLD $CIFR $IREN and $WYFI
WhiteFiber revenue up 64% YoY, but stock sits 52% below all-time highs
#WYFI has lost more than half its value from the peak, even as the business scales rapidly into the Neo Cloud race. Q3 2025 revenue grew 64% year over year to $20.2 million.
#WYFI has lost more than half its value from the peak, even as the business scales rapidly into the Neo Cloud race. Q3 2025 revenue grew 64% year over year to $20.2 million.
December 12, 2025 at 3:31 PM
WhiteFiber revenue up 64% YoY, but stock sits 52% below all-time highs
#WYFI has lost more than half its value from the peak, even as the business scales rapidly into the Neo Cloud race. Q3 2025 revenue grew 64% year over year to $20.2 million.
#WYFI has lost more than half its value from the peak, even as the business scales rapidly into the Neo Cloud race. Q3 2025 revenue grew 64% year over year to $20.2 million.
Dollar-Based Net Retention Rate (DBNRR), this metric is crucial for SaaS companies as it reflects customer loyalty and product stickiness. It measures the revenue retained from existing customers over a specific period, accounting for upgrades, downgrades, and churn.
December 12, 2025 at 1:02 PM
Dollar-Based Net Retention Rate (DBNRR), this metric is crucial for SaaS companies as it reflects customer loyalty and product stickiness. It measures the revenue retained from existing customers over a specific period, accounting for upgrades, downgrades, and churn.
Big Data: ~$400B–$960B Runway With 14% CAGR Into 2030
Data creation is exploding. Storage, processing, and analytics must follow.
Data creation is exploding. Storage, processing, and analytics must follow.
December 12, 2025 at 11:58 AM
Big Data: ~$400B–$960B Runway With 14% CAGR Into 2030
Data creation is exploding. Storage, processing, and analytics must follow.
Data creation is exploding. Storage, processing, and analytics must follow.
#AVGO Q3’25: AI-driven revenue surge meets margin trade-offs
#Broadcom Revenue reached $18.0B, up 28% YoY, beating expectations and accelerating from the prior quarter. Operating income jumped 62% YoY, pushing operating margin to 42%. Net income nearly doubled, with a 47% net margin.
#Broadcom Revenue reached $18.0B, up 28% YoY, beating expectations and accelerating from the prior quarter. Operating income jumped 62% YoY, pushing operating margin to 42%. Net income nearly doubled, with a 47% net margin.
December 12, 2025 at 3:25 AM
CoreWeave revenue up 134% YoY, but shares sit 52% below all-time highs
#CoreWeave #CRWV continues to lead the AI infrastructure build-out with Q3 2025 revenue reaching $1.4 billion, up 134% year over year, powered by surging demand from AI labs, enterprises, and hyperscalers.
#CoreWeave #CRWV continues to lead the AI infrastructure build-out with Q3 2025 revenue reaching $1.4 billion, up 134% year over year, powered by surging demand from AI labs, enterprises, and hyperscalers.
December 11, 2025 at 3:03 PM
CoreWeave revenue up 134% YoY, but shares sit 52% below all-time highs
#CoreWeave #CRWV continues to lead the AI infrastructure build-out with Q3 2025 revenue reaching $1.4 billion, up 134% year over year, powered by surging demand from AI labs, enterprises, and hyperscalers.
#CoreWeave #CRWV continues to lead the AI infrastructure build-out with Q3 2025 revenue reaching $1.4 billion, up 134% year over year, powered by surging demand from AI labs, enterprises, and hyperscalers.
#Adobe #ADBE Q4'25 Results:
↗️$6,194.0M rev (+10.5% YoY, +3.4% QoQ) beat est by 1.5%
↗️GM (89.5%, +0.5 PPs YoY)
↗️Operating Margin (36.5%, +1.6 PPs YoY)
↘️FCF Margin (50.5%, -0.8 PPs YoY)🟡
↘️Net Margin (30.0%, -0.1 PPs YoY)🟡
↗️EPS* $5.50 beat est by 2.2%
*non-GAAP
Segment Revenue
↗️$6,194.0M rev (+10.5% YoY, +3.4% QoQ) beat est by 1.5%
↗️GM (89.5%, +0.5 PPs YoY)
↗️Operating Margin (36.5%, +1.6 PPs YoY)
↘️FCF Margin (50.5%, -0.8 PPs YoY)🟡
↘️Net Margin (30.0%, -0.1 PPs YoY)🟡
↗️EPS* $5.50 beat est by 2.2%
*non-GAAP
Segment Revenue
December 11, 2025 at 11:28 AM
Oracle Q3’25: A Cloud Supercycle Meets a Margin Reset
$ORCL just printed a quarter that makes one thing unmistakable: the AI infrastructure wave is turning the company into a backlog machine. Revenue hit $16.1B, up 13% YoY, while cloud surged to half of total sales.
$ORCL just printed a quarter that makes one thing unmistakable: the AI infrastructure wave is turning the company into a backlog machine. Revenue hit $16.1B, up 13% YoY, while cloud surged to half of total sales.
December 11, 2025 at 3:49 AM
Oracle Q3’25: A Cloud Supercycle Meets a Margin Reset
$ORCL just printed a quarter that makes one thing unmistakable: the AI infrastructure wave is turning the company into a backlog machine. Revenue hit $16.1B, up 13% YoY, while cloud surged to half of total sales.
$ORCL just printed a quarter that makes one thing unmistakable: the AI infrastructure wave is turning the company into a backlog machine. Revenue hit $16.1B, up 13% YoY, while cloud surged to half of total sales.
#Adobe #ADBE Q4'25 Results:
↗️$6,194.0M rev (+10.5% YoY, +3.4% QoQ) beat est by 1.5%
↗️GM (89.5%, +0.5 PPs YoY)
↗️Operating Margin (36.5%, +1.6 PPs YoY)
↘️FCF Margin (50.5%, -0.8 PPs YoY)🟡
↘️Net Margin (30.0%, -0.1 PPs YoY)🟡
↗️EPS* $5.50 beat est by 2.2%
*non-GAAP
Segment Revenue
↗️$6,194.0M rev (+10.5% YoY, +3.4% QoQ) beat est by 1.5%
↗️GM (89.5%, +0.5 PPs YoY)
↗️Operating Margin (36.5%, +1.6 PPs YoY)
↘️FCF Margin (50.5%, -0.8 PPs YoY)🟡
↘️Net Margin (30.0%, -0.1 PPs YoY)🟡
↗️EPS* $5.50 beat est by 2.2%
*non-GAAP
Segment Revenue
December 11, 2025 at 3:29 AM
#Adobe #ADBE Q4'25 Earnings Preview
Estimates:
Revenue $6,102M (+8.8% YoY)
EPS $5.38 (+11.9% YoY)
If $ADBE beat estimates by 1.5% (same as last quarter) Q4'25 Revenue Growth will be +10.4% YoY
Guidance:
Q4'25 $6,075 - $6,125M guide (+8.8% YoY)
$23,650 - $23,700M FY guide (+10.1% YoY)
Estimates:
Revenue $6,102M (+8.8% YoY)
EPS $5.38 (+11.9% YoY)
If $ADBE beat estimates by 1.5% (same as last quarter) Q4'25 Revenue Growth will be +10.4% YoY
Guidance:
Q4'25 $6,075 - $6,125M guide (+8.8% YoY)
$23,650 - $23,700M FY guide (+10.1% YoY)
December 10, 2025 at 4:17 PM
Iren Limited lands a $9.7B Microsoft AI cloud deal, but shares sit 39% below 52-week highs
#IREN FQ1 2026 revenue jumped 355% year over year and 28% sequentially to $240 million, underscoring its rapid evolution into a key AI infrastructure provider.
#IREN FQ1 2026 revenue jumped 355% year over year and 28% sequentially to $240 million, underscoring its rapid evolution into a key AI infrastructure provider.
December 10, 2025 at 3:59 PM
Iren Limited lands a $9.7B Microsoft AI cloud deal, but shares sit 39% below 52-week highs
#IREN FQ1 2026 revenue jumped 355% year over year and 28% sequentially to $240 million, underscoring its rapid evolution into a key AI infrastructure provider.
#IREN FQ1 2026 revenue jumped 355% year over year and 28% sequentially to $240 million, underscoring its rapid evolution into a key AI infrastructure provider.
Let’s examine how SaaS companies performed relative to their initial revenue forecasts for Q3 2025.
Leading by a wide margin, $PLTR delivered the largest revenue beat at 8.9%, followed by $MDB with a 6.1% beat. Next were $RBRK (4.8%), $DDOG (4.1%), and $IOT (4.0%).
Leading by a wide margin, $PLTR delivered the largest revenue beat at 8.9%, followed by $MDB with a 6.1% beat. Next were $RBRK (4.8%), $DDOG (4.1%), and $IOT (4.0%).
December 10, 2025 at 3:01 PM
Let’s examine how SaaS companies performed relative to their initial revenue forecasts for Q3 2025.
Leading by a wide margin, $PLTR delivered the largest revenue beat at 8.9%, followed by $MDB with a 6.1% beat. Next were $RBRK (4.8%), $DDOG (4.1%), and $IOT (4.0%).
Leading by a wide margin, $PLTR delivered the largest revenue beat at 8.9%, followed by $MDB with a 6.1% beat. Next were $RBRK (4.8%), $DDOG (4.1%), and $IOT (4.0%).
Nebius revenue surges 355% YoY, but shares sit 32% below 52-week highs
#NBIS Q3 2025 revenue up 355% year over year and 39% sequentially, reaching $146 million. Its core infrastructure unit grew 400%, pushing annualized run-rate revenue to $551 million.
#NBIS Q3 2025 revenue up 355% year over year and 39% sequentially, reaching $146 million. Its core infrastructure unit grew 400%, pushing annualized run-rate revenue to $551 million.
December 10, 2025 at 1:04 PM
Nebius revenue surges 355% YoY, but shares sit 32% below 52-week highs
#NBIS Q3 2025 revenue up 355% year over year and 39% sequentially, reaching $146 million. Its core infrastructure unit grew 400%, pushing annualized run-rate revenue to $551 million.
#NBIS Q3 2025 revenue up 355% year over year and 39% sequentially, reaching $146 million. Its core infrastructure unit grew 400%, pushing annualized run-rate revenue to $551 million.
Hyperscalers Are Quietly Taking Over the Global IT Economy
The cloud giants — $AMZN $GOOGL $MSFT — aren’t just winning market share. They’re absorbing the entire digital backbone of enterprise computing. AI is the accelerant. Scale is the moat. Demand is outrunning capacity everywhere. 🧵👇
The cloud giants — $AMZN $GOOGL $MSFT — aren’t just winning market share. They’re absorbing the entire digital backbone of enterprise computing. AI is the accelerant. Scale is the moat. Demand is outrunning capacity everywhere. 🧵👇
December 9, 2025 at 3:30 PM
Hyperscalers Are Quietly Taking Over the Global IT Economy
The cloud giants — $AMZN $GOOGL $MSFT — aren’t just winning market share. They’re absorbing the entire digital backbone of enterprise computing. AI is the accelerant. Scale is the moat. Demand is outrunning capacity everywhere. 🧵👇
The cloud giants — $AMZN $GOOGL $MSFT — aren’t just winning market share. They’re absorbing the entire digital backbone of enterprise computing. AI is the accelerant. Scale is the moat. Demand is outrunning capacity everywhere. 🧵👇
Q3 2025 has concluded the earnings season, revealing how the most popular SaaS stocks have fared. These stocks include #CRWD, #PLTR, #AXON, #NET, #ZS, #S, #SNOW, #MDB, and #NOW.
Let's compare their key metrics: DBNRR, CAC Payback Period, Margins, valuations, and the level of SBC. 🧵👇
Let's compare their key metrics: DBNRR, CAC Payback Period, Margins, valuations, and the level of SBC. 🧵👇
December 9, 2025 at 12:56 PM
Big Data Leaders: Who’s Actually Winning the 2025 AI Super-Cycle?
Margins and growth trends across big data and AI infrastructure continue to strengthen. #PLTR posts exceptional leverage with triple-digit Rule of 40.
Margins and growth trends across big data and AI infrastructure continue to strengthen. #PLTR posts exceptional leverage with triple-digit Rule of 40.
December 9, 2025 at 11:33 AM
Big Data Leaders: Who’s Actually Winning the 2025 AI Super-Cycle?
Margins and growth trends across big data and AI infrastructure continue to strengthen. #PLTR posts exceptional leverage with triple-digit Rule of 40.
Margins and growth trends across big data and AI infrastructure continue to strengthen. #PLTR posts exceptional leverage with triple-digit Rule of 40.
Let's consider the Rule of 40 metric for evaluating SaaS* companies compared to valuation by Forward EV/S multiple.
The Rule of 40 helps investors balance growth and profitability, offering deeper insights into company efficiency, unlike EV/S multiples which reflect only revenue expectations.
The Rule of 40 helps investors balance growth and profitability, offering deeper insights into company efficiency, unlike EV/S multiples which reflect only revenue expectations.
December 8, 2025 at 3:32 PM
Let's consider the Rule of 40 metric for evaluating SaaS* companies compared to valuation by Forward EV/S multiple.
The Rule of 40 helps investors balance growth and profitability, offering deeper insights into company efficiency, unlike EV/S multiples which reflect only revenue expectations.
The Rule of 40 helps investors balance growth and profitability, offering deeper insights into company efficiency, unlike EV/S multiples which reflect only revenue expectations.