Jan Blecha

In SpaceX's $SPCX reports, AI has been a separate segment since this year's IPO, and its numbers are huge. In the second quarter, $15.8 billion was invested in it. I tried to break it down because everyone imagines something a little different under AI spending.

Over the past year, a lot of people have experienced the same thing. A position they bought as a small addition to their portfolio has grown so much that it now decides their entire result. It's a nice problem to have, but I think it's harder to solve than the opposite one. With a losing position, I can at least tell myself the thesis and either it holds or it doesn't. With a…

I have held Adobe $ADBE for a long time and it is by far the worst position in my portfolio. The company is interesting precisely because it is a nice test of whether cheap and value are the same thing.

The company's numbers look good. For the second fiscal quarter, Adobe reported record revenue of $6.62 billion, up 13% year-over-year. Total recurring revenue climbed to $27.1…

Can fintech definitively replace traditional banks?

Try to remember the last time you happily went to a bank branch to handle routine matters. The way we think about money and work with it is changing rapidly. Traditional banks still represent stable and highly profitable pillars of the global financial system, but the rules of the game are increasingly being set by modern…

For the American retail chain Target $TGT, it's worth digging into the more detailed numbers. On the surface, yesterday's report looked like an absolute miracle and the best quarter in years. Profit exploded and the stock rallied after the results.

There are companies on the market that don't stand in the spotlight like tech giants, yet consistently deliver exceptional profitability. They essentially collect a toll from the everyday functioning of the economy without needing to invent revolutionary products.

Waste Management $WM achieves an operating margin above 15% and annually generates free cash flow exceeding $2.5…

I hold Nu Holdings $NU in my portfolio, so I was waiting for this report more than for others. The company published its second-quarter results on Thursday after market close, and I have to say I'm happy with them. But I'd like to put it into the context of the last nine months, because one good quarter doesn't settle anything yet.

I've been following Booking Holdings $BKNG overall, so I'd like to retroactively summarize the second quarter results here.

The numbers themselves were good. 325 million room nights booked, up 5% year-over-year. Gross bookings of $51 billion, up 9%, revenue of $7.35 billion, up 8%. Adjusted EBITDA margin of 36% and free cash flow of $3.6 billion in a single quarter, almost half…