The Future Investors: Insights

#7: Tesla (NASDAQ: TSLA)

Tesla is by far the most expensive stock within the Magnificent 7. With a forward P/E of 172, a PEG ratio of 4.65, and a P/FCF of 210, the valuation is far above the rest of the group.

Tesla is not being valued as a traditional car manufacturer. Investors are paying for Elon Musk’s long-term vision. That includes projects like the robotaxi and the Tesla Optimus, both with huge potential, but also a lot of uncertainty around timing and execution.

Based on current results and expectations, the stock looks very expensive. Tesla still needs to prove it can deliver on this vision. If not, the stock could be revalued lower, but if it does, the potential is still significant.

Metrics 📊
P/E (NTM): 172.2
PEG-ratio: 4.65
P/FCF: 210.5
EPS 5Y Forward Growth: 37.0%

#6: Apple (NASDAQ: AAPL)

Apple is still trading at a high valuation, and growth is limited. With a forward P/E of 30, a PEG ratio of 2.73, and a P/FCF of 31, the stock looks expensive for a company expected to grow earnings by 11% over the next five years.

Apple does not yet have a clear AI strategy that supports future growth, but that could change. Apple has a massive iPhone user base, which gives it a strong position to launch new products and services.

Based on current expectations, the mix of high valuation and lower growth makes the stock less attractive. There is still potential, but Apple needs a new growth driver, likely in AI, to justify its valuation.

Key Metrics 📊
P/E (NTM): 30.3
PEG-ratio: 2.73
P/FCF: 31.0
EPS 5Y Forward Growth: 11.1%

With Tesla at #7 and Apple at #6, we’re left with five Mag 7 stocks: Microsoft, Nvidia, Alphabet, Amazon, and Meta. Which ones are the most attractive right now?

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The top 3 names look like screaming buys 🔥

But let’s start with #5 first 👇

📦 Unpacked #11: Uber

The Future Investors — Thu, 26 Mar 2026 13:00:42 GMT

Welcome to the 11th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Uber — the world’s leading mobility and delivery platform, connecting millions of riders, drivers, couriers, and merchants across thousands of cities globally.

We break down its story, business model, and highlight the latest developments.

Additionally, we do a detailed fundamental analysis, diving into the company’s management, market, financials, and growth estimates. We score each area separately, leading to a final score between 0 and 100. This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of Uber and see how we score it!

History and Business Model

It all started in Paris. In December 2008, Travis Kalanick and Garrett Camp couldn’t find a taxi on a snowy night. That led to a simple question: what if you could request a ride by tapping a button?

Source: Caribbean Value Investor

In 2009, they launched UberCab in San Francisco as a premium ride service, later renamed Uber. The app connects riders with nearby drivers and includes navigation and payments in one platform.

The company later introduced lower-priced options like UberX and expanded into more cities worldwide. As smartphone use increased, Uber grew into a widely used transportation platform.

Over time, Uber expanded beyond ride-hailing. It launched Uber Eats in 2014 for food and grocery delivery and entered freight in 2017, connecting businesses with carriers.

Uber does not own vehicles or employ drivers directly. It offers a platform that connects users and earns a fee on each trip or delivery.

Today, Uber operates in thousands of cities globally and facilitates billions of trips and deliveries each year. This is reflected in its mission:

“We reimagine the way the world moves for the better.”

Source: Uber Reimagine Mobility Update

Business Model Explained

Uber is a global platform that connects riders, drivers, couriers, and businesses in one app.

Its business is built around three segments:

🚗 1. Mobility
Users request a ride in the app and can choose from options like UberX, Uber Comfort, or Uber Black. Drivers decide which trips to accept and complete the ride.

🍔 2. Delivery
Users order food, groceries, and other items with Uber Eats. Restaurants and stores prepare the orders, and couriers pick them up and deliver them.

🚛 3. Freight
Businesses use Uber to arrange transport for goods, while carriers use the platform to find loads.

How Uber makes money 💰
Each transaction works in the same way. A user makes a request, a driver or courier accepts it, and after the trip or delivery is completed, Uber takes a percentage of the total amount. This is called the take rate, so revenue increases as usage grows.

Uber also earns extra revenue from Uber One, a subscription with discounts and benefits, and from Uber Ads, where businesses pay for better visibility in the app.

Many users use more than one service in the same app, like rides and food delivery. More usage leads to more revenue, as rides, orders, and deliveries increase.

Mobility and Delivery are the core of Uber today, while Uber One and Uber Ads add extra revenue on top of the platform.

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Revenue Breakdown

On February 4, 2026, Uber reported its Q4 2025 results for the period ended December 31, 2025. Total revenue was $14.4 billion, up 20% year-over-year.

🚗 Mobility – $8.2B (57%)
Uber’s largest segment. Revenue comes from ride-hailing services, where users pay for trips and Uber takes a percentage of each fare. Revenue grew 19% YoY, from $6.9 billion to $8.2 billion.

🍔 Delivery – $4.9B (34%)
Includes food, groceries, and other local commerce through Uber Eats. Customers place orders in the app, and Uber earns a fee on each order. Revenue increased 30% YoY, from $3.8 billion to $4.9 billion.

🚛 Freight – $1.3B (9%)
Focused on connecting shippers with carriers to move goods. Uber earns fees for matching and managing shipments. Revenue was $1.3 billion, the same as last year.

Mobility is still Uber’s largest segment, but Delivery is growing faster. Freight is relatively small and had limited impact on overall growth.

Recent Developments

Uber is expanding its platform across mobility, delivery, and logistics, while positioning itself at the center of the autonomous mobility ecosystem. Here are the key recent developments:

1️⃣ Autonomous Strategy & Partnerships
Uber is rapidly building a global network of autonomous partners instead of developing the technology itself. The company launched Uber Autonomous Solutions, a platform designed to help partners deploy and scale autonomous vehicles on Uber’s network, including tools for fleet operations, customer support, and in-vehicle experience.

Uber has signed 20+ partnerships globally across autonomous mobility and supporting infrastructure. Recent partnerships include:

Rivian → plans to deploy up to 50,000 robotaxis, starting in 2028
Motional → robotaxi rollout starting in 2026
Waymo → already live in cities like Austin and Atlanta through the Uber app
Lucid & Nuro → 20,000 premium robotaxis, with launches starting in 2026
Wayve & Nissan → robotaxi pilots in Japan around 2026
Zoox → robotaxi deployment expected from 2027
WeRide → up to 1,200 robotaxis in the Middle East
Baidu (Apollo Go) → expansion of robotaxi services in Dubai
Avride → robotaxi and delivery services already live in selected cities
Aurora → autonomous trucking integrated into Uber Freight

Uber is also investing $100 million in EV charging infrastructure to support autonomous fleets.

Robotaxi services are already live in multiple cities, with plans to expand to 15 cities by 2026. Uber’s strategy is clear: to become the largest platform for autonomous vehicle trips globally by 2029.

Source: Uber Q4 2025 Earnings, Autonomous Vehicles Spotlight

2️⃣ Delivery Expansion & Platform Growth
Uber is expanding its Delivery segment beyond food into groceries, retail, and everyday products.

This expansion is supported by a growing number of key partnerships across retail and grocery:

Kroger → nationwide grocery delivery through Uber apps
ALDI → on-demand grocery delivery across the U.S.
Sephora → on-demand beauty delivery across North America
Best Buy → delivery of electronics and tech products
Dollar Tree & Dollar General → everyday household essentials delivered nationwide

These partnerships show how Uber is moving beyond food into a broader commerce platform, increasing app usage.

3️⃣ New Monetization Layers
Uber is adding new revenue streams on top of its platform.

Uber Ads has grown into a $2B+ business, where merchants pay for sponsored listings and visibility in the app, with growth of over 50% last year.

Uber One is a subscription that increases customer retention and encourages people to use multiple services. It now has 30M+ subscribers.

These layers increase revenue per user and improve margins.

4️⃣ Expansion & Acquisitions
Uber continues to expand its ecosystem through acquisitions and new services.
The acquisition of SpotHero adds parking to the Uber app, while Getir / Trendyol Go strengthens its position in grocery and delivery in Turkey.

The company is also exploring new formats such as Uber Air, in partnership with Joby Aviation.

5️⃣ Profitability & Scale
Uber has reached a turning point in its financial profile. The company is now consistently profitable and generating strong cash flow.

In Q4 2025, adjusted EBITDA was $2.5 billion (+35%), and free cash flow was $2.8 billion. For the full year, Uber generated $10 billion in free cash flow, showing the strength of its platform at scale.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Uber.

In this section, we evaluate three key areas: management, market, and financials & growth estimates. Each area contains multiple elements and each element is scored individually, leading to a final score between 0 and 100.

Final Scoring

This score reflects how fundamentally attractive we believe Uber is as an investment, ranging from:

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

Unlock our scoring framework and full fundamental analysis below, and see how we score Uber on a scale from 0 to 100 — exclusively available to our paid members! ✨

📦 Unpacked #10: Salesforce

The Future Investors — Wed, 25 Feb 2026 12:51:01 GMT

Welcome to the 10th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Salesforce — a global cloud software leader and the world’s #1 CRM platform, helping businesses manage sales, service, marketing, data, and AI in one ecosystem.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of Salesforce and see how we score it!

History and Business Model

Salesforce was founded in 1999 by Marc Benioff and a small team in San Francisco. At the time, most business software had to be installed on company servers. It was expensive, complex, and slow to update. Salesforce changed that.

From day one, it focused on delivering software through the cloud. Customers could simply log in through a browser and pay a subscription fee. No installation. No heavy IT setup. This “Software-as-a-Service” (SaaS) model was revolutionary at the time.

The company started with one product: Sales Cloud. Over time, it expanded into Service Cloud, Marketing Cloud, Commerce, Analytics, Integration, Collaboration, and now AI.

Salesforce also grew through major acquisitions, including:

MuleSoft (integration software)
Tableau (data visualization & analytics)
Slack (workplace collaboration)

Today, Salesforce is one of the largest enterprise software companies in the world, serving businesses of all sizes across nearly every industry.

Its mission is simple:

“To bring out the best in one another, deliver success to our customers and inspire the entire industry through our actions.”

The video below gives a clear overview of what Salesforce is and what it does 🎥👇

Business Model Explained

Salesforce is a cloud-based enterprise software company. It sells digital tools that help businesses manage customer relationships, data, and internal workflows through one integrated platform.

Its ecosystem is built around Customer 360, a unified system that connects sales, service, marketing, commerce, data, and AI in one place.

Source: Salesforce Investor Relations

The company operates mainly through subscriptions. Customers typically sign 1–3 year contracts and pay per user, per month. This creates predictable and recurring revenue.

Salesforce organizes its products into different “Clouds,” each focused on a business function. Here’s how the model works:

☁️ 1. Sales Cloud
Helps sales teams manage leads, track deals, and forecast revenue. This was Salesforce’s first product and remains one of its largest.

🎧 2. Service Cloud
Customer support software for help desks, call centers, and digital support channels.

📢 3. Marketing & Commerce Cloud
Tools for digital marketing, personalization, and online commerce experiences.

📊 4. Data Cloud & Analytics
Data Cloud unifies customer data from multiple sources into one real-time platform. This powers better insights, automation, and AI use cases. Analytics tools like Tableau help companies visualize and understand that data.

🔗 5. Integration & Platform
MuleSoft and the Salesforce Platform allow companies to connect different systems and build custom applications on top of Salesforce.

🤖 6. AI Layer (Einstein & Agentforce)
AI is built across the Salesforce platform. Einstein looks at data in Customer 360 and Data Cloud to provide predictions, insights, and suggestions — for example, which leads are most likely to close or the next step in a service case. Agentforce takes these insights and automates tasks, like handling sales activities, solving service requests, or helping employees — all using trusted company data.

⚖️ Why this model works
Salesforce benefits from:

High switching costs (once embedded, companies rarely leave)
Recurring subscription revenue
Upselling across multiple Clouds
A strong partner ecosystem
Large enterprise contracts

Once a company starts with one Cloud, it usually expands into others, creating long-term relationships and steady growth.

Over time, Salesforce becomes deeply embedded in daily operations, making it complex and risky to replace. That’s what makes the business model so durable.

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Revenue Breakdown

On December 3, 2025, Salesforce reported its Q3 FY26 results for the period ended October 31, 2025. Total revenue was $10.3 billion, up about 9% compared to last year.

🧠 Sales – $2.3B (22%)
Steady growth from Sales Cloud as more companies use Salesforce for managing leads and deals.

🎧 Service – $2.5B (24%)
Service Cloud is a core driver, with customers relying on it for support and help desk operations.

📊 Platform, Slack & Other – $2.2B (21%)
Above-average growth as customers adopt multiple Clouds and build custom apps and workflows.

📢 Marketing & Commerce – $1.4B (14%)
Strong growth here, driven by digital marketing and online commerce tools.

📈 Integration & Analytics – $1.4B (14%)
Rapid growth from Data Cloud and Tableau, which provide unified data and analytics that power AI and automation.

🖥️ Professional Services & Other – $0.5B (5%)
Implementation and consulting services are just a small part of total revenue.

Sales and Service are the largest segments, but Marketing, Platform, and Analytics are growing fastest, showing Salesforce’s push into AI, automation, and cross-cloud adoption.

Recent Developments

Salesforce has entered a new phase focused on AI acceleration, strategic acquisitions, and large enterprise deals. Here are the latest key developments:

1️⃣ AI Revenue Acceleration
In the Q3 FY26 earnings report, Salesforce reported that its Agentforce and Data 360 products reached nearly $1.4 billion in annual recurring revenue, growing 114% YoY. This shows that AI is becoming an increasingly important driver of revenue growth.

2️⃣ Strategic Acquisitions
Salesforce announced the acquisition of Informatica, a major step to improve how companies organize and manage their data. It also acquired smaller AI-focused companies such as:

Cimulate
Spindle AI
Momentum

These acquisitions help improve data organization, automation, and sales intelligence within the platform.

3️⃣ Partnerships & Model Integrations
Salesforce expanded partnerships with OpenAI, Anthropic, and Google.

Agentforce now connects with models like ChatGPT, Claude, and Gemini, allowing enterprises to securely link external AI models to Salesforce data.

4️⃣ Major Government Deal
Salesforce signed a $5.6 billion agreement with the United States Army, underlining its continued strength in large, long-term contracts.

5️⃣ FY30 Target: $60 Billion Revenue
At Investor Day, management reaffirmed its goal of reaching $60 billion in revenue by FY30. The company also expects to return to double-digit revenue growth in the coming years.

Source: Salesforce Investor Day Presentation

6️⃣ Stock Decline & AI Concerns
The stock has fallen about 50% from its all-time high. A major reason is growing uncertainty around AI.

Some investors believe powerful AI agents could take over many business tasks on their own. The fear is that if AI can manage workflows directly through APIs, companies may need fewer software licenses, or see parts of platforms like Salesforce as replaceable. For example, if one AI agent can handle the workload of five customer service employees, companies may need fewer paid user licenses. That could directly pressure Salesforce’s traditional per-seat pricing model. This is the core risk investors are debating today.

The key question is simple: will AI make traditional software less important, or will it increase the need for platforms that organize data and workflows?

Later in the fundamental analysis, we will take a deeper look at this topic.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Salesforce.

Final Scoring

This score reflects how fundamentally attractive we believe Salesforce
is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score Salesforce on a scale from 0 to 100 — exclusively available to our paid members! ✨

🔍 The Software Reset: Who Survives?

The Future Investors — Tue, 10 Feb 2026 13:27:53 GMT

AI developments are putting software stocks under heavy pressure. In this article, we look at which software companies are most at risk and which are best positioned, by dividing them into four categories 👇

🔄 The Replaceables
Software that AI can replace faster than most expect.

🍋 The Squeezed
Software that stays in use but faces pressure on growth and pricing.

⚓ The Anchors
Mission-critical software that stays essential, without faster growth from AI.

🏆 The Beneficiaries
Software that directly benefits from AI and sees growth accelerate.

📉 What Happened?

Software stocks have been under pressure for months. Last week, the pressure increased, resetting the entire sector. The trigger was a wave of new developments around AI agents, plugins, and end-to-end workflows.

The launch of Claude Cowork, together with 11 new AI plugins, showed how fast work is shifting away from individual software tools. With these plugins, AI can now find new leads, review contracts, and prepare financial reports. Users no longer have to move between different apps. They explain what needs to be done, and the AI plans the steps, does the work, and takes care of follow-up.

OpenAI Frontier shows the same trend: AI built for companies that can plan tasks and get things done across multiple tools.

The reset hit many parts of the software sector, from enterprise software and design tools to productivity platforms and data analytics. There was no distinction between more speculative names and high-quality software — everything was sold. Because of the scale of the sell-off, the decline is now being called the “SaaSpocalypse.”

Below is an overview of the stocks that have been hit hardest year-to-date 👇

Source: Koyfin

After these declines, valuations of software stocks are much lower. The median EV/Revenue multiple now stands at 3.9x, the lowest ever. The EV/FCF (NTM) tells a similar story, currently trading at 25x — also an all-time low.

Source: Altimeter Capital Management

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🏷️ Why Software Is Being Re-Priced

This reset is not just about falling share prices. It reflects a real shift in how software creates value in an AI-driven world.

For years, the SaaS model was simple: more users inside the tool meant more seats, more revenue, and steady growth. AI breaks that link. If AI agents can draft, analyze, schedule, and follow up, fewer people need to log in and do the work themselves. And when fewer humans are active inside the product, seat-based growth slows down.

At the same time, customers start to think differently about pricing. They don’t want to pay for a growing number of seats if an AI agent can do the job. They want to pay for the task or the result. That changes pricing power. It becomes harder to raise prices, harder to expand revenue per customer, and easier to replace multiple tools with one AI-driven workflow.

This also changes who controls the workflow. AI agents increasingly decide which tools to use and when. In many cases, software becomes the “back-end,” while the AI layer becomes the main interface. That shift matters, because the company that owns the workflow captures more of the value.

This shift is also visible in the changing total addressable market for software in the coming years. As the chart below shows, value is increasingly moving from traditional SaaS toward AI agents.

Source: Gartner, Goldman Sachs Research

So the market is re-pricing software. Not because software is dead, but because not all software will matter in the same way. Some products will be replaced. Others will stay in place but see slower growth as pricing power and margins come under pressure. There are still clear winners. Mission-critical platforms that are deeply embedded will remain essential. And a smaller group will benefit directly from AI, where demand and growth can accelerate.

That brings us to the key question: which software companies will survive?
Which are most at risk and which can win in an AI-driven world?

To answer that, we divide software companies into the following four categories:

🔄 The Replaceables
Software that AI can replace faster than most expect.

🍋 The Squeezed
Software that stays in use but faces pressure on growth and pricing.

⚓ The Anchors
Mission-critical software that stays essential, without faster growth from AI.

🏆 The Beneficiaries
Software that directly benefits from AI and sees growth accelerate.

This content is available exclusively to our paid subscribers ✨

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Upgrade now to discover in which category we place each software company 🔓

Let’s start with “The Replaceables”.

🔄 The Replaceables

The Replaceables are the highest-risk group within software. These are companies whose products are easiest to replace by AI agents.

📦 Unpacked #9: Broadcom

Thu, 29 Jan 2026 13:51:57 GMT

Welcome to the 9th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Broadcom — a global semiconductor and infrastructure software powerhouse, playing a critical role in AI, data centers, networking, and enterprise cloud.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of Broadcom — and see how we score it!

History and Business Model

Source: Broadcom’s Heritage of Innovation (Broadcom Investor Relations)

Broadcom’s story goes way back, much further than most tech giants. It started in 1961 as a semiconductor division inside Hewlett-Packard, called HP Associates. Decades later, in 1999, it became part of Agilent Technologies after a spin-off from HP.

A big shift came in 2005, when private equity firms KKR and Silver Lake bought the semiconductor unit and renamed it Avago Technologies. Avago went public in 2009 on the Nasdaq under ticker $AVGO.

Avago grew quickly through acquisitions. The biggest moment came in 2016, when it completed the $37 billion acquisition of Broadcom. After the deal, the company took the Broadcom name (the stronger global brand) and decided to keep the $AVGO ticker from the Avago days.

Later, Broadcom also moved into infrastructure software. The largest step came with the acquisition of VMware, a leader in virtualization and cloud infrastructure software, announced in 2022 and completed in November 2023, valued at around $69 billion.

Today, Broadcom’s mission is clear:

“To deliver the best semiconductor and infrastructure software solutions to enable our customers to build and grow their businesses.”

The video below gives a clear overview of what Broadcom exactly does 🎥👇

Business Model explained

Broadcom is not just a chip company. Today, it has two main business segments: Semiconductor Solutions and Infrastructure Software.

Source: Broadcom ecosystem (Broadcom Investor Relations)

🧠 1. Semiconductor Solutions
This is Broadcom’s largest business. It sells chips used in data centers, networks, broadband, smartphones, and storage systems. Many of these chips are essential for moving data fast and keeping networks running smoothly. Broadcom also builds custom chips for some of its biggest customers. Once these chips are designed into a system, they’re not easy to swap out, which helps Broadcom keep long-term demand.

🖥️ 2. Infrastructure Software
Broadcom also sells software that large companies use every day to keep their IT running. This includes software for mainframes, cybersecurity, and cloud infrastructure. The biggest part today is VMware, which helps companies run their servers and build private clouds. This business brings in more recurring revenue, because customers usually stay for years and pay ongoing fees.

⚖️ Why this mix matters
Broadcom’s strength is that it combines scale in hardware with sticky software revenue. Semiconductors benefit from AI and data center growth. Software brings stability and recurring cash flows. Together, this makes Broadcom one of the most important companies in global technology.

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Revenue Breakdown

On December 11, 2025, Broadcom reported its Q4 FY25 results. Revenue reached $18.0 billion, up +28% YoY.

🧠 Semiconductor Solutions – $11.1B (62%)
Broadcom’s largest segment, driven by networking, connectivity, broadband, and AI-related demand.

🖥️ Infrastructure Software – $6.9B (38%)
Recurring software revenue, led by VMware and enterprise infrastructure products.

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Recent Developments

Broadcom has had a strong year. It doubled down on AI infrastructure, expanded VMware, and launched new products across networking and wireless. Here are the biggest developments since late 2024:

1️⃣ Joining the trillion-dollar club
In December 2024, Broadcom became a $1 trillion market cap company for the first time. Today, it is worth over $1.5 trillion, supported by strong AI demand and a growing software business.

2️⃣ Jericho4: a new networking chip for AI data centers
In mid-2025, Broadcom launched Jericho4, a networking chip built for AI data centers. It helps move huge amounts of data faster, even across longer distances between data centers.

3️⃣ Scaling custom AI chips for hyperscalers
Over the past year, demand has grown for Broadcom’s custom AI chips (XPUs) from hyperscale customers. Instead of selling one “standard” accelerator, Broadcom helps large platforms build chips tailored to their own workloads.

4️⃣ A massive OpenAI partnership for custom AI accelerators
In October 2025, Broadcom and OpenAI announced a strategic collaboration to build up to 10 gigawatts of custom AI accelerator systems. OpenAI will design the chips, while Broadcom will develop and deploy them. The rollout is expected to start in H2 2026 and run through 2029.

5️⃣ The industry’s first Wi-Fi 8 silicon ecosystem
Also in October 2025, Broadcom introduced its Wi-Fi 8 silicon solutions, bringing the next wave of faster and more stable wireless connectivity for future devices and networks.

6️⃣ VMware Cloud Foundation becomes more “open”
In November 2025, Broadcom expanded the VMware Cloud Foundation (VCF) ecosystem with a more open partner approach. This makes it easier for enterprises to build modern private cloud environments with more certified hardware and infrastructure partners.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Broadcom.

Final Scoring

This score reflects how fundamentally attractive we believe Broadcom is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score Broadcom on a scale from 0 to 100 — exclusively available to our paid members! ✨

🔍 What Will Shape the Market in 2026?

The Future Investors — Mon, 15 Dec 2025 15:00:33 GMT

2025 has been a strong year for the markets. Major indexes reached new record levels, even after a sharp correction in April due to trade tensions.

Looking at 2026, the question is simple: what comes next? After a year like this, expectations rise — but markets can always surprise. One thing we do know: the market can’t be predicted.

In this Insights article, we share our seven predictions for 2026 🔮. These are not facts or promises, just seven bold views on how the market could evolve over the year ahead.

Let’s dive in 👇

📈 #1: S&P 500 to $7,700, Nasdaq reaches $27,000

For 2026, we expect another positive year for the major U.S. indexes. Earnings growth will play a big role, especially for large technology companies. Big Tech still sets the tone for the market, and expectations going into next year look solid. On top of that, one or more interest rate cuts from the Fed could support markets further.

It’s often said that markets are expensive — and that’s true. For example, the S&P 500 is trading at a P/E ratio close to 31, which is high compared to history. But valuation alone doesn’t tell the full story. When we look at valuation together with expected earnings growth, the picture looks more balanced. The S&P 500’s PEG ratio is around 1.2, showing that valuations are high but not extreme when compared to expected growth.

Source: S&P 500 Valuation PEG Ratio, Yardeni Research

Because of this, we see room for the S&P 500 to move toward $7,700 (+12%) in 2026. For the Nasdaq, we see potential to reach $27,000 (+16%), supported by earnings growth and easier financial conditions.

📊 #2: Healthcare & Energy lead, Consumer sectors struggle

When it comes to sectors, Healthcare and Energy stand out in 2026. Healthcare is supported by aging populations, higher healthcare spending, and constant innovation. People keep using healthcare services in good times and bad, which helps revenues and earnings stay stable.

Energy benefits directly from the growth of AI. Data centers and digital infrastructure use huge amounts of electricity, pushing demand for power higher. This makes energy a key part of the AI story.

Technology will also have a good year, but the gap inside the sector becomes clear. Profitable tech companies with strong cash flows perform well. Unprofitable tech struggles as investors focus more on fundamentals.

Consumer sectors are under pressure. Higher prices leave consumers with less money to spend, which slows growth in these sectors.

🤖 #3: AI moves beyond tech, Nvidia reaches $6 trillion

AI remains the main theme in 2026, but it is no longer limited to the tech sector.

AI is now used across almost every industry. In Energy, it helps manage power grids and run data centers more efficiently. In Financials, AI improves fraud detection, risk management, and customer service. Across many sectors, companies use AI to work faster, lower costs, and improve productivity.

The difference in 2026 is that the results of years of AI investment become more visible. AI starts to deliver real value, not just future promises. A major breakthrough comes from AI agents. These tools handle tasks on their own and support both businesses and individuals in daily work. Adoption grows quickly as more people and organizations start using them.

As AI spreads across the economy, demand for computing power stays high. This puts Nvidia in a strong position, and we expect the company to reach a market cap of $6 trillion in 2026.

Source: Nvidia Investor Relations, Nvidia GTC 2024 keynote

💵 #4: Rates come down, volatility stays

In 2026, interest rates move lower, but not in a straight line. The Fed starts the year with one rate cut as inflation continues to ease and economic growth slows slightly. Later in the year, a second rate cut follows as inflation stays under control and the Fed looks to support the economy. By the end of 2026, we expect interest rates to be at 3.00%–3.25%.

But inflation doesn’t fully go away. Prices for services and wages stay higher, which keeps the Fed cautious and limits how fast rates can fall. Rate cuts support markets, but the era of “free money” does not return.

Because of this, markets stay volatile in 2026. Ups and downs are part of the picture, and markets won’t move in a straight line. Good returns are still possible, but investors need to focus on quality companies with strong fundamentals, as not all stocks move higher at the same time.

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🪙 #5: Bitcoin to $155,000, stablecoins drive adoption

Bitcoin starts 2026 relatively flat, with no clear direction. Later in the year, sentiment improves as financial conditions become easier. After the second rate cut, Bitcoin gains momentum and moves toward a peak of $155,000.

Ethereum also performs well. More activity on the network and wider use support its role in the crypto market. Many altcoins struggle. Only a small group with clear use cases and active communities performs well, while most altcoins fall behind.

Another clear trend is the growth of stablecoins. They are increasingly used for payments, transfers, and everyday transactions by people and businesses. This makes crypto more practical and easier to use across borders.

🚀 #6: A busy IPO year, SpaceX at $1.5 trillion

The IPO market picks up again in 2026. More companies decide to go public, with a strong focus on tech. Early in the year, Anthropic is the first big name to list in Q1. Later in the year, Canva and Databricks follow as market conditions improve and interest in new listings grows.

The biggest moment comes in September, when SpaceX goes public. The listing attracts global attention and becomes the largest IPO ever, with a market cap of $1.5 trillion.

Not every AI company goes public in 2026. OpenAI sees rising competition from players like Gemini, Claude, and Perplexity and decides to wait longer. The company shifts its IPO plans to 2027.

🤝 #7: More acquisitions, Microsoft buys UiPath

In 2026, acquisitions play a bigger role across Healthcare, Energy, and Technology.

In Healthcare, Eli Lilly acquires Abivax, a French biotech, to strengthen its pipeline and expand its position in immunology and inflammation.

In Tech, Microsoft acquires UiPath to bring AI-driven automation deeper into its enterprise ecosystem. By combining AI with workflow automation, Microsoft helps companies work more efficiently, lower costs, and automate everyday tasks across Office, Azure, and enterprise software.

Source: UiPath Presentation, strategical collaboration Microsoft

Deal activity also increases in AI infrastructure. Large tech companies move to secure access to compute and power, leading to more deals between Neo Cloud players and big tech.

These seven points reflect how we currently see 2026. They are predictions, not certainties. Markets change, new information appears, and reality often takes a different path.

The year ahead will show which themes play out and which ones surprise us.
And that’s what makes investing both challenging and rewarding.

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📦 Unpacked #8: SoFi Technologies

Thu, 27 Nov 2025 12:00:10 GMT

Welcome to the 8th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at SoFi Technologies — a fast-growing U.S. fintech platform transforming consumer finance across banking, lending, and investing.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of SoFi Technologies — and see how we score it!

History and Business Model

SoFi Technologies was founded in 2011 at Stanford University by Mike Cagney, Dan Macklin, James Finnigan and Ian Brady. The idea was simple: help students refinance their expensive loans with better technology and a smoother experience. It worked and SoFi grew quickly.

By 2015, the company moved beyond student loans into mortgages and personal loans, positioning itself as a modern, mobile-first alternative to traditional banks.

A key moment came in 2018, when Anthony Noto became CEO. Under his leadership, SoFi turned into a much broader platform. Instead of focusing on just one product, SoFi wanted to help people manage all their money in one place: saving, spending, borrowing, investing and budgeting.

That idea turned into the mission that still guides SoFi today:

”Help people reach financial independence to realize their ambitions.”

Source: SoFi One-Stop Shop, Investor Presentation

In 2021, SoFi went public on the Nasdaq, giving the company more resources to grow. A year later, in 2022, it received its U.S. bank charter — allowing SoFi to offer checking and savings accounts and fund its own loans at lower cost. This marked its shift from fintech startup to fully licensed digital bank.

From 2023 to 2025, SoFi expanded further with its banking products and its tech platforms, Galileo and Technisys, which now power many other fintech companies. Today, SoFi is building toward its long-term vision: becoming the financial operating system of the future.

Business Model explained

SoFi runs a fully digital financial platform built on three key areas:

💸 1. Lending
Lending is the core of SoFi’s business. It includes student loans, personal loans and home loans, which together generate most of SoFi’s revenue. The company earns money from interest on loans, from selling some loans into the secondary market, and from members who take additional SoFi products.
Because SoFi has a bank charter, it can fund loans with low-cost deposits, giving it stronger margins than most fintechs.

🏦 2. Financial Services
Financial Services covers everything that helps members manage and grow their money in one place. This includes checking & savings, SoFi Invest (stocks, ETFs, crypto), the SoFi credit card, insurance partnerships, and SoFi’s budgeting tools.
These products increase daily engagement and often lead members to use more SoFi services over time — a key part of its ecosystem strategy.

🧩 3. Tech Platform
SoFi also provides technology to other fintechs and digital banks. Galileo handles payments and card issuing, while Technisys provides cloud-based core banking systems.
This brings in steady, recurring revenue and adds a technology layer that makes SoFi different from most digital-only banks.

In the video below, CEO Anthony Noto explains how SoFi grew into a full financial platform 🎥👇

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Revenue Breakdown

On October 28, 2025, SoFi reported its Q3 2025 results. Net revenue reached $961.6 million, up +39% from Q3 2024.

💸 Lending – $493.4 million (48%)
Lending remains SoFi’s largest revenue source. Strong demand for personal loans and low-cost deposit funding helped drive solid margins in the quarter.

🏦 Financial Services – $419.6 million (41%)
Financial Services is catching up quickly to Lending. Growth in checking & savings balances, card spend, and investing activity pushed this segment close to record revenue.

🧩 Technology Platform – $114.6 million (11%)
Galileo and Technisys delivered steady growth as payment volumes increased and new fintech clients joined the platform.

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Recent Developments

Over the past year, SoFi has continued its evolution from a fast-growing fintech into a fully integrated digital financial platform. Here are the most important developments from late 2024 to today:

1️⃣ Major Loan Platform Expansion
In April 2025, SoFi secured $3.2 billion in new funding for its Loan Platform Business through agreements with Fortress and Edge Focus. This helps SoFi grow its personal loan offering while using less of its own balance sheet.

2️⃣ New Investment Products & IPO Access
SoFi expanded into private-market investing, giving members access to companies like OpenAI and SpaceX with low minimums. It also launched a new IPO access tool with PrimaryBid, allowing members to join public offerings earlier than before.

3️⃣ Crypto Launch Inside SoFi Bank
In November 2025, SoFi became the first nationally chartered U.S. bank to offer crypto trading directly inside a bank account — a major step in blending traditional banking with digital assets.

4️⃣ Blockchain-Based Money Transfers
Mid-2025, SoFi introduced a new international money transfer service using Lightspark’s blockchain technology. It moves money faster and cheaper by converting USD → BTC → local currency, starting with Mexico.

5️⃣ Product Innovation Across the App
SoFi released several new features to boost engagement: Level 1 options trading, smarter AI tools inside Cash Coach, new budgeting features, updates to SoFi Invest, and better credit card rewards.

6️⃣ Launch of the Agentic AI ETF
In September 2025, SoFi introduced AGIQ, an ETF focused on the next wave of AI companies — adding another accessible investment option for its members.

7️⃣ New Office Expansion
In October 2025, SoFi opened a new hub in Ballantyne (Charlotte, NC) to grow its engineering, operations, and financial services teams outside Silicon Valley.

8️⃣ Record Member Growth
SoFi passed 12.6 million members in Q3 2025 after adding a record 905,000 members in one quarter — up 35% year over year. The company now expects to add at least 3.5 million new members in 2025, showing strong demand and rising engagement across its platform.

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Fundamental Analysis

Now it’s time for the fundamental analysis of SoFi.

Final Scoring

This score reflects how fundamentally attractive we believe SoFi is as an investment, ranging from:

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🔍 Neo Cloud Crash: Time to Buy?

The Future Investors — Mon, 17 Nov 2025 13:14:15 GMT

The Neo Cloud sector has moved from extreme hype to extreme fear in just a few weeks. After a period of very strong interest in AI infrastructure, many of these stocks have dropped sharply in the last 1–2 weeks. Many investors become uncertain during drops like this and find it hard to keep their emotions under control.

In this Insights article, we take you along. We start by explaining what Neo Clouds are, why they matter, and why they are under pressure right now. Then we zoom in on the key players, look at the differences between them, and look at which one is best positioned to benefit in the long term.

☁️ What Are Neo Clouds?

Neo Clouds are a new generation of cloud providers that focus entirely on delivering the heavy infrastructure needed for modern AI workloads. Unlike traditional hyperscalers, which offer a wide range of general cloud services, Neo Clouds specialise in raw GPU compute power, high-speed networking, and storage built specifically for training and running AI models.

Their entire offering is built around GPU-as-a-Service: giving customers direct access to high-performance GPUs at scale. Because they operate in a single niche, they can often move faster, offer clearer pricing, and deliver capacity more efficiently than large cloud platforms.

The key characteristics of Neo Clouds are:

Built for AI – designed specifically for AI and machine learning.
GPU-focused – high-performance GPUs are the core of their business.
Optimized infrastructure – fast data movement, low-latency networks, dense GPU clusters.
Cost-efficient – often cheaper and more transparent than hyperscalers.
Faster access – customers can get the needed hardware quickly, without long waiting times.

And the timing couldn’t be more important. Demand for AI compute is growing faster than traditional cloud providers can keep up with. As companies like Meta, Microsoft, Google, and OpenAI push their model sizes higher, they need more GPU capacity — and they need it quickly.

📉 Why Neo Clouds Are Under Pressure

Despite their long-term potential, Neo Clouds have come under pressure in recent weeks. Valuations climbed quickly in the past months, expectations became very high, and the broader market pullback has made investors rethink growth, margins, financing, and execution risk across the sector.

At the same time, more people are starting to wonder if we may be entering an AI bubble. Institutions like the IMF and Goldman Sachs have warned about bubble risks in parts of this market and the possibility of sharp corrections. Out of fear, many investors choose to sell first and think later, which adds even more pressure to these stocks.

🔥 Who Are the Key Players?

The Neo Cloud sector is still young, but a few companies are already defining the space. These players differ in strategy, business model, scale, and the customers they serve. Below are the 5 key companies shaping the future of AI compute infrastructure.

1️⃣ CoreWeave (CRWV)

CoreWeave is a pure-play AI infrastructure provider built around massive GPU workloads, offering some of the largest HPC clusters in the industry. The company is known for deploying datacenters at high speed and securing industry-leading GPU allocations. Its customer base consists of big tech firms, leading AI labs, and enterprises training large models. CoreWeave operates with an aggressive, capital-intensive growth model, supported by long-term compute contracts and significant borrowing.

⚡ Power Capacity: 590 MW now. 2.9 GW contracted.
🤝 Partnerships: OpenAI $22.4 billion, Meta $14.2 billion, Microsoft multi-billion
🚀 Revenue Growth (2026E): +137%
💰 Current Marketcap: $38.6 billion
📉 Drop from ATH: -58.1%

2️⃣ Nebius Group (NBIS)

Nebius is a full-stack AI cloud platform, combining high-performance GPU infrastructure with managed services like Kubernetes, PostgreSQL, object storage, and developer tools. Its platform supports both training and inference, attracting a diverse mix of startups, enterprises, and AI-native companies. Nebius operates with a debt-free balance sheet, a diversified customer base, and a rapidly scaling European footprint. Its strategy focuses on offering a complete, developer-friendly ecosystem rather than raw GPU capacity alone.

⚡ Power Capacity: 220 MW now. 2.5 GW contracted.
🤝 Partnerships: Microsoft up to $19.4 billion, Meta $3 billion
🚀 Revenue Growth (2026E): +368%
💰 Current Market cap: $21.0 billion
📉 Drop from ATH: -40.8%

3️⃣ IREN Limited (IREN)

IREN is transforming from a low-cost Bitcoin miner into a rapidly scaling AI compute provider with one of the strongest power footprints in the industry. IREN controls almost the entire stack — from power and land to datacenter buildouts — giving it some of the lowest cost structures in the industry and a credible path to becoming a full AI compute provider. Its ultra-low-cost energy base gives it structural advantages for AI training workloads, and its pivot into AI compute is reinforced by long-term capacity agreements.

⚡ Power Capacity: 810 MW now. 2.91 GW contracted.
🤝 Partnerships: Microsoft $9.7 billion
🚀 Revenue Growth (2026E): +112%
💰 Current Market cap: $13.1 billion
📉 Drop from ATH: -39.7%

4️⃣ Applied Digital (APLD)

Applied Digital was one of the first miners to shift into HPC and AI compute hosting, turning its data centers into environments built for GPU workloads. The company focuses on modular, AI-ready data center design and cost-efficient hosting. Its financing and execution are important factors to watch as Applied Digital grows its AI compute business.

⚡ Power Capacity: 286 MW now. 600 MW+ contracted with >1 GW potential
🤝 Partnerships: CoreWeave $11 billion, U.S. based hyperscaler $5 billion
🚀 Revenue Growth (2026E): +79%
💰 Current Market cap: $6.8 billion
📉 Drop from ATH: -41.2%

5️⃣ Cipher Mining (CIFR)

Cipher is shifting from traditional mining toward AI datacenter development, leveraging very low-cost power to deploy compute clusters efficiently across the US. The company is expanding its MW capacity and targeting long-term hosting demand from enterprise and cloud customers. Execution and scale remain key as Cipher moves deeper into AI workloads.

⚡ Power Capacity: 477 MW now. 468 MW contracted. 3.2 GW pipeline.
🤝 Partnerships: Amazon $5.5 billion, Fluidstack/Google $3 billion
🚀 Revenue Growth (2026E): +74%
💰 Current Market cap: $5.7 billion
📉 Drop from ATH: -43.7%

Now that we’ve covered the five key players, all down 40%–60% from their recent ATHs, the real question is:

Is now the time to buy? 🕒
Which company is best positioned for the long term? 🥇

We break it all down in the next section 👇 — exclusively for our paid subscribers ✨

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📦 Unpacked #7: IREN Limited

Fri, 24 Oct 2025 13:02:37 GMT

Welcome to the 7th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at IREN Limited — a fast-growing Australian company building renewable-powered data centers for the AI era.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of IREN Limited — and see how we score it!

History and Business Model

IREN Limited, formerly Iris Energy, was founded in 2018 in Sydney by brothers Daniel and Will Roberts. Their idea was simple: use renewable energy to power the future of computing. They started with Bitcoin mining, turning clean, low-cost electricity into a more sustainable way to run energy-hungry data centers.

The company built its first sites near hydropower plants in British Columbia, Canada, where renewable power was cheap and reliable. That focus on clean energy gave IREN a strong advantage — both in cost and in sustainability — in an industry often criticized for its carbon footprint.

In the early years, IREN focused fully on Bitcoin mining. It was a way to generate cash and learn how to run large-scale computing operations efficiently. The business grew quickly, and in 2021 the company went public on the Nasdaq (ticker: IREN) to fund further expansion across North America.

As the AI boom began, IREN saw a much bigger opportunity. The same infrastructure built for mining could also power AI and high-performance computing (HPC) — and global demand for computing power was growing fast. In 2023, IREN began shifting from a pure Bitcoin miner to a renewable-powered infrastructure company, building new capacity to host large-scale GPU systems for AI clients.

In 2024 and 2025, IREN continued that shift, expanding in Texas, Canada, and Asia-Pacific. The company signed long-term partnerships with GPU providers and hyperscalers and started building its Next-Gen AI Compute Platform, designed to host NVIDIA GPUs at scale.

Today, IREN is in the middle of its transition from a Bitcoin miner to a renewable-powered data center company — building the infrastructure to power the rise of AI, still driven by the same clean-energy vision it started with.

The video below gives a good overview of IREN’s journey so far 🎥👇

Business Model explained

IREN uses renewable energy to power high-performance computing. It builds and operates large, clean-powered data centers for two key markets:

⛏️ Bitcoin Mining
IREN mines Bitcoin with its own hardware and earns revenue directly from the Bitcoin it produces. This part of the business provides steady cash flow and helps fund new projects.

🤖 AI and HPC Hosting
IREN also rents out computing power to companies running AI and cloud workloads — from training models to everyday processing. These contracts usually run for several years, creating predictable, recurring revenue.

What makes IREN different is that it builds and owns everything itself. It develops sites near renewable power, connects them to the grid, and operates the data centers directly. That keeps costs down and energy use low — a clear advantage in both Bitcoin and AI computing.

IREN’s model is changing quickly:

From volatile to recurring: As AI hosting grows, more of its revenue comes from long-term contracts instead of Bitcoin price swings.
From miner to infrastructure builder: IREN is turning into a clean-energy platform for the AI era, using its renewable roots to attract large customers who need sustainable compute power.
From hardware to capability: Its new high-density data centers can host advanced GPUs and AI systems that many traditional facilities can’t support.

Together, these shifts show how IREN is moving beyond Bitcoin — becoming a renewable-powered compute company building the infrastructure behind the AI revolution, while staying true to its clean-energy roots.

As CEO Daniel Roberts said earlier this year:

“We started with Bitcoin, but our mission was always bigger — to build the clean compute backbone for the next generation of technology.”

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Revenue Breakdown

On August 28, 2025, IREN reported its full-year FY25 results. Total revenue rose to $501 million, up 168% from FY24 — driven by strong Bitcoin mining output and early growth in AI services.

⛏️ Bitcoin Mining – $484.6 million (97%)
Bitcoin mining still makes up nearly all of IREN’s revenue. With low-cost renewable power and efficient operations, the company stays profitable even when Bitcoin prices move. This steady cash flow funds IREN’s expansion into AI infrastructure.

🤖 AI Cloud Services – $16.4 million (3%)
This new segment is small but growing fast. It includes early contracts to host GPU compute capacity for enterprise and hyperscale clients. These multi-year agreements bring predictable, recurring revenue and are expected to scale further in FY26 as new data centers come online.

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Recent Developments

IREN is steadily transforming from a Bitcoin miner into a renewable-powered data center company building the backbone for AI computing. Here are the recent key developments:

1️⃣ AI Cloud Expansion
This year, IREN rapidly scaled its AI Cloud business — growing from 1,900 to over 10,000 GPUs across sites in Canada and Texas. The company now expects to exceed 23,000 GPUs under contract and reach more than $500 million in annualized AI Cloud revenue by early 2026. Of the 23,000 GPUs targeted for AI Cloud, 11,000 are already under contract ($225 million ARR as of October 2025).

2️⃣ Multi-Year AI Contracts
This month, IREN signed several long-term hosting deals with enterprise and hyperscale clients. These agreements bring steady, recurring revenue and mark IREN’s shift toward a full GPU-as-a-Service model.

3️⃣ $1 Billion Funding Round
To finance its expansion, IREN raised $1 billion through convertible notes this month. The funding accelerates its new AI infrastructure buildout while limiting shareholder dilution.

4️⃣ Data Center Growth
IREN now has nearly 3 GW of grid connections secured across its main sites:

Childress, Texas (750 MW): first 50 MW data center on track for Q4 2025, second phase underway.
Sweetwater, Texas (2 GW): large AI hub set for April 2026.
Prince George, Canada (160 MW): transitioning from mining to AI, adding liquid-cooled NVIDIA Blackwell GPUs.

5️⃣ NVIDIA Partnership
IREN became an NVIDIA Preferred Partner, gaining early access to the new Blackwell GPUs. The company also expanded relationships with major cloud and enterprise clients focused on sustainable, high-performance compute.

6️⃣ New CFO
Last month, Anthony Lewis joined as Chief Financial Officer. With experience in infrastructure finance and GPU leasing, he’s helping IREN scale responsibly as it grows its AI operations.

7️⃣ Efficiency & Cash Flow
IREN’s mining operations remain highly efficient — with power costs around 3.5 ¢/kWh and strong cash generation. These profits help fund its AI expansion while keeping the balance sheet solid.

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Fundamental Analysis

Now it’s time for the fundamental analysis of IREN.

Final Scoring

This score reflects how fundamentally attractive we believe IREN is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score IREN on a scale from 0 to 100 — exclusively available to our paid members! ✨

🔍 Who Will Power the AI Energy Boom?

The Future Investors — Thu, 09 Oct 2025 11:07:00 GMT

Everyone is talking about AI. Every week brings a new breakthrough — a smarter chatbot, a more advanced language model, or an app that can generate realistic images and videos in seconds.

But behind all this digital progress is a growing network of data centers, servers, and cooling systems that keep AI running day and night. And all that infrastructure runs on one thing: electricity.

As AI keeps getting bigger, faster, and more powerful, the demand for energy is rising fast.

⚡ We Need More Electricity

AI data centers already use a lot of power, and that number keeps rising every month. By the end of 2025, they’re expected to consume around 536 TWh of electricity a year. That’s about 2% of all power used worldwide, similar to the yearly use of Japan. In the United States, data centers are on track to use around 224 TWh this year, close to 5% of the country’s total electricity.

And this is only the beginning. As AI continues to grow, electricity demand from data centers could quadruple over the next 10 years — reaching around 1,600 TWh by 2035, or more than 4% of global power demand.

Source: BloombergNEF

If data centers were a country, they’d already rank fourth in the world for electricity use — just behind China, the United States, and India.

In places like Texas and Virginia, power demand from AI data centers is now growing faster than demand from electric cars, hydrogen projects, or any other new technology.

It’s becoming clear that AI’s next big challenge isn’t data or chips — it’s having enough power to keep the lights on.

🔋 The Players Powering the AI Era

Meeting the growing power needs of AI isn’t just about building more data centers — it’s about making sure there’s enough energy to keep them running. In this section, we highlight some of the most important players shaping the new energy landscape. A wide range of companies is now working to meet that challenge. They can be divided into four categories:

Power Producers & Utilities – the companies generating the electricity that keeps AI data centers running.
Nuclear Innovators – next-generation players developing small, modular, and local nuclear solutions.
Clean-Tech & Storage Enablers – firms improving how energy is stored and used across the grid.
Grid & Infrastructure Builders – the engineers and contractors modernizing the power networks that connect it all.

🏭 1. Power Producers & Utilities

The companies that actually generate electricity are the most direct winners of AI’s power boom. Every new data center needs huge amounts of steady, reliable energy — and these utilities are the ones keeping everything running:

Constellation Energy (CEG) – The largest producer of carbon-free electricity in the U.S., powered mostly by nuclear energy. Constellation already supplies clean power to Microsoft, Google, and Amazon — putting it right at the center of the AI build-out.
Vistra (VST) – A U.S. power company with gas, battery, and nuclear plants. Its strong presence in Texas — one of the fastest-growing hubs for data centers — makes it perfectly positioned to meet the surge in AI-driven demand.
NextEra Energy (NEE) – North America’s biggest renewable-energy company, operating the largest wind and solar portfolio on the continent. As AI firms push to use greener power, NextEra is quickly becoming a key partner for the major tech players.
NRG Energy (NRG) – A major U.S. electricity supplier with a mix of natural gas and renewables. NRG helps balance the grid and ensure uptime as data centers run non-stop across the country.

Together, these companies form the backbone of the AI energy chain — delivering the electricity that makes the digital world run.

☢️ 2. Nuclear Innovators

While today’s power grid still relies heavily on traditional nuclear and gas plants, a new generation of companies is reinventing nuclear energy for the AI era — smaller, safer, and closer to where the demand is.

Oklo (OKLO) – Backed by Sam Altman, Oklo is building compact nuclear reactors designed to power data centers and industrial sites. Their small size and self-contained design make them ideal for local, 24/7 AI operations.
NuScale Power (SMR) – A pioneer in small modular reactors (SMRs) that can be built faster and in more places than traditional plants. NuScale’s approach could make nuclear a flexible and scalable option for data-center power.
Cameco (CCJ) and Centrus Energy (LEU) – These companies supply the uranium and advanced nuclear fuel that new and existing reactors depend on — the essential materials that keep nuclear energy in motion.

Nuclear power is making a comeback — offering a low-carbon, faster way to produce reliable energy for AI data centers. But building this new generation of reactors will still take years.

🌱 3. Clean Tech & Storage

AI isn’t just driving demand for more electricity — it’s also pushing the grid to become smarter and more efficient. That’s where clean-energy and storage companies come in. They don’t generate power themselves, but they help store it, balance it, and make sure it’s available when data centers need it most.

Fluence Energy (FLNC) – A global leader in large-scale battery storage. Fluence helps utilities manage supply and demand as AI-driven energy use becomes more unpredictable. Its systems are already deployed across major data-center regions.
Bloom Energy (BE) – Builds on-site fuel cells that can deliver reliable, low-emission power directly to data centers. Bloom’s systems reduce grid dependency and help companies meet sustainability goals without sacrificing uptime.
Eos Energy (EOSE) – Developing zinc-based batteries that store energy longer and more safely than traditional lithium systems. The technology is promising, but Eos remains in an early stage and carries higher risk as it scales production.

These companies are building the flexibility layer of the AI energy system — ensuring that as demand keeps growing, the grid can keep up.

🏗️ 4. Grid & Infrastructure Builders

Even the best power producers and battery systems can’t do much without strong infrastructure. As AI data centers multiply, so does the need for modern power lines, transformers, and grid upgrades to deliver all that electricity where it’s needed.

Quanta Services (PWR) – One of the largest contractors modernizing power grids in North America. Quanta designs and installs transmission lines, substations, and fiber networks — the backbone of the digital and energy infrastructure powering AI.
GE Vernova (GEV) – Recently spun off from General Electric, GE Vernova focuses on turbines, grid equipment, and software that help connect renewable energy sources to the grid. Its technology improves efficiency and keeps the system stable as power demand soars.

They’re the foundation of the AI energy economy — making sure that power, wherever it’s produced, actually reaches the servers driving the next wave of innovation.

The AI energy race is heating up 🔥
There will be winners — and there will be losers.

We’ve identified 3 energy stocks we believe are perfectly positioned to power the AI era.

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📦 Unpacked #6: Axon

Fri, 26 Sep 2025 12:39:55 GMT

Welcome to the 6th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Axon — the company behind the TASER, body cameras, and cloud software that’s redefining public safety.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of Axon — and see how we score it!

History and Business Model

Axon Enterprise was founded in 1993 by Rick Smith, originally under the name TASER International, with the goal of protecting life by building safer alternatives to firearms. After two of his friends were killed in a shooting, Smith became convinced that technology could help reduce violence. The first step was the TASER, a non-lethal weapon designed to stop threats without having to use bullets. Today, Axon defines its mission more broadly: “to protect life, capture truth, and accelerate justice.”

Through the 1990s and 2000s, TASER devices spread across police departments in the U.S. and abroad. But Axon realized that protecting life also required trust and transparency. In response, the company expanded into body-worn cameras, giving officers and communities a new level of accountability.

In 2001, the company went public on the Nasdaq under the ticker TASR, providing capital to scale internationally. In 2017, TASER International rebranded as Axon Enterprise, reflecting its broader mission to build a connected ecosystem of safety technology. The ticker changed to AXON, marking its shift from hardware maker to full public safety platform.

Today, Axon operates across three areas: TASER devices, body cameras, and the Axon Cloud, which securely stores and manages digital evidence. Together, they form an integrated system designed to protect life, increase accountability, and accelerate justice.

Business Model explained
Axon makes money through a mix of hardware and recurring software subscriptions. What began as a product company has evolved into a software-driven platform with SaaS at its core:

Devices: TASERs and body cameras, often sold through multi-year contracts with upgrades included.
Software: The Axon Cloud stores and manages video and evidence on a subscription basis, creating sticky, high-margin revenue.
Bundles: With Officer Safety Plans, agencies pay predictable annual fees for hardware, software, and support combined.

This gives Axon the best of both worlds: steady hardware demand plus scalable, recurring revenue. Once an agency adopts Axon, switching becomes difficult — evidence, workflows, and training are all tied into the platform.

By combining devices, cloud, and services into one ecosystem, Axon has built a business that grows with each contract and becomes stronger as more users and evidence flow into its network.

🎥 Watch the video to discover how the Axon Ecosystem helps protect more lives in more places 👇

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Revenue Breakdown

In the second quarter of 2025, Axon reported $669 million in revenue, up 33% from last year. Most growth came from software, with devices helping to widen the customer base and tie more users into subscriptions.

Software & Services ($292 million, 44%)
Axon’s cloud platform is at the heart of its growth. It helps agencies manage digital evidence, run operations in real time, and even train officers through VR and AI tools. Because customers pay through subscriptions, revenue is both recurring and high-margin. And as agencies add more users and features, those revenues naturally scale up.

Connected Devices ($377 million, 56%)
This segment includes Axon’s hardware, which is key to getting agencies into the ecosystem. It has two main parts:

TASER ($216 million, 32%)
TASERs remain a cornerstone of the business, with steady demand from upgrades and refresh cycles — especially the new TASER 10. Beyond device sales, TASERs often serve as the first step toward wider Axon bundles and cloud subscriptions.
Sensors & Platform Solutions ($161 million, 24%)
This category covers body-worn and in-car cameras, VR training gear, fixed cameras, drones/counter-drone tools, and interview-room systems. These products connect directly with the Axon Cloud, making agencies more reliant on its platform.

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Recent Developments

Axon is steadily turning into a full public safety platform. Here are the most important developments from the past year:

AI Era Plan
Launched in 2024, the AI Era Plan bundles together Draft One (AI report writing), Policy Chat, real-time translation, and auto-transcription. These tools cut down paperwork and boost officer productivity, with Draft One quickly becoming one of Axon’s fastest-selling products.
Body 4 and ALPR cameras
The Body 4 bodycam now offers sharper video, livestreaming, and a built-in voice assistant. Axon also added Outpost and Lightpost ALPR cameras for real-time vehicle recognition.
Partnership with Ring
In 2025, Axon announced a partnership with Ring. Residents can choose to share home security footage with police, strengthening collaboration between communities and agencies.
Drones and counter-drone
Through a partnership with Skydio and the acquisition of Dedrone, Axon is expanding into drone programs and counter-drone defense. Both integrate with the Axon Cloud.
Brief One for Justice
Set to launch in October 2025, this AI-powered solution is designed for prosecutors and public defenders. It streamlines the review of massive volumes of digital evidence, easing caseload pressures and speeding up court workflows.
Prepared acquisition
Prepared, an AI-powered emergency response startup, has been acquired. Its technology helps 911 centers transcribe and translate calls and stream live video. The deal is expected to close in early Q4 2025.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Axon!

Final Scoring

This score reflects how fundamentally attractive we believe Axon is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score Axon on a scale from 0 to 100 — exclusively available to our paid members! 🚀

📦 Unpacked #5: MongoDB

Tue, 26 Aug 2025 14:08:35 GMT

Welcome to the 5th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at MongoDB — the software company and database disruptor that has become a cornerstone of modern applications.

We break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

Now let’s unpack the fundamentals of MongoDB — and see how we score it!

History and Business Model

MongoDB was founded in 2007 in New York by Dwight Merriman, Eliot Horowitz, and Kevin Ryan. The three had previously worked together at DoubleClick, where they kept running into the same problem: traditional relational databases couldn’t keep up with the flexibility and scale the internet required. Data was getting more complex, but the tools to manage it were outdated and inflexible.

The solution they created was MongoDB, a database designed to store and work with data in a more natural way. Instead of fixed rows and tables, it used a flexible, document-based system that let developers move faster and update their apps more easily. The first release came in 2009, and adoption spread fast through the developer community. Over the years, MongoDB grew from an open-source project into one of the most widely used modern databases, supported by a strong ecosystem and community.

In 2017, the company went public on the Nasdaq, and became a recognized name in enterprise software. Today, MongoDB is used by companies of all sizes, powering apps in finance, healthcare, gaming, and e-commerce.

👉 In the video below, MongoDB is explained in just 100 seconds:

Business Model explained
MongoDB makes money primarily through its subscription-based services. Its core product, MongoDB Atlas, is a fully managed cloud database that runs across AWS, Google Cloud, and Azure. Customers pay based on usage, which means as their applications scale, MongoDB’s revenue grows too. This creates a sticky, recurring model where revenue naturally grows with customer success.

Beyond Atlas, MongoDB also sells enterprise licenses and support for companies that want to run databases on their own infrastructure. These customers pay for features like advanced security, compliance, and analytics — areas that are critical for large organizations with complex requirements.

The mix of open-source adoption, a fast-growing cloud platform, and enterprise contracts gives MongoDB a balanced model: easy for developers to start with, but also valuable for the largest companies running critical applications.

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Revenue Breakdown

In the first quarter of fiscal year 2026, MongoDB reported $549 million in revenue, up 22% from last year. Most of this comes from its cloud platform Atlas, but the company also earns from on-premise enterprise solutions and services.

MongoDB Atlas ($395 million, 72%)
Atlas is MongoDB’s fully managed cloud database that runs on AWS, Google Cloud, and Azure. It has become the company’s main growth driver, offering scalability, automation, and global availability out of the box. Revenue here rises as customers use it more, making it a recurring stream that grows with customer success.

Enterprise Advanced ($136.2 million, 25%)
Enterprise Advanced includes on-premise licenses and support for companies that prefer to run MongoDB themselves or need extra security, compliance, and integration features. It is smaller than Atlas, but still important for large corporations running critical workloads.

Services ($17.5 million, 3%)
This segment covers professional services like training, consulting, and customer support. It’s a small part of revenue, but helps customers get more out of MongoDB and builds stronger long-term relationships.

Recent Developments

MongoDB has been building its platform for the next wave of applications. With new product updates, acquisitions, and partnerships, the company has shown where it’s heading:

MongoDB 8.0 release
In October 2024, MongoDB launched version 8.0 with big performance gains. Reads became 36% faster, updates nearly 60% more efficient, and scaling across servers easier and cheaper.
Acquisition of Voyage AI
In early 2025, MongoDB acquired AI startup Voyage AI for around $220 million. The deal strengthens MongoDB’s ability to integrate real-time data, embeddings, and semantic search directly into its database. A clear step to position Atlas as a go-to platform for AI-powered applications.
Expanded partnership with Google Cloud
At Google Cloud Next 2025, MongoDB announced an expansion of Atlas to new regions like Mexico and South Africa. It also added deeper integration with Google’s Gemini AI tools to make developers more productive.
Strong financial results and buyback program
In Q1 FY 2026, MongoDB posted $549 million in revenue, up 22% from last year, with Atlas growing 26%. It added over 2,600 customers — its best quarter in years — and launched an $800 million share buyback program.

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Fundamental Analysis

Now it’s time for the fundamental analysis!

Final Scoring

This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score MongoDB on a scale from 0 to 100 — exclusively available to our paid members! 🚀

🔍 Is AI Really Killing Software?

The Future Investors — Thu, 14 Aug 2025 12:18:48 GMT

Global markets are near record highs, with tech leaders like Nvidia, Broadcom, Palantir, and TSMC hitting new highs thanks to the AI boom.

But not every corner of the tech sector is joining the celebration. While most chip and AI infrastructure stocks have risen strongly, the software sector is under pressure in recent weeks. Many big names in enterprise and consumer software have fallen sharply:

Salesforce: Below April levels and more than 35% under its December high.
Adobe: Down 21% this year and almost 50% below its peak.
SAP: 10% off recent highs, incl. a 6% drop Tuesday — its worst day since 2020.
Workday: Down 14% this year.
Monday.com: Fell 30% after this week’s earnings.
Atlassian: Down 50% since February, with more losses after last week’s earnings.
FICO: From $2,200 in May to $1,335 — almost 40% lower.

What’s going on, and why are so many software stocks struggling?

🤖 AI Fear in the Software Sector

One of the biggest worries in the sector right now is that AI could replace big parts of today’s software. If AI can quickly design graphics, write code, create marketing content, prepare taxes, or handle complex tasks, many current software products could lose their value.

That fear grew louder last week with the launch of ChatGPT-5. The new version from OpenAI can handle far more complex requests, connect with multiple tools at once, and produce results in seconds that would normally require several pieces of software. Paired with its ability to run custom “AI agents” in the background, ChatGPT-5 blurs the line between a chatbot and an all-in-one work platform.

For investors, the fear comes down to three things: losing revenue if customers switch to cheaper or free AI tools, new competition from AI-first startups, and lower valuations as some software is seen as less defensible — and easier to replace. It all leads to one big question: why would customers keep paying for standalone software if AI can do the same job faster, cheaper, and with less effort?

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Is this fear really justified? Is AI truly going to kill software stocks, or is that too simplistic?

Further in this article, we’ll share our vision — and reveal the 5 software companies we believe are best positioned to succeed in the AI era. Exclusive for our premium members ✨

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🔍 The New Magnificent 7 – Which Stocks Will Dominate in 2035?

The Future Investors — Sat, 26 Jul 2025 10:22:12 GMT

The current Magnificent 7 changed the stock market forever. But the world doesn’t stand still. As new technologies emerge and global trends shift, the door is opening for a new generation of winners.

In this article, we spotlight 7 publicly traded companies that aren’t part of today’s Magnificent 7 — but have the fundamentals, vision, and momentum to lead the market in 2035 and beyond.

We’ll start with the current Magnificent 7. What makes them so dominant, and what do they have in common?

Next, we’ll explore what it takes to become a future market giant.

And finally, we’ll count down the 7 companies we believe are best positioned to become the next big winners — with the potential to join the world’s most dominant companies by 2035.

But first, let’s take a closer look at today’s giants.

🏛️ The Market Giants of Today

Right now, seven companies dominate the global stock market. Known as the Magnificent 7, these tech titans drive innovation, shape entire industries, and have delivered massive returns for investors:

Nvidia: Powers the AI revolution with world-class GPUs and data center chips.
Microsoft: Dominates enterprise software, cloud computing, and AI integration.
Apple: Sells premium hardware and runs a sticky ecosystem of services.
Amazon: E-commerce and AWS powerhouse
Alphabet: Owns Google and YouTube, monetizing massive ad and search traffic
Meta: Connects billions of people via Facebook, Instagram, and WhatsApp
Tesla: Transforming mobility and energy with EVs, self-driving tech and clean power.

These companies operate in different industries, but they share several key qualities.

They’re all leaders in their category, serve billions globally, generate strong cash flows, and constantly innovate to stay ahead. Most were built or shaped by visionary founders and CEO’s, and over time, they’ve built wide moats through platform power, user data, and brand loyalty. But none of them started at the top. And history shows that market leadership can shift over time.

✅ The DNA of Tomorrow’s Market Leaders

Not every fast-growing company is built to become a global giant. To join the next-generation Magnificent 7, a company needs a combination of vision, scale, and long-term execution — the kind that leads to global impact and lasting dominance.

Here’s what we believe defines the next market leaders:

Faster-than-average growth
15–20%+ annual growth in revenue or earnings or a clear path to massive market expansion.
A deep and growing moat
Think intellectual property, platform strength, network effects, or high switching costs — advantages that strengthen with scale.
A strong position in a megatrend
AI, energy transition, climate tech, fintech, healthcare, robotics — trends shaping the next decade.
Continuous innovation
Always moving forward with new ideas, better products, and smart improvements to stay ahead of the competition.
Visionary leadership or founder DNA
Exceptional leaders who can see where the world is going and build toward it like Jensen Huang, Elon Musk, or Jeff Bezos.
Massive cash flow potential
Scalable, profitable business models, not just exciting stories without earnings.
Global reach and ambition
These companies don’t stay niche — they build for the world.

This is the bar. And only a select few publicly traded companies today have the potential to reach it.

It’s time to look ahead: which companies could define the next decade?

We’ve identified 7 U.S. companies that are already publicly traded, not part of today’s Magnificent 7, but have the fundamentals, vision, and momentum to become the world’s most dominant companies by 2035.

#7: Eli Lilly (NYSE: LLY)

🪙 Marketcap: $723B
📈 Est. Revenue CAGR (5Y): 30.1%
💵 Est. EPS CAGR (5Y): 17.6%

Eli Lilly is positioning itself as a global leader in healthcare — and, in our view, a serious contender for the next Magnificent 7.

Powered by two massive megatrends, obesity and Alzheimer’s, its GLP-1 drugs (like Mounjaro and Zepbound) are transforming treatment standards. Demand is soaring, margins are strong, and the company has the pricing power and scale to stay ahead.

With a strong pipeline, solid financials, and proven execution, we believe Eli Lilly has everything to become one of the most dominant companies in the world by 2035.

The Future Investors (Vincent & Stefan) currently do not hold a position in Eli Lilly.

Eli Lilly is a frontrunner, but six other U.S. companies are also on track to become the market leaders of tomorrow.

One is becoming the operating system of the enterprise 🏢
Another is quietly transforming into a global platform 🌍

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📦 Unpacked #4: Hims & Hers

The Future Investors — Tue, 24 Jun 2025 15:04:53 GMT

Welcome to another edition of Unpacked, our monthly series where we explore a different company in detail. Each month, we break down its story, business model, and highlight the latest developments.

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

In our fourth Unpacked, we’re taking a deep dive into Hims & Hers — a fast-growing health and wellness brand that’s changing the way people take care of themselves. Launched in 2017, the company started with a simple idea: make it easier (and less awkward) to access care for everyday health issues that are often overlooked or uncomfortable to talk about. Think hair loss, anxiety, acne, weight management, and more — all available online, without a waiting room.

Hims & Hers has built a modern, user-friendly experience that combines telehealth, personalized treatment plans, and monthly subscriptions, delivered straight to your doorstep. It’s healthcare designed for today’s world: simple, affordable, and approachable.

What’s driving Hims & Hers’ growth today? Is it their focus on removing friction from healthcare, the strength of their brand, or the recurring revenue built into their model? And most importantly — is Hims & Hers a company with long-term potential for investors?

Now let’s unpack the fundamentals of this digital health disruptor — and check out how we score it!

History and Business Model

Hims & Hers started in 2017 with a simple but powerful idea: make healthcare accessible, affordable and more comfortable, especially for issues people often find awkward to talk about. The company launched with treatments for things like hair loss and erectile dysfunction, conditions that are common, but not always easy to bring up with your doctor. The response was huge, and it wasn’t long before “Hers” was introduced to serve women’s health needs too.

The founder, Andrew Dudum, believed that healthcare shouldn’t be expensive, confusing, or embarrassing. So instead of in-person doctor’s visits, Hims & Hers built a digital platform where people could answer a few questions online, get their case reviewed by a licensed medical provider, and — if approved — have treatment delivered right to their door. No waiting rooms, no awkward conversations, just simple care at home.

Since then, the company has grown far beyond its original products. Today, Hims & Hers offers care across six main areas: mental health, hair loss, sexual health, skincare, weight management, and primary care. From therapy and acne treatment to GLP-1 weight loss plans, everything is designed to be affordable, private, and easy to access, especially for younger people who prefer managing their health online.

Source: Hims.com platform

The business model is built on three key pillars:

Telehealth Platform
Instead of going to a doctor in person, users can connect with licensed healthcare professionals through the Hims & Hers platform. These providers can diagnose conditions, create personalized treatment plans, and prescribe medication — all online. Behind the scenes, a medical team helps ensure that all treatments are safe, effective, and based on real clinical expertise.
Subscription-Based Products
Most treatments are offered as monthly subscriptions, creating a steady, predictable revenue stream, and helping build long-term customer relationships. This includes everything from medications to skincare and wellness supplements.
Vertically Integrated Brand
Hims & Hers manages nearly the entire customer journey, from the online visit to the packaging and shipping of products. This helps them keep quality high, prices low, and the experience smooth from start to finish. The company also invests heavily in design, branding, and user experience to make healthcare feel as simple and approachable as shopping online.

In early 2021, Hims & Hers went public through a SPAC merger. Since then, it’s continued to grow quickly, gaining millions of customers and expanding its range of services. While many digital health startups have struggled, Hims & Hers is one of the few showing strong revenue growth and a clear path toward profitability.

At its core, Hims & Hers isn’t trying to replace your doctor — it’s creating a modern front door to everyday care. And with its smart use of tech, focus on convenience, and direct relationship with customers, it’s become one of the most interesting companies in the future of healthcare.

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Revenue Breakdown

In the first quarter of 2025, Hims & Hers brought in $586 million in revenue — more than twice as much as the year before. That growth came mainly from their online subscription model, with one category in particular leading the way:

Online Subscriptions ($576 million, 98%)
Almost all revenue comes from customers who subscribe to monthly treatments. These subscriptions cover a wide range of needs, from hair loss and mental health to skincare, sexual health, and primary care.

Weight loss is one of their fastest-growing areas. They offer GLP-1 treatments, like compounded semaglutide, and oral kits, all with medical support. In Q1 2025, weight-loss subscriptions saw a big jump and made up a large share of subscription sales.

Wholesale & Retail ($10 million, 2%)
Hims & Hers also sells a selection of wellness and skincare products in stores like Target and Walmart. This is a much smaller part of the business, but it helps grow brand awareness and reach customers who aren’t (yet) on the platform.

Recent Developments

Hims & Hers hasn’t been standing still. Over the past few months, the company has taken big steps — expanding into Europe, launching new products, and building out fast-growing areas like weight loss and women’s health — but it’s also run into problems with its weight-loss treatments. Here are the most important recent developments:

Novo Nordisk partnership abruptly ended
Yesterday, Novo Nordisk said it is ending its partnership with Hims & Hers effective immediately. Novo Nordisk claims Hims & Hers sold its own versions of semaglutide as “personalized” treatments, even after the FDA declared the shortage over. Novo Nordisk warns this could lead patients to use unapproved drugs, putting their health at risk.
CEO Andrew Dudum responded on X with the following message:
Source: Andrew Dudum X Profile

The shares fell by almost 35% yesterday after the announcement. The company’s GLP-1 portfolio is now under pressure, but customers can still access “personalized” semaglutide plans starting at $165 per month while the company looks for new branded options.
Expanding to Europe with the acquisition of ZAVA
In June 2025, Hims & Hers announced it’s going international by acquiring ZAVA — a leading digital health platform active in the UK, Germany, France, and Ireland. This move gives the company a strong starting point in Europe, with its own branded services rolling out in these countries soon.
Strengthening the leadership team
To support its growth, Hims & Hers added two experienced names to its leadership team: Mo Elshenawy (former CTO at Cruise) joined as Chief Technology Officer, and Nader Kabbani (ex-Amazon) came on board as Chief Operating Officer. Both are focused on scaling the platform and making operations more efficient.
A new innovation in women’s hair care
Last week, Hers introduced the first prescription-strength hair regrowth gummy for women. It’s a tasty, once a day gummy that combines minoxidil and biotin to promote hair growth. It makes the treatment simple and easy to include in any routine.

These moves show that Hims & Hers is pushing to become a global leader in personalized, tech-powered healthcare, even as it works to improve its weight-loss treatments.

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Fundamental Analysis

Now it’s time for the fundamental analysis!

Final Scoring

This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:

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🔍 Is Now the Time to Buy AMD?

The Future Investors — Mon, 16 Jun 2025 17:31:14 GMT

Last week, AMD held its Advancing AI event, where it shared its vision for AI and explained how it plans to compete in the fast-growing AI market. The event gave a clearer view of AMD’s strategy, its ambitions, and the role it wants to play in shaping AI infrastructure.

In this article, we highlight the most important announcements, explore if AMD is now in a position to seriously challenge Nvidia, and take a closer look at the stock’s current valuation to answer the big question: is AMD a smart buy right now?

We highlighted AMD as one of our “Best Bulls” back in May. Missed it? You can read it here: Best Bulls – May 2025.

New chips, big ambitions

One of the biggest highlights from AMD’s Advancing AI event was the launch of the Instinct MI350 and MI355X — the company’s latest AI chips and the next step after the MI300 series. According to AMD, these new GPUs deliver up to 4x better performance than their predecessors, putting them in direct competition with Nvidia’s Blackwell (B200).

The MI355X stands out even more. It doesn’t just match Blackwell on raw performance — it also comes with 60% more memory. That’s a big deal for training large AI models, which need a lot of memory capacity and speed to run efficiently.

And AMD isn’t stopping there. It also shared what’s coming next: the MI400 series, expected in 2026, is designed to compete with Nvidia’s future Rubin platform. These chips are set to deliver 40 PFLOPS of compute power, along with 432 GB of memory and 19.6 TB/s of bandwidth, specs that suggest AMD is closing the gap in high-end AI hardware.

Looking further ahead, AMD gave a first teaser of the MI500 series, coming in 2027. This generation will take on Nvidia’s Rubin Ultra line. While details are still limited, it’s clear AMD is planning to stay on a fast upgrade cycle, with a new wave of chips coming every year.

Source: AMD Advancing AI 2025 Keynote

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Building the full system

AMD also introduced Helios — a new rack system for running AI at a much larger scale. Starting in 2026 with the MI400 chips, this double-wide rack offers more space for GPUs, memory, and networking hardware.

Helios is built with open standards like UALink and UltraEthernet, which were developed in collaboration with companies like Microsoft, Meta, and Broadcom. This gives cloud providers more flexibility and avoids getting locked into just one supplier — something many customers prefer.

The racks will combine AMD’s latest Venice CPUs, Vulcano 800G networking cards, and next-gen HBM4 memory, with as much as 440 GB per GPU. AMD says the system can deliver up to 10× more performance than its current MI355X setups. Compared to Nvidia’s upcoming Vera Rubin platform, Helios is expected to offer up to 50% more memory bandwidth and capacity.

With Helios, AMD isn’t just making faster chips, it’s offering a full solution to power the next generation of AI data centers.

Source: AMD Advancing AI 2025 Keynote

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Inference: AMD’s biggest opportunity

Training gets most of the attention — but inference is where the real business begins. Every time an AI model generates a result, like a chatbot response or a search suggestion, it uses compute power. That costs money. As CEO Lisa Su put it: “Inference is the tax on intelligence.”

This is exactly where AMD wants to compete. The MI355 is designed to cut that cost. AMD says it delivers 40% more tokens per dollar compared to earlier models, thanks to higher performance and better energy efficiency. As AI becomes more widely used, those kinds of savings can make a big difference at scale.

AMD expects inference to be the fastest-growing part of the AI market — with a projected 80% CAGR through 2028.

And the overall opportunity is huge. The market for AI data center chips is expected to exceed $500 billion by 2028. AMD made around $5 billion in AI revenue in 2024. If it captures just 8–12% market share, that would mean $40–60 billion in annual revenue by that year — a massive step-up from today’s levels.

Source: AMD Advancing AI 2025 Keynote

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Software and ecosystem catching up

For years, AMD’s software stack was a weak spot — but that’s changing fast. The latest ROCm 7 update adds support for FP4/FP6 precision, distributed workloads, Windows environments, and Radeon GPUs. It now works with top AI libraries like Flash Attention, VLLM, PyTorch, and Hugging Face. Performance has improved significantly, with up to 3× faster inference in recent benchmarks.

Another important step is AMD’s acquisition of Xilinx. Its programmable FPGAs are a good fit for edge AI, telecom, and defense — high-margin, high-reliability markets that help expand AMD’s presence beyond the core data center segment.

Data center growth is here

AMD’s progress is already showing up in the numbers. Since mid-2023, its data center revenue has tripled. In Q1 2025, revenue in this segment rose 56% year-over-year, thanks to strong demand for the MI300 and early shipments of the new MI350X chips.

Now that we’ve covered the key updates — from software progress to growing momentum in data centers — it’s time for the big question: Is AMD a smart buy at today’s price?

To answer that, we’ll take a closer look at the valuation, what the market is pricing in, and how AMD compares to Nvidia.

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📦 Unpacked #3: MercadoLibre

The Future Investors — Sat, 31 May 2025 13:55:38 GMT

🔴 Below 50 → Uninvestable
🟠 50 - 59 → Questionable
🟡 60 - 69 → Reasonable
🟢 70 - 79 → Quality
🔵 80 - 89 → High-Quality
🟣 90 or above → Exceptional

The goal? To give you a full deep dive into this company, as a complement to your own research, so you can decide if it’s the right investment for you.

In case you missed it, here you can read the previous editions of Unpacked:

In our third Unpacked, we’re diving into MercadoLibre — often called the “Amazon of Latin America”. MercadoLibre has quietly become a dominant player in one of the world’s fastest-growing digital markets. From e-commerce to fintech, it's building the infrastructure for the region’s digital economy.

Think of MercadoLibre as more than just an online marketplace. With its payment platform Mercado Pago, logistics network Mercado Envíos, and even its own credit services, the company has created a full ecosystem — much like Amazon has in the U.S., but tailored to the unique needs of Latin America.

So what makes MercadoLibre stand out? Is it their end-to-end control of the customer journey, their deep understanding of local markets, or the massive runway for growth in a region that’s rapidly coming online? And the big question: is MercadoLibre a smart long-term bet?

Now let’s unpack the fundamentals of this Latin American e-commerce giant — and check out how we score it!

History and Business Model

MercadoLibre, which means “free market” in Spanish, was founded in 1999 by Marcos Galperin in Argentina. Galperin came up with the idea while studying for his MBA at Stanford University. Inspired by the rise of eBay in the U.S., he saw an opportunity to build a similar platform for Latin America — a region with a large population but limited access to e-commerce at the time.

The company started as an online marketplace where people could buy and sell products. Over the years, it expanded into new areas like online payments, logistics, advertising, and credit services. Today, MercadoLibre is active in 18 countries across Latin America, including Brazil, Mexico, Argentina, and Colombia. It’s now the biggest e-commerce and fintech company in the region.

A major turning point came in 2001 when eBay bought a stake in MercadoLibre and signed a strategic partnership. This gave the Latin American startup a big boost in credibility and helped it grow rapidly. While eBay later sold its shares, the early partnership helped shape MercadoLibre’s platform and growth strategy.

MercadoLibre operates through several main business units:

Marketplace – This is the core platform where users can list and buy products. Like eBay or Amazon, it includes both new and used items from individuals and businesses.
Mercado Pago – Launched in 2003, this is the company’s digital payments system. It allows users to pay for items online, in stores, and even transfer money between individuals. It has become one of the most widely used fintech solutions in Latin America.
Mercado Envios – A logistics service that helps sellers deliver their products quickly and reliably. MercadoLibre doesn’t own all the delivery infrastructure itself but partners with logistics companies to handle shipping efficiently.
Mercado Crédito – A lending platform that offers credit to both buyers and sellers. For example, it can give small loans to businesses selling on the platform or offer installment payment options (buy now, pay later) to buyers.
Mercado Ads – Sellers can pay to promote their products or brands within the MercadoLibre ecosystem, similar to sponsored listings on Amazon or Google.

MercadoLibre makes money through transaction fees (from marketplace and payments), shipping services, interest on credit products, and advertising revenue. By building a full ecosystem around buying, paying, delivering, and financing, the company creates multiple revenue streams and keeps users within its platform.

What makes MercadoLibre unique is how it tailors its services to the needs of Latin America. Many people in the region don’t have traditional bank accounts or credit cards, so Mercado Pago and Mercado Crédito help make online shopping accessible to millions. Its logistics system also solves challenges related to unreliable shipping infrastructure in some areas.

Source: The Generalist; Finchat; Dealroom.co

The power of the MercadoLibre ecosystem lies in its integration of e-commerce, payments, logistics, advertising, and financing, making it essentially ten companies in one. In short, MercadoLibre is more than just an online store — it's a full digital e-commerce and finance ecosystem built for Latin America!

Revenue Breakdown

In the first quarter of 2025, MercadoLibre generated a total revenue of $5.94 billion. This revenue comes from several key business areas:

Marketplace ($2.7 billion, 46%)
This is the core e-commerce platform where buyers and sellers trade products. It includes fees from sales made on MercadoLibre’s website and app. Advertising revenue, such as sellers paying to promote their products and brands, is also included within this segment.
Mercado Pago ($1.49 billion, 25%)
Mercado Pago is the company’s digital payments platform. It earns money from transaction fees when users pay online, in stores, or transfer money.
Mercado Crédito ($1.15 billion, 19%)
This segment offers loans and credit services to buyers and sellers. Revenue comes from interest and fees on these financial products.
Mercado Envios ($0.60 billion, 10%)
This is MercadoLibre’s logistics and shipping service, helping sellers deliver products efficiently across Latin America.

Recent Developments

We’ve seen MercadoLibre continue to grow and expand its reach across Latin America. Here are some of the most important recent developments:

Mercado Pago seeks banking license in Argentina
A few days ago, Mercado Pago announced it will apply for a banking license from Argentina’s Central Bank. This will allow Mercado Pago to offer more digital financial services in Argentina, such as new investment options and credit products. This move is part of a larger plan to grow its services across Latin America, following similar steps already taken in Brazil and Mexico.
New CEO starting in 2026
After 26 years, founder and CEO Marcos Galperin will step down on January 1, 2026 and move into the role of Executive Chairman. Ariel Szarfsztejn, the current Head of Commerce, will take over as CEO. This marks a leadership transition, but keeping Galperin closely involved.
Global trade shift could benefit Latin America
Galperin recently said the U.S.-China trade war will lead companies to move production out of China. He believes this opens major opportunities for countries like Mexico and Argentina — and for MercadoLibre to grow along with that shift.
Verdi: MercadoLibre’s new AI assistant
The company launched “Verdi,” a new AI platform powered by GPT-4o. It helps automate tasks like customer service, fraud detection, and product listings. Verdi already handles 10% of customer disputes and is saving millions in costs.
$13.2 billion investment plan
MercadoLibre announced it will invest $13.2 billion to grow across Latin America in 2025. This includes hiring 28,000 new employees and expanding their logistic network, especially in Brazil and Mexico.
Moving U.S. legal base to Texas
The company plans to change its legal home in the U.S. from Delaware to Texas. Shareholders will vote on this next month. The change is meant to give the company a more stable legal structure as the company scales.

These recent moves show us that MercadoLibre is focused on innovation, scaling, and expanding its services across Latin America. With new markets and opportunities ahead, we believe the company is well positioned to strengthen its role as the region’s leading e-commerce and fintech platform.

Fundamental Analysis

In the fundamental analysis, we evaluate three key areas: management, market, and financials & growth estimates. Each area contains multiple elements and each element is scored individually, leading to a final score between 0 and 100.

Final Scoring

This score reflects how fundamentally attractive we believe the company is as an investment, ranging from:

Unlock our scoring framework and full fundamental analysis below, and see how we score MercadoLibre on a scale from 0 to 100 — exclusively available to our paid members! 🚀

🔍 UnitedHealth’s Meltdown: Opportunity or Trap?

The Future Investors — Sat, 17 May 2025 14:39:10 GMT

UnitedHealth Group is an American healthcare company offering both health insurance and medical services through its subsidiaries UnitedHealthcare and Optum. With over 50 million insured members and $400 billion in revenue in 2024, it’s one of the largest healthcare companies in the world.

But right now, the company is facing massive pressure. The stock has dropped almost 54% from its peak, with 50% of that loss happening just in the past month. Thursday, shares fell to their lowest level since April 2020. In just a few weeks, UnitedHealth’s market value has been cut in half, now sitting below $265 billion. The last time the stock saw a decline this steep over such a short period was back in 1998, when a surprise $900 million charge disrupted a planned merger with rival Humana.

Yesterday, UnitedHealth bounced back slightly, rising over 6% after news broke that several board members had bought shares, giving investors a bit more confidence after the recent selloff.

So, what’s really going on at UnitedHealth Group? Once a market favorite, now under pressure. Is this a unique buying opportunity for investors or are the risks simply too high?

Source: SaxoBank, Bloomberg

In this insights article, we’ll take you through the key events in chronological order. What has happened so far? What’s still unclear? How is the company currently valued? And finally, how do we look at UnitedHealth as a potential investment in this uncertain phase?

What happened at UnitedHealth?

UnitedHealth’s decline didn’t come out of nowhere, but once things started to go wrong, the drop in confidence and share price happened incredibly fast. Here is a chronological overview of the key events:

April 17 – Disappointing quarterly earnings
On April 17, UnitedHealth Group reported its Q1 2025 earnings. While revenue and earnings were slightly higher than last year, they fell short of analysts’ expectations. As a result, the company lowered its full-year 2025 earnings forecast from $29.50–$30.00 per share to $26.00–$26.50 per share. The main reason was that medical costs, especially within the Medicare Advantage program, were much higher than expected.

Following the earnings release, the stock price dropped sharply by 22% in a single session, the biggest one-day fall in over 26 years. CEO Andrew Witty said that despite growth, the results fell short of expectations and were concerning.

May 13 – CEO steps down and 2025 outlook suspended
On May 13, UnitedHealth surprised the market again when CEO Andrew Witty suddenly stepped down for “personal reasons.” On the same day, the company suspended its full-year 2025 financial outlook because medical costs remained higher than expected. A move that rarely happens without a serious reason. To help rebuild trust with investors, former CEO Stephen Hemsley stepped back in to lead the company during this difficult time. In a public statement, Hemsley said:

“I am deeply disappointed in our performance. We need to improve quickly and with focus.”

May 15 – Criminal investigation announced
And then, on top of these developments, yesterday The Wall Street Journal reported that the US Department of Justice has opened a criminal investigation into possible fraud within UnitedHealth’s Medicare Advantage division. The exact details of the allegations are still unclear. Following this news, the stock price dropped by another 13%.

Because of these events, the stock has fallen by 53% since mid-April. Analysts warn that UnitedHealth could potentially be removed from the Dow Jones if the situation doesn’t improve. Investors are concerned about reputational damage, legal risks, and growing political pressure.

What don’t we know yet?

Despite recent developments, some important questions are still unclear:

What exactly is the criminal investigation about?
Will there be fines or legal charges?
Can regulators and customers regain their trust?
What impact will new rules and tougher oversight of Medicare Advantage have?

Only once the answers to the above questions are known can we understand the exact impact on UnitedHealth’s business model.

Is the valuation attractive?

Now that we understand what’s been happening and recognize that some key questions are still unanswered, it’s time to take a closer look at the valuation of UnitedHealth’s stock.

At first glance, UnitedHealth looks like a bargain:

The current P/E ratio is 12.2
The 10-year median is around 21.9

Just looking at the numbers, you might think it’s a great deal. But investing isn’t that simple.

A low valuation alone doesn’t say much about the company’s quality. When the fundamentals are uncertain, metrics like the P/E ratio lose their meaning. As the saying goes: “cheap can get cheaper,” especially if growth doesn’t return in 2026 as well.

Why we’re staying away: the red flags

At UnitedHealth, we currently see too many red flags:

The sudden departure of the CEO without a clear succession plan.
A criminal investigation that could result in reputational damage or hefty fines.
The complete withdrawal of the company’s outlook: a rare and troubling signal.
Significant stock volatility and the potential loss of blue-chip status.
Heavy reliance on Medicare at a time of increasing political and public scrutiny.
Strategic overreach in Medicare Advantage, unlike some competitors who are more cautious.
An uncertain future due to increased regulation and the risk of structural changes in the market.

We only invest in high-quality companies. UnitedHealth has never been a potential investment candidate for us, and the current situation doesn’t change that. Actually, because of all these red flags, we’re now even more likely to avoid this stock.

It’s easy to see a stock that’s been cut in half and has a low valuation and think, “This must be a great buying opportunity.” And for some traders, this setup, with oversold technicals and a sharp drop in sentiment, might offer a chance for a short-term rebound. But long-term investing is about much more than just the price — it’s about trusting the leadership, understanding the strategy, and believing in the company’s quality.

Right now, UnitedHealth falls short in all these areas.

So our conclusion is simple: we’re staying far away from this stock. As the saying goes:

“The best investment decision is sometimes the one you don’t make.”

Good luck, and invest wisely.

The Future Investors

Source: UnitedHealth Group First Quarter 2025 Results

The Future Investors (Vincent & Stefan) currently do not hold a position in UnitedHealth Group.

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🎁 A Free Gift Is Waiting for You

The Future Investors — Tue, 13 May 2025 13:08:32 GMT

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On your investing journey,

The Future Investors

Thank you for reading! 🙏
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🔍 A Day in the Life in 2040

The Future Investors — Thu, 08 May 2025 12:28:01 GMT

07:00 – Waking Up

You wake up feeling refreshed. During the night, your smart bed automatically adjusted itself to help you sleep better — changing its softness, temperature, and position. While you slept, your smart ring tracked your heart rate, sleep quality, and stress levels.

Stepping out of bed, you put on your AR glasses. They instantly show a quick health update based on the data from your ring, including your sleep score and recommended activity level for today. Your AI assistant suggests a more active day — your body is fully recovered and ready to go.

07:30 – Breakfast & News

As you come downstairs, your AI assistant has already instructed your smart home system to set the temperature to a comfortable level. The lights gently light up, and your favorite morning playlist plays softly in the background — a calm, energizing start to the day.

In the kitchen, your cooking robot — a smart appliance with robotic functions — has already prepared your breakfast: warm oatmeal with nuts and fruit, perfectly in line with your nutrition plan. Ingredients were automatically selected from your smart pantry, which keeps track of your food preferences and what's in stock.

As you sit at the kitchen table and eat your breakfast, your AR glasses turn on and show your personalized morning update. Your AI assistant gives a quick update of today's top news, your schedule of today, and read out your most important emails.

08:00 – Kids off to School

Your children step outside as the shared self-driving electric minibus arrives, silently stopping in front of your house. It picks up your kids and others from the neighborhood and using AI monitoring for a smooth and safe ride.

The vehicle is fully electric, with zero emissions, and personalized settings for comfort and entertainment. It regulates the temperature and plays the children’s favorite music or educational content. The AI system communicates with other vehicles and city infrastructure to ensure a safe and efficient route. Real-time updates are sent to your AR glasses, so you can track their progress. The bus uses facial recognition to make sure everyone is comfortable and safe. It stops at school, dropping off the kids, and in the afternoon, it brings them safely back home.

08:15 – Dog Walk and Household Tasks

Your dog starts barking, it's time for a walk. Your AI assistant suggests a new route, which is projected onto your AR glasses, showing you a quieter and more scenic path today. Before you leave the house your AI assistant notifies you that rain is expected in the next 10 minutes, so it reminds you to grab your umbrella. With the route set and the weather in mind, you're ready to enjoy the walk with your dog.

When you return, you ask your humanoid robot to help with a few tasks. It gets started right away, making the beds and doing the laundry while you relax and prepare for your workday.

09:00 – Workday Begins

You work from home, and your workday begins. Your AR glasses shift to your virtual workspace, with your digital desk and tools now floating in your living room. You enter your company’s metaverse environment — a 3D workspace filled with virtual whiteboards, coworking spaces, and avatars of colleagues, all collaborating in real time.

80% of your emails, documents, and project notes are managed by your AI assistant, allowing you to focus on creative direction, decision-making, and reviewing outcomes.

In meetings, your AI assistant not only creates images, presentations, or even code from your voice, but also automatically takes notes and summarizes what's discussed with your colleagues, making sure you don’t miss anything.