The Future Investors: Insights

📦 Unpacked #16: Bloom Energy

The Future Investors — Wed, 09 Sep 2026 09:24:50 GMT

Welcome to the 16th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Bloom Energy — a leader in onsite power generation, delivering clean, reliable, and scalable power to multiple industries, with growing demand from AI data centers.

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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.

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

History and Business Model

Bloom Energy was founded in 2001 by KR Sridhar and a team of engineers, originally under the name Ion America.

The story behind Bloom started even earlier. Before founding the company, Sridhar led a team working on technology for NASA’s Mars program. The goal was to build a system that could use resources on Mars to produce oxygen and fuel for astronauts.

When NASA changed its plans for the Mars program, Sridhar and his team discovered that the technology could also be used in another way: to produce electricity on Earth.

This became the foundation for the Bloom Energy Server, which uses solid oxide fuel cells (SOFC) to turn fuels such as natural gas or biogas into electricity. The idea was simple: businesses could produce reliable power directly at their own location, instead of getting all their electricity from the power grid.

In 2006, Bloom started its first field test at the University of Tennessee. Two years later, the company commercially launched the Bloom Energy Server. Early customers included Google, Walmart, Coca-Cola, FedEx, and Bank of America.

In 2010, Bloom officially introduced the Bloom Energy Server to the public at a major event in California. The technology, often called the “Bloom Box” at the time, received widespread attention and put Bloom Energy on the map.

Source: Bloom Energy — KR Sridhar at the Bloom Energy Server launch, 2010

Bloom continued to grow. In 2011, it completed its first microgrid, and in 2013, the company entered Japan and started supplying power to data centers.

In 2018, Bloom Energy went public on the New York Stock Exchange under the ticker BE. In the years that followed, the company increased production and expanded into new markets, including South Korea.

More recently, data centers and AI infrastructure have become a major growth opportunity for Bloom. AI data centers need huge amounts of reliable electricity, but getting enough power from the grid can take years. Bloom can solve part of this problem by producing electricity directly at the data center, with systems that can be installed much faster.

Today, Bloom has grown from technology originally developed for Mars into a major provider of onsite power for data centers, manufacturers, utilities, and other energy-intensive businesses.

Its mission is:

“to make clean, reliable energy affordable for everyone in the world.”

Business Model Explained

Bloom Energy helps companies generate reliable electricity directly at their own location. This is especially useful for businesses that need a lot of power, such as data centers, factories, and utilities.

At the center of Bloom’s business are two technologies:

⚡ 1. Energy Server
The Energy Server is Bloom’s core product. It uses solid oxide fuel cells to turn natural gas, biogas, or hydrogen into electricity without combustion. The systems are installed directly at or near the customer’s location and can be expanded when more power is needed.

💧 2. Electrolyzer
The Bloom Electrolyzer uses the same core technology in reverse to produce hydrogen from water and electricity. The hydrogen can then be used for energy, industrial processes, or as a cleaner fuel.

Source: Bloom Energy — Energy Server (left) and Electrolyzer (right) / AI-generated

How Bloom Energy Makes Money 💰
Bloom earns its revenue from:

⚡ Sales of Energy Servers and Electrolyzers
🏗️ Installation of its systems
🔧 Service and maintenance
🔌 Selling electricity through energy agreements

Bloom sells and installs its systems, then continues to earn revenue through service, electricity agreements, and customers adding more power capacity over time.

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Revenue Breakdown

On July 28, 2026, Bloom Energy reported its Q2 2026 results. Total revenue reached a record $1.07 billion (+166% YoY), passing $1 billion in quarterly revenue for the first time.

⚡ Product – $935 million (88%)
Bloom’s largest source of revenue, coming from sales of its Energy Servers and Electrolyzers. Product revenue increased 215% YoY.

🏗️ Installation – $51 million (5%)
Revenue from installing Bloom’s systems at customer locations. Installation revenue increased 36% YoY.

🔧 Service – $69 million (6%)
Revenue from servicing and maintaining Bloom systems after they are installed. Service revenue increased 27% YoY.

🔌 Electricity – $10 million (1%)
Revenue from electricity generated by Bloom systems and sold directly to customers under energy agreements.

The revenue mix shows that Bloom is very dependent on product sales, with around 88% of Q2 revenue coming from products. As Bloom sells more systems, it can also earn more from installation, service, and electricity sales.

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Recent Developments

Bloom Energy has entered an important new phase. AI and data centers have become a much bigger part of the business, with major partnerships, more customers, faster installations, and new leadership.

Here are the key developments:

1️⃣ Major AI Partnership with Oracle
In July 2025, Bloom announced a partnership with Oracle to power selected Oracle data centers in the U.S. The first project was completed in just 55 days, showing how quickly Bloom can bring new power online. In April 2026, the partnership became much larger. Oracle agreed to buy up to 2.8 GW of Bloom fuel cell systems, with the first 1.2 GW already contracted and being installed across Oracle projects in the U.S.

2️⃣ Brookfield Partnership Grows to $25 Billion
In October 2025, Bloom announced a $5 billion partnership with Brookfield to build and finance power projects for AI data centers. In June 2026, the partnership was expanded from $5 billion to $25 billion. The money can be used to finance Bloom-powered AI infrastructure projects around the world.

3️⃣ Growing AI & Data Center Business
AI and data centers have become an important market for Bloom. The company now works with nearly two dozen AI infrastructure customers, with around 250 MW of capacity, up from almost zero in this market two years ago. Bloom has already installed hundreds of megawatts of power at data centers. The company also says its technology has been approved by all major U.S. hyperscalers and more than a dozen neoclouds, AI labs, and data center operators. Customers and partners include Oracle, Equinix, CoreWeave, Brookfield, AEP, and MiTAC.

4️⃣ Large Backlog Supports Future Growth
At the end of 2025, Bloom reported around $20 billion in total backlog, including approximately $6 billion in product backlog, which was about 2.5x higher YoY. Since then, demand has continued to grow, supported by major AI and data center projects.

5️⃣ New Leadership
Bloom has also added several new leaders. In 2026, Simon Edwards became CFO. He previously served as CEO and CFO of AI chip company Groq and held senior finance roles at several technology companies. In 2025, Bloom also hired Aaron Hoover to lead business and corporate development and added former SAP co-CEO Jim Snabe to its Board of Directors.

6️⃣ Power Connect Makes Installations Faster
In August 2026, Bloom introduced Power Connect, a new system designed to make Energy Server installations faster. More of the electrical work is completed and tested in the factory before the equipment arrives at the customer. Bloom says this can reduce onsite installation time by more than 40%.

Source: Bloom Energy — Power Connect

7️⃣ Bloom Energy Joins the S&P 500
On September 4, 2026, it was announced that Bloom Energy will join the S&P 500. The change will take effect before the market opens on September 21, 2026. Bloom will replace Molson Coors Beverage in the index, marking another important milestone for the company.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Bloom Energy.

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 Bloom Energy 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 Bloom Energy on a scale from 0 to 100 — exclusively available to our paid members! ✨

First, let’s walk through our scoring framework 📊👇

🔍 Photonics: Who Wins the Shift to Light?

The Future Investors — Thu, 27 Aug 2026 09:30:44 GMT

Photonics has become one of the hottest themes in the semiconductor market. Players like Lumentum and Coherent are up more than 600% and 200% over the past year. Nvidia is also investing billions in optical technology for its next generation of AI infrastructure.

AI needs to move more data at higher speeds, and traditional copper connections are starting to reach their limits. Photonics uses light to move data faster and with less power. This is becoming more important as AI demand grows.

But with so many companies competing in this fast-growing market, which ones are in the best position?

In this article, we’ll look at:

🔦 What photonics is and why it matters now
📈 How big the photonics opportunity could become
♟️ The key players in the photonics market
⚖️ The bull and bear case for photonics
🏆 Finally, we’ll share which companies we think are in the best position to win

🔦 Photonics Explained

Before looking at the opportunity, let’s first explain what photonics is.

Computers traditionally use electrical signals to move data through copper connections. Photonics works differently. It uses light, or photons, to move information. Data is turned into light, sent through optical fiber, and then turned back into data.

The technology isn’t new. Fiber-optic networks have used light to move data over long distances for decades. But AI is creating a much bigger need for it. Modern AI systems connect thousands of GPUs that work together and constantly exchange large amounts of data. As these systems get bigger, more GPUs need to communicate with each other and exchange more data at higher speeds.

This is where copper starts to struggle. Copper isn’t going away and still works very well over short distances. But at higher speeds, the distance it can cover becomes shorter. Optical connections can move data over longer distances at high speeds, while using less power. Light can also carry multiple streams of data at the same time, increasing the amount of data a single connection can handle.

Power also matters. AI data centers require a lot of electricity, so using less power to move data becomes more important as these systems grow.

Source: NVIDIA, Intel | Visual adapted with ChatGPT

Another important development is Co-Packaged Optics (CPO). Today, optical components are typically connected to networking chips through separate modules. CPO brings the optics much closer to the chip, reducing power use and allowing more data to move faster. This could become an important part of the next generation of AI data centers.

AI doesn’t just need more computing power and memory. It also needs a faster and more efficient way to move all that data.

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📈 The Photonics Opportunity

AI systems keep getting bigger and need to move more data. So how big could the opportunity for photonics become?

Goldman Sachs estimates that the aggregate networking TAM for AI systems could grow from around $15 billion with Nvidia’s GB300 NVL72 in 2026 to $154 billion with Rubin Ultra NVL576 in 2028. That’s a 9x increase in just two years. Rubin Ultra NVL576 is Nvidia’s next-generation AI system, connecting 576 GPUs across eight racks, compared with 72 GPUs in a single GB300 NVL72 rack today.

Source: Goldman Sachs Global Investment Research, “Optical Networking: The Next Mega Trend in AI Infrastructure” (May 2026).

A large part of this growth could come from photonics. Today, optical connections are used to connect different racks and larger parts of an AI network. As AI systems grow, optics is moving further into these systems and is being used to connect GPUs across multiple racks. Goldman Sachs estimates that the addressable market for optical modules and optical engines could grow 13x as optics expands into these new connections.

CPO could become an important part of this market. For Rubin Ultra NVL576, Goldman Sachs estimates that CPO could represent $91 billion, or 59% of the total $154 billion networking opportunity.

Connections are also getting much faster. Today’s AI networks use connections of up to 800 gigabits per second (800G). The industry is moving toward 1.6 terabits per second (1.6T) in 2026, which means a single connection can handle twice as much data. With Rubin Ultra in 2027–2028, Nvidia is expected to move toward 3.2T, doubling the capacity again.

This means the photonics opportunity is growing in two ways. AI systems need more optical connections, and those connections need to handle more data.

So far, we’ve explored why photonics is becoming increasingly important for AI infrastructure and how large the opportunity could become.

In the rest of this article, we’ll look at the key players ♟️, the bull 🐂 and bear case 🐻, and finally which companies we think are best positioned to benefit 🏆

This content is exclusively available to our paid subscribers ✨

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♟️ The Key Players

The photonics market is not one single business. Different companies play different roles across the optical supply chain, from lasers and optical components to connectivity chips and photonics manufacturing.

🔦 Optical Components & Transceivers
These companies make the hardware that turns electrical signals into light and back again.

📦 Unpacked #15: Intuitive Surgical

The Future Investors — Tue, 11 Aug 2026 13:03:06 GMT

Welcome to the 15th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Intuitive Surgical — the global leader in robotic-assisted surgery, transforming surgery through advanced robotic systems, software, and data-driven innovation.

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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 Intuitive Surgical and see how we score it!

History and Business Model

Intuitive Surgical was founded in 1995 by Frederic Moll, John Freund, and Robert Younge, with the idea of using robotics to make surgery less invasive and more precise.

The technology behind the company came from early research into robotic surgery. Intuitive saw the opportunity to turn this technology into a system that could be used in hospitals around the world. This led to the creation of the da Vinci Surgical System.

The first da Vinci system was launched in Europe in 1999, followed by FDA clearance in the United States in 2000. That same year, Intuitive Surgical went public on the Nasdaq under the ticker ISRG.

One of the first important uses for da Vinci was urology, especially prostate surgery. As more surgeons and hospitals started using the system, Intuitive expanded into other areas of surgery and improved its technology.

In 2006, the company launched its second-generation da Vinci S, followed by the third-generation da Vinci Si. From 2014, Intuitive introduced its fourth-generation systems, including da Vinci X, Xi, and SP. Each new generation made the technology better and allowed surgeons to use da Vinci for a wider range of procedures.

Intuitive later expanded beyond traditional surgery. In 2019, it launched Ion in the United States, a robotic-assisted bronchoscopy platform that helps physicians reach and biopsy small nodules deep inside the lungs, with the goal of helping detect lung cancer earlier.

The latest major step came with da Vinci 5, launched in the United States in 2024 and Europe in 2025. Intuitive’s fifth-generation platform offers better ergonomics and more than 10,000x the computing power of da Vinci Xi, creating a new foundation for the future of robotic-assisted surgery.

Source: Intuitive Surgical, company history and product information

Over the past three decades, Intuitive has grown from a pioneer in robotic surgery into the global leader in robotic-assisted minimally invasive care, with its technology now used by hospitals and surgeons around the world.

Its mission is:

“We believe that minimally invasive care is life-enhancing care. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints.”

Business Model Explained

Intuitive Surgical has built an ecosystem around robotic-assisted minimally invasive care. Its technology helps physicians perform procedures with more precision and control, often using smaller incisions than traditional open surgery.

At the center of this ecosystem are two robotic platforms:

🤖 1. da Vinci
Da Vinci is Intuitive’s core platform and is used for robotic-assisted surgery. Surgeons control the system from a console and use robotic instruments to make precise movements while seeing the surgical area in a detailed 3D view. Da Vinci is used in areas such as urology, gynecology, general surgery, and thoracic surgery.

🫁 2. Ion
Ion expands Intuitive beyond surgery into robotic-assisted bronchoscopy. It helps physicians navigate deep into the lungs and take tissue samples from small nodules that can be difficult to reach. These samples can then be tested for diseases such as lung cancer.

Around da Vinci and Ion, Intuitive has built a broader ecosystem of instruments, accessories, training, services, and digital solutions. Tools such as My Intuitive, Intuitive Hub, and SimNow help surgeons and hospitals with training, procedure data, and insights.

How Intuitive Surgical Makes Money 💰
Intuitive earns its revenue from:

🩺 Instruments and accessories used during procedures
🤖 Sales and leases of da Vinci and Ion systems
🔧 Service and support for installed systems

What makes the business model attractive is that selling a system is only the beginning. Each installed system can generate recurring revenue for years as more procedures are performed and hospitals keep buying instruments, accessories, and services.

This creates a powerful cycle: more systems → more procedures → more recurring revenue.

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Revenue Breakdown

On July 16, 2026, Intuitive Surgical reported its second quarter 2026 results. Total revenue reached $2.89 billion (+19% YoY), supported by higher procedure volumes, system leasing revenue, and a larger installed base of da Vinci and Ion systems.

🩺 Instruments & Accessories – $1.73 billion (60%)
Intuitive’s largest source of revenue. These are the instruments and accessories used during da Vinci and Ion procedures. Revenue increased 18% YoY, with da Vinci procedures growing 15% and Ion procedures 36%.

🤖 Systems – $685 million (24%)
Revenue from da Vinci and Ion systems. Intuitive placed 468 da Vinci systems during the quarter, including 246 da Vinci 5 systems, as well as 55 Ion systems.

🔧 Services – $472 million (16%)
Revenue from service and support for Intuitive’s growing installed base of systems.

The revenue mix shows the strength of Intuitive's business model: around 76% of Q2 revenue came from instruments, accessories, and services, giving Intuitive a large recurring revenue base that grows as its installed base and procedure volumes increase.

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Recent Developments

Intuitive Surgical is entering a new phase. The company has new leadership, is bringing da Vinci 5 to more markets, expanding into more procedures, and investing more in software, AI, and digital technology.

Here are the key developments:

1️⃣ Dave Rosa Becomes CEO
In July 2025, Dave Rosa became CEO of Intuitive Surgical, replacing Gary Guthart after 15 years as CEO. Guthart remained with the company as Executive Chairman.

Rosa had already served as President since 2023 and has been with Intuitive since 1996. Before becoming CEO, he oversaw areas including product, digital, manufacturing, and commercial operations.

2️⃣ Da Vinci 5 Expands Globally
After launching in the U.S. in 2024, Intuitive started bringing da Vinci 5 to more international markets. The system received regulatory clearance in Japan in June 2025 and CE marking in Europe in July 2025.

Da Vinci 5 is Intuitive’s most advanced system, with more than 150 improvements and over 10,000x the computing power of da Vinci Xi.

Source: Intuitive Surgical – Da Vinci 5 product page

3️⃣ More Procedures Added to da Vinci
Intuitive continues to expand what surgeons can do with its systems. During 2025, da Vinci SP received new FDA clearances for areas including colorectal surgery, hernia repair, gallbladder removal, and appendectomy. In January 2026, da Vinci 5 was also cleared for cardiac procedures, opening another important area for the platform.

4️⃣ AI & Telesurgery
AI is becoming a bigger part of Intuitive’s strategy. In July 2026, the company introduced a five-layer AI framework, moving from surgical data and insights toward real-time guidance, augmented dexterity, and eventually supervised autonomy. The strategy builds on data from more than 20 million da Vinci procedures.

Intuitive is also advancing telesurgery. After demonstrating transatlantic telesurgery in 2025, the company conducted another live demonstration in July 2026 using da Vinci 5, Force Feedback, and shared control between surgeons in California and Georgia. The technology is still in development and not yet commercially available.

Source: Intuitive Surgical – Vision for an AI-Enabled Future of Healthcare

5️⃣ Expanding Directly in Europe
In March 2026, Intuitive completed acquisitions of several European distribution businesses, expanding its direct presence in Italy, Spain, Portugal, Malta, and San Marino. This allows Intuitive to work more directly with hospitals and surgeons in these markets instead of relying on distributors.

6️⃣ Building a Larger Intuitive Ecosystem
Intuitive continues to expand beyond its robotic systems. In May 2026, the company announced new da Vinci 5 features, telecollaboration capabilities, Force Feedback instruments, and other improvements. The company is building a broader ecosystem around robotics, instruments, software, data, training, and AI, making its platforms more useful over time.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Intuitive Surgical.

Final Scoring

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

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

First, let’s walk through our scoring framework 📊👇

📦 Unpacked #14: IonQ

The Future Investors — Sat, 27 Jun 2026 12:54:58 GMT

Welcome to the 14th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at IonQ — a pure-play quantum computing company focused on solving problems that are far too complex for today’s most powerful computers.

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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 IonQ and see how we score it!

History and Business Model

The story of IonQ began in 2015, when scientists Christopher Monroe and Jungsang Kim founded the company after years of quantum computing research at the University of Maryland and Duke University.

They believed quantum computers could one day solve some problems much faster than even the world's most powerful computers. With that vision in mind, they founded IonQ to make quantum computing useful for the real world.

Source: The Science Monitor - Founders Jungsang Kim and Christopher Monroe

During its first years, IonQ focused on improving its technology and building more powerful quantum computers. Since day one, the company has focused on trapped-ion technology, which is still the foundation of its quantum computers today.

An important step came in 2019, when IonQ made its quantum computers available through the cloud. Instead of needing access to expensive equipment, researchers, developers, and businesses could use IonQ’s systems through platforms such as Amazon Web Services. This helped bring quantum computing to a much larger audience and was one of the company's first steps toward commercialization.

In 2021, IonQ became the first pure-play quantum computing company to go public. The company entered the stock market through a merger with a SPAC called dMY Technology Group III. The deal valued IonQ at $2 billion and brought the company to the New York Stock Exchange under the ticker symbol IONQ.

Since then, IonQ has continued to improve its technology, expand its partnerships, and grow its customer base. The company is also the only quantum computing company available through Amazon Web Services, Microsoft Azure, and Google Cloud.

Over the years, IonQ has expanded beyond quantum computing. The company is building a full-stack quantum platform that includes quantum computing, quantum networking, quantum security, and quantum sensing technologies.

Source: IonQ First Quarter 2026 Earnings Presentation

IonQ's goal is to build quantum computers with up to 2 million qubits by 2030. The company believes these systems could help solve complex problems in areas such as drug discovery, artificial intelligence, cybersecurity, logistics, and defense.

Today, IonQ is focused on making quantum computing more powerful, accessible, and practical for real-world applications.

Its mission is:

“To develop the world’s best quantum technology to solve the world’s most complex problems.”

Business Model Explained

IonQ is building a new type of computing platform based on quantum technology. Instead of selling quantum computers directly, the company gives customers access to its systems through the cloud. This means researchers, businesses, and governments can use quantum computing without owning the hardware themselves.

While most of IonQ’s revenue still comes from quantum computing, the company is building a broader quantum platform with four main focus areas:

💻 1. Quantum Computing
This is IonQ’s core business today and its main source of revenue. Customers can use IonQ’s quantum computers through platforms such as Amazon Web Services, Microsoft Azure, and Google Cloud.

🌐 2. Quantum Networking
IonQ is developing technology that could connect quantum computers together, similar to how the internet connects traditional computers today.

🔒 3. Quantum Security
Through acquisitions such as ID Quantique, IonQ is building technologies that help protect data and communications from future cyber threats.

📡 4. Quantum Sensing
IonQ is also developing sensors that can make highly accurate measurements for applications such as defense, navigation, and scientific research.

This strategy is already starting to pay off. Today, more than one-third of IonQ’s revenue comes from customers using multiple IonQ products.

How IonQ Makes Money 💰
IonQ currently earns most of its revenue from:

☁️ Access to quantum computers through cloud platforms
🏛️ Government and research contracts
🤝 Commercial partnerships and development projects

It is important to remember that quantum computing is still in its early stages. Most customers are currently testing and exploring the technology rather than using it in everyday operations.

IonQ is investing heavily today because management believes quantum computing could become much more widely used in the future. If that happens, the company could benefit from one of the largest emerging opportunities in the technology industry.

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Revenue Breakdown

On May 6, 2026, IonQ reported its first quarter 2026 results. Total revenue came in at $64.7 million (+755% YoY).

The revenue breakdown is estimated based on company disclosures, acquisitions, and management commentary. IonQ does not report revenue by segment.

💻 Quantum Computing – $42.1 million (65%)
IonQ's core business and main source of revenue. This includes access to quantum computers through cloud platforms, commercial contracts, and government contracts and projects.

🔒 Quantum Security – $16.2 million (25%)
Primarily driven by ID Quantique, which develops technologies that help protect data and communications from future cyber threats.

🌐 Networking & Other – $6.4 million (10%)
Includes newer activities such as quantum networking, sensing, and other technologies that could become important growth drivers in the future.

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Recent Developments

The past 18 months have been very important for IonQ. Through acquisitions, partnerships, and new initiatives, the company has expanded beyond quantum computing into areas such as networking, security, sensing, and space infrastructure.

Source: IonQ - Moor Insights & Strategy

Here are the key developments:

1️⃣ Niccolo de Masi Becomes CEO
In February 2025, Niccolo de Masi became President and CEO of IonQ, replacing Peter Chapman. De Masi had served on IonQ's board since 2021 and was already familiar with the company. Since becoming CEO, he has accelerated IonQ's acquisition strategy and expanded the company's strategy beyond quantum computing.

2️⃣ Oxford Ionics Acquisition Accelerates the Roadmap
In June 2025, IonQ announced the acquisition of Oxford Ionics in a deal valued at $1.08 billion.

Oxford Ionics develops advanced trapped-ion quantum computing technology. The acquisition strengthens IonQ's technology roadmap and could help the company achieve its goal of building quantum computers with up to 2 million qubits by 2030.

3️⃣ Building a Quantum Networking Leader
IonQ has made quantum networking a major focus area. Through acquisitions including Lightsynq, Qubitekk, and Skyloom, the company has expanded its capabilities in quantum networking, optical communications, and networking infrastructure.

The long-term goal is to help build the infrastructure needed for a future quantum internet, where quantum computers can communicate with each other through highly secure networks.

4️⃣ Expansion into Quantum Security
In May 2025, IonQ completed the acquisition of ID Quantique, a Swiss company specializing in quantum security and quantum networking.

The deal added products for secure communications, encryption, and quantum-safe cybersecurity. It also brought an established business with existing customers, revenue, and more than 300 patents to IonQ.

5️⃣ Expansion into Space & Quantum Sensing
IonQ also expanded into new markets through the acquisitions of Capella Space and Vector Atomic.

Capella Space added satellite and space infrastructure capabilities, while Vector Atomic brought quantum sensing and precision timing technologies. Together, these acquisitions broadened IonQ’s exposure to defense, navigation, and space-related applications.

6️⃣ Roadmap to 2 Million Qubits by 2030
At its 2025 Analyst Day, IonQ announced plans to build quantum computers with up to 2 million qubits by 2030. Management believes these systems could unlock new applications in areas such as artificial intelligence, drug discovery, cybersecurity, logistics, and defense.

Source: IonQ May 2025 Investor Presentation

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Fundamental Analysis

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

Final Scoring

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

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

First, let’s walk through our scoring framework 📊👇

🔍 SpaceX: Buy, Hold or Bubble?

The Future Investors — Wed, 17 Jun 2026 13:10:06 GMT

Last Friday, history was made. SpaceX officially went public in the largest IPO ever. The stock gained almost 50% during its first days of trading, lifting the company's valuation to $2.66 trillion. The company is now the fifth most valuable company in the world. The IPO also made Elon Musk the first trillionaire in history.

Source: Companies Market Cap - Largest Companies by Marketcap

Many investors believe the company could become one of the most valuable companies in the world over the next decade. Others think a $2.66 trillion valuation is hard to justify.

So who’s right? In this article, we'll look at:

📊 The key numbers behind the $2.66 trillion valuation
🧮 What needs to happen to justify today’s valuation
🐂 The bull case for SpaceX
🐻 The bear case for SpaceX
📌 Finally, we’ll share our view on the question every investor is asking: Is SpaceX a buy, hold, or bubble?

📊 Breaking Down the $2.66 Trillion Valuation

Before discussing the future, let's start with the numbers. How much revenue and profit does SpaceX generate, and what are investors paying for the company today?

At a valuation of $2.66 trillion, SpaceX is worth more than Amazon, TSMC and Broadcom. In 2025, the company generated $18.7 billion in revenue and reported a net loss of $4.9 billion.

To understand the valuation, let's start with the key numbers:

Market Cap: $2.66 trillion
Revenue (2025): $18.7 billion
Net income (2025): -$4.9 billion
Free Cash Flow (2025): -$3.4 billion
P/S Ratio: 142x
P/E Ratio: N/A (not profitable)

The valuation is extraordinary, even by tech stock standards. At 142x sales, investors are paying $142 for every $1 of revenue generated by the company. SpaceX is also not profitable, so it doesn't have a P/E ratio.

For comparison, some of today’s highest-quality tech companies trade at much lower valuations. Nvidia trades at 20x sales, CrowdStrike at 34x sales, and Palantir at 61x sales. SpaceX trades at 142x sales.

Investors are clearly not paying for what SpaceX is today. They're paying for what it could become over the next decade.

Let’s take a closer look at where that revenue comes from.

Many investors think of SpaceX as a rocket company. In reality, Starlink generates most of the revenue.

In 2025, revenue came from:

📡 61% Starlink - $11.4 billion
🚀 22% Launch and Space-related activities - $4.1 billion
🤖 17% AI-related services - $3.2 billion

A large part of the investment case depends on Starlink and its future growth.

So what needs to happen for SpaceX to justify its $2.66 trillion valuation?

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So far, we’ve explored the numbers behind SpaceX’s $2.66 trillion valuation and where the company’s revenue comes from today.

In the rest of this article, we’ll look at what needs to happen for SpaceX to justify its valuation 🧮, the bull case 🐂, the bear case 🐻, and our view on SpaceX as a long-term investment 📌

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🧮 Justifying Today's Valuation

At a valuation of $2.66 trillion, SpaceX is already one of the most valuable companies in the world. The key question is simple:

What does SpaceX need to achieve to justify its valuation?

One way to answer that question is to work backwards from today’s valuation using a reverse discounted cash flow (DCF) model.

📦 Unpacked #13: SanDisk

The Future Investors — Thu, 28 May 2026 10:36:13 GMT

Welcome to the 13th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at SanDisk — one of the world’s leading NAND flash and storage companies, powering AI datacenters, cloud infrastructure, PCs, smartphones, and enterprise systems worldwide.

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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 SanDisk and see how we score it!

History and Business Model

The story of SanDisk started in 1988, when Eli Harari, Sanjay Mehrotra (now CEO of Micron), and Jack Yuan founded the company in California under the name SunDisk.

Source: Business Insider - The Founding Story of SanDisk

Their goal was ambitious: replace traditional hard disk drives (HDDs) with flash memory that could store data faster, more efficiently, and without moving parts.

As the company prepared to go public, it changed its name from SunDisk to SanDisk in late 1995 to avoid confusion with Sun Microsystems. Later that same year, SanDisk went public on the NASDAQ under the ticker symbol SNDK, helping accelerate the development of flash memory technology.

A major breakthrough came in 2000, when SanDisk partnered with Toshiba to scale NAND flash memory production.

As smartphones, laptops, digital cameras, and gaming devices became more popular, demand for flash storage exploded. SanDisk became widely known for products such as SD cards, microSD cards, USB flash drives, and SSDs.

Source: SanDisk investor material, adapted by ChatGPT

Over time, the company expanded beyond consumer memory cards and became a broader storage company serving consumers, enterprises, and data centers.

One of the biggest moments came in 2016, when Western Digital acquired SanDisk for $19 billion, combining Western Digital’s HDD business with SanDisk’s flash memory expertise. In February 2025, SanDisk officially completed its spin-off from Western Digital and returned to the NASDAQ under the ticker symbol SNDK.

Today, SanDisk focuses on NAND flash storage solutions used in smartphones, PCs, data centers, gaming devices, automotive systems, and AI infrastructure.

Its mission reflects this focus:

“Delivering innovative flash and memory solutions that keep people and businesses moving forward.”

Business Model Explained

SanDisk operates in the global NAND flash memory market and develops storage solutions used in consumer devices, edge systems, and data centers.

In simple terms, the company helps devices and systems store data faster, more efficiently, and with lower power consumption than traditional hard disk drives

Its business is built around three core end markets:

📱 1. Consumer
SanDisk sells products such as SD cards, microSD cards, USB flash drives, and portable SSDs used in smartphones, cameras, gaming devices, and laptops.

🌐 2. Edge
The company also provides flash storage for cars, industrial systems, PCs, and connected devices that continuously generate and process data closer to the user.

🏢 3. Data Center
SanDisk supplies high-performance storage solutions for cloud providers and AI workloads. The rapid growth of AI and cloud computing is increasing demand for fast and energy-efficient storage.

How SanDisk makes money 💰
SanDisk earns money by selling NAND flash memory and storage products to consumers, device makers, businesses, and cloud companies.

Revenue depends on:

Demand for smartphones, PCs, and data centers
Growth in AI infrastructure
NAND memory prices
More storage needed per device

One important thing about the business is that the NAND market is cyclical. When there is too much supply, prices and profits can fall quickly. When demand picks up again, profitability often recovers fast as well.

Over the long term, SanDisk benefits from one major trend: the world keeps creating more data through AI, cloud computing, gaming, video, and connected devices.

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Revenue Breakdown

On April 30, 2026, SanDisk reported its fiscal Q3 2026 results. Total revenue came in at $5.95 billion (+251% YoY).

🌐 Edge – $3.66 billion (61%)
The largest part of the business, supported by demand from PCs, automotive, and industrial markets.

🏢 Data Center – $1.47 billion (25%)
The fastest-growing segment, benefiting from rising AI and cloud infrastructure demand.

📱 Consumer – $0.82 billion (14%)
Driven by consumer storage products, although growth is slower than in AI-related markets.

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Recent Developments

SanDisk is going through one of the biggest transitions in its history, shifting from a traditional consumer storage company into a more AI- and data-center-focused storage player. Here are the key recent developments:

1️⃣ Spin-Off from Western Digital
In February 2025, SanDisk officially completed its spin-off from Western Digital and returned to the NASDAQ under the ticker symbol SNDK.

David Goeckeler became CEO of the independent SanDisk, with the company now fully focused on NAND flash memory and SSDs. SanDisk also started transitioning several WD-branded flash and SSD products back under the SanDisk name.

2️⃣ AI Push with High Bandwidth Flash
In 2025, SanDisk partnered with SK hynix to develop High Bandwidth Flash (HBF), a new NAND-based memory technology designed for AI inference workloads. The goal is to deliver:

Higher storage capacity
Lower power consumption
Lower AI infrastructure costs

Source: SanDisk HBF Factsheet

In February 2026, both companies launched an initiative through the Open Compute Project to standardize HBF technology for future AI systems. First HBF samples are expected in the second half of 2026.

3️⃣ New BiCS9 NAND Technology & Kioxia Partnership
SanDisk continues working closely with Kioxia on next-generation BiCS 3D NAND technology.

In 2025, the companies started shipping BiCS9 samples for enterprise SSDs and AI workloads, improving speed, storage density, and power efficiency. At the same time, both companies extended their Yokkaichi joint venture agreement through 2034, strengthening one of the world’s largest NAND flash partnerships.

4️⃣ Massive Stock Surge & AI Momentum
Since returning to the stock market in February 2025, SanDisk has become one of the fastest-rising stocks in the market.

The stock surged more than 4,000% last year, pushing SanDisk’s market capitalization to $235 billion.

Source: Yahoo Finance - SanDisk stock performance

Here’s why the stock has been rallying:

Strong AI infrastructure demand
Rising NAND memory prices
Growing demand for enterprise SSDs
Increasing hyperscaler AI spending
Excitement around High Bandwidth Flash

Investors increasingly see SanDisk as a major beneficiary of the long-term growth in AI data infrastructure.

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Fundamental Analysis

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

Final Scoring

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

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

First, let’s walk through our scoring framework 📊👇

🔍 Is This Time Really Different for Memory?

The Future Investors — Tue, 19 May 2026 12:34:33 GMT

Artificial intelligence is creating a huge boom in the semiconductor industry. Companies like Nvidia get most of the attention, but another part of the market has become critical for AI: memory.

Demand for High Bandwidth Memory (HBM) has exploded over the past year, sending memory stocks much higher. Companies like Samsung, SK hynix, and Micron have become major winners of the AI boom.

The memory industry has long been known for brutal cycles. Demand rises, companies increase production, supply catches up, and prices eventually fall again.

But AI may be changing the rules.

In this article, we look at:

📉 Why memory has historically been so cyclical
🤖 How AI and HBM are changing the industry
🏆 Which company is leading the AI memory race?
⚖️ The bull and bear case for memory stocks
📌 Is this time really different for memory?

📉 The Industry Nobody Trusted

For decades, memory was seen as one of the most cyclical industries in tech. The pattern was almost always the same. Demand increased, companies rapidly expanded production, supply eventually caught up, and prices collapsed again. What started as a boom often ended with falling margins, weak profits, and big stock declines. That made memory stocks difficult to trust for many investors.

Memory companies were heavily exposed to supply and demand cycles. Even a small oversupply could put enormous pressure on prices and profitability.

This is also why memory stocks often traded at relatively low valuations compared to other semiconductor companies. Historically, low P/E ratios were often not a sign that memory stocks were cheap, but that the industry was close to the top of the cycle and profits were temporarily very high.

And history shows how brutal these cycles could become. During weaker periods, memory prices sometimes fell more than 50% in a relatively short time, pushing profits much lower across the industry.

Source: Nikhs Substack — How AI Broke the Memory Market

For decades, many investors saw memory as a commodity business instead of a high-quality long-term investment.

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🤖 How AI and HBM Are Changing the Industry

AI completely changed the role of memory. The memory market is divided into DRAM and NAND. DRAM is used for computing and processing data, while NAND is used for storage products like SSDs and smartphones.

In the past, memory demand was driven by PCs, smartphones, and traditional data centers. Today, AI data centers need much larger amounts of memory and much higher bandwidth. This is where High Bandwidth Memory (HBM) became critical.

HBM is a much more advanced and faster form of DRAM designed for AI workloads. It is placed very close to AI chips like GPUs, helping data move much faster and more efficiently. Without fast memory, even the most powerful AI chips cannot perform at their full potential.

AI servers already need far more memory than traditional servers, and demand keeps rising as AI models become larger and more complex.

HBM supply is also very limited. Production is extremely difficult, capacity is tight, and only a few companies currently have the technology and scale to compete at the highest level. This pushed HBM prices significantly higher over the past year and helped memory companies improve margins and profitability much faster than in previous cycles.

Bloomberg Intelligence expects the HBM market to grow from $35 billion in 2025 to $100 billion around 2030, making it one of the fastest-growing areas in the semiconductor industry.

Source: Bloomberg Intelligence

Historically, memory was seen as a commodity business. HBM could be changing that. AI is not only increasing memory demand, it is also improving the quality of the industry itself.

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So far, we’ve looked at why memory has historically been so cyclical and how AI and HBM may be changing the rules.

But which memory company is best positioned? And is this boom still early, or are we nearing another cycle peak?

The rest of this article is exclusively available to paid subscribers ✨

Upgrade now to discover which company is leading the AI memory race 🏆, the bull & bear case ⚖️ and our final conclusion: is this time really different? 📌

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📦 Unpacked #12: Palo Alto Networks

The Future Investors — Mon, 27 Apr 2026 10:31:53 GMT

Welcome to the 12th edition of Unpacked, our monthly series where we take a deep dive into a company. This time, we’re taking a closer look at Palo Alto Networks — a global leader in cybersecurity, protecting thousands of organizations worldwide with its advanced network, cloud, and AI-driven security platforms.

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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 Palo Alto Networks and see how we score it!

History and Business Model

In 2005, Nir Zuk founded Palo Alto Networks after seeing that companies had limited insight into what was happening on their networks. Firewalls could block traffic, but didn’t show which apps were being used or who was behind it.

Zuk believed security needed to go further, not just block, but also understand what’s happening inside the network.

In 2007, Palo Alto Networks launched its first product: the Next-Generation Firewall (NGFW), introducing:

App-ID (which applications are running)
User-ID (who is behind the activity)
Content-ID (what data and threats are inside)

Source: Palo Alto Networks’ first next-generation firewall (PA-4000 series)

As cloud, mobile, and remote work increased, Palo Alto Networks moved beyond hardware and built a broader platform across networks, cloud, and endpoints.

In the summer of 2012, the company went public, helping expand globally.

From 2018, Palo Alto Networks moved from separate products to one integrated platform across network security, cloud security, and security operations, accelerated by acquisitions such as Evident.io (2018), RedLock (2018), and Demisto (2019).

Today, its platform is built around three core areas:
🔐 1. Network Security
☁️ 2. Prisma Cloud
🤖 3. Cortex

Over the past few years, Palo Alto Networks has been adding AI to detect and respond to threats faster, and now serves tens of thousands of organizations worldwide.

Its mission says it all:

“To be the cybersecurity partner of choice, protecting our digital way of life.”

Want to go deeper? A recent podcast with Nir Zuk and CEO Nikesh Arora shares the full Palo Alto Networks story 🎧👇

Source: Sequoia Capital, Crucible Moments Podcast

Business Model Explained

Palo Alto Networks helps companies stay secure in a world where everything is connected, from office networks to cloud systems and employee devices.

Instead of using many separate security tools, customers can use one platform that covers multiple areas of cybersecurity.

Its business is built around three core areas:

🔐 1. Network Security
Protects company networks with firewalls and software that monitor and control traffic. This is where the company started.

☁️ 2. Prisma Cloud
Secures cloud environments like AWS, Azure, and Google Cloud. As more companies move to the cloud, this has become a key growth area.

🤖 3. Cortex
Helps security teams detect and respond to threats using automation and AI, reducing manual work and improving response times.

How Palo Alto Networks makes money 💰
The model combines products with recurring subscriptions. Companies often start with a firewall or a specific product, but most revenue comes from ongoing subscriptions for threat detection, cloud security, monitoring, and continuous updates.

As customers add more products over time, revenue becomes more predictable and grows. Once a company uses one part of the platform, it becomes easier to expand into others, leading to more products per customer, higher switching costs, and deeper integration in daily operations.

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Revenue Breakdown

On February 17, 2026, Palo Alto Networks reported its fiscal Q2 2026 results (quarter ended January 31, 2026). Total revenue came in at $2.59B (+15% YoY).

🔄 Subscription & Support – $2.08B (80%)
Recurring revenue from cloud security, threat detection, and ongoing services. This is where most of the growth comes from, as customers use more parts of the platform.

🔐 Product – $0.51B (20%)
Includes hardware like firewalls, plus the basic software that runs on them. This is a smaller part of the business, but still growing and important for bringing in new customers.

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Recent Developments

Palo Alto Networks is moving beyond firewalls into a broader platform across cloud, AI, identity, and security operations. Here are the key developments:

1️⃣ Strategic Acquisitions
In 2025 and 2026, Palo Alto Networks made several acquisitions to expand into new areas of cybersecurity:

Protect AI ($650M+): early move into securing AI models and applications
Chronosphere ($3.3B): helps monitor and secure large amounts of data
CyberArk ($25B): adds identity security for users, machines, and AI agents
Koi ($400M): focused on securing AI agents and endpoints

These deals show a clear direction: the company is building out its platform across AI, data, and identity.

2️⃣ AI & New Product Launches
Palo Alto Networks launched new products focused on AI security:

Prisma AIRS 3.0: helps companies discover, monitor, and protect AI systems from development to real-world use
Prisma Browser for Business: secures work done in the browser, where employees increasingly use SaaS tools and AI applications

Source: Palo Alto Networks Blog - Securing the AI Enterprise

These launches show how cybersecurity is shifting. More work is happening in the cloud and the browser, and more processes are supported by AI, creating new risks that need to be secured.

3️⃣ Google Cloud Partnership & Migration
Palo Alto Networks expanded its partnership with Google Cloud through a multi-billion dollar deal.

The company is moving part of its own systems to Google Cloud, while also integrating its security tools more deeply into Google’s platform. This includes protecting AI workloads and data using solutions like Prisma AIRS.

Palo Alto Networks is also using Google’s AI models within its own platform, showing a deeper level of integration beyond a typical partnership.

This also supports products like Prisma SASE, as companies move more of their networks and applications to the cloud and look to use fewer vendors.

4️⃣ Founder Nir Zuk Steps Down
In 2025, founder and CTO Nir Zuk stepped down after leading the company’s technology strategy for nearly two decades.

Lee Klarich, a long-time product leader at the company, took over as CTO. He has been closely involved in building many of the company’s key products.

5️⃣ Project Glasswing: Collaboration with Anthropic
Palo Alto Networks is a launch partner in Project Glasswing, an initiative led by Anthropic. The project uses advanced AI models to automatically find and fix software vulnerabilities. This is important because AI is not only used by companies, but also by attackers.

Source: Anthropic website

Together, these developments show how Palo Alto Networks is building a broader cybersecurity platform, with AI at the center.

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Fundamental Analysis

Now it’s time for the fundamental analysis of Palo Alto Networks.

Final Scoring

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

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

First, let’s walk through our scoring framework 📊👇

🔍 The Mag 7: Which Stocks Are Most Attractive?

The Future Investors — Mon, 13 Apr 2026 10:03:30 GMT

For years, The Magnificent 7 have dominated the market. They still make up a large part of the S&P 500 and have been responsible for a big share of the returns. But recently, something has started to shift. Not in their businesses, but in their stock prices. A number of these stocks have dropped significantly from their highs. So what’s actually going on?

They are often seen as one group, but they are no longer moving in the same way. Some are now much more attractive than others.

In this article, we take a closer look at:

📉 How far these stocks have fallen and why they’ve come down
📊 What the growth expectations are for the Mag 7
🔢 And how we rank the Mag 7 from #7 to #1

📉 The Drop

The Magnificent 7 are no longer trading near their highs. After a strong run over the past few years, these stocks have come down. Many of them are now down double digits from their all-time highs:

Amazon: -7.8% 📉
Alphabet: -9.1% 📉
Apple: -9.8% 📉
Nvidia: -11.1% 📉
Meta: -20.9% 📉
Tesla: -30.1% 📉
Microsoft: -33.2% 📉

The S&P 500 is only 2.6% below its all-time high, which shows how much bigger the declines have been in these stocks.

The chart below shows the recent drop in the Magnificent 7 compared to the rest of the market. But zoom out, and they’ve still significantly outperformed the market over the past 10 years.

Source: Yardeni Research, Magnificent 7 performance vs S&P 500

What’s behind the drop in Mag 7 stock prices? There are a few clear reasons:

1️⃣ Geopolitics
The situation around Iran has pushed oil prices higher, which brings more uncertainty to the market and puts pressure on growth stocks.

2️⃣ AI investments
Big Tech is set to spend around $600–700 billion this year on AI infrastructure, and investors are starting to question the returns.

3️⃣ Tariffs & trade
Trump’s tariff plans increase costs for companies and create uncertainty around global trade. That puts pressure on earnings expectations and stock prices.

In uncertain times, Big Tech stocks often get hit harder. Over the past month, investors have been rotating into “defensive” parts of the market, such as value stocks, energy and consumer staples. This creates opportunities for investors with a long-term horizon.

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📊 The Expectations

We’ve seen that Magnificent 7 stocks have come down, all of them more than the S&P 500. But maybe that’s justified. To understand that, we need to look at expectations, in this case, earnings growth.

The chart below shows expected earnings growth over the next 12 months for the Mag7, the S&P 500, and the S&P 500 ex-Mag 7.

Source: Yardeni Research, Magnificent 7 vs S&P 500 Forward Earnings Growth

The Magnificent 7 are still expected to grow faster than the rest of the market. Over the next 12 months, earnings are expected to grow around 23.6% for the Mag 7, compared to 16.1% for the S&P 500 ex-Mag 7.

We’ve just seen that many of these stocks have fallen well below their highs. Strong growth and lower prices mean that the Mag 7 stocks have become more attractive. But not all of them. So which ones stand out right now?

We’ve done the work and ranked the Magnificent 7 from least to most attractive (#7 → #1) 🏆

Let’s start with #7 🔍👇

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#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?

This part of the article is exclusively available to paid subscribers ✨
Upgrade now to discover our full ranking (#5 → #1) 👇

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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.

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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 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.

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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.

Final Scoring

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

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📦 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.

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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.

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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:

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🔍 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.

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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.

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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.

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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.

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🤖 #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.

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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:

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

🔍 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.

View our Portfolios

🔥 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.

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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.

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🔋 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.

Exclusively for our premium members ✨

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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.

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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:

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📦 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.

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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.

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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! 🚀