Good tech writers are few and far between.

I talk to tech-focused funds and VCs weekly about software trends.

I noticed these were the highest quality blogs and publications many of them read:
2/ @benthompson

Ben Thompson was the most popular name amongst everyone.

Widely known for his commentary and thoughtfulness on strategy, semiconductors and payments rails. Deep thinker!

stratechery.com
3/ @EricNewcomer

One of the sharpest reporters at Bloomberg before setting out to write his blog.

Best at uncovering behind-the-scenes stories and knows "whats hot" amongst VCs and big hedge funds like Tiger etc.

Well known in many top circles.

newcomer.co
4/ @StackInvesting

Peter spent decades as a CTO building and scaling tech companies. Now writes and goes deep into analyzing a wide variety of tech companies.

Very well-read blog. His writing is popular amongst public funds.

softwarestackinvesting.com/about/

softwarestackinvesting.com/snowflake-summ…
5/ A: @whoisnnamdi

Partner at @lightspeedvp and ex @ICONIQGrowth w/ expertise across many SaaS companies.

Writes at the intersection of software, economics, and venture capital.

Very data-driven and thoughtful analysis on key technology topics.

whoisnnamdi.com/about-me/
6/ @hhhypergrowth

Widely known as the premier expert on Cloudflare, Snowflake, and many Cybersecurity companies. Very well read.

Muji spent multiple decades as a tech leader and architect scaling companies. One of my fav go-to's!

hhhypergrowth.com
7/ A: @cjgustafson222

Writes on key business metrics for tech business operators such as folks close to the CFO / COO roles.

CJ leads a key function at one of the fastest-growing startups and shares his lessons. Well-known within finance + sell-side.

mostlymetrics.com
8/ @edsim

Curates key enterprise tech and infrastructure news.

Ed brings multiple yrs of investing exp. in filtering the most important tech and VC trends weekly.

This is one I frequently read every weekend after a busy week to catch up on tech.

whatshot.substack.com/about
9/ @colegrolmus

Writes about the intersection of biz strategy and cybersecurity.

Lowkey blog, but Cole spent over a decade consulting on security for F-500 CEOs as director. Currently advises sec-focused hedge funds.

Good stuff if you love c-security!

strategyofsecurity.com
10/ @packyM

Everyone knows and loves Packy. I find his newsletter is very popular amongst crypto-focused venture capitalists. Love the humor infused into his work.

notboring.co/p/everything-i…
10/ @kwharrison13

GP w/ a top firm, @contrarycapital

Writes about the future evolution of venture capital as an industry with a mix of humor.

Brings a wealth of experience from VC firms, PE, and hedge funds sectors. Love his work.

investing1012dot0.substack.com
11/ @mariogabriele

Mario is very popular amongst VCs. He writes about many emerging private tech companies and crypto.

Almost everyone knows and enjoys the storytelling behind his work.

readthegeneralist.com
12/ @SaiVC_

The latest blog on this list covers industry trends across cloud data infrastructure, from Data/ML to DevOps and Security.

Sai brings great experience helping many successful startups scale. Looking forward to how this evolves overtime!

cloudinfrastructure.substack.com
13/ @GergelyOrosz

Writes about startups and software engineers.

I haven't read much of Gergely's work, but it is apparently a very popular one amongst startups and tech VCs amongst some smart folks I respect.

newsletter.pragmaticengineer.com
14/ @ByrneHobart

Bryne curates lots of insightful short takes across industries at the intersection of finance + tech.

I've benefited from them. His experience spans multiple sectors, and it shines through in his work. Almost everyone reads his work.

thediff.co
15/ Technically by @itunpredictable

As someone who spends my day job researching software, this has become a favorite of mine.

Justin beautifully explains complex technical terms in digestible bits! Even deeply technical folks I know read his work.

technically.substack.com/?utm_source=su…
16/ The Best writers in tech IMO:

• Stratechery
• Technically
• The Diff
• Pragmatic Engineer
• Cloud Infra
• Software stack
• The generalist
• Mostly metrics
• Packy
• Who Is Nnamdi
• Investing 101
• Strategy of Sec
• What's hot in IT
• Hhypergrowth
• Newcomer
17/ This is a curated list from my network.

Writing about tech is hard, so I appreciate each writer's intellectual honesty and thoughtfulness.

Beyond the smart people reading their work, I know many of the individuals on this list, and they are all kind humans to follow.
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More from @InvestiAnalyst

Aug 4
$FTNT Q2 Earnings Review:

• Q2 Revenue: $1.03 billion, +29% YoY (1% beat)
• Bookings: $1.3B, 42% YoY
• GAAP Operating margin: 19%
• Billings: 36% YoY
• FCF Margin: 23%

$FTNT is the biggest read-through into cybersecurity this earnings.

Stock is down for these reasons: 1/5
2/ Revenue came in-line w/ consensus. I'm surprised bc I expected a bigger beat.

+ Billings growth was weak.

+ FY guide only revised to $4.4B vs. $4.3B con.

+ Product revenue, $FTNT fastest growing segment slowed from 54% to 34%

My review last Q1 -

3/ Implications for cybersecurity:

- $FTNT is most synonymous w/ $ZS on network security or cos signing large contracts
- Longer sales cycle appears to be a theme in Q2 (so far)
- Customers are delaying their purchasing decisions
- Companies are guiding for a much lower Q3.
Read 5 tweets
Jul 29
In the past, when the hyperscalers had strong cloud results, it always boded well for cloud data infra companies.

Contrary to popular opinion, I think Q2 will be nuanced. I don't think we'll see the "same level" of follow-thru for other cloud infra cos.

Here are some reasons:
1/ First - Prior to this report, many alt. data, surveys, & channel checks already suggested Cloud spending was v. strong (and security spending).

They overwhelmingly favored the hyperscalers, so the results are not a surprise (still mindblowing tho)

2/ I wrote a thread on how I expected $MSFT to be strongest and make big strides this Q.

+ AWS: $80B run rate ~ growth of 33% YoY
+ Azure: $55B ~ growth of 46% YoY**
+ GCP: $25B ~ growth 36% YoY.

Azure added more $$/grew fastest (taking market from GCP)
Read 10 tweets
Jul 20
Fascinating analysis showing how financial metrics (growth or FCF) don't always predict software valuations.

There's more of a dark matter involved, such as the economy, particularly in a bear market.

Worth a read for SaaS Investors - whoisnnamdi.com/dark-matter/
2/ It's interesting to see the inverse relationship btw the 10-year (GDP) and software valuations.

This Morgan Stanley note yst'day shows it.

When the US Economy does well, particularly when unemployment is low (2014, 2017, and early 2022), interesting to see how SaaS reacts. Image
3/ Obviously, growth & FCF matter, but many overestimate their predictive power, particularly in a BEAR market as compared to a bull market.

If things were perfect, stocks like $DDOG wouldn't be down 50%, or names like $SNOW which improved FCF, wouldn't be as down (ex SBC) Image
Read 4 tweets
Jul 17
Upcoming Q2 might show interesting dynamics btw $MSFT vs. $AMZN Cloud.

ETR's survey shows that in Q2/Q3; Azure has taken a significant leap in spending momentum amongst 1000 CTOs.

+ Consolidation is a key driver
+ Azure + Cybersecurity boost (against $CRWD).

Thread 1/6
2/ This beautiful chart by @_ram_ shows the revenue breakdown for all the key players:

Last Qtr in Q1 2022:
+ AWS grew 37%
+ Azure grew 49%
+ GCP grew 44%
3/ For AWS:

We know they had currency issues.

AWS' backlog balance of unused credits was $88.9B at the end of Q1, up 68% YoY.

AWS doesn't provide much commentary or disclosure.

We know they are not as deep as Azure in other cloud enterprise suites like security etc.
Read 6 tweets
Jun 23
Over the past year, I've spent lots of time on the cybersecurity ecosystem.

There is evidence to suggest Cybersecurity will be one of the strongest software sectors that emerges post this bear market.

These are a few data points that back up my thesis: 1/
2/ First, let's begin with current data.

Despite the massive tech correction, Cybersecurity tech stocks continue to trade at a premium level to the rest of the tech sector. Go and see the YTD performance of $PANW, $FTNT, etc.

What is driving this? Image
3/ Fundamentals/financials of these cos have remained resilient against any growth slowdown.

Q1 results amongst SaaS companies saw security companies have the highest beat rates and the rarest slowdown.

A key reason is that IT budgets continue to rank security as a priority. Image
Read 19 tweets
Jun 7
$GTLB: Revenue growth acceleration for Gitlab over the last 5-quarters:

Q2: 69%
Q3: 58%
Q4: 69%
Q1: 75%
Q2: 63% next q guide (likely another acceleration).

DBNRR: 130%

There are a couple of factors driving growth and making this company valuable. Quick notes - 1/6
2/ Key drivers of $GTLB's growth:

+ 5K customers, growing 64% YoY
+ 100K custs, 68% YoY
+ Ultimate product continues to grow >100%
+ Nascent mrkt for Agile DevOps
+ Complete cloud-agnostic DevOps platform
+ As discussed, more security offerings around code scanners + compliance
3/ Beyond name recognition amongst the git 7 developer community.

Gitlab is a source code depository/mgmt platform. It runs everything ard the lifecycle of software development from planning to production.

This creates high switching costs and upselling abilities.
Examples👇
Read 7 tweets

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