🧵 Sharing 43 of my favorite takeaways from the most @AcquiredFM Podcast of NVIDIA $NVDA: The Dawn of the AI Era with David Rosenthal @djrosent and Ben Gilbert @gilbert!

Thought it was a smashing podcast with a great balance of history, explanation, context, and well balanced bull / bear scenarios with good thoughts backed by sound logic.

Great job David and Ben! Go listen! Highly recommend!

Thanks @matter for the ability to highlight transcripts!
1 | Issue with CPUs, one instruction at a time, GPUs, can execute many instructions concurrently

Snowflake $SNOW 2Q24 Earnings 🌱

- Rev $674m +36% ↗️🟢
- GP $456m +41% ↗️ margin 68% +244 bps ✅
- NG EBIT $54m +210% 🚀 margin 8% +453 bps ✅
- NG Net Inc $80m +1642% 🚀 margin 12% +1099 bps ✅
- OCF $83m +29% ↗️ margin 12% -62 bps ↘️🔴
- FCF $69m +28% ↗️ margin 10% -59 bps ↘️🔴 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Net revenue retention 142% (from 151% in 1Q24) ⤵️🟡
- Cust 8,537 +25% ↗️🟢
- Cust >$1m Product Rev 402 +62% ↗️🟢
- Forbes 2000 639 +17% ↗️🟡
- RPO $3.5b (~57% cRPO) +30% ↗️🟢

NVIDIA $NVDA 2Q24 Earnings 🚀

- Rev $13.5b +101% 🚀
- GP $9.5b +225% 🚀 margin 70% +2657 bps ✅
- EBIT $6.8b +1263% 🚀 margin 50% +4290 bps ✅
- NG EBIT $7.8b +155% 🚀 margin 58% +1205 bps ✅
- Net Inc $6.2b +843% 🚀 margin 46% +3603 bps ✅
- NG Net Inc $6.7b +148% 🚀 margin 50% +943 bps ✅
- OCF $6.4b +407% 🚀 margin 48% +2872 bps ✅
- FCF $6b +129% 🚀 margin 45% +535 bps ✅
Rev by Market Platform
- Total Rev $13.5b +101% 🚀 +88% QoQ ⤴️
- ⭐️ Data Center Rev $10.3b +171% 🚀 +141% QoQ ⤴️
- Gaming $2.5b +22% ↗️🟢 + 11% QoQ ⤴️
- Prof Visualization Rev $379m -24% ↘️🔴 +28% QoQ ⤴️🟢
- Automotive Rev $253m +15% YoY ↗️🟡 -15% QoQ ↘️🟠

Revenue by Segment
- Compute & Networking Rev $10.4b +166% 🚀 +133% QoQ ⤴️
- Graphics Rev $3.1b +11% ↗️🟡 +14%

Tencent $TCEHY 2Q23 Earnings ⤴️
- Rev ¥149b +11% ↗️🟡
- GP ¥71b +22% ↗️ margin 47% +430 bps ✅
- Adj EBITDA ¥57b +27% ↗️ margin 38% +477 bps ✅
- NG EBIT ¥50b +37% ↗️ margin 34% +624 bps ✅
- NG Net Inc ¥39b +33% ↗️ margin 26% +426 bps ✅
- OCF ¥41b +14% ↗️ margin 27% +64 bps ✅
- FCF ¥30b +33% ↗️ margin 20% +325 bps ✅
𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗯𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁
- VAS Rev ¥74b +4% ↗️🟡
- Online Ad Rev ¥25b +34% ↗️🟢
- FinTech & Biz Svcs Rev ¥49b +15% ↗️🟢

- VAS (Social Network) Rev ¥74b +4% ↗️🟡
- VAS (Domestic games) Rev ¥32b ➡️🟠
- VAS (International games) Rev ¥13b +19% ↗️🟢

Sea Limited $SE 2Q23 Earnings ⤴️🟢
- Rev $3.1b +5% ↗️🟡
- GP $1.5b +33% ↗️🟢 margin 47% +982 bps ✅
- Adj EBITDA $510m ⤴️ margin 16% +3368 bps ✅
- EBIT $284m ⤴️ margin 9% +3760 bps ✅
- Net Inc $331m ⤴️ margin 11% +4234 bps ✅
- OCF $595m ⤴️ margin 19% +3573 bps ✅ 𝗕𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁

𝗘𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 & 𝗢𝘁𝗵𝗲𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 ↗️🟢
- Rev $2.3b +32% ↗️
- GP $1.1b +149% 🚀 margin 46% +2133 bps ✅
- Adj EBITDA $271m +193% 🚀 margin 12% +639 bps ✅

(𝟭) 𝗘𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 ↗️🟢
- Gross Orders +10% QoQ ↗️🟢
- Rev $2.1b +21% ↗️🟢
- Marketplace Rev $1.9b +28% ↗️🟢
- Core Marketplace Rev (Txn+Ad) $1.2b +38% ↗️🟢
- VAS Rev $625m +11% ↗️🟡
- Adj EBITDA $150m ⤴️ margin 7% +4417 bps ✅
- Adj EBITDA (Asia) $204m ⤴️🟢
- Adj EBITDA (Others) -$54m ⤴️🟡

Datadog $DDOG 2Q23 Earnings

- Rev $509m +25% ↗️🟢
- GP $408m +26% ↗️ margin 80% +18 bps ✅
- NG EBIT $106m +26% ↗️ margin 21% +5 bps ✅
- NG Net Inc $124m +48% ↗️ margin 24% +378 bps ✅
- OCF $153m +110% 🚀 margin 30% +1210 bps ✅
- FCF $142m +136% 🚀 margin 28% +1301 bps ✅ 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Total Cust 26,100 +23% ↗️🟢
- Cust >$100K ARR 2,990 +24% ↗️🟢 (~85% of ARR)
- Mid-high 90s Dollar-based Gross Retention
- 120%+ Dollar-based Net Retention (expect Q3 <120%) ↘️🟠
- Billings $520m +31% ↗️🟢
- RPO $1.25b +42% ↗️🟢
- cRPO High +30s% ↗️🟢… twitter.com/i/web/status/1…

Amazon $AMZN 2Q23 Earnings 💪🏻
- Rev $134.4b +11% ↗️🟢
- EBIT $7.7b +132% 🚀 margin 6% +298 bps ✅
- Net Inc $6.8b ⤴️ margin 5% +670 bps ✅
- OCF $16.5b +84% 🚀 margin 12% +487 bps ✅
- FCF $6.1b ⤴️ margin 5% +875 bps ✅

TTM Numbers ⤴️
- TTM Rev $538b +11% ↗️🟢
- TTM EBIT $17.7b… https://t.co/URUblxTmeptwitter.com/i/web/status/1…
Segment
- NA Rev $82.5b +11% ↗️🟢
- NA EBIT $3.2b ⤴️ margin 4% +473 bps ✅

- INT Rev $29.7b +10% ↗️🟢
- INT EBIT -$895m ⤴️ margin -3% +353 bps ✅

- AWS Rev $22.1b +12% ↗️🟡
- AWS EBIT $5.4b -6% ↘️ margin 24% -472 bps ↘️🔴

MercardoLibre $MELI 2Q23 Earnings 💪🏻

- Rev $3.4b +31% FXN +57% ↗️🟢
- GP $1.7b +34% ↗️ margin 50% +92 bps ✅
- EBIT $558m +123% 🚀 margin 16% +671 bps ✅
- Net Inc $262m +113% 🚀 margin 8% +294 bps ✅
- OCF $1.4b +56% ↗️ margin 41% +642 bps ✅
- FCF $1.3b +61% ↗️ margin 38% +690… https://t.co/nBDgt4NINztwitter.com/i/web/status/1…
Biz Metrics
- TPV $42b +97% ↗️🟢
- TPV On $11b +53% ↗️🟢
- TPV Off $31b +129% ↗️🟢

- GMV $10.5b +47% ↗️🟢
- Items sold 325m +18% ↗️🟢
- Items shipped 319m +21% ↗️🟢
- Live listings 424m +14% ↗️🟡
- Managed network 93.9% +288bps 📈
- Same day & next day deliveries 111m 56% ⤴️
-… https://t.co/2HpXmTk7Istwitter.com/i/web/status/1…

Shopify $SHOP 2Q23 Earnings ⤴️💪🏻
- Rev $1.7b +31% ↗️🟢
- GP $835m +27% ↗️ margin 49% -136 bps ↘️🔴
- NG EBIT $146m -- 🚀 margin 9% +1186 bps ✅
- NG Net Inc $178m -- 🚀 margin 11% +1352 bps ✅
- OCF $118m ⤴️ margin 7% +1276 bps ✅
- FCF $97m ⤴️ margin 6% +1244 bps ✅

**One-off… https://t.co/c2yJ7owLBHtwitter.com/i/web/status/1…
Biz Metrics
- GMV $55b +17% ↗️🟢
- GPV $31.7b +27% ↗️🟢
- GPV as % of GMV 58% 📈 +450bps
- MRR $139m +30% ↗️🟢 (pricing changes)
- Rev $1.7b +31% ↗️🟢
- Sub Rev $444m +21% ↗️🟢(more merchants + pricing changes)
- MS Rev $1250m +35% ↗️🟢 (pricing changes)
- Attach Rate 3.08%… https://t.co/uKHRZyj1Hltwitter.com/i/web/status/1…

Arista Networks $ANET 2Q23 Earnings
- Rev $1.5b +39% ↗️🟢
- GP $884m +37% ↗️ margin 61% -55 bps ↘️🔴
- NG EBIT $607m +43% ↗️ margin 42% +112 bps ✅
- NG Net Inc $501m +46% ↗️ margin 34% +178 bps ✅
- OCF $434m +329% 🚀 margin 30% +2014 bps ✅
- FCF $423m +358% 🚀 margin 29% +2019… twitter.com/i/web/status/1… By Segment

- Product Rev $1262m +42% ↗️🟢 (~86% of Rev)
- Product GP $728m +43% ↗️ margin 58% +11 bps ✅

- Service Rev $197m +19% ↗️🟡
- Service GP $156m +17% ↗️ margin 79% -100 bps ↘️🔴

$META 2Q23 Earnings
- Rev $32b +11% ↗️🟡
- EBIT $9.4b +12% ↗️ margin 29% +35 bps ✅
- Net Inc $7.8b +16% ↗️ margin 24% +114 bps ✅
- OCF $17.3b +42% ↗️ margin 54% +1177 bps ✅
- FCF $11.1b +140% 🚀 margin 35% +1862 bps ✅ 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Ad Impressions +34% ↗️🟢
- Price per ad -16% ↘️🔴
- Family DAP 3.07b +7% ↗️🟡
- Family MAP 3.88b +6% ↗️🟡
- Family DAP/MAP 79% ➡️✅
- FB DAU 2.06b +5% ↗️🟡
- FB MAU 3.03b +3% ↗️🟡
- FB DAU/MAU 68% ➡️✅

𝗙𝗮𝗺𝗶𝗹𝘆 𝗼𝗳 𝗔𝗽𝗽𝘀

- Rev $31.7b +12% ↗️🟡… https://t.co/Q2uwKTKNyRtwitter.com/i/web/status/1…

Microsoft $MSFT 4Q23 Earnings 💪🏻

- Rev $56.2b +8% FXN +10% ↗️🟡
- GP $39.4b +11% ↗️ margin 70% +179 bps ✅
- EBIT $24.3b +18% ↗️ margin 43% +357 bps ✅
- Net Inc $20.1b +20% ↗️ margin 36% +346 bps ✅
- OCF $28.8b +17% ↗️ margin 51% +372 bps ✅ (ex-tax / R&D +22%)
- FCF $19.8b… https://t.co/kz6fYkvepTtwitter.com/i/web/status/1…
$MSFT FY23 Earnings
- Rev $211.9b +7% ↗️🟡
- GP $146.1b +8% ↗️ margin 69% +52 bps ✅
- EBIT $88.5b +6% ↗️ margin 42% -28 bps ↘️🔴
- Net Inc $72.4b -1% ➡️ margin 34% -254 bps ↘️🔴
- OCF $87.6b -2% ➡️ margin 41% -358 bps ↘️🔴 (500bps for tax payment TCJA)
- FCF $59.5b -9% ↘️ margin… twitter.com/i/web/status/1…

Alphabet $GOOGL 2Q23 Earnings

- Rev $74.6b +7% FXN +9% ↗️🟡
- EBIT $21.8b +12% ↗️ margin 29% +136 bps ✅
- Net Inc $18.4b +15% ↗️ margin 25% +166 bps ✅
- OCF $28.7b +48% ↗️ margin 38% +1055 bps ✅
- FCF $21.8b +73% 🚀 margin 29% +1112 bps ✅ 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀 - 𝗦𝗹𝗼𝘄 𝗶𝗻 𝗖𝗼𝗿𝗲 (𝗦𝗲𝗮𝗿𝗰𝗵/𝗬𝗧), 𝗙𝗮𝘀𝘁𝗲𝗿 𝗶𝗻 𝗖𝗹𝗼𝘂𝗱

- Rev $74.6b +7% FXN +9% ↗️🟡
- Services Total Rev $66.3b +5% ↗️🟡
- Advertising Total $58.1b +3% ↗️🟡
- Search Rev $42.6b +5% ↗️🟡
- YouTube $7.7b +4% ↗️🟡
- Network $7.9b -5% ↘️🟠… twitter.com/i/web/status/1…

Intuitive Surgical $ISRG 2Q23 Earnings
- Rev $1.8b +15% FXN +17% ↗️🟢
- GP $1172m +15% ↗️ margin 67% -49 bps ↘️🔴
- NG EBIT $618m +16% ↗️ margin 35% +27 bps 🟢
- NG Net Inc $507m +22% ↗️ margin 29% +164 bps 🟢 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Procedures +22% ↗️🟢
- US Procedures +19% ↗️🟢 Ex-US +28% ↗️🟢
- Ion procedures +145% 🚀
- SP procedures +40% ↗️🟢
- System utilization +9% ↗️🟡

- Da Vinci Systems +331 US +157 Ex-US +174 📶
- Installed Base by geography: 8,042 +13% ↗️🟢 4.8K US, 3.2K… https://t.co/VckgRSsdSitwitter.com/i/web/status/1…

Netflix $NFLX 2Q23 Earnings 💪🏻
- Rev $8.2b +3% +6% FXN ↗️🟡
- EBIT $1.8b +16% ↗️ margin 22% +252 bps 🟢
- Net Inc $1.5b +3% ↗️ margin 18% +9 bps 🟢
- OCF $1.4b +1298% ⤴️ margin 18% +1630 bps ✅
- FCF $1.3b +10200% ⤴️ margin 16% +1619 bps ✅ Biz Metrics

- Paid Subs 238m +8% ↗️🟢
- Paid Net Adds +5.9m 📶🟢 (paid sharing)
- Rev +3% ↗️ + 6% FXN ↗️🟢
- ARM -3% ↘️ -1% FXN ↗️🟡

Geo Splits:

UCAN:
Rev $3.6b +0% ➡️🟡
Net Paid Ads +1.2m ↗️🟢
Paid Subs 75.5 📶
ARM $16.00 ↘️

EMEA
Rev $2.6b -3% ↘️🟠
Net Paid Ads +2.4m ⤴️🟢… https://t.co/f7Q7CGhlfutwitter.com/i/web/status/1…

𝗠𝗼𝗻𝗴𝗼𝗗𝗕 $MDB 𝟭𝗤𝟮𝟰 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 💪🏻
- Rev $368m +29% ↗️🟢
- GP $271m +31% ↗️ margin 74% +94 bps ✅
- NG EBIT $44m +150% 🚀 margin 12% +573 bps ✅
- NG Net Inc $45m +197% 🚀 margin 12% +696 bps ✅
- OCF $54m +364% 🚀 margin 15% +1053 bps ✅
- FCF $52m +513% 🚀 margin… twitter.com/i/web/status/1… 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Cust 43.1k +22% ↗️🟢
- Direct Sales Cust 6.7k +40% ↗️🟢
- Atlas Cust 41.6k+ (~97% of total) +23% ↗️ 🟢
- Cust >$100k ARR 1,761 +28% ↗️🟢
- Cust >$1m 213 +30% ↗️🟢
- Net ARR Expansion >120% ✅

𝗖𝗿𝗼𝘄𝗱𝘀𝘁𝗿𝗶𝗸𝗲 $CRWD 𝟭𝗤𝟮𝟰 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 💪🏻
- Rev $693m +42% ↗️🟢
- GP $523m +45% ↗️ margin 76% +156 bps ✅
- NG EBIT $116m +40% ↗️ margin 17% -28 bps ↘️🔴
- NG Net Inc $136m +82% 🚀 margin 20% +436 bps ✅
- OCF $301m +40% ↗️ margin 43% -62 bps ↘️🔴
- FCF $227m +44%… twitter.com/i/web/status/1… 𝗕𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 (Subscription ~94% of Rev, ~97% of GP)
- Sub Rev $651m +42% ↗️🟢
- Sub GP $509m +45% ↗️ margin 78% +165 bps ✅

- Svcs Rev $41m +48% ↗️🟢
- Svcs GP $14m +56% ↗️ margin 34% +191 bps ✅

𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Sub ARR $2.73bn 42% ↗️🟢
- Net Retention 125%… twitter.com/i/web/status/1…

𝗢𝗺𝗮𝗵𝗮 & 𝗥𝗮𝗶𝗹𝗿𝗼𝗮𝗱𝘀. 🇺🇸🚂

During my earlier visit to Omaha, I noticed the following:

1) Omaha was introduced by our tour guide as one of the railroad stops that provided food and rest for people traveling from the East to the West.

2) Union Pacific’s HQ (the other… twitter.com/i/web/status/1… 𝟭 | 𝗨𝗦 𝗿𝗮𝗶𝗹𝘄𝗮𝘆 𝗰𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗶𝗿𝘀𝘁 𝘀𝘁𝗮𝗿𝘁𝗲𝗱 𝗼𝗻 𝘁𝗵𝗲 𝗘𝗮𝘀𝘁 𝗖𝗼𝗮𝘀𝘁 𝗶𝗻 𝘁𝗵𝗲 𝟭𝟴𝟯𝟬𝘀 𝗮𝗻𝗱 𝗴𝗿𝗮𝗱𝘂𝗮𝗹𝗹𝘆 𝗼𝘃𝗲𝗿 𝟯𝟬 𝘆𝗲𝗮𝗿𝘀 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘁𝗼 𝟭𝟴𝟲𝟬𝘀, 𝗯𝘂𝗶𝗹𝘁 𝗮 𝘀𝘁𝗿𝗼𝗻𝗴 𝘃𝗮𝘀𝘁 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗼𝗳… twitter.com/i/web/status/1…

𝗣𝗮𝗴𝗦𝗲𝗴𝘂𝗿𝗼 $PAGS 𝟭𝗤𝟮𝟯 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀
- Rev R$3.8b +9% ↗️🟡
- Net Take Rate R$2.3b +10% ↗️ margin 2.61% ➡️ +1bps
- GP R$1.4b +12% ↗️ margin 37% +89 bps ✅
- Adj EBITDA R$787m +18% ↗️ margin 21% +158 bps ✅
- EBIT R$470m +5% ↗️ margin 13% -57 bps ↘️🔴
- Net Inc R$370m… twitter.com/i/web/status/1… 𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀

- Total Finance Volume TFV R$204b +34% ↗️🟢
- Payments / Total Payment Volume TPV (PagSeguro TPV) R$88b +10% ↗️🟡
- Fin Svcs / Total Banking Volume TBV (PagBank TPV) R$116b +61% ↗️🟢

- Total Rev R$3.8b +9% ↗️🟡
- Payment Rev R$3.4b +10% ↗️🟡
- Financial… twitter.com/i/web/status/1…

Meituan $MPNGY 1Q23 Earnings ⤴️💪🏻

- Rev ¥58.6b +27% ↗️🟢
- Adj EBITDA ¥6.3b ⤴️ margin 11% +1466 bps ✅
- EBIT ¥3.6b ⤴️ margin 6% +1819 bps ✅
- NG Net Inc ¥5.5b ⤴️margin 9% +1712 bps ✅
- OCF ¥8.1b ⤴️margin 14% +3811 bps ✅ By Segment

𝟭) 𝗖𝗼𝗿𝗲 𝗟𝗼𝗰𝗮𝗹 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲 ↗️💪🏻

- Rev ¥42.9b +25% ↗️🟢
- EBIT ¥9.4b +101% ↗️🟢 23% margin +800bps ✅
- Delivery Svcs Rev ¥16.9b +19% ↗️🟢
- Commission Rev ¥15.8b +32% ↗️🟢
- Online Mktg Svcs Rev ¥7.7b +11% ↗️🟡
- Others Rev ¥2.4b +144% 🚀

𝟮) 𝗡𝗲𝘄… twitter.com/i/web/status/1…

𝗪𝗼𝗿𝗸𝗱𝗮𝘆 $WDAY 𝟭𝗤𝟮𝟰 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀
- Rev $1.7b +17% ↗️🟢
- GP $1.3b +23% ↗️ margin 75% +329 bps ✅
- NG EBIT $396m +37% ↗️ margin 24% +339 bps ✅
- NG Net Inc $342m +57% ↗️ margin 20% +517 bps ✅
- OCF $277m -37% ↘️ margin 16% -1418 bps ↘️🔴
- FCF $209m -45% ↘️ margin… twitter.com/i/web/status/1… By Segment

𝗦𝘂𝗯𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻

- Rev $1.5b +20% ↗️🟢 (~91% total)
- GP $1.3b +7% ↗️ margin 84% -992 bps ↘️🔴

𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀

- Rev $156m -4% ↘️
- GP -$22m margin -14% -957 bps ↘️🔴

𝗕𝗶𝘇 𝗠𝗲𝘁𝗿𝗶𝗰𝘀
- Sub Rev Backlog $16.5b +32% ↗️🟢
- 24M… twitter.com/i/web/status/1…