$DoubleVerify (DV.US)$
It doesn't make noise, go wild, or talk about dreams ~ but it's making money slowly
Let me tell you, DoubleVerify, at first glance, just by its name, you know it’s not going to be flashy. 'DoubleVerify'—sounds like a back-office banking system, not an AI unicorn. But in this industry, the real money-makers are often not the loudest ones, but the most stable ones.
DV’s business is simple—it doesn’t sell ads; it sells 'whether ads are lying.' In today’s ad world, platforms calculate their own data and claim their traffic is genuine. AI generates content daily, robotic traffic abounds, and advertisers are spending money while feeling uneasy: what exactly am I buying? This is where someone needs to step in and say, 'Hold on, let me verify that for you.' That’s what DV does.
The 2025 report card comes out, and honestly, two words: stable. Revenue of $748 million, up 14% year-on-year—not explosive growth, but consistent. A profit margin of 33%, with Q4 hitting 38%. This isn’t a venture anymore; this is a seasoned player. Full-year operating cash flow was $211 million, free cash flow conversion rate was 70%, with $260 million in cash on hand and zero long-term debt. Then they announced the largest-ever buyback authorization of $300 million. By now, you realize this isn’t a company living off stories about the next ten years; it’s already seriously making money, and...
It doesn't make noise, go wild, or talk about dreams ~ but it's making money slowly
Let me tell you, DoubleVerify, at first glance, just by its name, you know it’s not going to be flashy. 'DoubleVerify'—sounds like a back-office banking system, not an AI unicorn. But in this industry, the real money-makers are often not the loudest ones, but the most stable ones.
DV’s business is simple—it doesn’t sell ads; it sells 'whether ads are lying.' In today’s ad world, platforms calculate their own data and claim their traffic is genuine. AI generates content daily, robotic traffic abounds, and advertisers are spending money while feeling uneasy: what exactly am I buying? This is where someone needs to step in and say, 'Hold on, let me verify that for you.' That’s what DV does.
The 2025 report card comes out, and honestly, two words: stable. Revenue of $748 million, up 14% year-on-year—not explosive growth, but consistent. A profit margin of 33%, with Q4 hitting 38%. This isn’t a venture anymore; this is a seasoned player. Full-year operating cash flow was $211 million, free cash flow conversion rate was 70%, with $260 million in cash on hand and zero long-term debt. Then they announced the largest-ever buyback authorization of $300 million. By now, you realize this isn’t a company living off stories about the next ten years; it’s already seriously making money, and...
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胡说八道之一步
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$NVIDIA (NVDA.US)$
Five years from now, you won't be talking about NVIDIA every day, but can you live without it?
That night when NVIDIA announced its earnings report, I wasn’t excited, I was calm. Not because it wasn’t impressive, but because it was almost otherworldly. Fourth-quarter revenue of $68.1 billion, up 73% year-over-year; full-year revenue of $215.9 billion, up 65%. This kind of growth in a startup would be called explosive, but for one of the largest companies by market cap, it represents a structural shift.
But if you’re only looking at revenue, you’re just watching the fireworks. The real show is happening underneath.
The Data Center has become nearly the entire engine of the company. This is no longer a story about selling graphics cards; it’s about selling AI factories. More interesting is the explosion in Networking—this line is actually more critical than GPUs. Because when networking explodes, it means AI isn’t about single-machine computing power anymore; the entire data center architecture is being rewritten. The GPU is the generator, NVLink is the high-voltage transmission tower. This company isn’t just selling chips—it’s selling an entire power grid.
But many people overlook one thing: why can it achieve a 75% gross margin? For a hardware company to reach this level of margin is already abnormal. The answer isn’t in the chips, but in CUDA. Twenty years of building a software ecosystem, developer toolchains, libraries, and framework optimizations have made...
Five years from now, you won't be talking about NVIDIA every day, but can you live without it?
That night when NVIDIA announced its earnings report, I wasn’t excited, I was calm. Not because it wasn’t impressive, but because it was almost otherworldly. Fourth-quarter revenue of $68.1 billion, up 73% year-over-year; full-year revenue of $215.9 billion, up 65%. This kind of growth in a startup would be called explosive, but for one of the largest companies by market cap, it represents a structural shift.
But if you’re only looking at revenue, you’re just watching the fireworks. The real show is happening underneath.
The Data Center has become nearly the entire engine of the company. This is no longer a story about selling graphics cards; it’s about selling AI factories. More interesting is the explosion in Networking—this line is actually more critical than GPUs. Because when networking explodes, it means AI isn’t about single-machine computing power anymore; the entire data center architecture is being rewritten. The GPU is the generator, NVLink is the high-voltage transmission tower. This company isn’t just selling chips—it’s selling an entire power grid.
But many people overlook one thing: why can it achieve a 75% gross margin? For a hardware company to reach this level of margin is already abnormal. The answer isn’t in the chips, but in CUDA. Twenty years of building a software ecosystem, developer toolchains, libraries, and framework optimizations have made...
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$Lemonade (LMND.US)$
This season, I finally didn’t laugh at Lemonade anymore
Let me tell you, every time I looked at Lemonade’s financial reports in the past, I’d roll my eyes a little. It’s not that I disliked it, but they really know how to talk about AI. What model upgrades, what data flywheels, what future disruptions—it all sounds very trendy. But with insurance business, it ultimately comes down to one thing: for every $100 you collect, how much do you pay out?
The math of insurance is brutal. If you collect $100 in premiums and pay out $70, you're left with $30. That $30 still needs to cover employee salaries, advertising, and rent. What if you only paid out $50? The entire picture would change. This 'percentage paid out' is called the loss ratio (GLR). In plain terms, it's the percentage of money you take in that you have to give back.
This quarter, LMND’s loss ratio was 52%. Last year it was 63%, an 11 percentage point drop. Don't underestimate those 11 points. When scaled up to billions in premiums, it makes all the difference in whether the company can breathe easy. This isn't just storytelling; it's arithmetic.
And the most interesting part is, it's not shrinking on one side and getting smaller. On the contrary, while becoming more precise with underwriting losses, it continues to grow. The total annual premium from all its current policies has now exceeded $1.2 billion. This is called IFP (Insurance Float Premium), which is not revenue, but almost guaranteed money coming in over the next year. Here's the key point~ IFP...
This season, I finally didn’t laugh at Lemonade anymore
Let me tell you, every time I looked at Lemonade’s financial reports in the past, I’d roll my eyes a little. It’s not that I disliked it, but they really know how to talk about AI. What model upgrades, what data flywheels, what future disruptions—it all sounds very trendy. But with insurance business, it ultimately comes down to one thing: for every $100 you collect, how much do you pay out?
The math of insurance is brutal. If you collect $100 in premiums and pay out $70, you're left with $30. That $30 still needs to cover employee salaries, advertising, and rent. What if you only paid out $50? The entire picture would change. This 'percentage paid out' is called the loss ratio (GLR). In plain terms, it's the percentage of money you take in that you have to give back.
This quarter, LMND’s loss ratio was 52%. Last year it was 63%, an 11 percentage point drop. Don't underestimate those 11 points. When scaled up to billions in premiums, it makes all the difference in whether the company can breathe easy. This isn't just storytelling; it's arithmetic.
And the most interesting part is, it's not shrinking on one side and getting smaller. On the contrary, while becoming more precise with underwriting losses, it continues to grow. The total annual premium from all its current policies has now exceeded $1.2 billion. This is called IFP (Insurance Float Premium), which is not revenue, but almost guaranteed money coming in over the next year. Here's the key point~ IFP...
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$The Trade Desk (TTD.US)$
《TTD: When the market chases AI fireworks, it's paving a revolution in clean fuel》
This TTD earnings report, if you only look at the headline, might seem out of sync with market sentiment. Full-year 2025 revenue is $2.896 billion, an 18% year-over-year increase; Q4 at $847 million, up 14% year over year. In this era where 'if you’re not shouting AI, you're not a tech stock,' these numbers aren't explosive enough.
But here's the question~
If it’s not explosive, does that mean it’s lagging behind?
What the market is crazy about now is generative AI—videos that make themselves, copy that writes itself, customer service that responds on its own. Everyone is chasing the roar of the engine. But few people are asking one question: what does the engine run on?
It runs on data.
And not just any data—it’s clean, verifiable, and traceable identity data.
If identities are messy, targeting is vague, attribution is fake, then AI is just helping you burn money more efficiently.
At this moment, if you look back at what TTD is doing, it’s not showing off its generative models. Instead, it’s working on Kokai, pushing UID2, and integrating retail data. Many people find these tasks boring, but I think they are the real foundational work of AI.
Kokai essentially integrates AI into the ad placement logic; UID2 addresses identity issues; Retail Data...
《TTD: When the market chases AI fireworks, it's paving a revolution in clean fuel》
This TTD earnings report, if you only look at the headline, might seem out of sync with market sentiment. Full-year 2025 revenue is $2.896 billion, an 18% year-over-year increase; Q4 at $847 million, up 14% year over year. In this era where 'if you’re not shouting AI, you're not a tech stock,' these numbers aren't explosive enough.
But here's the question~
If it’s not explosive, does that mean it’s lagging behind?
What the market is crazy about now is generative AI—videos that make themselves, copy that writes itself, customer service that responds on its own. Everyone is chasing the roar of the engine. But few people are asking one question: what does the engine run on?
It runs on data.
And not just any data—it’s clean, verifiable, and traceable identity data.
If identities are messy, targeting is vague, attribution is fake, then AI is just helping you burn money more efficiently.
At this moment, if you look back at what TTD is doing, it’s not showing off its generative models. Instead, it’s working on Kokai, pushing UID2, and integrating retail data. Many people find these tasks boring, but I think they are the real foundational work of AI.
Kokai essentially integrates AI into the ad placement logic; UID2 addresses identity issues; Retail Data...
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I'm almost at 50% too 
Chapter Two • The First Time I Opened an Annual Report, I Flipped Through a Few Pages and Closed It Right Away
To be honest.
The first time I actually opened a company's annual report,
It wasn’t that I found it professional,
It was more like~
Did I come to the wrong place?
Dozens of pages of English,
Full of numbers,
What balance sheets, cash flow statements, Note 17, Section 3,
It feels like a banking exam, not something from the ordinary person’s world.
My reaction at that time was very real:
Swipe two pages, then close =.= 😅
Silently say to myself:
"No wonder this kind of stuff is for professionals."
But it's strange.
At the same time, I can spend hours,
Browsing forums, reading analyses, listening to others talk about where this company’s stock will soar to.
Those I understand.
Because that's the story.
Later, I gradually realized,
It's not that I couldn't understand the annual report.
I was just intimidated by its 'appearance'.
One day, I suddenly told myself something.
If I'm willing to hand over the money I've worked hard to earn to it,
Then I should at least be willing to spend half an hour,
Listening to how it talks about itself, right?
So I stopped trying to 'understand everything'.
I changed to only looking at three areas.
It's not a skill, it's survival.
The first one, I only look at the very first letter ~
Letter to shareholders.
The boss will say a lot of nice words here.
Vision, future, market opportunities, growth momentum.
Sounds good.
But after reading it for a long time, you'll realize something:
A truly impressive boss doesn't just talk...
To be honest.
The first time I actually opened a company's annual report,
It wasn’t that I found it professional,
It was more like~
Did I come to the wrong place?
Dozens of pages of English,
Full of numbers,
What balance sheets, cash flow statements, Note 17, Section 3,
It feels like a banking exam, not something from the ordinary person’s world.
My reaction at that time was very real:
Swipe two pages, then close =.= 😅
Silently say to myself:
"No wonder this kind of stuff is for professionals."
But it's strange.
At the same time, I can spend hours,
Browsing forums, reading analyses, listening to others talk about where this company’s stock will soar to.
Those I understand.
Because that's the story.
Later, I gradually realized,
It's not that I couldn't understand the annual report.
I was just intimidated by its 'appearance'.
One day, I suddenly told myself something.
If I'm willing to hand over the money I've worked hard to earn to it,
Then I should at least be willing to spend half an hour,
Listening to how it talks about itself, right?
So I stopped trying to 'understand everything'.
I changed to only looking at three areas.
It's not a skill, it's survival.
The first one, I only look at the very first letter ~
Letter to shareholders.
The boss will say a lot of nice words here.
Vision, future, market opportunities, growth momentum.
Sounds good.
But after reading it for a long time, you'll realize something:
A truly impressive boss doesn't just talk...
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$Amazon (AMZN.US)$
"This Amazon earnings report isn’t meant to excite me—it’s meant to sustain the company for a decade."
If I’m still looking at Amazon through the lens of 'did they beat expectations this quarter,' then honestly, I’d be doing it a disservice.
This company hasn’t operated in an era of 'surprises' for a long time now.
What it’s doing now is something not flashy but extremely difficult:
Reconfiguring an entire empire so it can keep running strong for another ten years.
In Q4 2025, Amazon reported revenue of $213.4 billion, a 14% year-over-year increase; even after removing the tailwind from exchange rates, the core growth was still 12%.
When I saw that number, I wasn’t particularly excited.
Because it wasn’t due to one business segment surging ahead—it’s all three pillars moving together: North America, International, and AWS, with none of them slacking off.
The so-called 'walking on three legs' may sound old-fashioned, but in today's market where single-engine failures happen all too easily, it looks surprisingly resilient.
Many people’s attention is immediately drawn to AWS, and I'm no exception. AWS Q4 revenue hit $35.6 billion, up 24% year-over-year, marking the fastest growth rate in 13 quarters. But what really made me pause wasn’t the 24%, but how they achieved it.
In this round of the AI arms race, the market is focused on GPUs— who can get their hands on them, and who can buy more...
"This Amazon earnings report isn’t meant to excite me—it’s meant to sustain the company for a decade."
If I’m still looking at Amazon through the lens of 'did they beat expectations this quarter,' then honestly, I’d be doing it a disservice.
This company hasn’t operated in an era of 'surprises' for a long time now.
What it’s doing now is something not flashy but extremely difficult:
Reconfiguring an entire empire so it can keep running strong for another ten years.
In Q4 2025, Amazon reported revenue of $213.4 billion, a 14% year-over-year increase; even after removing the tailwind from exchange rates, the core growth was still 12%.
When I saw that number, I wasn’t particularly excited.
Because it wasn’t due to one business segment surging ahead—it’s all three pillars moving together: North America, International, and AWS, with none of them slacking off.
The so-called 'walking on three legs' may sound old-fashioned, but in today's market where single-engine failures happen all too easily, it looks surprisingly resilient.
Many people’s attention is immediately drawn to AWS, and I'm no exception. AWS Q4 revenue hit $35.6 billion, up 24% year-over-year, marking the fastest growth rate in 13 quarters. But what really made me pause wasn’t the 24%, but how they achieved it.
In this round of the AI arms race, the market is focused on GPUs— who can get their hands on them, and who can buy more...
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$Alphabet-C (GOOG.US)$
This is not a reassuring earnings report, but rather one that truly dares to bet on the next decade
I actually think that the most terrifying thing about Alphabet's Q4 2025 earnings report isn't how much money it made, but rather that it doesn't seem to be boasting about its ability to make money at all.
Annual revenue exceeding 400 billion US dollars should normally be something to shout about. But it wasn’t. Search is still growing by 17%; YouTube brought in 60 billion dollars from advertising and subscriptions; Cloud grew by 48% year-on-year and has finally stabilized with a 30% operating profit margin, behaving like a mature company. Each line of business looks solid.
However, the tone of the entire earnings report is very calm.
So calm that you start to feel something is off.
Because Alphabet understands one thing:
The market today doesn’t lack “profitable companies,”
What it lacks are “companies that will still stand strong ten years from now.”
Search wasn't eliminated by AI; instead, it transformed.
Users have started asking longer, more complex questions and even follow-up queries. Search is no longer just about providing answers but helping you think through the entire problem. For advertisers, this isn't a bad thing—it's an upgrade.
YouTube is no longer just about ads. Once subscriptions become part of your life, they rarely leave. It's not emotional income; it's utility bill-type income.
Slow, ...
This is not a reassuring earnings report, but rather one that truly dares to bet on the next decade
I actually think that the most terrifying thing about Alphabet's Q4 2025 earnings report isn't how much money it made, but rather that it doesn't seem to be boasting about its ability to make money at all.
Annual revenue exceeding 400 billion US dollars should normally be something to shout about. But it wasn’t. Search is still growing by 17%; YouTube brought in 60 billion dollars from advertising and subscriptions; Cloud grew by 48% year-on-year and has finally stabilized with a 30% operating profit margin, behaving like a mature company. Each line of business looks solid.
However, the tone of the entire earnings report is very calm.
So calm that you start to feel something is off.
Because Alphabet understands one thing:
The market today doesn’t lack “profitable companies,”
What it lacks are “companies that will still stand strong ten years from now.”
Search wasn't eliminated by AI; instead, it transformed.
Users have started asking longer, more complex questions and even follow-up queries. Search is no longer just about providing answers but helping you think through the entire problem. For advertisers, this isn't a bad thing—it's an upgrade.
YouTube is no longer just about ads. Once subscriptions become part of your life, they rarely leave. It's not emotional income; it's utility bill-type income.
Slow, ...
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$Palantir (PLTR.US)$
This is not a reassuring earnings report, but it is an honest one
If this earnings report were to be described in just one sentence, it would be that it is very dangerous. The danger does not lie in it being bad, but rather in how easily it can excite people
Revenue increased by 70% year-over-year, American commercial clients grew by 137%, GAAP operating margin reached 41%, free cash flow margin hit 56%, and the Rule of 40 was pushed to 127%
With such a combination of figures, once you stop at 'wow', your judgment begins to decline
So we must first suppress our emotions and clearly understand what is really happening
The change in Palantir’s U.S. commercial business this quarter has never been just about 'more customers,' but rather the same group of customers starting to buy deeper and heavier
The clues they disclosed are actually quite clear
The number of large contracts continues to increase, the remaining contract value more than doubled in a year, while the growth in the total number of customers was only around 30%
What does this indicate?
This indicates that the growth isn't driven by discounts or one-off projects, but rather because customers, after using the system, continue to migrate more of their core processes into it.
A typical outcome is a structure where Dollar-Based Net Retention remains consistently above 100% — not only do customers stay, but they also expand their usage over time.
What supports this phenomenon isn't sales rhetoric, but Palantir...
This is not a reassuring earnings report, but it is an honest one
If this earnings report were to be described in just one sentence, it would be that it is very dangerous. The danger does not lie in it being bad, but rather in how easily it can excite people
Revenue increased by 70% year-over-year, American commercial clients grew by 137%, GAAP operating margin reached 41%, free cash flow margin hit 56%, and the Rule of 40 was pushed to 127%
With such a combination of figures, once you stop at 'wow', your judgment begins to decline
So we must first suppress our emotions and clearly understand what is really happening
The change in Palantir’s U.S. commercial business this quarter has never been just about 'more customers,' but rather the same group of customers starting to buy deeper and heavier
The clues they disclosed are actually quite clear
The number of large contracts continues to increase, the remaining contract value more than doubled in a year, while the growth in the total number of customers was only around 30%
What does this indicate?
This indicates that the growth isn't driven by discounts or one-off projects, but rather because customers, after using the system, continue to migrate more of their core processes into it.
A typical outcome is a structure where Dollar-Based Net Retention remains consistently above 100% — not only do customers stay, but they also expand their usage over time.
What supports this phenomenon isn't sales rhetoric, but Palantir...
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commented on
$SoFi Technologies (SOFI.US)$
SoFi's Earnings Report Leads to Drop: Not Due to Poor Performance, but Because the Market No Longer Wants to Pay a Premium for It
The most interesting aspect of this earnings report from SoFi Technologies is not whether it looks good or bad, but that it now requires you to view it through a different lens.
In the past, people loved SoFi because it was great at talking about the future, painting a 'finance + technology' story as a romantic straight line; but starting this quarter, it sat down and flipped through its books page by page, almost as if saying:
I still have stories to tell, but would you like to first check if I'm really making money now?
The numbers on the books are actually very honest.
Revenue crossed the billion-dollar threshold, with year-over-year growth of over thirty percent;
EBITDA margin above thirty percent;
GAAP profitability for the ninth consecutive quarter.
If this were your friend's company, you might say: 'Alright, this is no longer a business being propped up by sheer passion.'
But the market doesn’t wait around for anyone.
What the market focuses on first and foremost is EPS.
It was 0.29 in Q4 last year, but now it’s dropped to 0.13.
Many people didn’t even flip to the footnotes when a thought already crossed their minds:
Why is it so much lower?
But those who actually dig into the earnings report will realize that
a large chunk of that 0.29 from last year came from a one-time tax benefit—
Like the red envelopes given by the tax bureau during the New Year...
SoFi's Earnings Report Leads to Drop: Not Due to Poor Performance, but Because the Market No Longer Wants to Pay a Premium for It
The most interesting aspect of this earnings report from SoFi Technologies is not whether it looks good or bad, but that it now requires you to view it through a different lens.
In the past, people loved SoFi because it was great at talking about the future, painting a 'finance + technology' story as a romantic straight line; but starting this quarter, it sat down and flipped through its books page by page, almost as if saying:
I still have stories to tell, but would you like to first check if I'm really making money now?
The numbers on the books are actually very honest.
Revenue crossed the billion-dollar threshold, with year-over-year growth of over thirty percent;
EBITDA margin above thirty percent;
GAAP profitability for the ninth consecutive quarter.
If this were your friend's company, you might say: 'Alright, this is no longer a business being propped up by sheer passion.'
But the market doesn’t wait around for anyone.
What the market focuses on first and foremost is EPS.
It was 0.29 in Q4 last year, but now it’s dropped to 0.13.
Many people didn’t even flip to the footnotes when a thought already crossed their minds:
Why is it so much lower?
But those who actually dig into the earnings report will realize that
a large chunk of that 0.29 from last year came from a one-time tax benefit—
Like the red envelopes given by the tax bureau during the New Year...
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commented on
Let me start by saying something that might get me criticized.
Even if you never invest in your entire life, it doesn’t necessarily mean your life is over.
You’ll still go to work, eat, celebrate the New Year, and grow old.
The world won’t stop turning just because you didn’t buy stocks.
So investing has never been something that’s “absolutely necessary.”
The real question is,
Ten or twenty years from now, will you have fewer and fewer choices?
It was much simpler for our parents’ generation.
If you're willing to work and save, the money will gradually add up.
A slightly lower bank interest rate doesn't matter,
Life goes on.
But for our generation, if you keep your money in the bank,
The numbers might not decrease,
But there’s a lingering sense of unease.
It's not the fear of immediate bankruptcy,
But deep down, you know,
It can't beat inflation, it can't keep up with living costs,
And it certainly can't outpace time.
So investing isn't about becoming rich,
nor is it about showing off your results on social media.
At its core, it's just so that when it comes to making decisions in the future,
you don't have to look down at your wallet every single time.
Not thinking about this issue
isn't choosing safety,
it's just choosing to temporarily pretend you didn’t see it.
Many people get nervous as soon as stocks are mentioned.
What immediately comes to mind isn't companies,
but red and green numbers jumping up and down.
But let's bring the picture back to reality a bit.
What exactly is a stock?
It’s essentially a piece of...
“A receipt for participation in the business.”
You put your money in,
In exchange for a very, very small portion of a company.
What you're buying isn't that jumpy line on the chart,
But what this company does every day is...
Even if you never invest in your entire life, it doesn’t necessarily mean your life is over.
You’ll still go to work, eat, celebrate the New Year, and grow old.
The world won’t stop turning just because you didn’t buy stocks.
So investing has never been something that’s “absolutely necessary.”
The real question is,
Ten or twenty years from now, will you have fewer and fewer choices?
It was much simpler for our parents’ generation.
If you're willing to work and save, the money will gradually add up.
A slightly lower bank interest rate doesn't matter,
Life goes on.
But for our generation, if you keep your money in the bank,
The numbers might not decrease,
But there’s a lingering sense of unease.
It's not the fear of immediate bankruptcy,
But deep down, you know,
It can't beat inflation, it can't keep up with living costs,
And it certainly can't outpace time.
So investing isn't about becoming rich,
nor is it about showing off your results on social media.
At its core, it's just so that when it comes to making decisions in the future,
you don't have to look down at your wallet every single time.
Not thinking about this issue
isn't choosing safety,
it's just choosing to temporarily pretend you didn’t see it.
Many people get nervous as soon as stocks are mentioned.
What immediately comes to mind isn't companies,
but red and green numbers jumping up and down.
But let's bring the picture back to reality a bit.
What exactly is a stock?
It’s essentially a piece of...
“A receipt for participation in the business.”
You put your money in,
In exchange for a very, very small portion of a company.
What you're buying isn't that jumpy line on the chart,
But what this company does every day is...
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