Sergey
@sergeycyw.bsky.social
I talk about growth stock investing and fundamental analysis with a long-term mindset. I provide earnings reviews and key news updates. Not investment advice.
SergeyCYW.substack.com
SergeyCYW.substack.com
Let’s look at SaaS* valuations from an alternative perspective: a comparison of forward P/E ratios relative to analysts’ revenue growth forecasts.
December 20, 2025 at 4:07 PM
Let’s look at SaaS* valuations from an alternative perspective: a comparison of forward P/E ratios relative to analysts’ revenue growth forecasts.
Let's examine SaaS companies* valuations by analyzing the Forward EV/Gross Profit (GAAP) multiple relative to their projected NTM revenue growth.
December 20, 2025 at 2:28 PM
Let's examine SaaS companies* valuations by analyzing the Forward EV/Gross Profit (GAAP) multiple relative to their projected NTM revenue growth.
SaaS companies* are typically evaluated based on the Forward EV/Sales multiple relative to their projected NTM revenue growth.
December 20, 2025 at 12:31 PM
SaaS companies* are typically evaluated based on the Forward EV/Sales multiple relative to their projected NTM revenue growth.
#GOOGL is no longer defined only by Search and YouTube.
The center of gravity is shifting toward cloud, models, and physical AI infrastructure.
Google Cloud revenue reached $15.2B, up 34% YoY, while operating income jumped 85% to $3.6B, expanding margin to 23.7%.
The center of gravity is shifting toward cloud, models, and physical AI infrastructure.
Google Cloud revenue reached $15.2B, up 34% YoY, while operating income jumped 85% to $3.6B, expanding margin to 23.7%.
December 19, 2025 at 4:04 PM
#GOOGL is no longer defined only by Search and YouTube.
The center of gravity is shifting toward cloud, models, and physical AI infrastructure.
Google Cloud revenue reached $15.2B, up 34% YoY, while operating income jumped 85% to $3.6B, expanding margin to 23.7%.
The center of gravity is shifting toward cloud, models, and physical AI infrastructure.
Google Cloud revenue reached $15.2B, up 34% YoY, while operating income jumped 85% to $3.6B, expanding margin to 23.7%.
$TSLA Tesla
Tesla continues to scale AI compute to support Full Self-Driving development, even after exiting the Dojo custom supercomputer effort. Q3 2024 revenue reached $25.2B, up 8% YoY, while net income rose to $2.17B and operating cash flow hit a record $6.3B.
Tesla continues to scale AI compute to support Full Self-Driving development, even after exiting the Dojo custom supercomputer effort. Q3 2024 revenue reached $25.2B, up 8% YoY, while net income rose to $2.17B and operating cash flow hit a record $6.3B.
December 19, 2025 at 3:00 PM
$TSLA Tesla
Tesla continues to scale AI compute to support Full Self-Driving development, even after exiting the Dojo custom supercomputer effort. Q3 2024 revenue reached $25.2B, up 8% YoY, while net income rose to $2.17B and operating cash flow hit a record $6.3B.
Tesla continues to scale AI compute to support Full Self-Driving development, even after exiting the Dojo custom supercomputer effort. Q3 2024 revenue reached $25.2B, up 8% YoY, while net income rose to $2.17B and operating cash flow hit a record $6.3B.
$GOOGL Alphabet
Alphabet continues monetizing AI through Google Cloud and generative AI services. Q3 2024 revenue reached $88.3B, up 15% YoY, while Google Cloud revenue grew 35% to $11.4B with 17% operating margin.
Alphabet continues monetizing AI through Google Cloud and generative AI services. Q3 2024 revenue reached $88.3B, up 15% YoY, while Google Cloud revenue grew 35% to $11.4B with 17% operating margin.
December 19, 2025 at 3:00 PM
$GOOGL Alphabet
Alphabet continues monetizing AI through Google Cloud and generative AI services. Q3 2024 revenue reached $88.3B, up 15% YoY, while Google Cloud revenue grew 35% to $11.4B with 17% operating margin.
Alphabet continues monetizing AI through Google Cloud and generative AI services. Q3 2024 revenue reached $88.3B, up 15% YoY, while Google Cloud revenue grew 35% to $11.4B with 17% operating margin.
TSMC
TSMC remains the backbone of the AI semiconductor supply chain. High-performance computing accounted for 57% of revenue in Q3 2025, with advanced nodes at 7nm and below representing 74% of wafer revenue. Full-year 2025 growth was revised to the mid-30% range, driven by AI demand.
TSMC remains the backbone of the AI semiconductor supply chain. High-performance computing accounted for 57% of revenue in Q3 2025, with advanced nodes at 7nm and below representing 74% of wafer revenue. Full-year 2025 growth was revised to the mid-30% range, driven by AI demand.
December 19, 2025 at 3:00 PM
TSMC
TSMC remains the backbone of the AI semiconductor supply chain. High-performance computing accounted for 57% of revenue in Q3 2025, with advanced nodes at 7nm and below representing 74% of wafer revenue. Full-year 2025 growth was revised to the mid-30% range, driven by AI demand.
TSMC remains the backbone of the AI semiconductor supply chain. High-performance computing accounted for 57% of revenue in Q3 2025, with advanced nodes at 7nm and below representing 74% of wafer revenue. Full-year 2025 growth was revised to the mid-30% range, driven by AI demand.
$META Meta Platforms
Meta continues to pair AI monetization with aggressive infrastructure investment. Q3 2024 revenue reached $40.6B, up 19% YoY, while net income climbed 35% to $15.7B. Operating margin expanded to 43% as AI-driven ad ranking improved pricing and engagement.
Meta continues to pair AI monetization with aggressive infrastructure investment. Q3 2024 revenue reached $40.6B, up 19% YoY, while net income climbed 35% to $15.7B. Operating margin expanded to 43% as AI-driven ad ranking improved pricing and engagement.
December 19, 2025 at 3:00 PM
$META Meta Platforms
Meta continues to pair AI monetization with aggressive infrastructure investment. Q3 2024 revenue reached $40.6B, up 19% YoY, while net income climbed 35% to $15.7B. Operating margin expanded to 43% as AI-driven ad ranking improved pricing and engagement.
Meta continues to pair AI monetization with aggressive infrastructure investment. Q3 2024 revenue reached $40.6B, up 19% YoY, while net income climbed 35% to $15.7B. Operating margin expanded to 43% as AI-driven ad ranking improved pricing and engagement.
$NVDA NVIDIA
NVIDIA continues to dominate AI compute infrastructure. Fiscal Q3 2026 revenue reached $57B, up 62% YoY, with data center revenue of $51.2B, rising 66% YoY. Gross margin remained resilient at ~73%, despite massive volume ramps. Net income totaled $31.9B, with EPS of $1.30.
NVIDIA continues to dominate AI compute infrastructure. Fiscal Q3 2026 revenue reached $57B, up 62% YoY, with data center revenue of $51.2B, rising 66% YoY. Gross margin remained resilient at ~73%, despite massive volume ramps. Net income totaled $31.9B, with EPS of $1.30.
December 19, 2025 at 3:00 PM
$NVDA NVIDIA
NVIDIA continues to dominate AI compute infrastructure. Fiscal Q3 2026 revenue reached $57B, up 62% YoY, with data center revenue of $51.2B, rising 66% YoY. Gross margin remained resilient at ~73%, despite massive volume ramps. Net income totaled $31.9B, with EPS of $1.30.
NVIDIA continues to dominate AI compute infrastructure. Fiscal Q3 2026 revenue reached $57B, up 62% YoY, with data center revenue of $51.2B, rising 66% YoY. Gross margin remained resilient at ~73%, despite massive volume ramps. Net income totaled $31.9B, with EPS of $1.30.
$PLTR Palantir
Palantir accelerated enterprise AI adoption throughout 2024. Q4 revenue grew 36% YoY to $828M, lifting full-year revenue to $2.87B, up 29%. U.S. commercial revenue expanded 64% YoY in Q4 and 54% for the year, while government revenue rose 45% on AI-driven demand.
Palantir accelerated enterprise AI adoption throughout 2024. Q4 revenue grew 36% YoY to $828M, lifting full-year revenue to $2.87B, up 29%. U.S. commercial revenue expanded 64% YoY in Q4 and 54% for the year, while government revenue rose 45% on AI-driven demand.
December 19, 2025 at 3:00 PM
$PLTR Palantir
Palantir accelerated enterprise AI adoption throughout 2024. Q4 revenue grew 36% YoY to $828M, lifting full-year revenue to $2.87B, up 29%. U.S. commercial revenue expanded 64% YoY in Q4 and 54% for the year, while government revenue rose 45% on AI-driven demand.
Palantir accelerated enterprise AI adoption throughout 2024. Q4 revenue grew 36% YoY to $828M, lifting full-year revenue to $2.87B, up 29%. U.S. commercial revenue expanded 64% YoY in Q4 and 54% for the year, while government revenue rose 45% on AI-driven demand.
AI Companies Leading the Infrastructure Revolution 🧵
AI investment is accelerating at a historic pace, but a critical question remains unresolved: can physical capacity scale as fast as capital and demand?
Let's look at top 7 Ai companies #NBIS, #PLTR, #NVDA, #META, #TSM, #GOOGL, #TSLA 👇
AI investment is accelerating at a historic pace, but a critical question remains unresolved: can physical capacity scale as fast as capital and demand?
Let's look at top 7 Ai companies #NBIS, #PLTR, #NVDA, #META, #TSM, #GOOGL, #TSLA 👇
December 19, 2025 at 3:00 PM
$AMZN is no longer just an e-commerce company 👇
Amazon’s growth engine is increasingly powered by AWS, automation, and deep infrastructure bets that most investors still underappreciate.
AWS accelerated to 20.2% YoY growth, reaching $33B in quarterly revenue and a $132B annualized run rate.
Amazon’s growth engine is increasingly powered by AWS, automation, and deep infrastructure bets that most investors still underappreciate.
AWS accelerated to 20.2% YoY growth, reaching $33B in quarterly revenue and a $132B annualized run rate.
December 19, 2025 at 12:58 PM
$AMZN is no longer just an e-commerce company 👇
Amazon’s growth engine is increasingly powered by AWS, automation, and deep infrastructure bets that most investors still underappreciate.
AWS accelerated to 20.2% YoY growth, reaching $33B in quarterly revenue and a $132B annualized run rate.
Amazon’s growth engine is increasingly powered by AWS, automation, and deep infrastructure bets that most investors still underappreciate.
AWS accelerated to 20.2% YoY growth, reaching $33B in quarterly revenue and a $132B annualized run rate.
$SWKS
Skyworks delivered Q4 revenue of $1.1B and non-GAAP EPS of $1.76, supported by mobile strength and improving mix. Mobile represented 65% of revenue, while broad markets grew 7% YoY, driven by IoT, automotive, and data center infrastructure.
Skyworks delivered Q4 revenue of $1.1B and non-GAAP EPS of $1.76, supported by mobile strength and improving mix. Mobile represented 65% of revenue, while broad markets grew 7% YoY, driven by IoT, automotive, and data center infrastructure.
December 19, 2025 at 12:01 PM
$SWKS
Skyworks delivered Q4 revenue of $1.1B and non-GAAP EPS of $1.76, supported by mobile strength and improving mix. Mobile represented 65% of revenue, while broad markets grew 7% YoY, driven by IoT, automotive, and data center infrastructure.
Skyworks delivered Q4 revenue of $1.1B and non-GAAP EPS of $1.76, supported by mobile strength and improving mix. Mobile represented 65% of revenue, while broad markets grew 7% YoY, driven by IoT, automotive, and data center infrastructure.
$INTC
Intel posted Q3 2025 revenue of $13.7B, with gross margin improving to 40% and adjusted free cash flow of $900M. Core x86 demand stabilized, supported by Windows refresh cycles and Xeon usage in AI head nodes.
Intel posted Q3 2025 revenue of $13.7B, with gross margin improving to 40% and adjusted free cash flow of $900M. Core x86 demand stabilized, supported by Windows refresh cycles and Xeon usage in AI head nodes.
December 19, 2025 at 12:01 PM
$INTC
Intel posted Q3 2025 revenue of $13.7B, with gross margin improving to 40% and adjusted free cash flow of $900M. Core x86 demand stabilized, supported by Windows refresh cycles and Xeon usage in AI head nodes.
Intel posted Q3 2025 revenue of $13.7B, with gross margin improving to 40% and adjusted free cash flow of $900M. Core x86 demand stabilized, supported by Windows refresh cycles and Xeon usage in AI head nodes.
$AMAT
Applied Materials reported fiscal 2025 revenue of $28.4B, up 4% YoY, with gross margin reaching a 25-year high of 48.8%. Leadership in advanced logic, DRAM, and HBM aligns the company with AI-driven capex. Services revenue hit $6.4B, enhancing stability.
Applied Materials reported fiscal 2025 revenue of $28.4B, up 4% YoY, with gross margin reaching a 25-year high of 48.8%. Leadership in advanced logic, DRAM, and HBM aligns the company with AI-driven capex. Services revenue hit $6.4B, enhancing stability.
December 19, 2025 at 12:01 PM
$AMAT
Applied Materials reported fiscal 2025 revenue of $28.4B, up 4% YoY, with gross margin reaching a 25-year high of 48.8%. Leadership in advanced logic, DRAM, and HBM aligns the company with AI-driven capex. Services revenue hit $6.4B, enhancing stability.
Applied Materials reported fiscal 2025 revenue of $28.4B, up 4% YoY, with gross margin reaching a 25-year high of 48.8%. Leadership in advanced logic, DRAM, and HBM aligns the company with AI-driven capex. Services revenue hit $6.4B, enhancing stability.
$QCOM
Qualcomm closed fiscal 2025 with Q4 revenue of $11.3B and full-year EPS of $12.03, up 18% YoY. Automotive and IoT grew 36% and 22%, reducing handset cyclicality.
Qualcomm closed fiscal 2025 with Q4 revenue of $11.3B and full-year EPS of $12.03, up 18% YoY. Automotive and IoT grew 36% and 22%, reducing handset cyclicality.
December 19, 2025 at 12:01 PM
$QCOM
Qualcomm closed fiscal 2025 with Q4 revenue of $11.3B and full-year EPS of $12.03, up 18% YoY. Automotive and IoT grew 36% and 22%, reducing handset cyclicality.
Qualcomm closed fiscal 2025 with Q4 revenue of $11.3B and full-year EPS of $12.03, up 18% YoY. Automotive and IoT grew 36% and 22%, reducing handset cyclicality.
$KLAC
KLA delivered Q3 2025 revenue of $3.21B, with gross margin of 62.5% and free cash flow margin of 31%. The company continues to outperform WFE growth through rising process control intensity in advanced nodes, HBM, and advanced packaging, now an ~$11B served market.
KLA delivered Q3 2025 revenue of $3.21B, with gross margin of 62.5% and free cash flow margin of 31%. The company continues to outperform WFE growth through rising process control intensity in advanced nodes, HBM, and advanced packaging, now an ~$11B served market.
December 19, 2025 at 12:01 PM
$KLAC
KLA delivered Q3 2025 revenue of $3.21B, with gross margin of 62.5% and free cash flow margin of 31%. The company continues to outperform WFE growth through rising process control intensity in advanced nodes, HBM, and advanced packaging, now an ~$11B served market.
KLA delivered Q3 2025 revenue of $3.21B, with gross margin of 62.5% and free cash flow margin of 31%. The company continues to outperform WFE growth through rising process control intensity in advanced nodes, HBM, and advanced packaging, now an ~$11B served market.
$TXN
Texas Instruments generated Q3 2025 revenue of $4.7B, up 14% YoY, with operating margin of 35%. Inventory declined to $4.8B, signaling progress in normalization.
Texas Instruments generated Q3 2025 revenue of $4.7B, up 14% YoY, with operating margin of 35%. Inventory declined to $4.8B, signaling progress in normalization.
December 19, 2025 at 12:01 PM
$TXN
Texas Instruments generated Q3 2025 revenue of $4.7B, up 14% YoY, with operating margin of 35%. Inventory declined to $4.8B, signaling progress in normalization.
Texas Instruments generated Q3 2025 revenue of $4.7B, up 14% YoY, with operating margin of 35%. Inventory declined to $4.8B, signaling progress in normalization.
$LRCX
Lam Research reported record quarterly revenue of $5.3B, with gross margin of 50.6% and strong services growth of ~$1.8B. Lam benefits from rising process complexity in NAND, DRAM, and advanced packaging, particularly tied to HBM demand.
Lam Research reported record quarterly revenue of $5.3B, with gross margin of 50.6% and strong services growth of ~$1.8B. Lam benefits from rising process complexity in NAND, DRAM, and advanced packaging, particularly tied to HBM demand.
December 19, 2025 at 12:01 PM
$LRCX
Lam Research reported record quarterly revenue of $5.3B, with gross margin of 50.6% and strong services growth of ~$1.8B. Lam benefits from rising process complexity in NAND, DRAM, and advanced packaging, particularly tied to HBM demand.
Lam Research reported record quarterly revenue of $5.3B, with gross margin of 50.6% and strong services growth of ~$1.8B. Lam benefits from rising process complexity in NAND, DRAM, and advanced packaging, particularly tied to HBM demand.
$ADI
Analog Devices delivered fiscal 2025 revenue of $11B, up 17% YoY, with gross margin expanding to 69.3% and free cash flow reaching $4.3B. The company benefits from AI-driven demand across data centers and test equipment, while aerospace and defense exceeded $1B in annualized revenue.
Analog Devices delivered fiscal 2025 revenue of $11B, up 17% YoY, with gross margin expanding to 69.3% and free cash flow reaching $4.3B. The company benefits from AI-driven demand across data centers and test equipment, while aerospace and defense exceeded $1B in annualized revenue.
December 19, 2025 at 12:01 PM
$ADI
Analog Devices delivered fiscal 2025 revenue of $11B, up 17% YoY, with gross margin expanding to 69.3% and free cash flow reaching $4.3B. The company benefits from AI-driven demand across data centers and test equipment, while aerospace and defense exceeded $1B in annualized revenue.
Analog Devices delivered fiscal 2025 revenue of $11B, up 17% YoY, with gross margin expanding to 69.3% and free cash flow reaching $4.3B. The company benefits from AI-driven demand across data centers and test equipment, while aerospace and defense exceeded $1B in annualized revenue.
$MRVL
Marvell posted fiscal Q3 2026 revenue of $2.08B, up 37% YoY, with data center representing 73% of sales. Gross margin expanded to 59.7%, reflecting operating leverage from AI infrastructure demand.
Marvell posted fiscal Q3 2026 revenue of $2.08B, up 37% YoY, with data center representing 73% of sales. Gross margin expanded to 59.7%, reflecting operating leverage from AI infrastructure demand.
December 19, 2025 at 12:01 PM
$MRVL
Marvell posted fiscal Q3 2026 revenue of $2.08B, up 37% YoY, with data center representing 73% of sales. Gross margin expanded to 59.7%, reflecting operating leverage from AI infrastructure demand.
Marvell posted fiscal Q3 2026 revenue of $2.08B, up 37% YoY, with data center representing 73% of sales. Gross margin expanded to 59.7%, reflecting operating leverage from AI infrastructure demand.
$ARM
Arm delivered fiscal Q2 2026 revenue of $1.14B, up 34% YoY, with record royalty revenue of $620M. Data center royalties more than doubled as hyperscalers expanded Arm-based custom silicon.
Arm delivered fiscal Q2 2026 revenue of $1.14B, up 34% YoY, with record royalty revenue of $620M. Data center royalties more than doubled as hyperscalers expanded Arm-based custom silicon.
December 19, 2025 at 12:01 PM
$ARM
Arm delivered fiscal Q2 2026 revenue of $1.14B, up 34% YoY, with record royalty revenue of $620M. Data center royalties more than doubled as hyperscalers expanded Arm-based custom silicon.
Arm delivered fiscal Q2 2026 revenue of $1.14B, up 34% YoY, with record royalty revenue of $620M. Data center royalties more than doubled as hyperscalers expanded Arm-based custom silicon.
$ASML
ASML reported Q3 2025 revenue of €7.5B and gross margin of 51.6%, with EUV systems contributing €2.1B. The company retains its position as the critical bottleneck supplier for advanced logic and DRAM, with rising lithography intensity and early High NA EUV adoption.
ASML reported Q3 2025 revenue of €7.5B and gross margin of 51.6%, with EUV systems contributing €2.1B. The company retains its position as the critical bottleneck supplier for advanced logic and DRAM, with rising lithography intensity and early High NA EUV adoption.
December 19, 2025 at 12:01 PM
$ASML
ASML reported Q3 2025 revenue of €7.5B and gross margin of 51.6%, with EUV systems contributing €2.1B. The company retains its position as the critical bottleneck supplier for advanced logic and DRAM, with rising lithography intensity and early High NA EUV adoption.
ASML reported Q3 2025 revenue of €7.5B and gross margin of 51.6%, with EUV systems contributing €2.1B. The company retains its position as the critical bottleneck supplier for advanced logic and DRAM, with rising lithography intensity and early High NA EUV adoption.
$TSM
TSMC generated Q3 2025 revenue of $33.1B, up 10% QoQ, with gross margin expanding to 59.5%. Advanced nodes dominated mix, with 3nm at 23% of wafer revenue and 7nm and below at 74%.
TSMC generated Q3 2025 revenue of $33.1B, up 10% QoQ, with gross margin expanding to 59.5%. Advanced nodes dominated mix, with 3nm at 23% of wafer revenue and 7nm and below at 74%.
December 19, 2025 at 12:01 PM
$TSM
TSMC generated Q3 2025 revenue of $33.1B, up 10% QoQ, with gross margin expanding to 59.5%. Advanced nodes dominated mix, with 3nm at 23% of wafer revenue and 7nm and below at 74%.
TSMC generated Q3 2025 revenue of $33.1B, up 10% QoQ, with gross margin expanding to 59.5%. Advanced nodes dominated mix, with 3nm at 23% of wafer revenue and 7nm and below at 74%.