Snapshots That Wow!

Rapido says Ola!

Rapido now has almost double Uber's monthly active users on Android and nearly triple Ola's!.

Source: Citi Research

Closing in on OpenAI

“Steady increase in Gemini's share as Alphabet is able to integrate it with gsuite / search. Parallels (though very early) to the 90s playbook of how MSFT leveraged its OS dominance dominance to muscle out Netscape.”

Source: SimilarWeb, Sajith Pai, Chris Woods

What China and Tech giveth, DJT and AI taketh!

Over the last 35 years, profit margins for S&P500 have expanded as tech companies with fixed cost models have scaled up and as cost of manufactured goods have been kept low thanks to Chinese imports. Are both these stories about to reverse now?.

Source:Goldman Sachs

Can I acquire Acquired?

A big shoutout to one of my favorite podcasts- Acquired. The deep dive they do on business history of some of the most legendary companies in the world throws up stories and strategies that sound so bizarre but eventually do work.

Harvard Business School recently published a case study on how they have scaled in the past 4 years- “- 2021: $100k presenting sponsor, $40k mid-roll. 2025: $1.5M presenting sponsor, $1M mid-roll” For a single episode!

Source: John Yedinak, HBS

Markets green, portfolios red- the pair trade frustrating everyone

The median S&P 500 stock is in a 16% drawdown. This is while the index is down less than 2% from all time high levels that were seen less than a month back.

Source:SPX500

It’s not over till its over!

Ask anyone - what the best performing stock in the US market was in 2025 and the answer would almost undoubtedly be NVIDIA. Alphabet, $GOOGL, has accounted for 19.4% of the S&P 500's YTD gain, the most among any stock.This comes as the company has added +$1.3 trillion in market cap this year.

Nvidia, $NVDA, has had the 2nd-largest impact at +16.0%, or +$1.05 trillion.

Source: Kobeissi Letter