Featured·AI
Agentic AI in Production: Why 46% of POCs Never Ship
Nearly half of AI proofs of concept die before production. The four pillars we used to ship a regulated agentic platform at Roche, live from AWS Summit Zurich.
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Finance·
AGNC at 1.25x Book: A Mortgage REIT, Priced
AGNC yields ~13% and trades at 1.25x book. But a mortgage REIT is not a normal stock. Here is why P/E and DCF lie, and what price-to-book really tells you.
Finance·
American States Water: The Dividend King Priced Above the Street
AWR has raised its dividend 70+ straight years, the longest streak in US utilities. At $83.18 the Street values it at $76.50. Is the premium earned?
Finance·
ASML at €1,526: The EUV Monopoly Priced for Perfection
ASML earns a 39% ROIC and prints €11B of free cash on a real monopoly. At €1,526 the price implies ~22% FCF growth for a decade. Can the numbers clear that bar?
Finance·
Boeing at $232: A Turnaround You Price on Recovery
Boeing swung from a $11.8B loss to profit and a record $89.5B in sales in one year. At $232, trailing P/E of 92x is a trap. Here's how to value a recovery.
Finance·
Cloudflare at $269: 30% Growth, Priced for Perfection
Cloudflare grows revenue ~30% a year and turned free cash flow from -$40M to +$261M. At ~41x sales the price implies ~53% FCF growth for a decade. The math.
Finance·
Coca-Cola at $84: The Dividend King With a Broken FCF Number
KO earns 14.6% ROIC on a wide moat, but reported free cash flow crashed to $5.3B. It is a one-time cash gap, not a decline. Here is what the $84 price really assumes.
Finance·
Constellation Energy at $240: Nuclear Power Meets the AI Boom
CEG owns the largest US nuclear fleet, and the AI data-center power crunch made it a growth story. At $240 the stock sits ~33% below the $358 Street mean. Here's the math.
Finance·
CrowdStrike (CRWD): The Cash Behind the Price
CrowdStrike prints $1.24B in free cash flow at a ~26% margin, yet trades at 38x sales and above the analyst mean. Here is what that price actually demands.
Finance·
McDonald's at $282: A Wide-Moat Franchise Priced at 20x
MCD earns 25% ROIC on a 46% operating margin, yet trades below its $329.84 analyst mean. Does mid-single-digit growth plus buybacks justify ~20x forward earnings? The math.
Finance·
Meta at $616: Two Accounting Distortions Hiding a 22% Grower
META's net income fell 3% and free cash flow fell 15% in 2025, yet operating income rose 20% and revenue 22%. Both drops are accounting artifacts that reverse. The real question is whether the AI capex earns its keep.
Finance·
Microsoft at $389: The Market Is Misreading a Hyperscaler
MSFT compounds at 27% ROIC while a record AI capex build suppresses free cash flow. At $389 the price implies ~14% growth for a decade — a demanding but not impossible bar. Here's the math.
Finance·
NVIDIA at $197: Priced for a Decade of 28% Growth
NVDA earns a 67% ROIC and $97B in free cash flow, yet at $197 the price implies ~28% FCF growth for ten years. Can even NVIDIA clear that bar?
Finance·
PANW at $337: Ignore the 312x P/E, Read the Cash
Palo Alto's trailing P/E of 312x is a mirage. PANW earns 11.3% ROIC, a 38% FCF margin, and trades above its $322 analyst mean. Is platformization worth 82x forward?
Finance·
Procter & Gamble (PG): The Dividend King at a Full Price
PG earns a 19% ROIC and has raised its dividend 69 years straight. At ~21.6x forward earnings, the market prices in ~4.5% FCF growth. Is that a fair bar?
Finance·
TSMC at $432: The Foundry the World Can't Replace
TSMC earns 25% ROIC and prints NT$992B of free cash flow while a record 2nm capex build hides it. At $432 the ADR sits ~13% below the Street. Here's the math.
Finance·
Visa at $352: The Toll Booth on $15 Trillion in Payments
Visa earns 31.9% on invested capital, a ~24-point spread over its cost of capital. At $352 the price implies just ~6.8% FCF growth for a decade. Here's the math on the network moat.
Finance·
Vistra at $156: Merchant Power and the AI Demand Bet
Vistra's ROIC swung from -5.7% to 16% to 7% in three years, yet 18 analysts sit at a $222.89 mean. Here's the math on a merchant power producer levered to AI.
AI·
I'm Faster With AI Code Tools. The Studies Say I Shouldn't Be.
The METR study found developers are 19% slower with AI tools. My experience says the opposite. Here's what separates productive AI-assisted developers from those who actually slow down.
Strategy·
Your North Star Metric Is Wrong: How Spotify, Airbnb and Slack Got It Right
Your team is optimizing for the wrong metric. See how Spotify chose "time listening" over DAU, why Netflix ditched DVD rentals, and the 5-step framework to find yours.
Games·
C++ in Godot: Build Entire Games Beyond GDExtension (Part 1)
Beyond GDExtension: use C++ for your entire Godot game logic, bypass the scene tree, and access the hidden server architecture. Part 1 of 4.
AI·
The Velocity Gap: Why Healthcare AI Fails (And How Roche Is Fixing It)
AI innovation and healthcare adoption are fundamentally incompatible. Here is the process architecture Roche uses to ship AI at speed without sacrificing patient safety.
Games·
Three.js Tutorial: Build Your First 3D Web Experience in 2026
Why 111k developers chose Three.js to build 3D for the web. The library powering Apple, Google, and NASA projects. Interactive demo included. Start building in 5 minutes.
AI·
AI Is Not a Tool. It Is Work. And Your Brain Knows It.
Your most productive AI day left you exhausted by 2pm. Neuroscience explains why AI flips cognitive load, not reduces it. Here's what your brain actually needs.
AI·
The Two Years That Rewrote AI: 2024 to February 2026
Training costs dropped 280x. DeepSeek trained a frontier model for $5M. Reasoning went mainstream. Here is what 24 months of AI chaos actually means for builders.