Cogent now has a going-concern warning to go with its wavelength promises. Dave wants to lower interest expense, but the business keeps burning cash and the bond market is not offering much encouragement. A refinancing could buy time. How much shareholders have to give up to get it is another question. We cut our price…
Potential Anthropic IPO investors (link) have spent a lot of time asking whether demand for Claude will justify its massive compute commitments (link). Yesterday’s blue tsunami gubernatorial wins in Texas, Ohio and Georgia give us reason to flip the question around. What if the demand shows up before the compute does? We see only small…
Skydance is set to report its first quarterly results following the closing of Paramount’s acquisition of Warner Bros. Discovery. gWhile Skydance has announced the management structure for the newly combined company, it has yet to lay out its full strategic plan. We hope that begins to change…
In Is Dario Aligned With Investors? 10 Questions Anthropic’s S-1 Must Answer (link), we highlighted the enormous “spectrum” of potential outcomes for Anthropic investors. The one thing we were sure of was that investors would be taking the ride with Dario Amodei…
Apple’s 12-quarter streak of double-digit Services growth ended in September, and growth will slow further in the December quarter. Not surprisingly, Siri AI is not delivering the incremental Services revenue growth that many had hoped…
SpaceX cannot simply acquire Boost Mobile and inherit its MVNO agreements with AT&T and T-Mobile, as this morning’s Washington Post story suggests. We confirmed that on EchoStar’s Q1 2025 earnings call, when management said a similar wholesale arrangement with cable operators would “require cooperation from all parties.” We see no reason those restrictions would disappear…
After founding Netflix in 1997, Reed Hastings left the Board of Directors in June to focus on running Powder Mountain in Utah, his Board role at Anthropic and philanthropy. When asked by Kara Swisher what it’s like to be on the outside looking in as Netflix leadership makes major executive changes, Hastings said, “I heard…
Best Time to Be a Creator, Scariest Time to Be a Studio: Rich Greenfield Interviewed on Post Credits
Netflix has gone a full year without a breakout hit. Engagement is declining, revenue growth has slowed to 12%, and investors no longer believe the flywheel works. Netflix is now a show-me story. But Netflix is not Hollywood’s biggest problem. No TV show on any platform has broken into the zeitgeist this year. Newly formed…
In the past five years, YouTube has more than doubled its share of TV time from 6% to 16% and is now the most-watched service on television screens. After long deriding the content on YouTube as UGC (user-generated content), legacy media is now signing creator deals with the talent it previously dismissed. Just 18 months after Ted Sarandos said…
Dish walked away from a nationwide 5G network. This morning, American Tower told investors who owns the radios and antennas now. It’s the tower companies. Dish is out of the picture. That is good news for SpaceX, which we have long argued should buy this gear. It is bad news for Verizon’s claim that a…
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