Comcast changed its earnings call format from live Q&A to pre-submitted questions starting with today’s Q2’2026 earnings call. We submitted the three questions shown below…
Tesla’s stock fell 14%, and the easy explanation is margins, capex that doubled sequentially and free cash flow going the wrong way. We think the more important answer came buried in the Q&A on Cybercab. We also asked about Cybercabs as Starlink hotspots and the timing of a driverless Semi. There is plenty of upside in both, but the timelines remain as hard to predict…
Earlier today, Judge Martínez-Olguín issued a 14-day temporary restraining order (link) and set an August 3rd hearing on the far more important preliminary injunction that would stop the merger from closing pending trial (with a trial unlikely to occur before 2027). Given our analysis…
While the market speculated on a SpaceX-Tesla merger and waited for the next Starship launch, tangible signs emerged that Robotaxi might finally be getting ready to scale. Tesla’s fleet is quietly growing, and Washington is clearing away the last hardware barriers standing in its way. At the same time…
Merging Paramount and Warner Bros. Discovery will undoubtedly create a stronger streaming competitor, as both Paramount+ and HBO Max are subscale on a standalone basis. But as we’ve written repeatedly, if Paramount used even a fraction of the cash it’s spending on WBD to ramp up production and license more third-party content, it could achieve much of the same benefit without a major acquisition, as Netflix has done (link). Paramount CEO David Ellison does not really refute that point. Instead…
Here are our ten key questions for Netflix management on tomorrow’s Q2 2026 earnings discussion (our Q1 …
Since announcing its pursuit of Warner Bros. Discovery in September 2025, Paramount has projected nothing but confidence. It has repeatedly stated that the WBD acquisition is “pro-competitive” and will create “a next-generation global media and entertainment company” that can…
Welcome to the 20th edition of the LightShed Earnings Scorecard. It was a quarter of firsts. AI mentions set a record, Apple made a debut nobody wants (its first trip to the Hall of Shame), and Rich Greenfield finally cracked a Disney call after nearly a decade in exile…
Brian Roberts has finally decided to set NBCU free via a spin-off after more than a decade of investor clamoring. While most CMCSA investors are hoping NBCU will be sold before the spin is completed or in the years after, we do not believe that is the plan. We see Roberts looking to use NBCU’s standalone currency to hunt acquisitions that bulk up and modernize the company…
EchoStar put Dish DBS and Dish Wireless into a prepackaged Chapter 11 in Houston yesterday. Read the structure and you see the whole point of the exercise. It is clean for EchoStar and potentially brutal for the tower companies. It also sets up a third party, whether SpaceX or someone else, to step in for the terrestrial network assets on the cheap, just as SpaceX assembles the spectrum that could use them…
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