Late Friday the Financial Times confirmed what we have been warning investors about for the past year. Uber and Waymo are headed for a divorce. In this note, we get into why January 2028 may not even be the real exit date. We share what we found outside Waymo’s depots and inside its partners’ cars.…
With Paramount agreeing not to close its pending acquisition of Warner Bros. Discovery until the earlier of June 1, 2027, or five days after a final court ruling on the merits (link), the $110 billion question is the strength of its legal case. We have focused on Paramount’s contradictory statements surrounding…
While YouTube has a long-term deal to be the exclusive home of NFL Sunday Ticket and YouTube TV offers NFL games on ABC/ESPN, CBS, FOX and NBC, we were surprised that YouTube did not bid more aggressively for a package of NFL games for the 2026-2027 season. After talking about the success of last year’s…
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…
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