Deep dives
One company, read properly
Each deep dive takes one company in the AI chain and reads it from its own filings: what it sells, what the numbers show, what is working, what could break, and what would change our view. The week a company is company of the week, its deep dive is free to read; the rest of the time it is part of Insider.
This weekMETAHyperscalersMeta
It has told the market it will spend up to $145 billion this year to support its AI efforts, and has never disclosed a single dollar of AI revenue.
Read it →- Free the week of 28 SeptemberAVGOAccelerators
Broadcom
Its chief executive puts AI chip sales at $16.7 billion last quarter, more than half the total; the filings carry no AI revenue line, but they do carry a guarantee of up to $29 billion on one customer's AI leases.
Unlock with Insider → - Free the week of 5 OctoberMSFTHyperscalers
Microsoft
Its chief executive puts the AI business at a $37 billion annual run rate — a snapshot multiplied out to a year; the annual report has no AI line, but it does show $115.9 billion spent on buildings and machines in the year, and $24.1 billion of revenue from OpenAI, a company Microsoft owns about a quarter of.
Unlock with Insider → - Free the week of 12 OctoberPLTRApplications
Palantir
Revenue nearly doubled in a quarter, to $1.935 billion, on software it sells as an AI platform; the filings carry no AI revenue line and split the money only by who pays — with twenty customers about 40% of the past year's revenue.
Unlock with Insider → - Free the week of 19 OctoberNVDAAccelerators
Nvidia
It sold $89 billion of data-centre products in a quarter; the same filings show it now helping to pay for that demand — a guarantee of up to $105 billion on OpenAI's data-centre leases, $36 billion of commitments to rent capacity back from the clouds that buy its chips, and $51 billion of stakes in private companies.
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