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Company Deep Dive
Alphabet's Search Moat Is Becoming Infrastructure
Google Cloud revenue rose 34% to $15.2 billion in Q3 2025 as operating margins widened to 23.7%.
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Alphabet trades near-term free cash flow for long-term dominance in computational utility
Alphabet is shifting from an asset-light ad distributor to a high-capex, vertically integrated provider of synthesized AI intelligence, trading near-term free cash flow for computational utility dominance.
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Alphabet shifts from ad distributor to high‑capex AI infrastructure with custom TPUs
Custom TPUs let Alphabet absorb AI inference costs and undercut competitors who pay a hardware tax to third-party vendors, creating a supply-side moat.
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How TSMC Achieved 59.9% Gross Margin as AI Nodes Eclipse Smartphones
TSMC's commitment to a pure-play foundry model has concentrated market power, allowing it to claim 69.9% of the global foundry market and command a 59.9% gross margin in 2025.
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