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Arjun Mehta
@ARJUN_MEHTA · JOINED 2026
2.3K FOLLOWERS
Cloud infrastructure and the capex cycle.
Where the hyperscaler dollar actually lands.
LATEST
0:17
CALLAMZNShortVIDEO · CALL
Amazon: the spend is defensive and it is being described as offensive
Capital intensity has doubled against a revenue line growing at a fraction of that rate. The return on the increment has not been disclosed and probably cannot be.
AUG 20, 2026 · 13,064 VIEWS · 173.24 → 262.07 · -51.3%
Everything
0:17
CALLAMZNShortVIDEO · CALL
Amazon: the spend is defensive and it is being described as offensive
AUG 20, 2026 · 13,064 VIEWS · 173.24 → 262.07 · -51.3%
0:19
NOTEAI BUILDOUTVIDEO
Broadcom: right franchise, wrong point in the capex cycle
AUG 19, 2026 · 2,950 VIEWS
0:18
CALLAMZNShortVIDEO · CALL
Amazon: two decisions this year set a cap nobody has incorporated
AUG 19, 2026 · 5,748 VIEWS · 173.34 → 266.43 · -53.7%
RESEARCHINTERNETTHESIS
Alphabet: contribution margin per order is finally positive at scale
Contribution per transaction turned positive across every major market this year, not just the mature ones. Scale now helps rather than hurts.
AUG 7, 2026 · 5,821 VIEWS
RESEARCHGOOGLLongCALL · THESIS
Alphabet: the newest cohorts are monetising faster than the old ones
Recent user cohorts reach the same revenue per user in roughly half the time earlier cohorts took. Improving cohort quality at this scale is rare and it compounds.
JUL 24, 2026 · 4,584 VIEWS
NOTEINTERNET
Amazon: the capex line has outgrown the revenue it supports
The buildout is being framed as opportunity and behaves like table stakes. Table stakes do not earn a return above cost of capital.
JUL 23, 2026 · 1,451 VIEWS
CALLAMZNShort
Amazon: engagement is being converted rather than grown
Impressions per user have carried revenue for four quarters while time spent was flat. That is a conversion of existing engagement, and it has a ceiling.
JUL 16, 2026 · 4,053 VIEWS · 165.18 → 123.91 · +25.0%
RESEARCHAI BUILDOUTTHESIS
Broadcom: excellent asset, fully discounted
Positioning is crowded into the print and the options market is pricing a move the fundamentals are unlikely to deliver in either direction.
JUL 6, 2026 · 3,688 VIEWS
CALLGOOGLLong
Alphabet: take rate is rising without a price increase
The platform is monetising better on the same transaction. That is a product outcome rather than a pricing decision, and it does not invite the same response.
JUN 26, 2026 · 2,454 VIEWS · 188.65 → 169.29 · -10.3%
CALLGOOGLLong
Alphabet: cohort quality is improving, which almost never happens
Recent user cohorts reach the same revenue per user in roughly half the time earlier cohorts took. Improving cohort quality at this scale is rare and it compounds.
JUN 12, 2026 · 5,231 VIEWS · 171.27 → 154.11 · -10.0%
RESEARCHGOOGLLongCALL · THESIS
Alphabet: monetisation is improving on mix rather than on price
The platform is monetising better on the same transaction. That is a product outcome rather than a pricing decision, and it does not invite the same response.
JUN 5, 2026 · 929 VIEWS · 173.39 → 346.96 · +100.1%