Pressure Points

Hosted by Deepwater Asset Management

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119

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Jul 2026

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About the show

Deepwater Asset Management's Gene Munster discusses the Pressure Points of important technology topics. deepwatermgmt.substack.com

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60 recent

July 23, 20266 min

Pressure Points: Intel's June Quarter Earnings

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

July 22, 20262 min

Pressure Points: AI Trade Update: Google/Tesla Earnings

So what did we learn about the AI trade from Google and Tesla earnings? The infrastructure trade is intact based on higher capex outlooks and margins have been under pressure. Overall, I still believe we’re in the 3rd inning. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

July 22, 20266 min

Pressure Points: Google’s June Quarter Earnings

The massive Cloud beat got buried by higher capex guidance and expectations for lower Cloud margins going forward. As for Search, AI Mode monetization is beginning, which should be a long term growth driver. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

July 22, 202614 min

Pressure Points: Tesla’s June Quarter Earnings

While TSLA shares will likely be down tomorrow, the long term story continues to improve. Elon is all in on capex, FSD adoption is accelerating, Robotaxi is rolling out slowly to prioritize safety before scaling, and the odds of a SpaceX-Tesla merger just inched higher. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

July 21, 202611 min

Pressure Points: Tesla June Quarter Preview

Tesla June Quarter Preview: More moving parts this time around including capex, sustainability of delivery growth, ramp of cybercab production and our old friend, auto margins ex credits. Overall, I expect good news, just down know how investors will take greater capex for CY27. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

July 2, 20266 min

Pressure Points: Tesla's June Quarter Deliveries

Tesla shares down on the huge delivery beat for three reasons. The biggest was buy on the rumor. The second is a question of how much did high gas prices help the number and third, the ending of the DOGE headwind (Elon left in May 25).Bottom line: The EV winter that started in March of 2024 is ending. Even backing out those one time benefits, it still was a monster delivery number, likely up 20% plus vs. up 6% in March. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

June 24, 20266 min

Pressure Points: Micron 3Q'26 Earnings

The most underappreciated data point on MU’s earnings call was that the number of five-year SCAs increased from one last quarter to seven this quarter. That’s significant because it suggests customers expect this buildout to last for at least five years and want greater pricing visibility over that time frame. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

June 8, 20265 min

Pressure Points: WWDC Keynote 2026

Apple showed plans for a new Siri AI that consumers will love. They failed to answer the key question: Do they have the AI chops to deliver? My guess is that we’ll see Siri AI in mid-CY27, versus previous expectations for the fall of this year. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

May 20, 20268 min

Pressure Points: NVIDIA 1Q'27 Earnings

NVIDIA keeps crushing high expectations. It was a $27B business in CY22. This year it will be more than $400B. Investors are more worried that the growth will slow next year. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

April 30, 202612 min

Pressure Points: Apple 2Q'26 Earnings

The reason why shares of $AAPL are not up more is investors wonder if the new Siri can power an encore to iPhone super cycle that wraps up this quarter. I believe the answer is yes. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com