Hosted by Deepwater Asset Management
Episodes
126
Latest episode
Oct 2026
Language
EN
Deepwater Asset Management's Gene Munster discusses the Pressure Points of important technology topics. deepwatermgmt.substack.com
FSD is at an inflection point and traditional auto doesn’t have an answer. 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
The stars are lining up for Elon to fully realize his vision of SpaceX being a vertical AI company, with the odds of a Tesla merger increasing. 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
The “Welcome Home” announcements today should add just under 1% to FY27 revenue. More important is the accelerating pace of product announcements. The “Home” segment represents new revenue for Apple, but the biggest incremental consumer opportunity over the next five years is personalized bots, a category in which Apple has yet to make any announcements, as it’s just getting the Siri chatbot out the door. 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
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
I expect shares of Meta to be flat to down on the Meta Connect keynote, given we didn’t get much on Muse adoption. What we got that was important is Zuck’s vision that all that matters to the company long term is Muse. Bad news for Google. 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
I went into today's Apple event thinking the foldable iPhone was going to be a rounding error for growth. After seeing the iPhone Duo, I’ve changed my mind. 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
Get ready for an AI tsunami. Nvidia’s CY27 revenue guide means the AI brain next year will be about 40% bigger than I thought 24 hours ago, which means the distribution will be greater than I previously expected. 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
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
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
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
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Alexander Spencer
