Research

Company & Industry Analysis

2 pieces

Deep dives into how businesses work — their economics, competitive positions, and structural advantages. Frameworks for thinking about industries at scale.

Company Breakdowns1

Company BreakdownMar 15, 2026

Stripe's Infrastructure Moat

A deep look at how Stripe has built compounding technical and distribution advantages that make it structurally difficult to displace — and what the right frame for the business actually is.

3 min read · Stripe

Industry Reports1

Industry ReportFeb 28, 2026

AI's Picks-and-Shovels Moment

An analysis of the infrastructure layer in AI — why the obvious beneficiaries may not be the durable ones, and where structural advantage is actually accumulating.

4 min read · AI / Technology Infrastructure