AWS is now at $100B in run rate, growing 17% y/y with operating margins of 37.6%

What a phenomenal business

Rubrik went public today, with the stock popping 20%. Some notes:

• ~$6.7B market cap
• $627M in revenue which grew 4% y/y as co moves away from perpetual licenses
• $785M in subscription ARR growing 47% y/y
• 133% net dollar retention
• 77% gross margins but -50%…

Biden signed the 'TikTok Bill' into law today.

Bytedance now has 9 months (or 12 if they get an extension) to divest TikTok or risk it being banned in the US.

My guess is likely buyers are Microsoft, Oracle or a PE consortium

TIL that in 1998, Sony had the opportunity to buy the movie rights for every Marvel character for a total of $25M.

They declined, only buying the rights for Spider Man for ~$10M

Incredible scenes as Bayern Leverkusen win the German League for the first time ever in their 120-year history.

They also ended Bayern Munich's run of 11 consecutive league titles.

Bathhouse, a spa in brooklyn and manhattan, uses bitcoin miners to heat its thermal pools and hammams.

Incredible

Bytedance's scale is mind boggling. They reportedly made ~$120B in revenue growing 50% y/y in 2023.

For context, Meta made $135B growing 16% y/y and has a $1.3T market cap.

We Wing Ventures published the 2024 Enterprise Tech 30 list yesterday, highlighting the most promising startups across stages.

I wrote about some of my observations from this edition of the list:

tanayj.com/p/observations…

Reddit is one of the top 15 websites in the world monetizing primarily via ads and makes less in ad revenue (~$800M) than Instacart (~$870M) and Uber (~$1B run rate)

Jamie Dimon on JP Morgan's perspective on AI:
• JPM has 2,000 employees focused on AI/ML
• 400 use cases in production of predictive AI across marketing, fraud and risk
• Exploring GenAI potential primarily in engineering, customer support and operations
• Anticipate that…

Instagram revenue was just disclosed for the first time in court filings.

2018: $11.3B
2019: $17.9B
2020: $22.0B
2021: $32.4B

It makes more in ad revenue than YouTube (and likely at much higher gross margins!)

Feel like Section 174 changes where R&D has to be amortized over 5 years for tax purposes and its ramifications on small tech businesses has been under discussed.

I wrote about why it matters and what's going on:

tanayj.com/p/section-174-…

Rubrik dropped their S-1 today. Some notes:
• $627M in revenue which grew 4% y/y as co moves away from perpetual licenses
• $785M in subscription ARR growing 47% y/y
• 133% net dollar retention
• 77% gross margins but -50% operating margins because of huge S&M spend
• >6k…

Reddit goes public tomorrow at $34/share, valuing the company at $6.4B, about 8x 2023 revenue.

I broke down their S-1 filing below, including their $200M data licensing deal with Google and why they're unprofitable despite 86% gross margins

tanayj.com/p/reddit-s-1-b…

Notes from Stripe's 2023 Annual Letter:

• processed $1T in transaction volume, up 25% y/y
• cash flow positive
• 1 out of every 6 new Delaware corporations incorporates with Stripe Atlas
• Aggregate revenue from AI companies using Stripe grew by 249% in 2023
• Revenue…

Advance Publications (the parent company of Condé Nast) bought Reddit for $10M in 2006.

When Reddit goes public later this month, their now ~30% stake in the company will be worth >$1.5B.

“Venture returns will not worsen…this type of statement has been made multiple times and it’s been wrong every time.”

Peter Wagner is one of the OGs of the venture space.

Over his 27-year-long career, he has:

⏲️ Spent 14 years at Accel as managing partner.

📈 $58 billion…

🚀 Big News! Utila Raises $11.5M in Seed Funding! 🚀

We're thrilled to announce that we’ve secured $11.5 Million in seed funding from top VC funds and prolific angel investors. 🎉

This marks a significant milestone in our mission to empower institutions with secure and…