pcess609/iStock via Getty Images Dear Readers, You can read my previous free analysis on Zeta ( ZETA ) here . Before, the main concerns were about AI eating software. Now, there's all this macro uncertainty. And as narratives quickly change, I believe that getting negative when everyone is already so negative won't offer investors any potential return. Investment Thesis Zeta is a software business...
pcess609/iStock via Getty Images Dear Readers, You can read my previous free analysis on Zeta ( ZETA ) here . Before, the main concerns were about AI eating software. Now, there's all this macro uncertainty. And as narratives quickly change, I believe that getting negative when everyone is already so negative won't offer investors any potential return. Investment Thesis Zeta is a software business. And I'm bullish. Naturally, you should ask, don't I read the news? Don't I know that AI is eating up software stocks? Can't I see oil prices are above $100 per barrel? Yes and yes. But so can everyone else. Accordingly, I believe that investors' expectations have already reset lower. Does this mean Zeta can't go lower? Sure it can. Here's my contention: Paying 20x free cash flow for Zeta, a business that is growing at more than 20% y/y organically (and more than this inorganically), now offers investors a very compelling risk-reward. Below, I discuss my thoughts on the macro environment and more. Here's why I'm bullish on Zeta. Investor Sentiment: Bleak Without a doubt, the market is very challenging right now for any software business. This is a very unpleasant and frustrating period, no doubt. I ask that you do not overthink the macro environment . Let me give you an example. In 2022, particularly towards the end of the year, there was absolutely no good news around. What's more, in that period, it genuinely felt that the bad news was only getting started. I remember how I read so much about inflation, high oil prices, and how tech was still overvalued and needing a correction - even though, by that time, a lot of tech was already down +50%, with some names down even more than 70%. In hindsight, it turned out later that October 2022 was essentially the bottom for tech stocks. In fact, some tech names already started to bottom out earlier and started to move higher. But none of this was obvious until much later. The issue with investing is this: T he market fools most of...
Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets after Donald Trump suggested the US-Israel war on Iran could end “very soon”. Brent crude, the international benchmark, surged as high as $119.50 per barrel on Monday as the Middle East conflict intensified fears of a deepening energy supply crisis. Trump sought to play down this remarkable increase, ...
Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets after Donald Trump suggested the US-Israel war on Iran could end “very soon”. Brent crude, the international benchmark, surged as high as $119.50 per barrel on Monday as the Middle East conflict intensified fears of a deepening energy supply crisis. Trump sought to play down this remarkable increase, claiming that oil prices had risen “probably less than I thought they’d go up”, while moving swiftly to reassure investors. Brent fell to $91.58 per barrel in the hours after the US president described the war on Iran as “very complete, pretty much” in an interview with CBS News. Once markets had closed, however, Trump made a series of conflicting remarks which suggested the conflict would continue. “We have won in many ways,” he said. “But not enough.” He wrote on social media: “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.” About a fifth of global oil and seaborne gas tankers typically pass through the strait, which has already in effect been closed for a week, heightening concerns over energy supplies which have propelled prices higher. Tehran declared that it would not allow “one litre of oil” to be exported from the region if US and Israeli attacks continue, Iranian state media reported on Tuesday, citing a spokesperson for the regime’s Revolutionary Guards (IRGC). The French president, Emmanuel Macron, indicated on Monday that a string of countries could deploy ships to “escort” container ships and tankers in a bid to shore up the vital trade route once “the most intense phase of the conflict” was over. Trump’s rhetoric appeared to reassure investors. Oil prices fell sharply, after one of the most volatile days in energy markets since the height of the Covid crisis and the aftermath of Russia’s invasion of Ukraine. The US president sai...
Darren Entwistle spent 26 years building TELUS (NYSE:TU) into something more than a phone company. His final earnings call as CEO, on February 12, 2026, made one thing crystal clear: he’s handing over an organization that has quietly become a serious AI business. The AI Revenue Story Nobody Is Talking About The headline number from ... TELUS CEO’s Parting Shot: ‘$2 Billion in AI Revenue by 2028’ I...
Darren Entwistle spent 26 years building TELUS (NYSE:TU) into something more than a phone company. His final earnings call as CEO, on February 12, 2026, made one thing crystal clear: he’s handing over an organization that has quietly become a serious AI business. The AI Revenue Story Nobody Is Talking About The headline number from ... TELUS CEO’s Parting Shot: ‘$2 Billion in AI Revenue by 2028’ Is the Number He Wants Investors to Remember
"Reeves warns of cost-of-living rise as war on Iran hikes energy prices" says the Guardian. It quotes the chancellor saying "rapid de-escalation" is "the best way to curb inflation". The paper splashes its own investigative journalism too, under the headline "UK's AI claims built on 'phantom investments'". Labour and Conservative government pledges to "turbocharge the economy" through deals with A...
"Reeves warns of cost-of-living rise as war on Iran hikes energy prices" says the Guardian. It quotes the chancellor saying "rapid de-escalation" is "the best way to curb inflation". The paper splashes its own investigative journalism too, under the headline "UK's AI claims built on 'phantom investments'". Labour and Conservative government pledges to "turbocharge the economy" through deals with AI companies are questioned in the piece, including claims the deals would "build new datacentres, create thousands of jobs and construct a supercomputer". The paper says the Department of Science, Innovation and Technology did not respond to their questions but "rejected these assertions".
最典型的一个案例是，有海外网友上传了 1776 年的《独立宣言》竟然被某知名的 AI 检测工具判定为 99.99% 为 AI 生成。 网友上传《独立宣言》被判定 99.99%为 AI 生成 类似的“误判”在实践中几乎很难避免，但在 AI 检测工具被广泛应用的教育领域，这样的失误又不可接受，因为它会滋长师生之间的不信任，并且一次被认定是作弊的错判，对于学生而言又是灾难性的。 有研究发现，AI 检测工...
最典型的一个案例是，有海外网友上传了 1776 年的《独立宣言》竟然被某知名的 AI 检测工具判定为 99.99% 为 AI 生成。 网友上传《独立宣言》被判定 99.99%为 AI 生成 类似的“误判”在实践中几乎很难避免，但在 AI 检测工具被广泛应用的教育领域，这样的失误又不可接受，因为它会滋长师生之间的不信任，并且一次被认定是作弊的错判，对于学生而言又是灾难性的。 有研究发现，AI 检测工具更容易将非母语者误判为“作弊”；而因为误判，美国校园里也陆续出现了由学生向大学发起的诉讼。但在这样的质疑声中，我们猛然发现此前关注过的一款明星 AI 检测工具——GPTZero 竟然已经在不到一年的时间中营收翻番达到了 2400 万美元 ARR，它没有死磕“AI 检测准确率”这一指标，而是找到了一条新的路径。 一、成也检测，败也检测？ GPTZero 由华人创业者Edward Tian 和 Alex Cui 创立。 最早 Edward Tian 在普利斯顿大学攻读计算机科学、自然语言处理和新闻相关课程时就开发了GPTZero 的早期版本，当时主要是用来帮助新闻机构的记者分辨 AI 生成内容。在 ChatGPT 上线后，Edward Tian 意识到 AI 检测领域极有潜力，就找来了拥有多伦多大学机器学习硕士学位的好友 Alex Cui 来帮助他搭建独立应用，最终 GPTZero 在 2023 年 1 月正式上线了。 GPTZero 的出现可以说是恰逢其时，尤其是在教育领域，当时学生刚开始频繁地在学习中使用 AI，作业或者线上考试很难再真实呈现学生的实际学习成果，教师的第一反应往往是希望知道文档背后的信息，比如论文到底是不是 AI 写的？AI 含量到底有多少？AI 检测工具承担了类似“AI 警察”的角色，专门打击利用 AI 代笔、作弊的学术不诚信行为，这一定程度上缓解了当时教育界的 AI 焦虑。GPTZero 也由此快速成长，产品在上线一年半的时间点，已经做到了 400 万用户，几百万美元 ARR，还拿到了千万美元的融资。 但是 GPTZero 及其类似的产品遭受的质疑也越来越多，上文提及的工具本身的准确率是一方面，另一边学生也在同步使用各种“AI 人性化写作工具”来加大检测难度，老师和学生仿佛陷入了一场没有尽头的“军备竞赛”。与此同时，新的共识也在逐渐出现，在 AI 时代...
格隆汇3月10日｜壳牌同意以13亿美元向私募基金Monomoy Capital Partners旗下机构出售一部分润滑油业务Jiffy Lube及其子公司Premium Velocity Auto。根据声明，交易包括Jiffy Lube品牌及其特许经营门店网络，其中部分门店由独立加盟商营运，亦包括由PVA直接经营的门店。壳牌美国子公司Pennzoil Quaker State Company将与M...
格隆汇3月10日｜壳牌同意以13亿美元向私募基金Monomoy Capital Partners旗下机构出售一部分润滑油业务Jiffy Lube及其子公司Premium Velocity Auto。根据声明，交易包括Jiffy Lube品牌及其特许经营门店网络，其中部分门店由独立加盟商营运，亦包括由PVA直接经营的门店。壳牌美国子公司Pennzoil Quaker State Company将与Monomoy签订长期润滑油供应协议。