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Explore the workspaceMongoDB (MDB) Investor Day, September 2025
Dev, opening
Whole pitch is AI apps + modernization. Doc model as the base again: flexible JSON, retrieval built in, scales as the app changes.
Key line: agents need more than a model endpoint. Memory, current facts, app state. They want the operational DB to be where that context lives once apps go from answering to acting.
Same story as the original adoption case. Messy, changing data without a schema migration every time the app changes.
AI platform
Operational data + search + embeddings + reranking in one place. Voyage models for retrieval quality. 8.2 folded into the update.
Distinction they keep drawing: generating an answer vs grounding the app in the right context. Retrieval across raw data, metadata, embeddings, and it still has to hit prod SLAs. Fair point. Not sure it's differentiated yet.
AMP
AI tooling + their delivery engineers + a repeatable migration playbook. Not "move the data," full app transformation. Stored procs, embedded logic, dependencies, all of it.
Process: understand the legacy system → tests for existing behavior → map deps → break into components → transform code → migrate data model → validate vs the original. Incremental, tests throughout.
Claims: projects 2-3x faster overall, some code transformation 10x+. Reported outcomes, not a promise. Examples were big banks w/ heavy legacy. Need to check how many are actually live.
Search beyond Atlas
Search + Vector Search coming to Community and Enterprise Server. Public preview only, dev/test. Don't treat as GA.
Used to be Atlas-only. Now local + self-managed + on-prem. Widens where the pattern gets built. Cannibalize Atlas? Probably not much. Ask.
May, self-serve
Self-serve is an enterprise channel, not just SMB. 25% of $1M+ ARR customers started self-serve, and got there 15% faster. Good stat.
Mike, financials
Q2 FY26: Atlas +29%, non-Atlas sub +7%. Non-GAAP op margin 15%, cash conversion 83%.
- Framework: 20%+ Atlas growth
- Non-GAAP op margin +100-200 bps/yr on average
- Cash conversion improving, still investing
To do
Rebuild the medium-term Atlas schedule. Split existing workload consumption from new prod workloads. Keep mgmt's framework next to our base case, don't just plug the target in.
Margin bridge: GP, sales capacity, product spend. What if consumption slows and hiring/infra is already committed? Reconcile op income to cash, don't assume they move together.
AMP: time from engagement → live prod workload. Do the speed gains repeat? How much specialist delivery is still needed? AI: experimentation vs sustained usage that supports a consumption forecast.
Todo5
Update financial model for 20%+ Atlas growth
MDBModel 100–200 bps of annual margin expansion
MDBReview Cloudflare channel checks
NETRefresh Amazon retail margin bridge
AMZNPrepare Adobe earnings questions
ADBECompare Visa payment volume trends
VDraft weekly portfolio review
In Progress5
Update NVIDIA supply assumptions
NVDARead Shopify earnings transcript
SHOPReconcile Salesforce cash flow model
CRMCompare Datadog usage trends
DDOGUpdate investment committee memo
Done5
Review Microsoft capex outlook
MSFTFile Costco management call notes
COSTArchive Apple supplier call notes
AAPLRefresh TSMC capacity estimates
TSMSend weekly research agenda
Summarize my notes from the investor day and create some follow-up tasks
Investor Day summary
Management’s framework combines 20%+ Atlas growth with 100–200 bps of annual non-GAAP margin expansion, on average. AI and modernization support the opportunity; consumption and cash conversion are the metrics to track.
Created 2 follow-up tasks
- Update financial model for 20%+ Atlas growth
- Model 100–200 bps of annual margin expansion
MongoDB (MDB) Investor Day, September 2025
Summarize my notes from the investor day and create some follow-up tasks
Find what
others miss.
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Explore signalsr/sysadminDiscussion · July 2, 2026
↗ Almost three years on — what are people doing with VMware?
After the Broadcom takeover and price rises, system administrators compare what they actually did next.
u/DanTheGreatest ↗
“The vast majority of our clients (hospitals mostly, some financial sector) are all staying on VMware. They dont even consider alternatives.”
Which VMware customers
can actually leave?
Surfaced from r/sysadmin and linked to Broadcom.
01
Customers leaving
A hardware refresh creates a switching window. One operator reports a lower-cost Nutanix renewal.
02
Customers staying
Another reports hospital and financial-sector clients staying. Retention may differ by customer requirements.
THE NEXT QUESTION
Can higher renewal prices offset the customers and workloads that leave?
Basis interpretation · Self-reported anecdotes, not a measure of overall churn.
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Explore intelligenceBuild an investment memo and a financial model for Wingstop. Focus on unit growth, same-store sales, and the assumptions that matter
Research complete
The memo and model are ready. The expanded memo covers the thesis and key risks. The model connects revenue components, unit economics, and financial statements.
Start with the thesis. Follow the assumptions through to the numbers.
Wingstop Inc. (WING) – Revenue Build
WING v7 · September 3, 2026 · USD in millions
| THREE MONTHS ENDING | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| 22 | REVENUE $ MIX | ||||||
| 23 | Royalty revenue, franchise fees and other | 78.775 | 79.889 | 81.187 | 81.931 | 87.470 | 86.844 |
| 24 | Advertising fees | 62.272 | 61.962 | 62.018 | 61.367 | 63.269 | 64.536 |
| 25 | Company-owned restaurant sales | 30.047 | 32.478 | 32.531 | 32.396 | 32.986 | 34.184 |
| 26 | Total Revenue | 171.094 | 174.329 | 175.736 | 175.694 | 183.725 | 185.564 |
| 28 | REVENUE % MIX | ||||||
| 29 | Royalty revenue, franchise fees and other | 46.0% | 45.8% | 46.2% | 46.6% | 47.6% | 46.8% |
| 30 | Advertising fees | 36.4% | 35.5% | 35.3% | 34.9% | 34.4% | 34.8% |
| 31 | Company-owned restaurant sales | 17.6% | 18.6% | 18.5% | 18.4% | 18.0% | 18.4% |
| 34 | GROWTH %, Y/Y | ||||||
| 35 | Royalty revenue, franchise fees and other | 17.4% | 12.3% | 9.1% | 8.2% | 11.0% | 8.7% |
| 36 | Advertising fees | 24.2% | 13.4% | 9.3% | 9.5% | 1.6% | 4.2% |
| 37 | Company-owned restaurant sales | 5.3% | 8.7% | 3.8% | 7.8% | 9.8% | 5.3% |
| 38 | Total Revenue | 17.4% | 12.0% | 8.1% | 8.6% | 7.4% | 6.4% |
| 40 | GROWTH $, Y/Y | ||||||
| 41 | Royalty revenue, franchise fees and other | 11.678 | 8.729 | 6.792 | 6.229 | 8.695 | 6.955 |
| 42 | Advertising fees | 12.123 | 7.308 | 5.254 | 5.304 | 0.997 | 2.574 |
| 43 | Company-owned restaurant sales | 1.504 | 2.593 | 1.192 | 2.340 | 2.939 | 1.706 |
Financial OverviewNon-GAAP FinancialsRevenue BuildGAAP Financials
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“we have contracted renewal pricing for 5 years that will actually undercut VMware's proposed option by almost half.”