Chip Stock Investor Podcast

Palo Alto Networks (PANW) has been flying high into the end of FY2026. After a decade-long 1,400% run — capped by a broader cybersecurity rally following the Anthropic "Mythos moment" in early 2026 — what comes next?
Nick breaks down how Palo Alto expanded from network security into cloud security through acquisitions, including the completed CyberArk deal (identity and access management), plus newer moves into AI agent security (Console) and observability (Embrace, complementing Chronosphere).
On the financials: FY2026 revenue rose 24% to nearly $11.5B, with growth accelerating after CyberArk, while GAAP net income fell on stock-based compensation and amortization. Free cash flow came in just over $4.1B. We close with the next-12-months outlook for PANW as cybersecurity needs intensify for companies adopting more AI.
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Disclosure: Some links above are affiliate links. If you buy something through them, we might earn a little coffee money — thanks for helping us (Kasey) fuel our caffeine addiction.
Content in this episode is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted, and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal. CSI owns shares of Palo Alto Networks, CrowdStrike, and Fortinet.

Nokia stock surged on Nvidia's investment and AI RAN hype — then gave much of it back. We ran the numbers on NOK's Q2 2026 earnings to see if the sell-off is a buying opportunity or a warning sign.
Nokia (NOK) has become one of 2026's most talked-about telecom equipment names after Nvidia's strategic investment and growing buzz around 6G and AI RAN (Radio Access Network) infrastructure. In this episode, we break down Nokia's Q2 2026 earnings, including the misleading telecom revenue chart, the real growth driver (AI and cloud products, up 105% year-over-year vs. just 4% for legacy telecom), and how the Infinera and Fenix Group acquisitions are repositioning Nokia as a vertically integrated optical communications and data center supplier.
We also compare Nokia's free cash flow margin against internet infrastructure peers Cloudflare, Akamai, and Fastly, then run a reverse DCF to see what profit growth rate is already priced into the stock at a $55–56 billion market cap. With shares down significantly from 2026 highs, we explain why we're staying on the sidelines for now — and the price level where Nokia would become interesting again.

TIMESTAMPS
0:00 - New Research Platform & Live Event Announcement
1:15 - CDN Series Wrap-Up: Why We're Holding Cloudflare
2:00 - Nokia's Acquisition Spree: Fenix, Rapid, Infinera
4:00 - Selling Fixed Wireless Access to Inseego
5:00 - Q2 2026 Slide Deck: The Nvidia Investment Effect
6:15 - The Misleading Telecom Revenue Chart
7:30 - Real Growth Driver: AI and Cloud Up 105% YoY
9:00 - Guidance, Margins, and Peer Comparison (CDN Stocks)
11:20 - Reverse DCF: What Growth Rate Is Priced In?
14:00 - Verdict: Why We're Passing (For Now) and Our Watch Price
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Live event — new research platform sneak peek: join us Monday, September 7, 2026 at 7:00 AM Pacific for a live look at the new Chip Stock Investor research platform. Zoom: https://chipstockinvestor.zoom.us/j/98264538517?pwd=Hu3DuPQooFYZa7tYujMzUQcrAOIk6L.1 — or catch it live and on replay on our YouTube livestream.
If you want the reasoning behind more names like this one, Semiconductor Insider covers the process in more depth. Get access to all our research, weekly live Q&A events, and a growing set of tools to build your process: https://www.chipstockinvestor.com
All our socials: https://linktr.ee/chipstockinvestor
If you're getting value from the show, follow so you don't miss the next one.
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Disclosure: Some links above are affiliate links. If you buy something through them, we might earn a little coffee money — thanks for helping us (Kasey) fuel our caffeine addiction.
Content in this episode is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted, and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal. CSI doesn't own shares of Nokia.

AppLovin (APP) stock fell 38% after earnings — but is the digital advertising thesis actually broken, or is this a buying opportunity?
Shares dropped roughly 38% after AppLovin's latest report, and investors are asking whether the mobile-ad-turned-AI-advertising company can keep growing into its valuation. In this episode, we map the entire digital ad supply chain, from the walled gardens (Google, Meta, Amazon) that control roughly two-thirds of digital ad spend, down to the demand-side and supply-side platforms competing around them.
We trace AppLovin's path from a 2012 mobile-game user-acquisition tool into one of the largest software companies in digital advertising, powered by its Axon 2.0 AI algorithm. We cover the sale of its game studios to Tripledot, its push into e-commerce through a Shopify integration, and why the market is worried about decelerating revenue growth alongside historically high operating and free cash flow margins. Using our new Custom Supply Chain tool, we compare AppLovin against Omnicom, The Trade Desk, Google, and Magnite to show where value actually accrues and share our own take as long-time shareholders.
If you're deciding whether AppLovin is a buy after this sell-off, this is the fundamentals-first framework to make that call yourself.

If you want the reasoning behind more names like this one, Semiconductor Insider covers the process in more depth. Get access to all our research, weekly live Q&A events, and a growing set of tools to build your process: https://www.chipstockinvestor.com

All our socials: https://linktr.ee/chipstockinvestor
If you're getting value from the show, follow so you don't miss the next one.
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Disclosure: Some links above are affiliate links. If you buy something through them, we might earn a little coffee money — thanks for helping us (Kasey) fuel our caffeine addiction.
Content in this episode is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted, and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal.

CSI owns shares of AppLovin.

Enovix stock just hit an all-time low — and then the CEO abruptly resigned. We break down the Q2 2026 earnings, the cash runway, and whether this small bet is still worth holding.
Enovix (ENVX) stock cratered to an all-time low following its Q2 2026 earnings update, and just days later, CEO Dr. Raj Talluri announced his departure — poached by Kulicke & Soffa, a fast-growing advanced packaging and semiconductor equipment company.
In this episode, we break down what's really happening with Enovix's silicon-anode lithium-ion battery technology, including the jump from silicon to silicon oxide to silicon-carbon composite chemistry that pushed cycle life from as few as 10 charges to over 1,000. We cover the company's smartphone qualification progress (including a leading Chinese OEM), its commercial smart glasses order, and why revenue guidance of roughly $9.5 million against higher capital expenditures spooked the market.
We also dig into the balance sheet: $476 million in cash and equivalents, $74 million in longer-term investments, over $520 million in debt, and a cash burn rate that raises real questions about future capital raises. Is this pre-revenue R&D story finally turning the corner into commercialization — or is production hell just getting started? We share why this remains a small, high-risk position in our portfolio and what we're watching heading into 2027.

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If you want the reasoning behind more names like this one, Semiconductor Insider covers the process in more depth. Get access to all our research, weekly live Q&A events, and a growing set of tools to build your process: https://www.chipstockinvestor.com
All our socials: https://linktr.ee/chipstockinvestor
If you're getting value from the show, follow so you don't miss the next one.
—
Disclosure: Some links above are affiliate links. If you buy something through them, we might earn a little coffee money — thanks for helping us (Kasey) fuel our caffeine addiction.
Content in this episode is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted, and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal. CSI owns shares of Enovix.

Fastly's revenue just re-accelerated into the mid-20% range — but our reverse DCF says the stock still needs 22%+ FCF growth for a decade to justify $26. Here's why that's a hard pass for now.
Part 3 of our CDN series puts Fastly under the microscope after comparing it against Cloudflare and Akamai. We walk through our full investment thesis checklist — supply chain position, technology stickiness, revenue model, and capital structure — before running a reverse DCF on Fastly's free cash flow per share.
Revenue growth has re-accelerated, and operating margins are improving, but GAAP profitability still lags Cloudflare, stock-based compensation remains elevated relative to revenue, and share dilution is running well above our target threshold. We also look at customer stickiness — including the loss of a major account to Cloudflare — as a proxy for platform depth and competitive moat.
The result: Fastly lands on our watchlist rather than our buy list, with a price level flagged for renewed interest if shares pull back meaningfully. We close the series by connecting CDN infrastructure to the broader AI infrastructure buildout, and how a small CDN/cybersecurity basket — anchored by Cloudflare — fits inside a semiconductor and infrastructure-focused portfolio.
Research-backed analysis, not a stock tip. Always do your own due diligence.
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Members of Semiconductor Insider get our complete company-by-company research, valuation models, and portfolio allocation notes on Cloudflare, Akamai, and Fastly, plus weekly live Q&A and a growing set of tools to build your process: https://www.chipstockinvestor.com

All our socials: https://linktr.ee/chipstockinvestor
If you're getting value from the show, follow so you don't miss the next one.
—
Disclosure: Some links above are affiliate links. If you buy something through them, we might earn a little coffee money — thanks for helping us (Kasey) fuel our caffeine addiction.
Content in this episode is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted, and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal. CSI doesn't own shares of Fastly.