PODCAST · business
Pressure Points
by Deepwater Asset Management
Deepwater Asset Management's Gene Munster discusses the Pressure Points of important technology topics. deepwatermgmt.substack.com
Episodes
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Pressure Points: Apple's "Welcome Home" Product Announcements
The “Welcome Home” announcements today should add just under 1% to FY27 revenue. More important is the accelerating pace of product announcements. The “Home” segment represents new revenue for Apple, but the biggest incremental consumer opportunity over the next five years is personalized bots, a...
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Pressure Points: Tesla Deliveries - September 2026
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Meta Connect 2026
I expect shares of Meta to be flat to down on the Meta Connect keynote, given we didn’t get much on Muse adoption. What we got that was important is Zuck’s vision that all that matters to the company long term is Muse. Bad news for Google. This is a public episode. If you would like to discuss…
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Pressure Points: Apple's "Surprise and Shine" Event
I went into today's Apple event thinking the foldable iPhone was going to be a rounding error for growth. After seeing the iPhone Duo, I’ve changed my mind. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: Nvidia July Quarter Earnings
Get ready for an AI tsunami. Nvidia’s CY27 revenue guide means the AI brain next year will be about 40% bigger than I thought 24 hours ago, which means the distribution will be greater than I previously expected. This is a public episode. If you would like to discuss this with other subscribers…
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Pressure Points: Intel's June Quarter Earnings
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: AI Trade Update: Google/Tesla Earnings
So what did we learn about the AI trade from Google and Tesla earnings? The infrastructure trade is intact based on higher capex outlooks and margins have been under pressure. Overall, I still believe we’re in the 3rd inning. This is a public episode. If you would like to discuss this with other...
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Pressure Points: Google’s June Quarter Earnings
The massive Cloud beat got buried by higher capex guidance and expectations for lower Cloud margins going forward. As for Search, AI Mode monetization is beginning, which should be a long term growth driver. This is a public episode. If you would like to discuss this with other subscribers or get...
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Pressure Points: Tesla’s June Quarter Earnings
While TSLA shares will likely be down tomorrow, the long term story continues to improve. Elon is all in on capex, FSD adoption is accelerating, Robotaxi is rolling out slowly to prioritize safety before scaling, and the odds of a SpaceX-Tesla merger just inched higher. This is a public episode.…
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Pressure Points: Tesla June Quarter Preview
Tesla June Quarter Preview: More moving parts this time around including capex, sustainability of delivery growth, ramp of cybercab production and our old friend, auto margins ex credits. Overall, I expect good news, just down know how investors will take greater capex for CY27. This is a public...
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Pressure Points: Tesla's June Quarter Deliveries
Tesla shares down on the huge delivery beat for three reasons. The biggest was buy on the rumor. The second is a question of how much did high gas prices help the number and third, the ending of the DOGE headwind (Elon left in May 25).Bottom line: The EV winter that started in March of 2024 is...
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Pressure Points: Micron 3Q'26 Earnings
The most underappreciated data point on MU’s earnings call was that the number of five-year SCAs increased from one last quarter to seven this quarter. That’s significant because it suggests customers expect this buildout to last for at least five years and want greater pricing visibility over…
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Pressure Points: WWDC Keynote 2026
Apple showed plans for a new Siri AI that consumers will love. They failed to answer the key question: Do they have the AI chops to deliver? My guess is that we’ll see Siri AI in mid-CY27, versus previous expectations for the fall of this year. This is a public episode. If you would like to…
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Pressure Points: NVIDIA 1Q'27 Earnings
NVIDIA keeps crushing high expectations. It was a $27B business in CY22. This year it will be more than $400B. Investors are more worried that the growth will slow next year. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: Apple 2Q'26 Earnings
The reason why shares of $AAPL are not up more is investors wonder if the new Siri can power an encore to iPhone super cycle that wraps up this quarter. I believe the answer is yes. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes,...
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Pressure Points: Hyperscalers Double Down on AI Capex
The bottom line on the capex outlook, we’re early in the AI buildout. Three of the four hyperscalers hiked their AI spending outlook. I expect in CY26 will come in up closer to 80% vs. up Street expectations of up 64% going into tonight. This is a public episode. If you would like to discuss this...
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Pressure Points: Meta 1Q'26 Earnings
Meta can’t shake the capex bears. Growth of 33% was better than the whisper of 32%. Guided June to 28% vs. Street at 25%. Investors opted instead to focus on capex growth this year going to 93% growth compared to previous expectations of 73%. I see the concern overblown. Meta has shown they can...
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Pressure Points: Google 1Q'26 Earnings
Investors shrugged off the higher capex guide for 2027 because Google Cloud is gaining meaningful marketshare, and Search is at an “expansionary moment” which means Search growth this year will be closer to 17% vs. the Street currently at 13%. This is a public episode. If you would like to…
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Pressure Points: Microsoft 3Q'26 Earnings
Postive comments about Azure growing at 40% in June vs 39% in March was offset by them talking about the elephant in the room, the need for a new monetization model for software that is usage based. This is a public episode. If you would like to discuss this with other subscribers or get access…
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Pressure Points: Amazon 1Q'26 Earnings
Sounds like they’re keeping capex outlook unchanged. Up 48% y/y in CY26 compared to up 59% in CY25. The kicker is outside of AWS, they still have not had their AI moment. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: Tesla 1Q'26 Earnings
Shares of TSLA sold off on the increased capex comments. It should have traded up because it supports the company’s long-term vision. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Tim Cook Stepping Down as Apple CEO
Tim crushed it as CEO of Apple. Ternus has an opportunity to supercharge Apple’s multiple by changing the narrative, which is the biggest opportunity in big tech. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: SpaceX IPO & Sovereign AI
For the deep dive on our SpaceX Is Building the World’s First Sovereign AI thesis, check out Doug Clinton and I on Pressure Points. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Tesla Deliveries Preview - Q1 2026
Beyond the headline of next week’s Tesla deliveries is the reality that the EV business is in a better place today than two years ago. Big Auto made big cuts to EV investment over that time, and that gives Tesla a bigger opportunity, especially in the US where we don’t have BYD. This is a public...
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Pressure Points: Nvidia's GTC Keynote 2026
Bottom line from Jensen’s keynote: Demand is measurably stronger than even the highest expectations, and investors are still having a hard time getting comfortable with that. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: Apple's 50th Anniversary
Reflecting on Apple’s upcoming 50th birthday reveals why the company will continue to be successful. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Day 3 of New Apple Products - MacBook Neo
The new MacBook Neo should add 0.5% to overall revenue for the next year. I believe it won't impact margins. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Apple's New Mac Lineup
The new Mac’s announced today add color to Cook’s “range of options to deal with margins”. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: New Apple Products - iPhone 17e & iPad Air
The new Apple products should translate into a modest upside for June quarter revenue. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Nvidia 4Q'26 Earnings
Three takeaways on Nvidia: 1. The stock being down 1% underscores that investors’ long term growth concerns remain. 2. The fundamentals and outlook came in better than elevated whisper numbers. 3. Most importantly, the guidance reinforces just how early we are in AI. This is a public episode. If...
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Pressure Points: Google 4Q'25 Earnings
Google's business and growth outlook is rock solid. Shares sold off on the massive CapEx guide, comments on rising depreciation impacting earnings, and unknowns around quarter-to-quarter Cloud growth. This is a public episode. If you would like to discuss this with other subscribers or get access...
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Pressure Points: Apple 1Q'26 Earnings
Why is Apple up only 1% despite a much better-than-expected December quarter and March guide? The explanation begins in June 2024. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Tesla 4Q'25 Earnings
The fact that Tesla is disclosing FSD subscriptions is all you need to know about its progress. That progress makes Robotaxi expansion a reality. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: AI Trade Update - Jan 2026
We’re 4% of the way into 2026, and the fundamentals of AI infrastructure are tracking above expectations. Next stop: hyperscalers’ capex guidance in two weeks. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit...
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Pressure Points: Nvidia Sales to China
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Changes at Apple
Apple’s leadership shake-up comes while there’s still plenty of time for Apple to nail AI. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Apple AI's SVP, John Giannandrea, Retiring
Good news for Apple investors: Apple has a new head of AI. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Nvidia's China Opportunity
While the market is sour on Nvidia in the near-term, the potential of restarting the China business would be sweet. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Tesla Shareholder Meeting
It was a good day for Elon and Tesla shareholders. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Amazon 3Q'25 Earnings
Below the headlines, the Amazon investment story is about automation & AWS improving margins. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Apple 4Q'25 Earnings
All signs point to a strong finish to the year for Apple. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Microsoft 1Q'26 Earnings
Microsoft was the least eventful of the three reporting tonight. December revenue guidance was in line with the Street, a slight disappointment, but the big picture remains intact. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes,...
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Pressure Points: Meta 3Q'25 Earnings
Meta shares are down on a flipped script — expenses are now growing faster than revenue. That said, it’s the right decision to position the company to capitalize on AI’s potential. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes,...
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Pressure Points: Google 3Q'25 Earnings
Bravo to Google for accelerating Search in the face of chatbots. Sounds like the momentum will continue. P.S. My prediction: Waymo IPO in 2027. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: State of the AI Trade - Google, Meta, Microsoft
Big-picture takeaway from Google, Meta, and Microsoft earnings: The mojo AI trade took a step back, while the fundamentals took a step forward. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Decoding Nvidia's GTC Guidance
I believe Jensen is suggesting about 15% upside to revenue over the next 5 quarters. The stock’s up only 4% on that likely because there are enough moving parts to keep investors from taking his comments to the bank. This is a public episode. If you would like to discuss this with other…
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Pressure Points: Review of OpenAI's Atlas Browser
Since OpenAI launched Atlas, shares of GOOG are up 6.2%, compared with the Nasdaq, which is up 1.1%. Brian and I have been using it this week and concluded that while the agent mode is unreliable, it gets smarter over time and has huge potential. This is a public episode. If you would like to...
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Pressure Points: Tesla September Earnings
Tesla's big picture is still intact and they have plenty of cash to get there. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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Pressure Points: Tim Cook's China Visit
Cook’s time in China underscores he’s the master of navigating geopolitics and that Apple’s manufacturing shift to India will be slower than some expect.PS: There’s a bonus at the end of the video: Good news continues on iPhone lead times. This is a public episode. If you would like to discuss…
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Pressure Points: Tesla Earnings Preview (Oct 22)
Here’s the Tesla earnings preview. Numbers are going down next year, but that's ok because it's all about autonomy. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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ABOUT THIS SHOW
Deepwater Asset Management's Gene Munster discusses the Pressure Points of important technology topics.
deepwatermgmt.substack.com
HOSTED BY
Deepwater Asset Management
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How many episodes does Pressure Points have?
Pressure Points currently has 123 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Pressure Points about?
Deepwater Asset Management's Gene Munster discusses the Pressure Points of important technology topics. deepwatermgmt.substack.com
How often does Pressure Points release new episodes?
Pressure Points publishes regularly with 123 episodes available. Check the episode list for the typical release schedule.
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Who hosts Pressure Points?
Pressure Points is created and hosted by Deepwater Asset Management.
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