The Full Stack Analyst

The #stablecoin debate is loud in #Washington. It’s quieter — and more interesting — in Bishkek and Ngerulmud. #CryptoDaily #CRYPTONewsTalk #CryptoSpace open.substack.com/pub/byteisha/p…

The GENIUS Act brought regulatory clarity to payment stablecoins. The CLARITY Act is attempting to do the same for the broader crypto market. How the US stablecoin approach compares to Europe’s — I got into that here open.substack.com/pub/byteisha/p…

Why are we talking about finance with this backdrop? Because we are flying to Central Asia. And what is happening to money there is more interesting than anything happening in Brussels or Washington right now. #Stablecoins #crypto2026 open.substack.com/pub/byteisha/p…

$SNOW: When Data Warehouses do Observability…some thoughts on Snowflake’s acquisition of Observe - open.substack.com/pub/pinjalim/p…

$FRSH: Freshworks’ acquisition of FireHydrant is particularly noteworthy because it underscores the accelerating consolidation of IT service management (ITSM) and incident management. This convergence has been evolving for years, with platforms like ServiceNow steadily expanding from core ITSM into IT operations management (ITOM) and incident response workflows. Importantly, the deal also represents a shot across the bow for standalone incident response vendors, reinforcing the view that incident management is increasingly a feature rather than a standalone category, and one that ultimately belongs within a broader, integrated IT operations platform.

Some thoughts on IBM buying Confluent open.substack.com/pub/pinjalim/p…

Software returns diverged sharply in 2025: infrastructure outperformed, while applications struggled. Find below my latest post where I walk through the fundamentals, a framework for assessing disruption risk, and how I'm thinking about positioning for 2026. open.substack.com/pub/pinjalim/p…

Actually scratch the - “Annual Cloud cRPO growing 29% y/y and total sales-led cRPO growing 19% y/y in CC.” Turns out it’s the six month revenue. Problems of trying to read it fast.

$ESTC: Total RPO accelerated in CC. Annual Cloud cRPO growing 29% y/y and total sales-led cRPO growing 19% y/y in CC. Revenue guide coming up more than the beat. But the stock is likely being weighed down by smaller beat, cloud growth decel, and days-adj annual cloud seq additions slightly lower than a year ago, which was a solid Q. FWIW, I dont think it warrants a drawdown of the magnitude we are seeing AFH, especially after the drag today during the day.

@s_nav123 Funny thing is this is actually infra and fits into AI Workloads.

@pinjalim Market is really nit-picky w SaaS

@thaAdamLittle Yes. When I glanced in LinkedIn I thought the same. Thanks for sharing.

@pinjalim just the sales headcount and attrition metrics at Chronosphere don't really look like a 100% grower to my eye

$PANW: Buying Chronosphere for $3.35B, with $160M in ARR as of Sep 2025, growing over 100% apparently. Combining that with QRadar Assets (SIEM) and its native XSIAM, it appears that $PANW could soon be a very complete Observability play across operational and security data, although I am not sure of the quality of the QRadar assets.

$BOX: The JPYUSD slide in Sep, Oct and now in Nov likely creates a headwind for BOX. Seems like guide for Q3 assumes a slight tailwind, but my math calls for a headwind in Japan which is quarter of the business, with may be some offset from 10-15% of the business in other currencies. And then guide will be pressured. So, likely a slightly messy USD print, but focus should be on CC growth dynamics.

Someone once told me about earnings, "if its late, it ain't gonna be great". Just Saying....

$ADBE/SEMR: I am no expert but if this is a play for AI-search visibility and optimization, why not buy a pure-play startup (like Profound) for fraction of the cost and invest in R&D vs. buying a company with a lot of SEO baggage. May be SEMR has a big head start vs the others, but this is such a novel field I would bet on a pure play to do a better job.

Based on my first-hand experience, I think Google Antigravity is fantastic, even with other models like Sonnet. We are seeing the first real agentic s/w development, which not only spins up agents to take care of work, but also iteratively tests any web app, thanks to the browser integration. Without the browser integration the AI agent is blind and claims victory even though there is front-end error or the layout is messed up or what they created is not what the user requirement was at the first place. This saves a lot of time and results in a much better finished product.

$NTNX: Among all the companies I have checked NTNX federal spend seems to have rebounded nicely in the Oct Q, after reporting a softer quarter a year ago. This seems partially positive although not sure of the enterprise business.

$MNDY: RPO looks good (both seq $ and y/y growth at 36%) and RPO-based bookings appears to have accelerated this Q. But the RPO numbers look a bit different vs. what was disclosed in the Analyst day - someone should ask them.

$JFROG saying "While one quarter doesn't define a consumption trend, Q3's adoption of JFrog Security Solutions give us cautious optimism for broader long term momentum", is JFrog speak for "we feel REAL good about cloud consumption, but don't get your numbers too high". :)