https://milohan.com/en/2026-11-13monthly0.5https://milohan.com/2026-11-13monthly0.5https://milohan.com/en/videos/2026-11-13monthly0.5https://milohan.com/videos/2026-11-13monthly0.5https://milohan.com/en/stocks/2026-11-13monthly0.5https://milohan.com/stocks/2026-11-13monthly0.5https://milohan.com/en/about/monthly0.5https://milohan.com/about/monthly0.5https://milohan.com/en/tools/monthly0.5https://milohan.com/tools/monthly0.5https://milohan.com/en/pricing/monthly0.5https://milohan.com/pricing/monthly0.5https://milohan.com/en/courses/monthly0.5https://milohan.com/courses/monthly0.5https://milohan.com/en/privacy/monthly0.5https://milohan.com/privacy/monthly0.5https://milohan.com/en/terms/monthly0.5https://milohan.com/terms/monthly0.5https://milohan.com/en/courses/private-ai-us-stock-research/2026-10-27weekly0.6https://milohan.com/courses/private-ai-us-stock-research/2026-10-27weekly0.6https://milohan.com/en/courses/ai-us-stock-fundamentals/2026-10-27weekly0.6https://milohan.com/courses/ai-us-stock-fundamentals/2026-10-27weekly0.6https://milohan.com/en/videos/aapl-profile/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/aapl-profile-e90ce5927611af91.jpgHow Does Apple Make Money? Buying an iPhone Is Only the First StepBuying an iPhone is only the first step. In plain language, we picture Apple's business as a machine that goes round in a loop: it sells you a device, you stay and use it, it keeps earning on that device, and then it waits for your next upgrade.https://customer-m8bx69ljwu40q684.cloudflarestream.com/4d96bd41b81497fae2dc34b70d5de58b/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/4d96bd41b81497fae2dc34b70d5de58b/iframe1762026-11-13T08:52:19.271849+00:00https://milohan.com/videos/aapl-profile/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/aapl-profile-e90ce5927611af91.jpg苹果靠什么赚钱？买下 iPhone 只是第一步｜公司全貌你买下 iPhone，只是苹果这台机器的第一步。三分钟用大白话，把苹果的生意讲成一台转圈的机器：卖给你设备，你留下来用，它在设备上接着赚钱，再等你下一次换机。https://customer-m8bx69ljwu40q684.cloudflarestream.com/4d96bd41b81497fae2dc34b70d5de58b/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/4d96bd41b81497fae2dc34b70d5de58b/iframe1762026-11-13T08:52:19.271849+00:00https://milohan.com/en/videos/msft-capex-cash/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/msft-capex-cash-419da884080012a3.jpgMicrosoft Is Earning More but Keeping Less Cash: Where Is the Money Going?Microsoft's operating profit rose about 20% from a year earlier, yet after paying for data centers and equipment, the cash it actually kept fell by more than a quarter. Where did the money go, and will this spending turn back into cash?https://customer-m8bx69ljwu40q684.cloudflarestream.com/7e3c20322fcf641d155ce33c57ea3041/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/7e3c20322fcf641d155ce33c57ea3041/iframe1692026-11-11T10:44:50.996613+00:00https://milohan.com/videos/msft-capex-cash/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/msft-capex-cash-419da884080012a3.jpg微软越赚越多，落袋的现金却越来越少｜钱都去哪了微软本业的账面利润比去年同期多了两成，可扣掉盖机房、买设备的钱，落袋的现金反而少了四分之一还多。钱去哪了？这笔投入能不能变回现金？https://customer-m8bx69ljwu40q684.cloudflarestream.com/7e3c20322fcf641d155ce33c57ea3041/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/7e3c20322fcf641d155ce33c57ea3041/iframe1692026-11-11T10:44:50.996613+00:00https://milohan.com/en/videos/tsla-profile/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/tsla-profile-74ad97484c8d2c4a.jpgIs Tesla a Carmaker or an AI Company? | TSLATesla talks about AI all the time, yet in its financial reports, AI doesn't have a ledger of its own. This video skips any single quarter and opens the report like a ledger to show how the business makes money over the long run.https://customer-m8bx69ljwu40q684.cloudflarestream.com/1003da6479f772d4fed3682ef5982310/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/1003da6479f772d4fed3682ef5982310/iframe1792026-11-06T12:36:59.095158+00:00https://milohan.com/videos/tsla-profile/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/tsla-profile-74ad97484c8d2c4a.jpg特斯拉是车企，还是 AI 公司？｜TSLA特斯拉天天讲 AI，可财报里，AI 没有单独一本账。这期不讲某一季的业绩，把财报当成一本账翻开，讲它长期怎么赚钱。https://customer-m8bx69ljwu40q684.cloudflarestream.com/1003da6479f772d4fed3682ef5982310/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/1003da6479f772d4fed3682ef5982310/iframe1792026-11-06T12:36:59.095158+00:00https://milohan.com/en/videos/crm-where-money-goes/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/crm-where-money-goes-b3eb8ec6b25c9607.jpgSalesforce Added $1.1 Billion in Revenue in One Quarter, but Core Profit Didn't Rise a Cent | CRMIn the quarter ended July 31, Salesforce (CRM) revenue rose about $1.1 billion from a year earlier, while GAAP operating income barely moved. Will AI kill it? I think the bigger worry right now is this: revenue is up, but each share may not end up with any more.https://customer-m8bx69ljwu40q684.cloudflarestream.com/0cba26cf8d8270b1e9c17f1f08fdd893/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/0cba26cf8d8270b1e9c17f1f08fdd893/iframe1752026-11-05T07:57:32.502108+00:00https://milohan.com/videos/crm-where-money-goes/2026-11-13weekly0.8https://milohan.com/media/videos/2026/11/crm-where-money-goes-b3eb8ec6b25c9607.jpgSalesforce 一个季度收入多十一亿美元，本业一分没多赚｜CRM截至 7 月底这一季，赛富时（Salesforce，CRM）收入比去年同期多约十一亿美元，GAAP 营业利润几乎没动。AI 会干掉它吗？我看眼下更该担心的是，收入涨了，每一股摊到的钱未必变多。https://customer-m8bx69ljwu40q684.cloudflarestream.com/0cba26cf8d8270b1e9c17f1f08fdd893/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/0cba26cf8d8270b1e9c17f1f08fdd893/iframe1752026-11-05T07:57:32.502108+00:00https://milohan.com/en/videos/mrvl-q3-preview/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/mrvl-q3-preview-7e96e71319e2af45.jpgMarvell's AI Pie Is Growing. Who Gets a Slice? | MRVL Q3 PreviewFrom early February to early August, Marvell spent $400 million on buybacks, yet its share count rose 3.5%. Revenue grew more than 30% year over year in the quarter ended August 1. As the AI pie grows, how much reaches each share?https://customer-m8bx69ljwu40q684.cloudflarestream.com/c234335a16b57f755effd98dc2088d10/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/c234335a16b57f755effd98dc2088d10/iframe5202026-10-28T11:07:20.312623+00:00https://milohan.com/videos/mrvl-q3-preview/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/mrvl-q3-preview-7e96e71319e2af45.jpg迈威尔的AI蛋糕越做越大，谁在分？MRVL 三季度财报前今年二月初到八月初，迈威尔（Marvell，MRVL）花了四亿美元回购自己的股票，半年下来股数不但没少，反而多了百分之三点五。生意并不差：截至八月一日的二季度，收入同比涨了三成多。那么，AI 的蛋糕越做越大，落到每一股上的有多少？https://customer-m8bx69ljwu40q684.cloudflarestream.com/c234335a16b57f755effd98dc2088d10/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/c234335a16b57f755effd98dc2088d10/iframe5202026-10-28T11:07:20.312623+00:00https://milohan.com/en/videos/ant-ipo/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/ant-ipo-00aeb67e03ca01ce.jpgThe Company Behind Claude: Is It Actually Making Money? A First Look at Anthropic's IPO ProspectusAnthropic, the company behind the AI assistant Claude, filed its IPO prospectus on October 26. In Q2 2026, it earned more than $970 million in operating profit, its first in the six quarters listed, yet booked a net loss of more than $66 billion. Is it actually making money?https://customer-m8bx69ljwu40q684.cloudflarestream.com/7d2c42b20211ed758d18a60f0c64b227/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/7d2c42b20211ed758d18a60f0c64b227/iframe4012026-10-28T04:10:20.791290+00:00https://milohan.com/videos/ant-ipo/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/ant-ipo-00aeb67e03ca01ce.jpgClaude 背后的公司，到底赚不赚钱？Anthropic 招股书首读Anthropic（做 AI 助手 Claude 的公司）10 月 26 日递交了上市招股书。截至 2026 年 6 月底的二季度，它经营赚了九亿七千多万美元，是招股书列出的六个季度里第一次；可同一个季度，账上净亏损六百六十多亿美元。它到底赚不赚钱？https://customer-m8bx69ljwu40q684.cloudflarestream.com/7d2c42b20211ed758d18a60f0c64b227/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/7d2c42b20211ed758d18a60f0c64b227/iframe4012026-10-28T04:10:20.791290+00:00https://milohan.com/en/videos/tsla-q3-preview/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/tsla-q3-preview-8aa34f3718f959d7.jpgTesla's Q2 Revenue Rose by a Quarter, but Operating Profit Fell by More Than HalfAhead of Tesla's Q3 earnings, a closer look at Q2: revenue rose by a quarter year over year, while operating profit fell by more than half. More vehicle sales did not translate into higher earnings.https://customer-m8bx69ljwu40q684.cloudflarestream.com/bff759c2f0fbd79cd9f7965b96d6d66f/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/bff759c2f0fbd79cd9f7965b96d6d66f/iframe3262026-10-21T10:32:50.721378+00:00https://milohan.com/videos/tsla-q3-preview/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/tsla-q3-preview-8aa34f3718f959d7.jpg特斯拉二季度收入涨了四分之一，营业利润却少了一半多特斯拉三季度财报出来之前，先把二季度拆开看：收入同比涨了四分之一，营业利润却少了一半多。车卖得更多了，钱却没多赚。https://customer-m8bx69ljwu40q684.cloudflarestream.com/bff759c2f0fbd79cd9f7965b96d6d66f/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/bff759c2f0fbd79cd9f7965b96d6d66f/iframe3262026-10-21T10:32:50.721378+00:00https://milohan.com/en/videos/googl-q2-equity-gains/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/googl-q2-equity-gains.jpgAlphabet earned over $9 a share in Q2, and more than $6 came from equity gainsBefore Alphabet reports Q3, a closer look at Q2: of the more than $9 in earnings per share, over $6 came from gains on equity investments. The money is real, but customers did not pay it.https://customer-m8bx69ljwu40q684.cloudflarestream.com/2892cc068ada68f07ad037e2324ae7d4/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/2892cc068ada68f07ad037e2324ae7d4/iframe2752026-10-17T15:37:27.536583+00:00https://milohan.com/videos/googl-q2-equity-gains/2026-11-13weekly0.8https://milohan.com/media/videos/2026/10/googl-q2-equity-gains.jpg谷歌二季度每股赚九块多，六块多来自股权投资收益谷歌三季度财报出来之前，先把二季度拆开看：每股收益九块多美元，其中六块多来自股权投资收益。这笔钱真实入账，但不是客户付的钱。https://customer-m8bx69ljwu40q684.cloudflarestream.com/2892cc068ada68f07ad037e2324ae7d4/manifest/video.m3u8https://customer-m8bx69ljwu40q684.cloudflarestream.com/2892cc068ada68f07ad037e2324ae7d4/iframe2752026-10-17T15:37:27.536583+00:00https://milohan.com/en/stocks/aapl/2026-11-13weekly0.6https://milohan.com/stocks/aapl/2026-11-13weekly0.6https://milohan.com/en/stocks/anthropic/2026-11-13weekly0.6https://milohan.com/stocks/anthropic/2026-11-13weekly0.6https://milohan.com/en/stocks/crm/2026-11-13weekly0.6https://milohan.com/stocks/crm/2026-11-13weekly0.6https://milohan.com/en/stocks/googl/2026-11-13weekly0.6https://milohan.com/stocks/googl/2026-11-13weekly0.6https://milohan.com/en/stocks/mrvl/2026-11-13weekly0.6https://milohan.com/stocks/mrvl/2026-11-13weekly0.6https://milohan.com/en/stocks/msft/2026-11-13weekly0.6https://milohan.com/stocks/msft/2026-11-13weekly0.6https://milohan.com/en/stocks/tsla/2026-11-13weekly0.6https://milohan.com/stocks/tsla/2026-11-13weekly0.6