Andy An
Economics at Rutgers · Investment banking track
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Latest writing · 06
The debate is not about demand. It is about how long NVIDIA can keep gross margin above 70% while customers build alternatives. I walk through the three things that would have to break.
If a system can guess what I will do before I do it, does it owe me a reason? A sample essay on prediction, explanation, and what we are entitled to ask of machines that decide things about us.
Merchandise margin is close to zero by design. The fee is where the profit lives, and the renewal rate is the number that matters. A look at how much of the multiple that one line item supports.
A fortress balance sheet is a slogan until you look at the technology budget. I try to separate the cyclical earnings from the structural ones and ask what a normal return on tangible equity looks like.
The only supplier of EUV lithography is priced like one. The interesting question is how export controls and customer capex cycles interact with a multi-year order book.
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Born in Shenzhen in 2006, sent to boarding school in New Hampshire at fifteen, now studying economics at Rutgers with an eye on investment banking. The longer version is on the About page.
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Education, experience, and the numbers behind them, on one page. Full résumé available on request.
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