FSLY

Fastly here is one that we'll take a bit closer look at, and I'll show you how this will ultimately work out into putting together a little mini basket of stocks in the portfolio. We looked at Fastly financials at a very, very brief high-level look here. The revenue has re-accelerated. It's mid-twenty percent range now in the most recent quarter, and they're making progress on free cash flow and operating margins.

Where are they in the hierarchy of the supply chain? Do they have some sort of control over their distribution of the software, really deep integration of services? I would say that's probably pretty questionable. I'd maybe even be tempted to put a red X here.

And then the one from Fastly, which looks pretty similar.

Fastly, also kind of more of a next-gen CDN service. Also lots of various products in here: the basic CDN, cybersecurity, some compute products as well. They're getting a bit into compute, allowing customers to perform some compute directly at the network edge, and then observability, which we've talked about before.

So I started with Cloudflare, then Akamai, and then Fastly, and here they are. We've got some financial breakdowns of each, and this is pretty wild. Cloudflare now trading at over $110 billion market cap, compared to the far older, more mature, and frankly much larger by revenue company, Akamai, at just under $18 billion, and then the small upstart at under $5 billion, Fastly.