Summary of Etsy Conference Call - December 09, 2025 Company Overview - **Company**: Etsy (NasdaqGS:ETSY) - **Industry**: Digital Commerce, E-commerce Marketplace - **Focus**: Unique and handmade goods Key Points and Arguments Leadership Transition - Josh Silverman, CEO since 2017, will transition to Executive Chair at the end of the year, with Kruti Patel Goyal taking over as CEO in January 2026 [6][7] - The board unanimously believes Kruti is the right candidate for CEO, having demonstrated strong performance and leadership [6][7] Historical Performance and Growth - In 2017, Etsy had $2.5 billion in gross merchandise sales (GMS) and $200 million in revenue, operating at break-even [9] - Under Josh's leadership, Etsy's GMS grew to $10 billion, with revenue increasing significantly and achieving approximately $750 million in free cash flow last year [10] - The pandemic accelerated growth, but the company has faced challenges in maintaining that growth post-pandemic [12] Future Growth Strategies - Kruti emphasized the need to adapt to changing consumer expectations, focusing on a more engaging shopping experience rather than just efficient transactions [14][15] - Key priorities for growth include being present where shoppers discover products, ensuring relevance in inventory, fostering customer loyalty, and highlighting the human aspect of Etsy's marketplace [16][18] Technology and Personalization - Etsy is investing in machine learning and large language models (LLMs) to enhance search and recommendation systems, improving user engagement and conversion rates [19][20] - Personalized content in marketing channels has increased to 80%, leading to significant improvements in GMS [23] Agentic Shopping and AI Integration - Josh highlighted the potential of agentic shopping, which could enhance Etsy's visibility and drive incremental visits and commerce [24][25] - Etsy aims to leverage its unique inventory to differentiate itself from competitors in the agentic shopping landscape [32][33] Depop Acquisition and Market Position - Depop, a secondhand apparel marketplace, is experiencing rapid growth, with a 60% year-over-year increase in GMS [45] - Etsy is investing in marketing to increase awareness of Depop, viewing it as a potential significant growth driver [39] Conclusion - The leadership transition and strategic focus on enhancing user experience, leveraging technology, and expanding market presence are critical for Etsy's future growth [46]

If you found it insightful, reshare it with your network.Find me → @_avichawlaEvery day, I share tutorials and insights on DS, ML, LLMs, and RAGs. https://t.co/np057bqlC3Avi Chawla (@_avichawla):AWS did it again!They have introduced a novel way for developers to build Agents.Today, when you build an Agent, you start with a simple goal, then end up juggling prompts, routing logic, error handling, tool orchestration, and fallback flows.One unexpected user input and https://t.co/KPS3aKAer9 ...

If you found it insightful, reshare it with your network.Find me → @_avichawlaEvery day, I share tutorials and insights on DS, ML, LLMs, and RAGs. https://t.co/Y6ooICWVnOAvi Chawla (@_avichawla):You're in a Research Scientist interview at OpenAI.The interviewer asks:"How would you expand the context length of an LLM from 2K to 128K tokens?"You: "I will fine-tune the model on longer docs with 128K context."Interview over.Here's what you missed: ...

Everyone that knows anything knows this.OpenAI is the next Netscape, doomed and hemorrhaging cash, Microsoft is trying to keep it afloat while keeping it off balance sheet and sucking out the IP. So why do they keep getting funded? The whole industry NEEDS a 500 billion IPO ASAP.Marc Benioff (@Benioff):LLMs are the new disk drives: commodity infrastructure you hot-swap for whoever’s cheapest + best. The fantasy that the model is a moat just expired. ☠️ https://t.co/VIBm3TH6nr ...

Anthropic signs $200M deal to bring its LLMs to Snowflake’s customers https://t.co/8M4tixR35J ...

Core Argument - The IDE is not dead; human interaction with source code remains essential, even with AI assistance [1][8][11] - Source code is a language intended for human consumption, requiring visual interfaces for understanding AI agent actions [3][8][9] - The best user interface for code interaction is likely a GUI, optimized for presenting and navigating source code [12][13] Zed's Vision and Strategy - Zed aims to provide the ultimate interface between humans, source code, and AI agents, acting as a "Switzerland" for collaboration [41][40] - Zed is building a vertically integrated environment with fine-grained tracking of code evolution, enabling anchored conversations and interactions [38][39][40] - Zed's architecture prioritizes performance, aiming for zero perceptible lag in keystroke feedback [30][31] - Zed is designed as an inherently collaborative environment for multiple humans and AI agents [81][82] Agent Client Protocol (ACP) - ACP aims to democratize AI agent integration, allowing developers to use various agents with a great UI, similar to the Language Server Protocol [44][46] - ACP facilitates the externalization of agent intelligence, enabling different agents to compete and specialize in particular problems [45][46] AI's Role in Coding - LLMs are good at generating code from well-known knowledge and implementing code from abstract models [71][75] - LLMs are less helpful when the task involves novel problem-solving or when the code is not the primary constraint [72][73][76] - The industry is exploring how to manage multiple conversations with multiple agents and make those conversations more valuable [88] User Base and Adoption of AI - Zed has approximately 170,000 active developers, many of whom are experienced engineers [2][54] - About half of Zed users are using edit prediction, and a quarter are using agentic editing [56] Future IDE Evolution - The IDE will evolve into a collaborative environment where conversations with agents can be shared with human teammates [82] - Codebases will become metadata backbones, with conversations, edits, and context linked directly to the code [83][84] - The IDE interface will evolve to put conversations front and center, potentially modeling conversations as evolving documents [85][89]

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Research Methodology - Randomly splitting data can lead to significant errors in research papers [1] - Andrew Ng's team made a mistake in a research paper due to random data splitting [1] Insights & Resources - Tutorials and insights on DS (Data Science), ML (Machine Learning), LLMs (Large Language Models), and RAGs (Retrieval-Augmented Generation) are shared daily [1]

Performance Improvement - Suggests speeding up native Python code by over 50x [2] - Identifies Python's default interpreter (CPython) as slow due to its dynamicity [1] Programming Insights - Highlights the ability to change a variable's type after definition as a reason for slowness [1] - Mentions a 4-step process to achieve the speed improvement [2]

“I do think that that’s real intelligence. I don’t think that there is some profound thing missing.” On “Babbage”, @blaiseaguera explores the nature of intelligence in LLMs https://t.co/ylPSCNFHJr ...