Big Tech Off-Balance Sheet Concerns
Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling after 2030.
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21h ago STNE $2.3B StoneCo: Deep Value Hiding Behind Brazil's Rate Fears - For Now
IWA Research 22h ago SBLK $3.4B Star Bulk Carriers: You Don't Need The Record Quarter
Kevin Avroutskii From X
Ian Bezek on X
Atlassian $TEAM now up 214% since April, and +5% YTD. Market very efficiently determining future discounted cash flows from software companies, I see.
Ian Bezek on X
@LocalHero55 @OtterMarket @gatorcapital Post on an even more obscure MHC bank. And yes, $TFSL is a great income instrument, with (eventually) a chunky cap gain exit when they finally convert.
Ian Bezek on X
@OtterMarket @gatorcapital $tfsl is just under a billion when you exclude the phantom shares. I've owned it a long time and very few people care about it either. That said, this NY one is even more obscure
Ian Bezek on X
@stoked_on_waves @CapitalShipyard $open's backers also claim it is profitable. Apparently you can just say stuff now
BDC on X
Moderna faces a predicted large secondary offering and insider sales as its mRNA cancer therapy’s commercialization and clinical benefit are challenged.
JabroniCoin.USD on X
Steadily down, then suddenly. H/T @forgebitz Semrush showed signficant decline for $RDDT citations last year, and now a sudden further plummet. Perhaps human shitposting and SEO AI slop fest isn’t indispensable data… https://t.co/aSIBSTBUfE https://t.co/z0EEAvAm7E
BDC on X
Moderna’s Phase 3 cancer-vaccine announcement reports endpoint success without disclosing recurrence-free, distant-metastasis-free or overall-survival data, leaving the clinical bar unknown.
mavix on X
Shelly Group entered a pan-European distribution partnership with ALSO, expanding access to resellers, system integrators and professional installers.
Investor Letters
All letters- Royce Investment Partners Year-to-Date Through 6/30/26 +13.7%
- Palm Harbour Capital second quarter of 2023
- Patient Capital Management 2Q25 +15.3%
- Patient Capital Management 3Q25 +14.1%
- Palm Harbour Capital third quarter
- Intrepid Capital 2Q 2026 +6.6%
- First Eagle Investments 3Q 2025 +9.2%
- Bireme Capital 2Q22 -1.4%
TTMI 2026-08-25 TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 
Stripe’s “Singularity” and the Divergence from Adyen
Stripe’s net revenue rose 41% in 1H 2026 versus Adyen’s 21% FX-adjusted growth, fueled by AI-native startups and acquisitions including…
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
NCLH or her grandma Saga?
Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…
Shitcos, Griftcos, and alignment versus enrichment at $IREN
IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…
$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…
The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…
Will Hubspot go the way of the Dodo?
HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…
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Older Stories
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