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.
Latest
25h ago STNE $2.3B StoneCo: Deep Value Hiding Behind Brazil's Rate Fears - For Now
IWA Research 25h ago SBLK $3.4B Star Bulk Carriers: You Don't Need The Record Quarter
Kevin Avroutskii From X
Lee Roach on X
Here is my update on $EVC after Q2 earnings. Just sent out to all subs. Happy to hear any thoughts. https://t.co/TmdiUzv4my
Broken Moats on X
RingCentral and Workday rebounded sharply as formerly shorted software stocks squeeze, despite claims that AI lowers coding barriers, erodes moats and pressures pricing.
junkbondinvestor on X
$INTC raising $15bn in common stock for GCP. Probably means another bond deal on the horizon. They last raised in April 2026. All 5 tranches are trading below par https://t.co/9hMDIXjQ4G
junkbondinvestor on X
*GAMESTOP’S COHEN IS SAID TO WEIGH PULLING $56 BILLION EBAY BID So Cohen is proposing a JV/partnership instead. A full takeover never made much sense from $EBAY’s perspective. $GME
junkbondinvestor on X
Strategy has $15 billion of preferreds yielding 10% or more against $22 billion of debt and preferreds, $54 billion of Bitcoin, and $1.75 billion in annual fixed obligations.
Broken Moats on X
Roblox's CEO-controlled governance and child-safety failures threaten user trust as monetization growth reverses, says a former short seller.
Broken Moats on X
Oil up 7.5% and $EXPE continues its squeeze because it's simply the opposite end of the ai trade? How long can these on/off trades define every stock in the market? Crazy
Broken Moats on X
FactSet trades above its pre-SaaS selloff price despite disruption and pricing pressure across FDS, PAYC, PCTY and WDAY.
Investor Letters
All letters- Royce Investment Partners Year-to-Date Through 6/30/26 +13.7%
- Maran Capital Management 2Q 2026 +5.4%
- 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%
WLDN 2026-08-25 Willdan Group: The Q2 Beat-And-Raise Confirms The Inflection
Miletus Research 
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…
Aloe Aloe Aloe what 'ave VERRA then?
Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…
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…
Jumia
Jumia’s January 2028 $7/$15 call spread risks $1.15 for up to $6.85 if cost cuts and marketplace growth deliver adjusted EBITDA and…
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…
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The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
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Will Hubspot go the way of the Dodo?
The Oak Bloke
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
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