SpaceX Disappoints, AI's Free Cash Flow Shrinks, Meta Struggles | The Weekly Wrap
Steve Eisman reviews SpaceX earnings, AI capital spending’s drag on free cash flow, Meta’s struggles, and the collapse of Situational Awareness hedge fund.
Friday, August 7, 2026
Investor Letters
All letters- Biglari Holdings 2025
- Upslope Capital Management Q2 2026 -6.6%
- Rowan Street Capital The first half of 2025 +20.1%
- RGA Investment Advisors Q1 2026
- Massif Capital Fourth Quarter 2025 +9.6%
- Pershing Square Holdings Six-month period ended June 30, 2025 +15.5%
- Pershing Square Holdings 2025 +20.9%
- Horizon Kinetics 2nd Quarter 2024
DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics…
Spotify 2Q'26: Pressing the Monetization Lever
Spotify reached 300 million Premium subscribers in 2Q26 and is increasing free-service friction in emerging markets to lift conversion and…
The last Bristol Myers' blog post was wrong on the core thesis
Ivonescimab plus chemotherapy extended median overall survival by 4.2 months versus Tevimbra plus chemotherapy in HARMONI-6, challenging…
A non-consensus thesis: the forthcoming demise of Bristol Myers Squibb.
Bristol Myers Squibb’s bear case centers on patent-cliff revenue losses, debt, and failed drug investment after $28.3 billion of 2019–23…
Trying to get access to Google's new agentic AI
Google’s A$205-a-month AI Ultra subscription advertised Project Mariner access, but Australians were excluded from the agentic AI trial.
Industrial and Commercial Bank of China
ICBC’s chairman describes embedding Chinese Communist Party leadership, anti-corruption campaigns and Xi Jinping Thought into governance at…
Thinking aloud about Google remedies
Justice Department remedies could bar Google from using location data it cannot share, weakening targeted ads and traffic routing despite…
Too Many Cooks Spoil The Pot
Baron’s BARAX and BGAFX hold SpaceX at a $1.25 trillion valuation, creating a potential NAV uplift if its IPO prices higher.
Kazakhstan, Japan, and Trimming a Winner
Kaspi.kz’s 850 KZT ADS dividend establishes a roughly 9% yield after Hepsiburada spending; Japanese buyback disclosures test whether 0.61x…
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Older Stories
Carving Up the TPU
Citrini Research
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Yet Another Value Blog TPL 2026-04-22An Open Letter to the TPL Board
310 Value’s Newsletter
First Takes on GFL's Acquisition of Secure
310 Value’s Newsletter
Ryanair’s €256M Fine May Be Tip of The Iceberg
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