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.
Tuesday, August 25, 2026
38h ago TTMI $12B TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 41h ago GEN $17B Gen Digital: MoneyLion Opens A New Growth Channel At A Low Valuation
Manimala Misra From X
marginofdanger on X
Seems like $PSUS and $PS going to trade worse than I expected. Looks like PSUS could open at a 20% discount to NAV and PS to trade below the $10 bn valuation from the latest 3rd party pre-IPO raise. https://t.co/Ix6uqF61LJ https://t.co/F5UNDNNVMb
marginofdanger on X
Pershing Square USA will list at $50 per share alongside a direct listing of manager PS, whose free shares may offset an expected 5 to 10% closed-end-fund NAV discount.
Timyan Bank Alert on X
Big banks get second-quarter rocket fuel from SpaceX IPO $JPM $GS $BAC https://t.co/9HCoab65LR
Timyan Bank Alert on X
Regions Financial $RF buys investment bank in latest bolt-on https://t.co/Lb11zJT8vY
Timyan Bank Alert on X
@Akston_Capital Putting aside what the shareholders, directors, activist ahareholders @HoldCoAM, his wife and anyone else, what does Chris Gorman, in his heart, want to accomplish at $KEY? Keep going as is? Acquire? Sell?
Timyan Bank Alert on X
In Play Today: UMB Financial $UMBF reiterates future M&A requirements; Blue Owl rejects buyout offer | S&P Global Market Intelligence https://t.co/qDTqHhJTSr
BDC on X
@BillAckman @MikeBenzCyber Maybe it’s time for $mrna to you know reflect its fair value of $0.
Investor Letters
All letters
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…
HMY 2026-08-24 Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)
Prakhar Agarwal, CFA 
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
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 $750 million in free cash flow, with Breeze AI upside weighed…
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…
[scuttleslops] ZTS, APO, FISV, TTD, RELY
Zoetis’s U.S. companion-animal revenue fell 6% as dermatology competition drove rebates and discounts, pushing full-year net pricing to…
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)
Copart faces a near-term lift from pricier AV repairs and total losses, but shrinking accident volumes could eventually force its…
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