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
24h ago TTMI $12B TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 26h ago GEN $17B Gen Digital: MoneyLion Opens A New Growth Channel At A Low Valuation
Manimala Misra From X
junkbondinvestor on X
*SILVER LAKE IN TALKS TO BUY WORKDAY: REUTERS ~$43B enterprise value...would be one of the largest software buyouts EVER! $WDAY
junkbondinvestor on X
Some interesting credit stats: > Hyperscalers are now ~20% of the entire 30-yr IG bond bucket > ~40% of all 30-yr IG deals this year came from hyperscalers > $AMZN and $META each make up more than 5% of long-end bonds individually
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
Investor Letters
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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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