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
From X
marginofdanger on X
@BillAckman Literally every asset that’s managed by you including $HHH $PSHZF and now $PSUS has always traded at a discount. Why would this one be any different?
Broken Moats on X
Dutch Bros has risen nearly 40% despite premium valuation as 7 Brew, Starbucks, McDonald’s, Dunkin and Swig intensify pricing pressure in refreshers and energy drinks.
Broken Moats on X
$BIRK misses earnings, stock drops and now with one $250m repurchase the stock has squeezed up 70% in less than a month....
Mike on X
KVH Industries' NASA ETF inclusion has driven its runup and decline, obscuring the company's underlying business momentum.
Broken Moats on X
CAVA rose 30% in a week without news as Target and private-credit-exposed Ares also made sharp late-week moves.
Timyan Bank Alert on X
Isabella Bank Corporation to Acquire Grand River Commerce, Inc. | $ISBA $GNRV #BankMerger https://t.co/aVJaQIimRn
Psyop Capital on X
What’s the $BR mega bear case?
Tim Eriksen on X
Time to end being passive on Saker Aviation. $SKAS https://t.co/KVwMEMMJvI
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $135M
- Protean Funds July 2026 DVYSR $107M
- Intrepid Capital 2Q 2026
- Polaris Capital Management Second Quarter 2026 ENI $81B
- First Eagle Investments second quarter 2026 032830 $45B
- Oakmark Funds 2Q 2026 META $1.5T
- Greenhaven Road Capital second quarter ANAB $1.7B
- RGA Investment Advisors Q2 2026 ADBE $114B
SBLK 2026-08-25 Star Bulk Carriers: You Don't Need The Record Quarter
Kevin Avroutskii 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…
The Junk (Mail) Merger Arb
Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.
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…
TTMI 2026-08-25 TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy ARQQ 2026-08-25 Arqit Quantum: The Little Boat That Couldn't
Luis Cortes Dequidt GEN 2026-08-25 Gen Digital: MoneyLion Opens A New Growth Channel At A Low Valuation
Manimala Misra DNTH 2026-08-25 Dianthus Therapeutics: The C1s Shakeout Strengthens The Bull Case
Equity Eagle Once Upon A Farm Pbc
Once Upon a Farm (OFRM) makes organic baby food, smoothies and kid snacks using high-pressure processing instead of heat pasteurization.
NRIX 2026-08-24 Nurix Therapeutics: Roche Has Changed The Economics Of The Bull Case
Equity Eagle RCEL 2026-08-24 AVITA Medical: Favorable Reimbursements For Skin Wound Care
Myriam Alvarez HMY 2026-08-24 Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)
Prakhar Agarwal, CFA UEC 2026-08-24 Uranium Energy Ranks High Among The Bravest Companies I Ever Covered
Marc Gerstein CVS 2026-08-24 CVS Health: Discounted, Vertically Integrated Healthcare Winner - Richer Returns Ahead
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