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Monday, October 19, 2026· 8002 stock ideas· 219 writers·
19,890 views· 9,201 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens ad take rates.

APP $88BU $19B
Speedwell Memos 5 clicks

From X

@convequity

Convequity on X

A company gets an API key from a model provider (OpenAI, Anthropic, Google) and links it in OpenCode Console. OpenCode, the coding agent, uses that key to run models at the provider, billed to the company. It is a bearer credential: anyone with a copy can spend on the account. OpenCode disclosed unauthorized access to a legacy system being decommissioned. Keys for about 1.4% of Console users who linked external providers may have been exposed. OpenCode calls it a distillation attack. Users report charges for runs they never made. Provider terms generally make the key owner responsible, so the bill can land on the customer. A copied key works at the provider until revoked. OpenCode already runs on Cloudflare Workers, and Console is a gateway with budgets. Direct calls with a stolen key bypass Console and its budgets. Whether that legacy host ran on Cloudflare is undisclosed. In our view, customers need a control layer they own that keeps the raw provider key away from the agent and its vendor: a vault-held key, or Cloudflare ($NET) AI Gateway prepaid billing with no customer provider key, plus scoped keys, spend caps, per-user limits, alerts and full logs. F5 ($FFIV), Kong and LiteLLM offer related controls. We cannot say these would have stopped this breach. They can limit blast radius, spend and detection time: metrics we think a CFO will ask for before the next rollout.

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Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $317M
TSOH Investment Research 5 clicks

Semtech Analyst Day Review

Semtech raised Q3 guidance and targets $3.2 billion of fiscal 2030 revenue, excluding upside from its AI data-center optical and copper…

SMTC $16B
CV's Substack 12 clicks
KHTRF · long

Knight Therapeutics INC

Knight Therapeutics (GUD-T) is a long position built on confidence in founder Jonathan Goodman, following his earlier success with Paladin…

KHTRF $769M
Value Investors Club 2 clicks

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