Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Latest News

Market capOver $2B
All Over $50MOver $300MOver $2BOver $10B
All Under $1BUnder $10BUnder $100BUnder $500B
SectorsAll
Filter by sector
Thursday, October 15, 2026· 7053 stock ideas· 217 writers·
15,032 views· 7,157 clicks

TSMC Q3 FY12/26 Earnings Review

TSMC reported excellent Q3 results, guided Q4 revenue growth higher and saw its shares slip despite strong AI-driven earnings momentum.

TSM $2.3T
Cestrian Capital Research

From X

@convequity

Convequity on X

$TSEM remains one of our highest-conviction holdings, even after we trimmed the position in our 4Q26 rebalance. We wanted to keep Tower at its 6.1% portfolio weight despite a roughly 25% fall in its share price over the past quarter. To make room for new holdings, we trimmed the weight to 4.75% and banked some profits. With SpaceX ($SPCX) also becoming a larger holding, we are limiting further additions to avoid concentrating the portfolio in a few companies. Our confidence in Tower's technology remains strong. We think Tower's competitive advantage comes from combining chips that send and receive data using light with the electronic chips that drive and control them. Next-generation optical connections require these components to exchange more data within a smaller space. Hybrid bonding achieves this by joining the chips through densely packed electrical connections that move large amounts of data in a compact package. In our view, Tower's capabilities here are effectively unmatched among Western suppliers. Tower has also added manufacturing capacity more successfully than we expected. It can fulfill more customer orders itself, leaving less business for $GFS. Customers have less reason to switch to a supplier whose technology they consider weaker when Tower can meet their needs, so the capacity expansion strengthens our Tower thesis and weakens the case for competitors that rely on orders Tower cannot accommodate.
@convequity

Convequity on X

We think memory consumption can keep growing while memory prices fall. Memory prices depend on how quickly supply grows, not only on how much demand grows. Existing suppliers and Chinese manufacturers are expanding production. If new production and sales of distributor stock outpace demand, consumption can rise while prices decline. Chinese manufacturers reportedly hold enough lithography machines for three to four years of expansion. That stockpile could allow them to keep adding production capacity even if sanctions block further deliveries of the affected machines. Reports of large distributor inventories and falling spot prices for DDR memory point to a further source of supply. We have not verified the inventory estimates. If distributors start selling down the stock they accumulated in anticipation of shortages, that adds to supply and puts further pressure on prices. We hold SanDisk ($SNDK) for storage and high-bandwidth flash (HBF). HBF could let flash deliver data fast enough for more demanding computing tasks. That gives us a way to benefit from growing data demand without relying entirely on high memory prices.

Investor Letters

All letters

Free Recaps of the best new stock ideas, delivered every morning.

Read past recaps

My 2028 numbers

ASML’s €11.7 billion quarter benefited from €3.3 billion in installed-base sales and operating leverage, while the MATCH Act threatens…

ASML $660B
Best Anchor Stocks 19 clicks

Lennar, Part One: The Story

Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…

LEN $17B
Latticework by MOI Global 7 clicks

Lennar, Part Two: The Deep Dive

Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.

LEN $17B
Latticework by MOI Global 9 clicks

ASML Q3 FY12/26 Earnings Review

ASML reported Q3 sales of €11.7 billion, up 55% year over year, and guided Q4 sales to €14.2 billion to €15.2 billion amid capacity…

ASML $660B
Cestrian Capital Research 3 clicks

Insider activity September 2026

Asian insider buying rose 19% to US$2.4 billion across 930 September transactions, led by Grab CEO Anthony Tan’s US$30 million purchase…

GRAB $12B
Asian Century Stocks 6 clicks
WDC · long

Western Digital CORP

Western Digital, a hard-disk manufacturer, is pitched as a long after significant share-price moves deter investors.

WDC $142B
Value Investors Club 2 clicks

Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications…

GLW $126B
P Equity Research 36 clicks

Have a source we’re missing? Send your pick

Recent recaps

Latest recap

Tuesday, October 13 64 stock ideas
  • Expert Call | Corning P Equity Research
  • Rollins (ROL), Verisure (VSURE), and the cost of standing still (Part 2, Verisure) Best Anchor Stocks
Read the recap

All recaps

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 107

YouTube 4

Blogs 17

Seeking Alpha 49 of 225

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

88 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.

Anything we’re missing?

Send us a pick