Meta 3Q’26: Healthy Core, But Investors Spooked by Potential Funding Ambitions
Meta’s ad revenue grew 26% to $63.1 billion, but negative free cash flow and $135-145 billion of capex raise concerns over AI funding and a new share class.
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From X
Odd Diligence on X
Going to miss these guys after they go bankrupt/0 in the next year or two $BXBL https://t.co/GPYp81g5ZM https://t.co/GTTU0pWrNB
Raging Capital Ventures on X
Any fundamental views on $RH here? I’ve been recently trying on the short as a trade into the $180 level with some success, feels like it has squeezed higher due to de-grossing/de-leveraging. Other building names are very weak with 10-year testing 5%.
Raging Capital Ventures on X
Sold my $BILL on this 50%+ run off the lows, and continue to actively trade around core $HUBS and $WDAY positions by regularly writing calls or shorting puts (and sometimes boxing my longs). The volatility has been insane. Sold $ESTC for now. Also, I’m now short a small amount of $ADBE, $NOW, $TEAM, $CXM and $YEXT into July’s de-grossing/de-leveraging squeeze.
Raging Capital Ventures on X
Another ugly quarter at $MO. Still struggling to gain traction in the all-important new smokeless markets, while Marlboro bleeds market share and overall smoking volumes continue to collapse. This has been a good trading short with all of the funky rotation and factor moves. https://t.co/SK4WwXsiiZ
Raging Capital Ventures on X
OpenAI “ARR” apparently run rating at $60 b, and (for the most part) they haven’t yet monetized their 1 billion weekly consumer actives. Bullish $ORCL. https://t.co/pBDIrTTAqV
Raging Capital Ventures on X
Booked the quick 8-10% gain on this $AAPL short, knock on wood. Have a great weekend.
Timyan Bank Alert on X
Old Second $OSBC has 'no interest in betting the farm' on M&A | S&P Global Market Intelligence https://t.co/VmbJj1Eure
Investor Letters
All letters- The London Company 3Q2026 BLK $174BCVX $448B
- Pzena Investment Management Third Quarter 2026 005830 $9.2BBAX $13B
- Vulcan Value Partners Third Quarter 2026 FBIN $4.8BIQV $44B
- White Falcon Capital Management Q3 2026 CSGP $13BCSIQ $650M
- Artisan Partners Q3 2026 AMD $905BBAESY $77B
- PenderFund Capital Management Ltd. September 2026 PNG $1.1B
- Upslope Capital Management 2026-Q3 ICE $89BTCGGY $3.1B
- Cedar Creek Partners 2026 Third Quarter EXCE $1.2B
Free Recaps of the best new stock ideas, delivered every morning.
Mosaic, Part One: The Story
Mosaic’s history traces the 2004 Cargill-IMC merger and the phosphate and potash mines that shaped NYSE: MOS.
Mosaic, Part Two: The Deep Dive
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Intuitive Surgical built a razor-razorblade model around da Vinci robots, with procedure growth driving recurring instrument revenue and…
Meta Earnings Update: Q3 2026
Meta’s Q3 revenue rose 26% to $64.6 billion, but $34.9 billion in AI infrastructure spending drove free cash flow negative as it created…
Meta: 3Q26 Business Update
Meta’s Family of Apps revenue grew 26% as Muse reached 10 million users, testing AI-agent commerce while Amazon restricts access and…
META Q3 FY12/26 - Hold - Earnings Review
Meta reported Q3 revenue of $64.6 billion, up 26%, while $34.9 billion of capex drove negative free cash flow and a $9.89 billion legal…
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Group 1 Automotive (GPI) vs Lithia Motors (LAD)
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Diageo: Gen Z Is Drinking Again, And They Want Cocktails
PropNotes 3 clicks
Atour Lifestyle ($ATAT): The Hotel Chain That Is Secretly a (Sleep) DTC E-Commerce Brand
Atour Lifestyle combines an asset-light Chinese hotel franchise network with Atour Planet sleep-product sales, using guest rooms as product…
Sea Limited (SE) Sea Cloud and Monee IPO
Sea Limited plans Sea Cloud and a Monee IPO, using 40-plus data centers and 25,000 GPUs while risking heavier capex and prolonged thin…
Meta 3Q26 Business Update: Not Just an Ads Business?
Meta’s 3Q26 Family of Apps revenue rose 26% as Muse reached 10 million users, testing AI-agent shopping that Walmart permits while Amazon…
The growth problem at Tesla, and other lackluster earnings reactions
Tesla’s growth problem joins a muted market response to early earnings reports.
Strategy: I Called The STRC Repeg, Now The Bitcoin Machine Can Restart
Strategy spent $1.84 billion repurchasing STRC below $100, bringing it near par and potentially reopening a preferred-share issuance…
Geneva Investor 6 clicks
Bumble is being taken private
Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.
Webull: A 30% Annual Return Setup As Perpetual Futures Go Live
PropNotes 3 clicksHave a source we’re missing? Send your pick
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