Bullpen.News From Edwin Dorsey
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Monday, June 1

Monday, June 1, 2026

Everything we published on this day.

16 stories

EGO · long

Eldorado Gold CORP

Eldorado Gold (EGO) is a long-life gold and copper miner with a rare growth profile across precious and base metals.

EGO $9.6B
Value Investors Club 3 clicks
CNR · long

Core Natural Resources INC

Core Natural Resources is a US metallurgical and thermal coal producer formed in January 2025 through the merger of CONSOL Energy and Arch…

CNR $4.4B
Value Investors Club 2 clicks
NCNO · long

Ncino INC

NCino is a commercial-lending system of record for banks and credit unions, trading at roughly 3x enterprise value to sales.

NCNO $2.1B
Value Investors Club 3 clicks
@ActAccordingly

PAA Research on X

Quick thoughts on the $GOOG raise: 1) Management is old enough to remember when this stock traded at much lower multiples for YEARS, good time to raise capital and it's not that much relative to the market cap. 2) The demands of data center build out/token cost are even more insatiable than we thought (see $HPE, $DELL, or the $NVDA overnight news) 3) Profitability/cash flow could be headed lower in a meaningful way at some point in the not too distant future for the search business. This is the most important take away IMO. Someone explain to me how you take the greatest business model ever created in Search/Adwords where you have 90% share and replace it with LLM's/AEO, while somehow maintaining the same profitability. The structural economics are WORSE and market share is materially worse. Search traffic is DOWN in many categories and that will only get worse from here as consumers engage with #openAI, #claude, #gemini at higher rates. Honestly, I don't know why this isn't the primary narrative around $GOOG currently. I'm sure there are people that will have different perspectives on this, but ask around to people that rely on search. Volumes are down in many areas already.