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Thursday, September 3

Thursday, September 3, 2026

Everything we published on this day.

77 stories — the front page that day →

Synopsys q3’26 Earnings Update

Synopsys reported 8% EDA and 11% Design IP growth in Q3 2026, with Multiphysics Fusion expected to add revenue from fiscal 2027.

SNPS $90B
Monte Independent Investment Research
@convequity

Convequity on X

Open weight model to Nvidia ls kerosene lamp to Standard Oil. Free access to models = more demand for underlying infra. What's better is $NVDA can make this Lamp tailored and optimized for Nvidia stack such that users have to pick: Free model + $NVDA stack or Expensive model + Non-NVDA stack. The question is more about if $NVDA can deliver frontier open weight models or not. I am still a bit skeptical about it because it takes an elite dedicated team to do that and $META learned that hard lesson. And it also requires visionary mgt directly leading the elite team which $GOOG and $MSFT failed, while $SPCX realized it and back up again.
@convequity

Convequity on X

Pondering how safe $PANW and other cyber incumbents really are if model labs keep expanding. Split security into two buckets. Bucket one: scanning and out-of-band work. Code and package vulns, cloud config checks via APIs, posture reports, “is this alert real?” These jobs are relatively checkable. Coding agents and Mythos-class models can do more of them over time — often with no endpoint agent or firewall in the path. That is where AppSec and vuln tools look exposed. Bucket two: live sensors and inline enforcement. See the process. See the packet. Allow or deny. Contain the machine. AI cannot do that from the outside by calling an API. Something still has to sit in the estate. That is much harder for a lab to recreate. So the interesting question is not “is cyber safe?” It is: how much of the franchise is bucket one, and how much is bucket two? PANW lives mostly in bucket two — plus deep SOC context. That looks safer than a pure scanner. Not untouchable. Just a different risk.

💥Out of their depth💥

Leslie’s Q3 sales fell 8%, adjusted EBITDA dropped 32%, and withdrawn guidance left its 2028 term loan trading at 20 cents on the dollar.

LESL $1.6M
PETITION 1 click
@KEDM_COM

KEDM.com on X

Chinese stockbrokers FUTU $FUTU and Up Fintech $TIGR are taking a beating after the Chinese securities regulator ordered all unauthorized Mainland accounts to be closed within 2 years, with only sell orders and fund withdrawals allowed. Both companies will be fined, but a rumored 1.85b CNY fine for FUTU is less than 2 months of profit. For FUTU, mainlanders are 13% of accounts but closer to 20% of total assets and revenue. FUTU's rapid growth in HK and SE Asia has diversified the business in recent years, and the loss of Chinese customers is less than 1 year's worth of customer growth outside China. What remains is a faster-growing, HK/SE Asia consumer play with no China risk, which probably trades at 8x P/E with net cash. That is, if this was the last shoe to drop and Mother China isn’t intent on ruining them.
@DeepSailCapital

Deep Sail Capital on X

$CRDO It’s pretty rare you find such a high moat business with massive growth that has been managed so well to keep extending their growth pathways. Three years ago they were just copper, now much more. The optics position: Credo isn’t just an AEC (copper) story anymore — they now own the full AI interconnect stack: • Optical DSPs (record Q1 revenue, 50G/100G-per-lane shipping now, 1.6T ramping later this FY) • ZeroFlap Optics • Silicon Photonics PICs (first revenue post-DustPhotonics deal) Management’s guiding >$600m in optical revenue for FY27 alone, with each of DSP/ZeroFlap/SiPho individually clearing $100m As AI clusters scale and speeds push past 800G toward 1.6T, connectivity becomes the bottleneck, everyone knows this. Credo sits at nearly every layer of that bottleneck, it’s been really thoughtful about product expansion so far. Management deserves more credit.