SpaceX Disappoints, AI's Free Cash Flow Shrinks, Meta Struggles | The Weekly Wrap
Steve Eisman reviews SpaceX earnings, AI capital spending’s drag on free cash flow, Meta’s struggles, and the collapse of Situational Awareness hedge fund.
Friday, August 7, 2026
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Investor Letters
All letters- Grandeur Peak Global Advisors 2Q26
- Upslope Capital Management Q2 2026 MICC $11B
- Vulcan Value Partners Q2 2026 AMZN $2.7TBMI $3.6B
- Intrepid Capital 1Q 2026
- RGA Investment Advisors Q1 2026 AMZN $2.7T
- Heartland Advisors 1Q26 ALGT $2.1BIIIV $390M
- Palm Valley Capital First Quarter 2026 CHRD $7.5BDOX $6.1B
- Biglari Holdings 2025 RACE $68B
Airbnb 2Q'26: Widening the Gap with Booking
Airbnb added 14 million booked nights and seats, up 10%, and guided low-double-digit third-quarter growth as North America and EMEA…
[scuttleslops] BKNG, ABNB, SHOP, LPX, TREX, XYZ
Booking Holdings beat Q2 guidance as room nights grew 5%; connected trips, merchant payments and Genius loyalty strengthened direct…
My Pitch Deck Slide Show from the MS Microcaps Summer Virtual Conference
Butler National Corporation is the subject of a stock pitch presented at the MS Microcaps Summer Virtual Conference.
DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
DEC-laration of independence
Diversified Energy cut $233 million of debt in 1H26, repurchased $93 million of stock and sold $273 million of land and assets while…
Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics…
Spotify 2Q'26: Pressing the Monetization Lever
Spotify reached 300 million Premium subscribers in 2Q26 and is increasing free-service friction in emerging markets to lift conversion and…
Perimeter Solutions: 2Q26 Business Recap
Perimeter Solutions’ 2Q26 revenue rose 31%, while operating income fell 11% as USDA pricing and DLA delivery timing hurt Fire Safety; it…
Floor & Decor: 2Q26 Business Update
Floor & Decor’s same-store sales improved to minus 2%, while $45 million of tariff refunds lifted second-quarter gross profit and operating…
A Venezuela Lottery Ticket for 41 Cents
Lionheart Holdings’ 41-cent CUBWW warrants hinge on a SPAC merger valuing KEO Energy’s Venezuelan PetroUrdaneta stake at $1 billion, versus…
MIDD · long Middleby CORP
Middleby trades at about 11 times EBITDA, below its history and peers, as a sharper management focus is expected to address the commercial…
Braemar Hotels & Resorts: Internalizing Management
Braemar Hotels & Resorts is internalizing its management.
PUDO Inc. ($PDO.C) FINS Review
PUDO’s revenue rose 35% to $5.6 million, but losses quadrupled as administrative costs outpaced growth; $242,000 of cash and ongoing burn…
ADF Group Inc. ($DRX.TO) FINS Review
ADF Group’s Q1 FY2026 revenue rose 78% to $99.3 million and net income 37%, aided by the LAR acquisition despite steel and aluminum tariff…
[VRSK] Verisk has standards
Verisk’s exit from healthcare, financial-services and energy data restored a pure-play insurance analytics model, but D.E.
Infineon Technologies (IFX GY): Power Overwhelming
Infineon’s power semiconductors stand to benefit from AI data centers shifting to 800VDC power delivery, though its sharp rerating to…
Under The Hood, Universal Health Services - $UHS
Universal Health Services faces a $432 million–$480 million annual Medicaid supplemental-payment hit by 2032, offset by behavioral-health…
Too Many Cooks Spoil The Pot
Baron’s BARAX and BGAFX hold SpaceX at a $1.25 trillion valuation, creating a potential NAV uplift if its IPO prices higher.
Investcorp Credit Management BDC: Visiting the Private Credit Garbage Bin
Investcorp Credit Management BDC is framed as a troubled corner of private credit.
[scuttleslops] SPOT, UMG, TXN, SPGI, TRU, ADSK, MTCH, CSGP, DLTR
Spotify and Universal Music Group will offer licensed AI song covers and remixes as a Premium add-on, with artist opt-in and royalty…
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Seeking Alpha 44 of 215
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Marc Gerstein
Mike Zaccardi, CFA, CMT
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Petri Dish Reports
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PV Research
Quantryon Capital
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Stephen Ayers
Steven Fiorillo
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catechwilliams
Charles Frischer
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Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Fajasy
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Fierce_beast
Fred Liu
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Ian Bezek
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JabroniCoin.USD
John_Hempton
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kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
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Mike
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Myles
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Negligible Capital
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SG
Sheel Mohnot
Tim Eriksen
Timyan Bank Alert
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ToffCap
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Undiscovered Compounders
Voss Capital
Yaron Naymark
Investor letters we follow
- 1 Main Capital
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- FPA Crescent Fund
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- Fiduciary Management
- Fiera Capital
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- First Eagle Investments
- Forager Funds Management
- Frank Capital Partners
- Fred Alger Management, LLC
- Gabelli Funds
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- Grandeur Peak Global Advisors
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- Greenhaven Road Capital
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- Guinness Global Investors
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- Hosking Partners
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- Kingdom Capital Advisors
- LVS Advisory
- Langdon Equity Partners
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- Latitude Investment Management
- Laughing Water Capital
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- Lindsell Train Limited
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- Maran Capital Management
- Markel Group
- Marram Investment Management
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- Nelnet
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- Patient Capital Management
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- Pershing Square Holdings
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- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
- Warden Capital
- Wealthspire Advisors
- Wedgewood Partners
- Weitz Investment Management
- White Brook Capital
- White Falcon Capital Management
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