Big Tech Off-Balance Sheet Concerns
Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling after 2030.
Tuesday, August 25, 2026
23h ago TTMI $12B TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 26h ago GEN $17B Gen Digital: MoneyLion Opens A New Growth Channel At A Low Valuation
Manimala Misra From X
Broken Moats on X
Walmart plans major late-Q2 price investments, pressuring Target’s traffic, margins and valuation as consumers tighten spending.
Broken Moats on X
$mrna secondary coming in 21.05 minutes
Broken Moats on X
Software stocks face a post-options-expiration squeeze unwind as earnings expose AI-driven competition, cloud costs and weaknesses in seat-based models. Workday rumor news marked the peak counter-narrative.
Broken Moats on X
Healthcare stocks with no Moderna exposure rallied more than 10%, creating an opening for secondary offerings to strengthen fragile balance sheets.
junkbondinvestor on X
NEBIUS GROUP TO OFFER $4.5 BILLION OF CONVERTIBLE SENIOR NOTES Wow, that's a monster convert issuance. But when your stock is this volatile, that vol is an asset. $NBIS https://t.co/B3VKZw72rx
junkbondinvestor on X
Hyperscalers need so much capital they're exporting their financing needs to...Australia $GOOG just mandated its first AUD deal. Issuance (called Kanagroo bonds) is up 40% y/y to ~A$60B (a new record) https://t.co/ZIypM3QiFx
junkbondinvestor on X
Workday employees learning their new owner's first workstream will be headcount reduction $WDAY https://t.co/AIvTDIXGdo
Broken Moats on X
Workday’s proposed LBO financing is criticized as a levered private-credit mark-reset trade reliant on eventual public refinancing or an IPO exit.
Investor Letters
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Stripe’s “Singularity” and the Divergence from Adyen
Stripe’s net revenue rose 41% in 1H 2026 versus Adyen’s 21% FX-adjusted growth, fueled by AI-native startups and acquisitions including…
HMY 2026-08-24 Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)
Prakhar Agarwal, CFA 
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
Shitcos, Griftcos, and alignment versus enrichment at $IREN
IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…
$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…
The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…
Will Hubspot go the way of the Dodo?
HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…
[scuttleslops] ZTS, APO, FISV, TTD, RELY
Zoetis’s U.S. companion-animal revenue fell 6% as dermatology competition drove rebates and discounts, pushing full-year net pricing to…
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)
Copart faces a near-term lift from pricier AV repairs and total losses, but shrinking accident volumes could eventually force its…
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