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
27h ago TTMI $12B TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 29h ago GEN $17B Gen Digital: MoneyLion Opens A New Growth Channel At A Low Valuation
Manimala Misra From X
Broken Moats on X
CarMax cut vehicle prices to lift sales, but lower gross profit, weak auto loans and Carvana competition leave significant challenges after earnings.
Broken Moats on X
Boston Scientific's revenue doubled and EBIT rose from $1.4 billion to $4.1 billion over five years, while Farapulse and Watchman growth slows and valuation embeds substantial expectations.
Broken Moats on X
Software sold off as private-credit names MFC, ARES and FG rose alongside banks, with JPM up 14% in June. The valuation gap points to lower private-credit prices.
Broken Moats on X
CAVA rose 30% in a week without news as Target and private-credit-exposed Ares also made sharp late-week moves.
Broken Moats on X
QXO’s pro forma capitalization is estimated at 1.1 billion shares and $8 billion of net debt after Kodiak, Beacon and TopBuild financing.
Broken Moats on X
Eli Lilly’s NLRP3 trials put it alongside Novo Nordisk, while AstraZeneca and smaller developers add to obesity-drug competition.
Broken Moats on X
AltCap and Nvidia shareholders face criticism over promoting holdings to retail investors before potential share sales, drawing comparisons with Andrew Left.
Broken Moats on X
Amazon’s supply-chain services could pressure UPS, Saia and XPO on domestic parcel and LTL pricing as demand lags, despite trucking support from enforcement and AI-related flatbed demand.
Investor Letters
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Stripe’s “Singularity” and the Divergence from Adyen
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HMY 2026-08-24 Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)
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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 $IREN
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$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
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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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