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
Aug 25 STNE $2.3B StoneCo: Deep Value Hiding Behind Brazil's Rate Fears - For Now
IWA Research Aug 25 SBLK $3.4B Star Bulk Carriers: You Don't Need The Record Quarter
Kevin Avroutskii From X
Raging Capital Ventures on X
Bought a bunch of $CMCSA on this fade back to around $25. While it will take around a year to breakup the business (and they don’t plan to buyback stock during this time), separating media/theme parks from cable should be very accretive to the valuation.
Raging Capital Ventures on X
@satsfilip Fixed — at around $353 per $CHTR share / 23% of company.
Connor Haley on X
Alta Fox says Premium Brands Holdings is significantly undervalued, with 75%+ base-case upside and management actions to narrow its intrinsic-value discount.
Porter Collins on X
@JeffreyCherkin Not a bad purchase of $FTAI this time last year < $90! @MelissaLeeCNBC
Connor Haley on X
NCR Atleos expects ATM trends to stabilize or improve, arguing rapid per-share growth can justify a premium relative to slower-growing Diebold Nixdorf.
Connor Haley on X
A recent spin's accounting change cut 2024 adjusted EBITDA by 1% without affecting free cash flow; ex-working-capital FCF per share is forecast to grow more than 30% next year.
Connor Haley on X
Good quarter from $NATL and thesis on track. -The ATMaaS business continues to outperform... 37% y/y growth in Q3... and it's on track to be 40%+ in Q4, well ahead of our expectations -SSB delivered >50% incremental EBITDA margins in Q3, fueling 21% EBITDA growth for the segment
Chris Camillo on X
@eager28 @CAndreisen @quazijohir Correct. They’re tied to the same lockup as other pre-IPO investors. I’m not overthinking $SKM it’s simply my public equity proxy for Anthropic.
Investor Letters
All letters
TTMI 2026-08-25 TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 
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…
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
NCLH or her grandma Saga?
Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…
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…
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AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman
$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
Yet Another Value Podcast
Are Department Stores Finally Shortable?
Bristlemoon Capital ZTS 2026-08-13[scuttleslops] ZTS, APO, FISV, TTD, RELY
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The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)
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