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
From X
Maj Soueidan on X
Leatt’s non-promotional execution and substantial operating leverage stand out after a competitor’s bankruptcy.
Maj Soueidan on X
Lots of information arbitrage homework to do this weekend… $LEAT is probably my favorite set up right now from the latest batch of Delta Sheets.. Also closely watching $PRPO sales/scale expansion strategy. https://t.co/jsup7PKOb7
Maj Soueidan on X
Looks like $KLNG is winning the subsea battle vs. $MIND. https://t.co/WCc2il0NhZ
Maj Soueidan on X
KLNG shareholders are regretting sales, while SIF panic sellers treated weak GAAP EPS as its underlying earnings power.
Maj Soueidan on X
BOSC is considering acquisitions up to $20 million, financed with 50% bank debt, $5 million of cash and roughly 1 million new shares.
SG on X
It should be no surprise that as the reality of commencing operations gets closer, investors are less doe-eyed about $EVTL https://t.co/4Q8ETMvQLM
SG on X
A2Z delivered 950 smart carts, generated $5.9 million in revenue and lost $7.59 million, despite positive gross margins. The author remains short, citing an unlikely path to breakeven.
SG on X
Jun28 $BE 85P x 510C strangle currently fetches about $100. Tempted to sell a few.
Investor Letters
All letters
SBLK 2026-08-25 Star Bulk Carriers: You Don't Need The Record Quarter
Kevin Avroutskii WLDN 2026-08-25 Willdan Group: The Q2 Beat-And-Raise Confirms The Inflection
Miletus Research 
Stripe’s “Singularity” and the Divergence from Adyen
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The Junk (Mail) Merger Arb
Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.
Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger…
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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…
Aloe Aloe Aloe what 'ave VERRA then?
Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…
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…
Jumia
Jumia’s January 2028 $7/$15 call spread risks $1.15 for up to $6.85 if cost cuts and marketplace growth deliver adjusted EBITDA and…
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The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
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