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
BDC on X
SanDisk’s forward EPS estimates have diverged sharply from its share price as the investor remains short the semiconductor ETF SOXX.
BDC on X
Netflix’s incremental margin fell to 28% from 36% as technology spending rose 22%. Sports rights and short-form investment could slow operating leverage beyond the second half.
BDC on X
Jorey is sizing up ahead of what mgmt has called a "hockey stick" 2H on the back of production orders scaling on at least two key PORs. $MOB https://t.co/5qF3GZFcFZ
BDC on X
Looks like the small cap sage Jorey Chernett has filed on $MOB. He is long term, buys in size, and will rattle cages if needed. Fantastic endorsement.
BDC on X
$STIM owns clinical distribution infrastructure for psychedelic treatments, while its stock price implies zero or negative equity value for the asset.
BDC on X
I remember the days when these 4 stocks going up by this much meant the $SPY was +2% on the day (at least). Says a lot. https://t.co/aLdbQlfL7W
BDC on X
$toi https://t.co/9pfaLXskXk
BDC on X
Greenbrook TMS operates about 95 U.S. treatment centers administering Spravato and NeuroStar TMS, with more than 60,000 patients treated and 2 million treatments delivered.
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…
$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…
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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