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
Chris Camillo on X
@tinderboxman No. I added another 20% of the account in $AMZN weekly options, on top of the 50% already in $AMZN equity which was 1x levered. Been applying this leverage strategy for 18 years.
Laughing Water Capital on X
NextNav ($NN) does not seek 907 to 918 MHz, despite RFID’s strongest signal at 915 MHz and narrower RFID allocations in Europe and China.
Laughing Water Capital on X
NextNav calls for interference testing in the 902-928 MHz band and questions RFID’s use of the spectrum. An NPRM could require real-world tests.
Laughing Water Capital on X
$NN https://t.co/rn1GCqqeWI
Laughing Water Capital on X
AST SpaceMobile faces questions over SpaceX and Amazon’s distribution, capital advantages and pricing in a three-player satellite communications market.
Laughing Water Capital on X
$AVNS https://t.co/EbJi0nn0Vj
Laughing Water Capital on X
Lifecore Biomedical's Series A preferred can PIK rather than force an equity raise, preserving upside if its delayed operating inflection arrives.
Laughing Water Capital on X
@cfrischer1 validation of what $NN CFO Tim Gray said at Seaport a few weeks back: https://t.co/OT4MFWbPxQ
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
Stripe’s net revenue rose 41% in 1H 2026 versus Adyen’s 21% FX-adjusted growth, fueled by AI-native startups and acquisitions including…
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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