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
Raging Capital Ventures on X
Angel Studios founder Jeff Harmon discusses ANGX’s crowd-sourced model for financing and distributing family-friendly content with Rick Rubin.
Raging Capital Ventures on X
@wallstengine Short form is eating $NFLX alive too
Raging Capital Ventures on X
Elroy Air plans to go public through the CMII/IPXG SPAC, bringing its hybrid-electric autonomous Chaparral VTOL aircraft to public markets.
Raging Capital Ventures on X
Kalshi looking at rolling out perpetual futures…. Perps are super interesting, à la Hyperliquid / $PURR, and have the potential to be very disruptive across the capital markets ecosystem https://t.co/L0JHZdJu4O
Porter Collins on X
@MidwestHedgie @lurker8679 @PhilMickelson $PCT is certainly still a show me story. Both companies have certainly had terrible capital raises.
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.
Porter Collins on X
We have a free Substack follow up on $GLASF today. The stock is up 50% from our November report. Positive and negative feedback welcome. https://t.co/VaO0Pe4iV9
Investor Letters
All letters- Palm Harbour Capital second quarter of 2023 LOTMY $6.3B
- Patient Capital Management 2Q25 BABA $289B
- Patient Capital Management 3Q25 PGEN $2.6B
- Tweedy, Browne Q1 2026
- Palm Harbour Capital third quarter OCWSF delisted
- Intrepid Capital 2Q 2026
- First Eagle Investments 2023
- First Eagle Investments 3Q 2025 6273 $28B
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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