The Bid Shading Threat to Amazon Advertising
Amazon’s $69 billion advertising business faces an FTC lawsuit over alleged bid shading, threatening a revenue stream that grew roughly sixfold since 2019.
Tuesday, September 1, 2026
Back to today
From X
Broken Moats on X
$QXO finally in my valuation zone, acquired shares this afternoon. Rates present a challenge, soft commodities surging and geopolitical could further stress inflation/yields but you usually do not get deal when everything is firing on all cylinders
SG on X
@Zerosumgame33 Manav calling $CLMT $DAR $ADM $BG "peers" is crazy to me. Other than all touching ag, they are very different businesses with very different drivers.
BDC on X
$GPRO acquired at $1.14. Was a $98. Founder lead with super voting rights. Woodman's hubris lost him billions. @evanspiegel don't make the same mistake. $snap
Chris Camillo on X
Take-Two Interactive, $TTWO, trades weeklies around GTA 6 news and debates the benchmark for the game’s success.
Raging Capital Ventures on X
Sol Bier and Factorial Funds backed SPCX, Anthropic, Perplexity and ElevenLabs early. A conference interview covers Sol Bier’s venture investing.
Chris Camillo on X
@reddy67874 @Jerry19880 @piques15 only stock i added to today was $AMZN. like the risk/reward probabilities here on $TTWO, but there’s more downside if player sentiment and engagement data start moving the wrong way.
Ian Bezek on X
@sigmazerocap I own a small position in $CRM (thankfully lower cost base), and no $META, so $CRM it is. Clicks results. Wow, guess CRM is going up another 25% next quarter. Love when everyone is positioned wrongly.
Chris Camillo on X
@ryanTesling @piques15 added to $AMZN today, no surprise there
Investor Letters
All letters- Protean Funds July 2026 EVGGF $15BNVO $172B
- Royce Investment Partners Year-to-date period ended 6/30/26 FTAI $17B
- Protean Funds June 2026 SKSBF $11BTELIA1 $202B
- Alluvial Capital Management Second Quarter 2026 TLN $17B
- Hayden Capital Q2 2026 AMZN $2.7TGOOGL $4.3T
- Intrepid Capital 2Q26 GOOGL $4.3T
- Polaris Capital Management Second Quarter 2026 ENI $88BIX $39B
- First Eagle Investments second quarter 2026 032830 $37BBABA $276B
BE 2026-08-29 Bloom Energy: 5 Links That Cannot Break
Bloom Energy’s 80x forward earnings valuation relies on concentrated megaprojects, sustained AI data-center power demand and continued…
Valuation Rewind 3 clicks
Meta Buys Away its Distraction at Minimal Cost
Meta’s $18 billion teen-addiction settlement makes $5.3 billion contingent on YouTube and TikTok adopting matching restrictions, while…
Making sense of Sandisk’s long-term financial model
Sandisk’s FY28-FY30 model relies on long-term NAND agreements holding near-80% gross-margin floors despite pricing 26-28% below current…
CMCSA 2026-08-28 After A Decade Of Underperformance, Comcast Is Finally Ready To Rebound
Comcast's mobile growth, Verizon roaming agreement, NBCUniversal content and theme parks are positioned to offset broadband competition…
Max Greve 1 click
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
AWS AI campuses cost $40–$45 billion per gigawatt, with Trainium 3 expected to lift compute per megawatt and improve infrastructure returns.
KMI 2026-08-26 Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher
Kinder Morgan raised 2026 guidance after record Q2 results, supported by a $9.6 billion backlog and growing U.S.
Steven Fiorillo 1 click
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…
PYPL · long Paypal Holdings INC
PayPal’s valuation implies free cash flow will shrink 9.3% annually over the next decade, framing a long thesis against its recent revenue…
Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI…
Amazon 2Q'26: AWS Gets the Love
Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.
Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling
Meta’s Q2 2026 revenue beat was offset by one-off costs and softer guidance, while generative ad ranking lifted conversions and Family of…
PayPal tries again (and again)
Stripe’s startup-focused product sprawl contrasts with Adyen’s enterprise restraint; despite 20% more payment volume and faster growth,…
Meta: 1Q26 Business Update
Meta’s Q1 2026 revenue rose 33% as ad impressions gained 19%, while AI-driven ranking and targeting lifted engagement and conversion;…
Under The Hood: Ulta Beauty, Inc. ($ULTA)
Ulta Beauty’s 46 million-member loyalty model drove strong historical cash flow, but earnings have stalled since fiscal 2022 as SG&A rose;…
Under The Hood, HCA Healthcare - $HCA
HCA Healthcare generated $75.6 billion of 2025 revenue and an 18.9% ROIC, pairing hospital-market scale with expanding margins and lower…
An Open Letter to the TPL Board
Texas Pacific Land shareholders urge two board additions, data-center expertise, and capital spending beyond mineral royalties toward…
First Takes on GFL's Acquisition of Secure
GFL Environmental is buying Secure Waste at 11x 2026E EBITDA before synergies, adding high-margin produced-water and waste assets with $25…
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Seeking Alpha 52 of 239
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Petri Dish Reports
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Quantryon Capital
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The Bullionaire
The Curious Analyst
The J Thesis
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Value Capital Research
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Every account on this site, hand-picked.
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BDC
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Broken Moats
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Connor Haley
Conor Maguire | Value Situations
Convequity
Dalius - Special Sits
David Orr
Deep Sail Capital
Derek Pilecki
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Fajasy
Farmer
Fierce_beast
Fred Liu
Gavin Baker
George Noble
Hunterbrook
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Kevin Mak
Kuppy
Laughing Water Capital
Lee Roach
Little Owl Research
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marginofdanger
mavix
Mike
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Myles
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Negligible Capital
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SG
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SouthernValue
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The Friendly Bear
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Timyan Bank Alert
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ToffCap
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Undiscovered Compounders
Voss Capital
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Investor letters we follow
- 1 Main Capital
- 1851 Capital
- Advisory Research
- Aegis Value Fund
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
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- Alpinum Investment Management AG
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- Miller Value Partners
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- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
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- Wedgewood Partners
- Weitz Investment Management
- White Brook Capital
- White Falcon Capital Management
Sectors
Ordered by how often our editor reaches for them.
