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
From X
Ian Bezek on X
@TidefallCapital I think macro beer is still deeply challenged, though I own a little bit of $TAP and $ABEV. I'm much more confident spirits will recover.
BDC on X
@FrostByte123456 Yes. $GOOGL needs to feed TWO capex intensive businesses: 1. Search (Gemeni) and 2. Cloud. $AMZN needs to only feed one, which is AWS.
BDC on X
$SNAP will generate more FCF this year than $GOOGL and maybe more than the hyperscalers combined in the 2H ex MSFT! Just sayin...
BDC on X
Good point here re how OBBB flatters cash flow. $GOOGL https://t.co/MkSPZ5NNOZ
JabroniCoin.USD on X
$THC smoked the hospital narrative and HCA, with a beat, raise and $2 Bn additional buyback. Bears might not be ambulatory for long… https://t.co/Jqp3snqr1l
BDC on X
@kermankohli GCP is baked into $GOOGL's price already. $META's cloud optionality is obviously not. You may prefer the known thing but its the unknown things that over much more asymmetry.
Investor Letters
All letters- Protean Funds July 2026 DVYSR $103MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 AAP $2.6BAGO $3.3B
- Protean Funds June 2026 CINT $223MIDDWF $9.6B
- Alluvial Capital Management Second Quarter 2026 ZEG $5BDGXX $372M
- Hayden Capital Q2 2026 AMZN $2.8TGOOGL $4.1T
- Intrepid Capital 2Q26 GOOGL $4.1T
- Polaris Capital Management Second Quarter 2026 ENI $83BHDIH
- First Eagle Investments second quarter 2026 032830 $43BBABA $268B
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 6 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…
MU 2026-08-28 SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)
Prakhar Agarwal, CFA 6 clicks
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…
[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
Steven Fiorillo 3 clicks
BREAKING: Modine's Anchor Multi-Billion-Dollar Customers Are Google and Amazon
Modine's undisclosed customer on a more than $4 billion agreement is Google, with potential data-center demand from AWS, Crusoe and others.
Exclusive: Walter and TWG Global Likely Can’t Use CVNA for Liquidity. Citi Already Secured It.
TWG Global’s roughly $2 billion Carvana stake is already pledged to Citigroup, limiting Walter and TWG’s ability to use CVNA shares for…
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…
Nvidia Climbing the Wall of Worries
Nvidia guided FY2028 revenue toward $700 billion, roughly 70% growth, while supply constraints and neocloud demand face concerns over…
MT 2026-08-27 ArcelorMittal: Regionalization Is Creating A Structurally Better Steel Company
Capital Connoisseur 3 clicks
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
CBRS 2026-08-26 Sizing Up Cerebras Systems: Why Its Latency Moat Makes It A Buy For Aggressive Growth Investors
Star Investments 4 clicks
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…
TTMI 2026-08-25 TTM Technologies: Priced Like A Board Shop, Booked Like A Defense Prime
Jaden Mealy 2 clicks
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…
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…
BREAKING: Nebius Told Investors Vineland Data Center Was "On Track" Days After Undisclosed Stop Orders
Nebius omitted Vineland stop orders over unpermitted Bloom Energy fuel-cell and LNG-tank work while telling investors its data-center…
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