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
Why is $GTLB up ah? Expense dollar growth far outstripped revenue dollar growth? and 117 NR at this valuation is not impressive, let alone the 50% increase in SBC yoy.....
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.
Lee Roach on X
@steven_finch Pretty much everything I own has revenues declining. People pissed and moaned when I bought $HOG because it was "dying"
Investor Letters
All letters- Protean Funds July 2026 EVGGF $15BNVO $172B
- Royce Investment Partners Year-to-date period ended 6/30/26 AAP $2.5BAGO $3.1B
- Protean Funds June 2026 IDDWF $9.9BSKSBF $11B
- Alluvial Capital Management Second Quarter 2026 ZEG $5.2BGTX $4.7B
- 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 $276B
Microsoft ($MSFT) - Deep Dive
Microsoft’s AI data-center buildout lifted annual CapEx from $5.5 billion in FY2014 to $115.9 billion in FY2026, resetting free-cash-flow…
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)
SK Hynix posted record quarterly revenue of 79.32 trillion won and a 76% operating margin, while trading below Micron on forward sales and…
Prakhar Agarwal, CFA 4 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
Kinder Morgan raised 2026 guidance after record Q2 results, supported by a $9.6 billion backlog and growing U.S.
Steven Fiorillo 1 click
$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…
BAC 2026-08-20 Bank of America Preferreds: Better Propositions Available Than Series GG
Bank of America’s BAC.PR.B yields just over 6% near par, while discounted lower-coupon series such as BAC.PR.P offer better value despite…
Prakhar Agarwal, CFA 1 click
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…
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…
NCNO · long Ncino INC
NCino is a commercial-lending system of record for banks and credit unions, trading at roughly 3x enterprise value to sales.
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…
Floor & Decor 2Q'26: Tentative Green Shoots
Floor & Decor held 2026 guidance after a 2Q beat, with comps improving through June; tariff refunds lifted margins and may fund pricing…
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.
[ZTS] Zoetis could use a booster shot
Zoetis’ pet-drug blockbusters have shifted its mix from low-growth livestock medicines to durable companion-animal franchises with softer…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
Under The Hood, Wingstop Inc. ($WING)
Wingstop generates most of its $697 million revenue from franchise royalties across a 3,153-restaurant, 98%-franchised system while…
Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
Apollo and what even is private credit?
Apollo’s Marc Rowan argues private-credit risk depends on underwriting, seniority, leverage and diversification, not whether a bank or fund…
Under The Hood - Rollins ($ROL)
Rollins ($ROL) pairs automatically renewing pest-control contracts with route density and family-business acquisitions, producing 24…
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Seeking Alpha 52 of 239
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Petri Dish Reports
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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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catechwilliams
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Colin King
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
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Gavin Baker
George Noble
Hunterbrook
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
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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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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
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Investor letters we follow
- 1 Main Capital
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- 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.
