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
Sep 1 CLF $7B Cleveland-Cliffs: 2027 Could Be A Very Big Year
The Bullionaire 2 clicks Sep 1 JPM $946B Undercovered Dozen: JPMorgan, Sezzle, Kayne Anderson And More
The Undercovered Dozen 2 clicksFrom X
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"
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
Chris Camillo on X
@ryanTesling don’t care as i’m not focused on $AMZN short term trading rn
Chris Camillo on X
@Spykex02 no. currently just holding $TTWO equity. i did have a large one-day weekly call position i entered on thursday’s dip and exited friday. down a bit more today than i made last wk but im fine!
Chris Camillo on X
@piques15 $TTWO could drop 30% this week and my ’26 ROI would barely notice. I’ve had worse Mondays this past month. https://t.co/meivfWSxx6
Chris Camillo on X
apparently $TTWO wanted to make sure this quote still holds up. https://t.co/09z8jddmcH
AltayCap on X
Seems like im the only one blown away by these numbers. $ttwo had an incredibly storied history with many successful games and over a decade of high margin gta5 online numbers, but even pre Zynga writedown barely had any profit. Will gta6 be different? https://t.co/CivKO6DyFX
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
ECO 2026-09-01 Okeanis Eco Tankers: The Market Is Pricing In An Earnings Collapse
Investor Overview 1 click
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Veeva 2Q’26: “SaaSpocalypse” Cancelled
Veeva beat its $905 million revenue guide with $928 million, up 17.6%, while subscription growth accelerated and GAAP EBIT margin reached…
Microsoft ($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…
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…
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
[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.
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.
BKH 2026-09-01 Black Hills: A 439 MW Utility With A Three GW Data Center Pipeline
SiliconBytes Insights 1 click U 2026-09-01 Unity Software: The Ad Network Hiding Inside A Game Engine
Jaden Mealy 1 click AUR 2026-08-31 Aurora Innovation: Built To Win With Less Than 1% Of The Market
Andras Tory 1 click
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…
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
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…
$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…
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…
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…
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