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
Charles Frischer on X
$NN I would like to see the company come out in full support of this NPRM. I think they would send the message this is good for NN, the country and consumers. Patience is being required but will be rewarded at the end of the process.
Charles Frischer on X
$NN While there have been delays in approval, the value of the spectrum continues to rise everyday. NN owns a valuable asset and shareholders should likely be very happy at the end of the process.
Charles Frischer on X
$NN The FCC yesterday issued an NPRM to allow Part 15 devices to use the 900 Mhz band in space. Capstone claims this is bad news for NN. I think this is actually great news for NN. The FCC is looking to have an active 900 MHz band, including the NN spectrum.
Charles Frischer on X
$NN I suggest folks read the NPRM. It provides the same protections to Part 15 as they already have for terrestrial spectrum, no more, no less. NN is absolutely confident through the testing done to date that we don't create harmful interference. And we won't with satellite uses.
Charles Frischer on X
@sScCrRaAbBLLeE @snack8812 $NN Dell, I am still long and strong on NN. Clearly I wish we had made the blog this week, but I think we are still a priority of the FCC. Based upon what I know right now, I think we should be on the blog in the next month or two. I agree it has taken longer than we would like.
PAA Research on X
Various parts of the AI CAPEX trade ($MU, $SNDK, $COHR, $MRVL are down (-30%)-(-40%) in the past month, in what inning are we in for this sell-off?
Investor Letters
All letters- Protean Funds July 2026 DVYSR $106MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 AAP $2.6BAGO $3.3B
- Protean Funds June 2026 CINT $224MIDDWF $9.5B
- Alluvial Capital Management Second Quarter 2026 ZEG $5BDGXX $372M
- Hayden Capital Q2 2026 AMZN $2.8TGOOGL $4.2T
- Intrepid Capital 2Q26 GOOGL $4.2T
- Polaris Capital Management Second Quarter 2026 ENI $81BHDIH
- First Eagle Investments second quarter 2026 032830 $44BBABA $268B
Microsoft ($MSFT) - Deep Dive
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Meta Buys Away its Distraction at Minimal Cost
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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
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Edmund Ingham 5 clicks
Domo (Arigato), for this potential multi-bagger options trade
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MT 2026-08-27 ArcelorMittal: Regionalization Is Creating A Structurally Better Steel Company
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Capital Connoisseur 3 clicks
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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 3 clicks
$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…
Nvidia Climbing the Wall of Worries
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SiliconBytes Insights 5 clicks
Nvidia’s Long-Term Margin Question
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CBRS 2026-08-26 Sizing Up Cerebras Systems: Why Its Latency Moat Makes It A Buy For Aggressive Growth Investors
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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…
STNE 2026-08-25 StoneCo: Deep Value Hiding Behind Brazil's Rate Fears - For Now
StoneCo's buybacks and special dividend produced roughly 39% H1 shareholder yield as Brazil's rate cuts slow and competition persists.
IWA Research 7 clicks
CCC Is in the Middle of the Wreckage
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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…
Shitcos, Griftcos, and alignment versus enrichment at $IREN
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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…
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