Notes from a Dasher Shift, and the Drone Delivery Future
DoorDash’s delivery economics rely on customer tips and flexible labor, while rising courier costs make autonomous delivery central to scaling GOV 4 to 5 times.
Wednesday, September 2, 2026
Back to today 
From X
Ian Bezek on X
@House_Stark12 Think again. Arguably the only thing $OPEN is good at is issuing new stock. https://t.co/oUX7I8I2kY
Ian Bezek on X
Embarrassing press release. $OPEN Revenues fell 44% year-over-year. And they are still budgeting $110 million for SBC in Q3 alone. Absolutely shameful behavior. https://t.co/7vZtlVVy2j
Chris Camillo on X
@Emotionallkrs I think in terms of information parity not price targets. Long $BE
Timyan Bank Alert on X
Conference Chatter: NBT Bancorp $NBTB eyes bank M&A; Community Financial seeks insurance opportunities | S&P Global Market Intelligence https://t.co/L1NY5yUkBc
JabroniCoin.USD on X
Timna on $CENX “early innings of broader FCF rebound.” “Hugely undervalued” at 1.5x their ‘27 EBITDA. $83 PT at 4x! Direction of numbers up, delta to street up, and lots of multiple rerate room imho https://t.co/8wkrmh5S83
JabroniCoin.USD on X
GS on $ACMR beat and 2026 raise. PT $164 2027 numbers and memory contribution (CXMT matter more) imho https://t.co/XXKNyhL8Gg
JabroniCoin.USD on X
“for the first time in over a decade, all Century assets should be operating at full capacity. I'm very proud to report today that our team has delivered” As expected, Q3 & Q4 will be when the real earnings power of $CENX is demonstrated. Still under-earning. Still bottleneck. https://t.co/Buw6H87Sed https://t.co/KyfyjMcJhq
Investor Letters
All letters- Protean Funds July 2026 EVGGF $15BNVO $172B
- Royce Investment Partners first six months of 2026 MMS $3.2BSNX $21B
- 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 $270B
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…
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
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.
$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…
KRYS · short Krystal Biotech INC
Krystal Biotech is a profitable commercial-stage biotech with an $8.7 billion enterprise value and one FDA-approved topical gene therapy,…
Aurora Innovation: Built To Win With Less Than 1% Of The Market
Aurora Innovation targets 200 driverless trucks by Q4 2026 and FCF breakeven in 2028; 0.6% of US combination trucks by 2030 supports 20%…
Andras Tory 
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…
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…
ACIW 2026-08-27 ACI Worldwide: An Undercovered Payments Compounder Getting Better
ACI Worldwide’s payment software segment grew 9% with a 48% adjusted EBITDA margin, while the company targets 50-60% of operating cash flow…
SiliconBytes Insights 1 click
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
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…
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Seeking Alpha 52 of 241
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Petri Dish Reports
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Quantryon Capital
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Simple Investment Ideas
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The Alpha Analyst
The Asian Investor
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The Undercovered Dozen
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Value Capital Research
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BDC
Bill Ackman
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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
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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
Maius
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Mr Neutral Man aka "Howard Marks of REITs”
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Myles
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Negligible Capital
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Paradis
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Prepared Remarks
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SG
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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
Yaron Naymark
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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- Gabelli Funds
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- Lindsell Train Limited
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- Miller Value Partners
- Moon Capital Management
- Muhlenkamp & Company
- Myrmikan Capital, LLC
- Nelnet
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- Oldfield Partners
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- Optimist Fund
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- Pershing Square Holdings
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- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
- Warden Capital
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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.
