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
From X
Nat Stewart on X
@GardinerIsland $BSM has kinda muffled volatility relatively speaking if you don't mind a K-1, have a pretty good plan to grow production on their land next ~5 yrs (they own royalty interests), systematically hedge ~75% of production.
Ian Bezek on X
@sequentanalyst @moneyandmore72 Fundsmith bought $app? Terry Smith must be rolling over in his grave.
Mike on X
They were! $WULF signed deal with Anthropic today https://t.co/82fVRUxJtN
marginofdanger on X
Is anyone looking at these busted digital treasury companies? A quick glance suggests a bunch of them are trading at 50%+ discounts to NAV with otherwise clean balance sheets. Will they all merge in stock for stock deals? Or convert into ETFs? $BRR $XXI $BMNR
Laughing Water Capital on X
@darkstarsats @JoesAutopen @cfrischer1 @CalgaryLeveen @mil01425146 @SteveCrowley Probably for the same reason the opposition has submitted reports that need to break the laws of physics in order to suggest interference. $NN
Timyan Bank Alert on X
Regions Financial $RF buys investment bank in latest bolt-on https://t.co/Lb11zJT8vY
Broken Moats on X
A lot of cross currents in themes/stocks trading contra day to day in the market. But probably not a coincidence the $2B ASR period ended June 30th for $BSX (on the lows) and now you see one of the bigger bounces the stock has experienced throughout this selloff.....maybe it does not stick, but BSX < $45 has been and remains quite compelling
Broken Moats on X
$hood perps announcement today is leverage^3 .......what could go wrong? perhaps some lessons from the bucket shops, and leverage dynamics of the 29' crash should be heeded. Their GoT theatrical announcement today and the $BX Taylor swift Christmas videos are going to age extremely well when the cycle busts
Investor Letters
All letters- Protean Funds July 2026 DVYSR $106MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $2BMMS $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
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 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…
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.
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…
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
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 6 clicks
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.
CBRS 2026-08-26 Sizing Up Cerebras Systems: Why Its Latency Moat Makes It A Buy For Aggressive Growth Investors
Cerebras’ CS-4 wafer-scale chips target latency-sensitive AI inference, but Nvidia’s ecosystem, manufacturing yields and KV-cache…
Star Investments 4 clicks
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…
TEM 2026-08-20 Tempus AI Just Had Their Entire Strategy Validated By Moderna's Vaccine Advance
Tempus AI's diagnostics and data businesses grew Q2 2026 revenue 19.4% year over year, with FDA approvals, expanded tests and pricing aimed…
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
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…
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