Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, September 10, 2026

Back to today

From X

@negligible_cap

Negligible Capital on X

*META COULD SPEND UP TO $10B/YEAR ON ANTHROPIC AI: NYT So $META is like 15%+ of Anthropic's ARR? "At one point this year, Meta internally projected that it could spend as much as $10 billion annually on Anthropic’s A.I. models, said two of the people, who declined to be identified discussing private information. That would have formed a major chunk of Anthropic’s yearly revenue, which the start-up estimated in July would pass $65 billion." - NYT
@KEDM_COM

KEDM.com on X

Versant $VSNT, a recent Comcast spin now seems to have found its way up. Weak price action though since the spin on classic spin dynamics, a ‘melting ice-cube’ narrative, and (we think) mainly index selling (it isn’t in the S&P500). A reminder that Versant owns CNBC and some other networks. With a $5.3bn market cap, roughly $2bn net debt, and $1.0-1.5bn free cash flow generation per year, the ‘bet’ here is that you will get your money back in 5-6 years. Imagine if FCF stabilizes. And Versant seems confident, launching a $1bn share buyback, almost 20% of the current market cap.
@negligible_cap

Negligible Capital on X

70% FY28 revenue growth is incredible, but if you were an $NVDA bear before that call, it’s very unlikely that view has changed (sure maybe funding shorts get covered) The bear argument is more intact than ever. Nvidia’s demand, while very robust, still comes in part from largely unprofitable companies/labs which are of course dependent on Nvidia for financing Jensen addressed these concerns directly, saying "frontier labs sales are skyrocketing, their margins are fantastic…they're generating profitable tokens…they're only limited by the amount of compute” The bear argument isn't going to be solved by fantastic numbers in any given quarter, it will take lots of time to be proven right or wrong

Investor Letters

All letters

First Impression of Muse

Meta’s Muse personal agent connects multiple Gmail accounts, automates recurring tasks and offers free usage capped at 100 million weekly…

META $1.7T
MBI Deep Dives 4 clicks

Lululemon: Deep Dive Analysis

Lululemon’s Q2 revenue fell 4% and Americas comparable sales 12%, as markdowns, tariffs and activewear rivals pressure its premium apparel…

LULU $11B
Hated Moats 6 clicks
UBER 2026-09-07

A quick update on Deep Dives

MBI Deep Dives will update prior company analyses through year-end, beginning with Uber, while deferring new work on Micron and S&P Global.

UBER $145B
MBI Deep Dives 5 clicks

Celsius: The Pepsi Put

Celsius holds 20% of the U.S. energy-drink market and 40% of sugar-free sales, but its $1.65 billion Alani acquisition complicates…

CELH $7.1BPEP $179B
TSOH Investment Research 7 clicks

Publications we follow

Every publication on this site, hand-picked.

108 publications

Newsletters 91

YouTube 4

Blogs 12

Seeking Alpha 30 of 164

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

69 accounts
Nominate an account

Investor letters we follow

78 firms

Sectors

Ordered by how often our editor reaches for them.