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Sunday, September 13, 2026

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@MultiplesCap

Multiples Capital on X

Not an AI expert by any stretch, but wonder if US labs actually coordinate to "pace the frontier," it could be a stealth negative for Nvidia’s top-line growth rate. Here’s why: Flattening the Frontier Race: If scaling massive base models is intentionally delayed for alignment, the panic to hoard the newest, most expensive contiguous GPU clusters cools down. Shift to Post-Training & RL: Progress shifts to squeezing intelligence out of existing models via synthetic data and self-play. This relies on inference-class rollout fleets rather than cutting-edge pre-training mega-clusters. The Verification Layer: Evaluating, sandboxing, and grading all that synthetic RL data requires massive CPU compute .... benefitting $INTC Less brute-force pre-training = extended hardware refresh cycles and a normalized upgrade curve for $NVDA. Markets much smarter on this than I, will wait into see how the stock prices react to this next week!
@Fierce__beast

Fierce_beast on X

For $CASY, let's say it grows earnings roughly 6% on average for the next 20 years, then 3% terminally. Maybe its 9% for the next 5 years, but gradually moves toward something like maturity of 3%, average let's say is 6%. What multiple would you currently pay on that earnings stream? Personally, i would pay no more than 25x for this. Add other considerations to the business, maybe you think it will grow faster or longer, adjust your multiple as you prefer.

Investor Letters

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Lululemon: The 15-Minute Thesis

Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…

LULU $11B
Hated Moats 2 clicks

The Five Deals That Made Apollo

Apollo Global Management’s five defining deals, from Executive Life to Intel, built a $1 trillion asset manager spanning insurance and…

APO $74B
Net Interest 1 click

In Conversation: NVIDIA

NVIDIA sees inference, agentic workloads and robotics broadening AI compute demand beyond hyperscalers, while high-speed memory shortages…

NVDA $5.3T
Aurelion Research 1 click
FTAI · long

Ftai Aviation LTD

FTAI Aviation, valued near $23 billion at roughly $226 per share, is presented as a long investment.

FTAI $20B
Value Investors Club

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 5 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

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