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Sunday, September 20, 2026

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Deep Dive: Brookfield Corporation

Brookfield Corporation, down 20% YTD, manages $1.27 trillion across asset management, insurance and operating businesses as rates, debt and private-credit concerns pressure its valuation.

BN $82BBAM $72B
Capitalist Letters 2 clicks

From X

@ChrisCamillo

Chris Camillo on X

I don’t have differentiated alpha on the memory bubble debate, but one important perspective: Sell side reports projecting the memory supply/demand imbalance to peak in the next few quarters are number crunchers modeling today’s known AI use cases. The problem is AI’s biggest use cases may not exist yet. I’d rather bet on AI creating unforeseen demand than on a spreadsheet correctly predicting its known memory needs two years from now. $SNDK $MU
@convequity

Convequity on X

I do feel like people have cognitive dissonance here: Jeff Dean isn't only about the model application layer — he is the one who masterminded TPU, GOOG's incredible global distributed systems, and making efficient hardware + software actually work. The story isn't simply that models don't matter anymore for GOOG, that GOOG is all in on just AI infra as a more neutral player at the model layer, avoiding heavy investment that could get quickly depreciated by Chinese open source models because infra is the better business. It is simply that GOOG's current model effort is turning south at an accelerated speed. And they know this area is strategically important — otherwise Pichai wouldn't have fought so hard to keep Jeff and others from leaving. You can also excuse GOOG's strategic failure — not foreseeing this year's huge demand, not reserving enough TPU in-house for both model serving and training, and instead selling the capacity to Anthropic — as a smart move to profit from infra and shield away from model competition. It is just that GOOG's internal divisions don't collaborate with each other: the infra team sold out TPU to Anthropic this year in a negotiation done last year, while the model serving and training team never saw the demand coming and never worked that closely with the infra team. By the sheer fact that there are still people sugar-coating this story, I feel less confident about GOOG — although I am still quite bullish on its TPU and infra business. BTW, Anthropic is looking for building its ASIC with $AVGO directly, and also building and running its infra as well. Already they have pivoted away from directly renting GPU from GCP to hosting its TPU and building its kernel to juice up perf by 50% to 2X, and they will continue this optimization route just happening slower than OpenAI does.

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Brookfield of Dreams

Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…

BN $82B
Net Interest

Groceries, Aggregators, and Agents

DoorDash's grocery push targets a shift from weekly stock-up trips to frequent online fill-in orders, though smaller baskets complicate…

DASH $81B
MBI Deep Dives 1 click

TSOH Weekly Roundup (09/18/2026)

TSOH Weekly Roundup covers organized retail crime, Home Depot’s centralized operating missteps under Bob Nardelli, and research updates on…

HD $305B
TSOH Investment Research 1 click

Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $13B
Rebound Capital 1 click

Power Semiconductors: The Follow-Up

STMicroelectronics, Navitas and Wolfspeed offer contrasting power-semiconductor cases tied to NVIDIA’s 800V AI data-center architecture,…

STM $47B
SixSigmaCapital: Navigating the Financial Markets 1 click
CPT · long

Camden Property Trust

Camden Property Trust owns multifamily properties across the U.S. Southeast and Southwest.

CPT $12B
Value Investors Club 2 clicks

Copart 4Q26 Business Update

Copart's U.S. insurance volumes fell 7.5% in 4Q26, largely from one customer loss, while international insurance units rose 11.2% and…

CPRT $26B
Speedwell Memos 3 clicks

Why I Think Uber Is Too Cheap

Uber trades at 14.5 times trailing free cash flow, while robotaxi competition and a Delivery Hero acquisition test its growth and leverage…

UBER $142B
M&M Capital

A2Gold: Research Note

A2Gold's McIntosh drilling found 0.23 g/t gold over 65.5m, 370m southwest of the existing resource, and extended mineralization 86m…

KGC $34B
Atrium Research - Equity Research 2 clicks

Research Roundup Vol. LII

Dell’s AI-server demand and Microchip’s data-center components lead updates on Cirrus Logic and STMicroelectronics, alongside a weekly…

DELL $339BSTM $47B
Monte Independent Investment Research

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