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Tuesday, September 22, 2026

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CoreWeave, Inc (CRWV)

CoreWeave funds GPU data-center expansion with debt backed by $104 billion in contracted revenue, while GPU cloud rentals generate roughly 99% of sales.

CRWV $49B
SixSigmaCapital: Navigating the Financial Markets 9 clicks

From X

@convequity

Convequity on X

Kimi K3 open source just made local frontier inference a different game 1.56TB download. 2.88T total / 104B active. Recommended: 64-chip supernode. Individual users are effectively locked out of running the new frontier open-source models at home. The only realistic path left is hoping Apple’s M7 Ultra with Thunderbolt-based RDMA can handle it — and that still depends on memory pricing from Samsung/SK Hynix/Micron or whether Washington lets Apple source from CXMT/YMTC. The bigger shift is on the enterprise side. If you run K3 on an NVL72 rack without stuffing the batch with enough concurrent users, your inference cost can easily run 5x+ versus an API provider that aggregates queries. Most companies will need an orchestration layer that either: - pools multiple user requests in real time, or - parks non-urgent demand for overnight runs to maximize hardware utilization. That reality makes GPU rental structurally more attractive than buying and operating the iron yourself. Which is an uncomfortable implication for $DELL’s enterprise GPU server business. Curious how many enterprises will actually choose to run models at this scale on-prem without sophisticated batching. The economics are no longer obvious.
@convequity

Convequity on X

Rocket Lab just won its biggest launch contract ever: $266 million from the U.S. Space Force The deal covers 12 guaranteed suborbital test launches (with options for 6 more) for missile-defense work. First flight no earlier than the end of 2026, mostly from a brand-new Rocket Lab site in Alaska. This locks in real multi-year defense work and a new U.S. launch site. Solid backlog signal for $RKLB — and exactly why we keep the position in the Convequity portfolio.
@convequity

Convequity on X

Samsara and the physical-AI narrative We exited $IOT. The market is still pricing it as a core beneficiary of the coming wave of AI-enabled robots in warehouses, offices, and homes. Our read is different. Samsara’s real differentiation is software orchestration for distributed IoT fleets, not proprietary sensors or hardware. The physical sensors are outsourced to Asian manufacturers, and the orchestration layer itself is exactly the part of the stack that AI coding tools are making easier to replicate. As a result, the competitive position looks less durable than the current narrative suggests.
@convequity

Convequity on X

Rubrik’s quiet edge in the agentic era As enterprises deploy autonomous AI agents, the real constraint is becoming governed access to trusted data — not just more models. $RBRK’s Annapurna is building exactly that layer: indexing unstructured data in place, preserving Zero Trust controls, and turning the backup estate into a secure, queryable foundation for AI. In a world where agents can move fast and break things, the company that already owns the governed copy of enterprise data is well positioned.
@convequity

Convequity on X

The complacency is the point. Gas-directed rigs are still only in the low-to-mid 120s and the trend remains essentially flat. Turbine lead times run 3–5 years and the major OEMs are already sold out into 2029–31. Data-center announcements are loud today, but the actual incremental gas draw from behind-the-meter and new generation does not hit the system until the turbines arrive and the sites come online. That lag is why the market can keep treating gas as abundant through 2026–27 even as the structural deficit builds. When the convexity shows up, it will likely arrive later and harder than most are pricing. $EQT, $AR, $CRK

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GameStop Is Extreme Deep Value

GameStop's collectibles mix rose to 45% of sales as gross margin reached 44%, supporting a deep-value case built on cash and store…

GME $13B
The Value Road 8 clicks

A2Gold: Research Note

A2Gold’s first Taylor drill holes returned 20.96 g/t AuEq over 1.5m and 209.4 g/t silver over 10.7m, alongside 141.10 g/t gold at…

KGC $29B
Atrium Research - Equity Research 3 clicks

[CoStar] Homes are different

CoStar spent more than $1 billion building Homes.com to challenge Zillow, betting seller-agent leads, proprietary listing content and…

CSGP $11B
scuttleblurb 5 clicks

“Going Through Some Pain”

Dick’s Sporting Goods’ $2.4 billion Foot Locker acquisition nearly quadruples its store count and adds international exposure, risking a…

DKS $12B
TSOH Investment Research 2 clicks
INVH · long

Invitation Homes INC

Invitation Homes owns more than 85,000 homes valued at $43 to $48 per share, versus a roughly $30 share price, with occupancy above 96%.

INVH $16B
Value Investors Club 6 clicks

The Monday Morning Briefing

Latticework’s weekly briefing spotlights discounted European assets including Barco, Bolloré, Brookfield and D’Ieteren, with catalysts…

BN $82B
Latticework by MOI Global 4 clicks

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
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