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Wednesday, September 23, 2026

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Research Roundup Vol. LIII

Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI infrastructure demand.

MU $1.2TADI $193B
Monte Independent Investment Research 4 clicks

From X

@BrokenMoats 2 clicks

Broken Moats on X

Fully understand the threat and disruption to OTAs from agents circumventing to direct sources (no reason for Hilton to pay to get eyeballs on their properties if theres new way to discover availability, demand and price (keep the economics) I struggle to understand the risk to $ABNB though, assuming its from price competition to list (more discoverable so go with platform that charges the least in take rates??). No real ad revenue so even if you change how people engage with the network it does not have the same impact as businesses with paid placements/rankings A long way off from people coding or buying their own booking nd payment system to let bots discover their basement is available for rent. I would add even if this was readily available its highly unlikely to be the model as both parties want an intermediary to rely on for insurance, communications, arbitration, working capital (book, pay later). Interesting to see this one caught up to the same degree think a lot of the e-commerce players with ad revenue and ranking/paid promotional revenue have a lot more at stake
@AltayCapital

AltayCap on X

$BKNG discourse regarding agents: If the interface to book changes, OTAs lose. Boutique hotels don't need to be tech savvy. They will run some white label SaaS product that interfaces with agents and handles booking. OTAs are bad for society. Huge take rates (20%+) due to rent seeking. No real innovation / value add to society. Disruption here is good. Disruption will be slow because I imagine bkng contracts will stifle adoption and agent usage is still nothing and won't be anything material for at least a decade. If bkng trades at 30 p/e, it would be an easy short. But today's valuation isn't too demanding. But still tempting to short.

Investor Letters

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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 $12B
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 4 clicks
MA · long

Mastercard

Mastercard trades near $495, about 18% below its $602 52-week high, framing a favorable long risk-reward case.

MA $494B
Value Investors Club 1 click

“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 1 click

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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