Ciena & Fabrinet: The Road Ahead for Optics
Ciena and Fabrinet benefit as AI clusters require high-speed optics within and between data centers, through networking systems and contract manufacturing respectively.
Thursday, September 24, 2026
Back to today 
From X
AltayCap on X
@rubicon59 Problem is $APP is in the "this might be a total scam" bucket. If it's not, yeah it's cheap. I'm not so sure. Could be wrong, but it never smelled right to me.
Lee Roach on X
You guys are sleeping on $GME https://t.co/i9EzDPRTz1
Barbarian Capital on X
GoDaddy receives takeover offer from maker of Norton antivirus software $GDDY https://t.co/mVxICV9LMa
Barbarian Capital on X
Darden Restaurants Posts Sales Gains but Profit Slips on Higher Expenses $DRI https://t.co/gf0C60Y1T6
Barbarian Capital on X
Anthropic to Pay Akamai Technologies $11.6 Billion Over Seven Years for Cloud Services $AKAM https://t.co/6XA7oSbTvM
Barbarian Capital on X
"an unusual turn of events that comes just after People withdrew its own bid to buy the casino and resort company" MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated $MGM https://t.co/FjkNJ0r1PJ
SG on X
$DUOL as if the prior insider sales this month were not enough, Luis von Ahn just filed a form 144 revealing another $6.8m in sales. https://t.co/OMjQfsw4qd
SG on X
$NKTR $90m verdict per Law360. Will likely disappoint bulls. https://t.co/vMP6m69Eqk
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.5B
- Janus Henderson Investors July 2026 NXT $12BTKOMY $92B
- Pendelhaven Asset Management B.V. July 2026 DR0 $448MALM $3.9B
- Asset Value Investors Ltd July 2026 079940 $393MUNVGY $26B
- PenderFund Capital Management Ltd. July 2026 NEO $969MVNP $2.1B
- Kernow Asset Management July 2026 CKNHF $2BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.2BLDNXF $52B
- Forager Funds Management July 2026 BVS $960M
Atlassian: A $140 Billion Market Growing At 14% Annually Creates A Massive Opportunity
Atlassian targets a $140 billion market growing 14% annually, with Rovo reaching 5 million monthly active users and assisted actions rising…
Muhammad Cheema 
A special situation with a 23% spread (110% IRR) by Q4 2026. Where the worst-case scenario is the deal closing and upside is higher if it doesn’t
ZIM’s proposed deal carries a claimed 23% spread and 110% IRR by Q4 2026, with Q3 and Q4 dividends potentially raising returns if closing…
Turning Point Brands: The Market Is Now Overly Concerned (Rating Upgrade)
Turning Point Brands reaffirmed 2026 guidance after a CEO change, while ALP and FRE expansion has compressed margins through marketing and…
Caffital Research 1 click
Research Roundup Vol. LIII
Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…
New Era Energy & Digital: 207 MW Deal Could Unlock 1.4 GW AI Giant
New Era Energy & Digital secured a 20-year Vistra power deal for 200 to 207 MW, reducing Phase 1 risk for its planned 1.4 GW West Texas AI…
Ryan Canady 
$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital
Shift4 trades at 6.5x EBITDA despite 11% reported organic growth, with Shift4 Dine equipment leases cited as evidence of net-new merchant…
CoreWeave, Inc (CRWV)
CoreWeave funds GPU data-center expansion with debt backed by $104 billion in contracted revenue, while GPU cloud rentals generate roughly…
Analog Semiconductor Smorgasbord, Feat. TXN, ON, VSH
Texas Instruments, ON Semiconductor and Vishay are rated Accumulate on rising robotics demand for analog, power and discrete chips after a…
Monte Investments Market Brief Vol. CXXVIII
Firefly Aerospace grew backlog to $1.5 billion, won two 2028 lunar missions and acquired Space-ng for autonomous navigation across its Blue…
Cellebrite (CLBT) Management Meeting: The Road Ahead
Cellebrite converts more than 110% of EBITDA into free cash flow and trades at 12.5 times free cash flow, with management targeting 15% or…
COUR · long Coursera INC
Coursera's combination with Udemy creates an online learning platform serving over 270 million learners with hundreds of thousands of…
Comeback Season: Evolv Eyes Positive FCF, 40% ARR Growth, and Reputational Revival in '25 ($EVLV)
Evolv ($EVLV) targets positive free cash flow and 40% ARR growth in 2025 as delayed filings, an FTC resolution, and leadership changes seek…
ILMN: Activism! Part Deux
Illumina appointed activist Keith Meister to its board as an SEC investigation into the Grail acquisition raises questions over 122.5…
[P] ILMN: Activist In, Chairman Out
Illumina adds activist Keith Meister to its board as Chairman Stephan Macmillan resigns.
[P] HSY: Re-Molding Hershey
Hershey’s recent company filings are reassessed as the confectioner reshapes its business.
CNK Buyback, Special Situation Review, and Some Thoughts on Theaters
Cinemark’s $200 million buyback anchors a review of theater cost structures, MCS and a completed Fairfax preferred-share special situation.
An Unnoticed Filing Shows This Company is Preparing for a Sale
Phinia revised executive contracts to raise CEO severance to $5.25 million and guarantee full equity vesting in a sale after its spin-off…
CYD and H22 Results First Take:
CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.
Insureco w/ Potential Strat Alts Announcement Soon + 100% Upside on Buyout ($TIPT)
Tiptree ($TIPT) is positioned around a potential Fortegra sale announcement; Fortegra generates substantially all revenue.
Portfolio Updates
CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…
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