Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 5, 2026

Back to today

From X

@convequity

Convequity on X

GPT-6 Astra: scaling still works. Algo is the larger remaining gap. Astra shows both scaling laws and algorithms are still progressing. It is reportedly distilled from a 10T+ teacher named Bel. Maybe with $NVDA Vera Rubin and the next compute generation coming online, 10T+ becomes the new standard and performance keeps compounding. That means continued — even accelerating — demand for AI infra. The more interesting signal is algo. IMO we are still just touching the surface of how algorithms can improve. There is still a large gap between SOTA perf/watt and the human brain. GPT-6’s recurrent depth is the part that stuck with me. CoT / test-time reasoning lets the model write intermediate steps out as tokens, then produce a better final answer than a direct reply. Recurrent depth is different. It lets the model think longer and harder in hidden space before any word is emitted. Not just write the thinking out. Think harder on each next bit of the word. I am perplexed this arrived so late in GPT-6. Stable Diffusion introduced and spread this kind of latent iterative method in image generation ~5 years ago. The main reason it came so late: hidden thinking is harder to safety-check and monitor than explicit CoT. That constraint is real. It is also more human-like. People do not narrate every step. Plenty of global-max algorithms are still unimplemented for similar reasons. Models only get stronger from here.
@ChrisCamillo

Chris Camillo on X

Been getting the same pushback on my $TSLA cybercab take for yrs: “you just don’t get it.” Meanwhile, the opportunity cost of parking capital in $TSLA during this period of stratospheric returns across AI winners would have been catastrophic. If robotaxi starts showing signs of being 5x bigger than I’m modeling, or when optimus materializes, I’ll happily lean into the trade late. Until then, I’m continue to allocate capital where I have better visibility into what I can actually observe vs. speculative scenarios that are years out. no hate to the tesla fanboys. your win if it happens won’t be my loss

Investor Letters

All letters

British American Tobacco: Harvest

British American Tobacco’s U.S. reset revives combustibles and rebuilds its nicotine-pouch portfolio after legacy-brand writedowns and Velo…

BTI $121B
Invariant 5 clicks

Practical Parametric Yield

Cerebras’s WSE-3 faces parametric-yield constraints that could restrict supply, making power and clock-speed tradeoffs central to its next…

CBRS $39B
Irrational Analysis 3 clicks

Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $51B
Latticework by MOI Global 1 click

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $51B
Latticework by MOI Global 2 clicks

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 106

YouTube 4

Blogs 17

Seeking Alpha 47 of 223

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

84 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.