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Saturday, October 10, 2026

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@BrokenMoats 1 click

Broken Moats on X

$SNOW conference call is the bear case for application software companies. Their data infrastructure combined with coco and cowork on top increasingly makes SNOW a key player in data migrations, and data consolidation for their customers and a key hub to switch between models means SNOW has a seat at the table to be one of the most important and internal pieces of an AI stack....and as they become the permissions data holder with governance and api/mpc to internal and external partners, they can actually become the system of record across applications. This would allow you to use tools like cocoa inside to contextualize in human language what you want built, or even what data/answers you want and how you want that visualized.... Compare this to a Salesforce that is essentially becoming a database company silo to their specific domain by opening up their data to Claude to be the work engine. Eventually companies will increasingly want to stop interfacing with multiple applications to query and want to UI and query across a singular interface (originally thought to be an LLM like Claude, but with specific training and different inference costs / intelligence across models its more like the player presiding over the biggest pool of company data (snowflake, databricks) could become that central payer - less model lock, more flexibly, and central access point for models, data, queries and ui across functions. May not relegate a salesforce obsolete but significantly destroys their value when people access from Snow or even from an LLM like Claude were they lose the ui interface, and behavioral association and slight shared/learned network effects and become a database. Increases switching costs overtime and certainly destroys pricing (agent force consumption model is a step in the modern pricing setup, but start based models are dead, its not an if for most applications without highly defensible and proprietary data) $PEGA, $APPN, $PATH, $CRM, $PAYC are first pass through som of the more exposed names
@ActAccordingly 1 click

PAA Research on X

$ATD (think Circle K) said on its earnings call that its revenues from energy drinks are now twice that of carbonated sodas (albeit at lower margin). $ATD comped 1.7% on SSS of which a big portion was driven by double digit growth in energy drinks. I look at the charts of $CELH and $MNST and wonder how long the c-store players can count on continued growth in this category. It's energy drinks and Zyn... $CASY $MUSA

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Namib Minerals: Research Note

Namib Minerals posted H1 adjusted EBITDA of $19.0 million, up 76%, as higher gold prices offset lower production.

NAMM $55M
Atrium Research - Equity Research 1 click

Golar LNG q2’26 Operational Update

Golar LNG ordered a $2.45 billion fourth FLNG vessel, targeting 3.5MTPA of capacity and $400 million in annual EBITDA under a 20-year…

GLNG $4.7B
Monte Independent Investment Research

What I’ve Been Up To

Cogent Communications and AI data-center bottlenecks feature in a newsletter update on recruiting, financial media and conference takeaways.

CCOI $430M
Stock Thoughts 3 clicks
BNTC · long

Benitec Biopharma INC

Benitec Biopharma's BB-301 gene therapy is in a Phase 1b/2a trial for an ultra-rare muscular dystrophy.

BNTC $316M
Value Investors Club

Solid Power Still Has Promise

Solid Power reported a $0.11 Q2 loss and $419.3 million of cash, with its electrolyte pilot line and BMW and SK On validation central to…

SLDP $518M
Quad 7 Capital 2 clicks

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