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Monday, October 12, 2026

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@convequity

Convequity on X

The Information reports that Anthropic has an unannounced multiyear cloud contract with $IREN. Our view is that it is most likely a contract IREN has already announced and already counts. On 27 August, in its FY26 results, IREN said it had signed a new multiyear AI cloud contract with an unnamed "leading frontier AI lab". In the same release it put contracted annualised run-rate revenue (ARR) for its 2026 capacity at $4bn, against $1bn of ARR operating on 26 August, and said its 2026 capacity was largely sold out. The Information gives no size or term, and neither IREN nor Anthropic has confirmed the deal. If Anthropic is the August lab, the report names a customer but adds nothing to the $4bn. It would only be new revenue if IREN raised that figure, and IREN has not said it will.
@StableBread

Fajasy on X

Four of BWX Technologies’ $BWXT six top executives took their current roles in 2025, but all four were promoted from inside the company. $BWXT’s 2030 plan depends most on the executives below: → Rex Geveden (President and CEO): CEO since 2017 after joining as COO in 2015. Previously an EVP at Teledyne Technologies $TDY and 17 years at NASA, where he was COO. → Mike Fitzgerald (CFO): CFO since July 2025, interim from May 2025. Joined in 2022 as chief accounting officer; previously at MorganFranklin Consulting and Deloitte. → Joe Miller (President, Government Operations): Since June 2025. Served on the submarine USS Norfolk, joined $BWXT in 2011 as an engineer, and ran Advanced Technologies before taking over the segment. → John MacQuarrie (President, Commercial Operations): More than 28 years at $BWXT, and more than 30 in the nuclear industry. → Kevin McCoy (Chief Nuclear Officer): Moved from Government Operations president in June 2025 to help speed up Columbia- and Virginia-class production. Retired vice admiral and former commander of Naval Sea Systems Command. → Kate Kelly (President, Advanced Technologies): Has run Advanced Technologies, home to Pele, BANR, and TRISO (its microreactor and fuel programs), since June 2025, after joining $BWXT in 2012. Several senior roles turned over in 2025 and 2026: → CFO: Robb LeMasters stepped down in May 2025 and stayed on as a special adviser; Fitzgerald replaced him. → General counsel: Ronald Whitford stepped down on November 4, 2025, and Toby Smith, previously corporate secretary at elevator maker Otis Worldwide $OTIS, replaced him. The 8-K says the exit wasn’t tied to “any legal issue or any disagreement.” → Strategy: Rik Geiersbach, previously head of strategy and corporate development for the defense unit of Boeing $BA, joined as chief strategy officer in September 2025. → Nuclear Operations Group: Retired Rear Admiral Howard Markle now runs the naval reactor plants in place of Gary Camper, with no release announcing the change. $BWXT’s board includes Adm. John Richardson, the former Chief of Naval Operations and former director of Naval Reactors.
@ACapitalLP 1 click

A Capital on X

Two event-driven levered equities I’m thinking about this weekend: $XRX and $SVC. $XRX seems simple on paper. Monetize XFS, delever and unlock substantial equity value. But if it’s that obvious, why hasn’t Icahn’s guy done it in eight years? The recent TPG IP monetization suggests they’re willing to get creative, so what’s preventing an XFS transaction? $SVC is potentially more interesting. If the board accepts TKO’s $2bn hotel portfolio offer, you’re creating the remaining net lease portfolio at a very attractive valuation with significant equity torque from deleveraging. My biggest question is whether TKO actually has the financing commitments to close… Thoughts welcome.

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“Is Ralph Lauren Still Relevant?”

Ralph Lauren’s 2017 CEO change put Patrice Louvet in charge of reversing nine quarters of same-store sales declines and restoring the…

RL $22B
TSOH Investment Research 1 click
DB · long

Deutsche Bank AG

Deutsche Bank trades at 1.0x tangible book, with projected ROTCE above 13% and a favorable setup ahead of earnings.

DB $63B
Value Investors Club

Deep Dive: Inter & Co

Inter & Co, Brazil’s second-largest neobank, grew over 20% with controlled delinquencies and 15% book-value compounding while trading at…

INTR $3.3B
Capitalist Letters 7 clicks

A temporary glitch?

Coupang’s November 2025 cybersecurity breach tests whether a selloff is temporary despite its 28% Korean e-commerce share, 14 million-plus…

CPNG $27B
Asian Century Stocks 9 clicks

You Understand Now, Why You Came This Way

Brazil’s October 25 runoff puts Bolsonaro’s likely victory at the center of a bullish regional-stock case; Golar LNG (GLNG) also reports…

GLNG $4.7B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

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