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Tuesday, October 13, 2026

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Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications outlook through 2030.

GLW $126B
P Equity Research 37 clicks

From X

@ParadisLabs 1 click

Paradis on X

I think Gavin's correct. Open-weight models that compress frontier margins are positive for AI infra -- they don't shrink demand for compute. An example is after Deepseek R1, Tencent, Alibaba and Bytedance *significantly* increased H20 orders...and smaller healthcare & education firms started buying $NVDA H20's to run DeepSeek in-house. So we saw a broadening out of the customer base for the infra providers. In the West, I think $DELL is the best read on whether the buyer base is broadening beyond frontier labs. Hyperscalers mostly buy directly from Taiwanese ODMs, so Dell's AI customers are mostly neoclouds, sovereigns and enterprises. Dell's AI customer count went from >5,000 to >6,500 last quarter (30% growth in one quarter) which management say is mainly down to enterprise acceleration. Feels like that's one of the better public data points on how fast the self-hosting buyer base is growing. Which is a net-positive for AI infra. I don't understand how it can't be?
@StableBread

Fajasy on X

Excluding medical isotopes, commercial power revenue at BWX Technologies $BWXT nearly tripled, from ~$400M in 2023 to ~$1.1B expected in 2026. $BWXT’s commercial segment is growing much faster than its government segment, driven by (1) Ontario rebuilding its reactors, (2) Canada’s plan for new ones, and (3) the U.S. push for new AP1000 reactors. Its commercial backlog more than doubled to $1.6B. Kinectrics, a Toronto-based nuclear engineering and testing firm acquired in May 2025, explains part of the jump. Commercial revenue grew 72% in Q2 2026, or 33% excluding the acquisition. In Ontario, utilities are rebuilding reactors to run for decades longer. $BWXT is building 48 steam generators for Ontario Power Generation’s (OPG) Pickering refurbishment, part of more than CAD$1B (~$700M) of contracts. The same contracts cover the reactor pressure vessel for the first BWRX-300 at OPG’s Darlington station, a 300 MWe small modular reactor (SMR) designed by GE Vernova Hitachi. The 10-K calls $BWXT “the only commercial heavy nuclear component manufacturer in North America.” Notably, its Cambridge, Ontario plant is turning out more than 1.5 steam generators/month vs. the 1/month its schedule requires, per $BWXT’s Investor Day on September 29, 2026. Beyond refurbishments, Canada’s June 2026 nuclear strategy calls for “up to ten new large-scale reactors,” with two under construction by 2035 and five more planned or under development by 2040. $BWXT already has licensing and early engineering contracts for the large reactors planned by OPG and Bruce Power, the private operator of Ontario’s Bruce nuclear station. John MacQuarrie, president of Commercial Operations, estimated Canada’s new-build market at CAD$120-150B (~$84-105B) at Investor Day. Slide 31 shows $BWXT’s potential revenue per new reactor: → CANDU (Canada’s heavy-water reactor design): $350-700M per reactor. → AP1000 (Westinghouse’s large U.S. design): Low hundreds of millions of dollars. → SMRs: $50-100M.

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Vicor Update, Part Two

Vicor uses ITC exclusion-order cases to license power-module patents, with published royalty multipliers rising from 1.0x before filing to…

VICR $12B
CV's Substack 4 clicks

Expert Call | Nebius

Nebius’s 1 GW annual active-capacity target from 2027 is realistic, according to a former product manager, with greenfield data centers…

NBIS $56B
P Equity Research 4 clicks
PTRN · short

Pattern Group INC

Pattern Group is a fragile consumer business targeted on the short side.

PTRN $3B
Value Investors Club 3 clicks

Dell's Tailwinds

Dell booked $131.7B of AI server orders in four quarters and held a $95B backlog as enterprise AI demand accelerates.

DELL $367B
Chipstrat 4 clicks

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