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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 $115B
P Equity Research 37 clicks

From X

@calvinblissett 2 clicks

Calvin Blissett on X

$TTAM: Stan Druckenmiller and Chris Hohn long concrete. Titan America is a vertically integrated East Coast cement/building-materials platform with leading positions in Florida (~31%), Virginia/North Carolina (~30%) and Metro New York (~24%). Its moat is physical: scarce permitted cement capacity, quarries, marine terminals, rail, ready-mix and downstream distribution. The business generated $1.66B of revenue and $390M of adjusted EBITDA in 2025, and 2025 ROCE was 19.5%. The major change in 2026 is Keystone. Titan closed the $310M acquisition in May, adding 990K tons of clinker capacity and >50 years of mineral reserves. Keystone contributed ~$20M of Q2 revenue; Titan is targeting ≥$30M of annual run-rate synergies by 2029. Mid-Atlantic Q2 revenue/EBITDA rose 27%/30%, partly driven by Keystone, while Florida EBITDA fell 19% because of Pennsuco maintenance and import-logistics disruptions. The construction backdrop is softer than the old table suggested: U.S. construction spending was down 3.8% YoY in July 2026, and ACA expects cement consumption to fall 2.5% in 2026 before turning positive in 2027. The bright spots are data centers and infrastructure: July 2026 AIA consensus calls for data-center construction growth of 33% in 2026 and 24.7% in 2027, while nonresidential overall is -0.3% / +3.0%. At $13.85 on September 25, TTAM has ~$2.55B of market cap and ~$3.09B of EV against $393.7M of TTM adjusted EBITDA, or ~7.9x EV/EBITDA. A reference peer group is around ~12.4x. Your replacement-cost framework of ~$4.2B ex-logistics therefore equates to ~$1.1B above current EV; after net debt, roughly ~$3.7B of equity value versus ~$2.6B today. The key debate is no longer whether Keystone is cheap on capacity—it is whether Titan can actually turn that capacity into normalized EBITDA through utilization, pricing and network synergies.

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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 $10B
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 $3.1B
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 $301B
Chipstrat 4 clicks

A Month with Muse

Meta’s Muse automated website fixes and design changes for a solo publisher, illustrating how $20-per-month AI agents can reduce…

META $1.9T
MBI Deep Dives 3 clicks

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