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Thursday, October 15, 2026

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Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 51 clicks

From X

@ActAccordingly

PAA Research on X

Following the action in $FICO, it seems this post from @pulte has drawn increased investor attention to $STC $FAF $ORI $FNF and their title insurance pricing policies. We have had a short call on $STC and $FAF for some time. There's no doubt there are several technology options that could lower title insurance costs (AI) if not eliminate the need for it altogether (blockchain). You already have many brokers offering bundled solutions for title, mortgage, and advisory. Lots of pressure on these busineses.
@convequity

Convequity on X

Anthropic's biggest near-term threat isn't the S-1 or AI-safety language. It's competition, especially an OpenAI price war. The S-1 is public, and the timing lines up with OpenAI DevDay. My read is that it isn't a coincidence. That's my read, not something either company has said. What surprised me more came out of DevDay: OpenAI is ending its price war. Here's what that means in practice. OpenAI removed the Pro 20x subscription at $200/month and plans to cut usable tokens on that $200 plan by about half. The allowance was also more generous than it looked. Over the past quarter, OpenAI did roughly 2.5 manual usage resets per week. So heavy users didn't only get a big allowance. It got refilled before they hit the wall, over and over, for about three months. That's a price war fought in tokens instead of list prices, and it is expensive to fund. Why it mattered for Anthropic: for heavy users, cheaper tokens beat a better model. Once a model is good enough, what limits you is how much work you can push through it per dollar. A better model you have to ration loses to a good-enough model you can run all day. Anthropic went the other way and raised margin. That's the right posture for an S-1. It's the wrong posture when a competitor is paying for volume. That left Anthropic in a trap going into the IPO: - Match the pricing, and margin thins just when margin is the story you're selling. - Hold the line, and growth slows as heavy users drift to wherever tokens are cheapest. Either way the numbers get worse at the worst possible time. Ending the price war takes that trap off the table for now. Anthropic gets a cleaner tape into the IPO. Why did OpenAI stop after one quarter? I see two reads, and both are mine, not confirmed: 1. The burn. My read is that OpenAI postponed its own IPO because of how much it was burning, and investors pushed it to stop. 2. OpenAI's own later IPO. If it wants to list, its numbers have to look like a business too. One quarter of subsidized tokens is a campaign. A year of it is a problem in your own filing. The second-order point is that in both reads OpenAI stopped because of its own finances. Anthropic didn't win the war. It ended because the side paying for it chose to stop. The playbook still exists and it ran for a full quarter. It can be turned back on. That's the risk that remains. OpenAI restarts it. Or a rival like $SPCX xAI ships a next-gen model and discounts tokens hard to buy share. It's a bit like Uber's cash burn: a well-funded player can keep subsidizing longer than a margin-focused company wants to wait. I don't think that's fully priced in.

Investor Letters

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AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens…

APP $88B
Speedwell Research 27 clicks

Constellation: Stars Aligning?

Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…

STZ $22B
TSOH Investment Research 27 clicks

TSMC Q3 FY12/26 Earnings Review

TSMC reported excellent Q3 results, guided Q4 revenue growth higher and saw its shares slip despite strong AI-driven earnings momentum.

TSM $2.3T
Cestrian Capital Research 9 clicks
SPHR · long

Sphere Entertainment CO

Sphere Entertainment is shifting from construction and startup spending to a high-margin, cash-generative venue-operator model, with…

SPHR $3.7B
Value Investors Club 2 clicks

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