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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

@kevin__mak 3 clicks

Kevin Mak on X

$ABVX Interesting data coming from S&P Markit* (daily short interest based on institutional lending data). Looks like someone established a large position over the past 10 days or so, about 2mm shares or $200M. Given people generally don't like to have single name short exposure over 1-2% of their book (often people size shorts as like ~50 bps), this would be part of a really big book or a really big basket trade. Given the current ABVX-specific situation, it feels weird to be directly betting on the stock falling further from these levels, without any known catalysts around. My best guess is this is part of a "short France" basket trade. But I also can't find any other items of the basket with large changes in short interest to corroborate. Retail Fintwit crowding (correlation with other popular bio names) is likely having an effect as well. Plus rates. Plus biotech degrossing. What I ruled out was a world where this could/would be frontrunning ahead of a possible liquidation (There's a fund with a large ABVX position that took a huge loss on LQDA), but the timing on that is off. In fact pretty much the whole short position was established prior to LQDA crashing. My observation is that the list of items above, plausibly causing weakness in the stock, largely has nothing to do with A) Does the drug work, B) Will the drug sell well. That's what I like about situations like this. ABVX is a large position for us, we've spent a long time recently double/triple checking our fundamental views on the stock and still strongly believe that their key drug, Obefazimod, will be successful even without an acquisition. Hope to have a detailed write-up about that at some point. *I find Markit data to be the most reliable among 3rd party short data, but there are still data anomalies for various reasons. Disclosure: Creek Drive and its affiliated funds holds a long position in ABVX. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information.
@StableBread

Fajasy on X

Read skeptically, Nubeva Technologies $NBVAF (TSXV: $NBVA) is a shrinking software company living off its cash, with an AI decryptor builder that keeps slipping and a license customer that may not have renewed. Read another way, Nubeva is being prepared for a buyer. Here’s what supports the second read: → In March 2024, Netskope $NTSK, now a ~$7.6B company, bought Nubeva’s TLS (web-traffic decryption) technology and five patents for $1M. Greig Bannister, the CTO who co-invented the key-capture patents, followed the technology to Netskope. → In an August 2024 video, CEO Randy Chou said “partnering and M&A groups” from companies worth $20-30B had reached out after the July 2024 CrowdStrike $CRWD outage. → Chou wants all four AI patents granted before any partnership or sale, and two are still pending. → The FY2026 MD&A says Nubeva is “selectively engaging with lighthouse accounts,” meaning “large, high-profile organizations that serve as validation points for the technology,” to make its offering “more attractive for either future expansion or strategic partnership/M&A.” In a June 2025 video, Chou said lighthouse accounts “matter 100%” in a partnership or M&A talk. → Sales and marketing spend was $14,951 for all of FY2026, with $2.49M of cash on hand. In the same June 2025 video, Chou said Nubeva is “really not marketing” until “the patents and everything else comes in.” → The most recent investor deck is from July 2023, and since then Nubeva has communicated mostly through filings, press releases, and the occasional YouTube interview. In other words, it isn’t pitching investors either, which fits a company waiting on a buyer. A longtime investor I spoke with described Chou as reluctant to spend money, PR included, and called a sale to a larger security company the clear end goal. I’d add that Chou, who makes the call, also owns a quarter of the company.

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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 25 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
BLND · long

Blend Labs INC

Blend Labs (BLND) is presented as a long investment idea, with prior VIC writeups cited for business background.

BLND $217M
Value Investors Club 2 clicks

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