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Monday, October 19, 2026

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From June 1 to October 16, Boost Run $BRUN fell 77.3%, vs. 37.4-58.7% for CoreWeave $CRWV, Nebius $NBIS, and $IREN. That drop in AI infra stocks is tied to to rising bets on another Fed rate hike. Higher rates hurt GPU clouds in two ways, since they (1) raise the cost of the debt that pays for their GPUs and (2) lower what investors will pay today for profits that arrive years later. But all three peers kept or raised their 2026 targets: → $CRWV: Raised its 2026 revenue guidance to $12.4-13.2B on its Q2 call. → $IREN: Raised its year-end ARR target to more than $4B on July 20. → $NBIS: Reaffirmed its 2026 guidance with its Q2 results. The problem is that lenders are charging more now. CoreWeave’s 9.625% notes due 2032 yielded 14.74% on October 16, up from 13.19% on October 1, meaning CoreWeave would likely pay ~15%/year to borrow the same way today. So the selloff came from how investors now see the cost of funding the demand for GPU clouds, not from the demand itself.

Investor Letters

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LXS.DE: a 2028 sale it can force

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Build-A-Bear: A Narrower Path

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CNR · long

Core Natural Resources INC

Core Natural Resources is a US metallurgical and thermal coal producer formed in January 2025 through the merger of CONSOL Energy and Arch…

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Value Investors Club 1 click

An Open Letter to the TPL Board

Texas Pacific Land shareholders urge two board additions, data-center expertise, and capital spending beyond mineral royalties toward…

TPL $24B
310 Value’s Newsletter 4 clicks

Software Continued

Microsoft, SAP, Oracle, Adobe and Intuit generate 90.2% of listed IT software net income, with 32.8% EBIT margins.

ADBE $98BINTU $88B
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