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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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Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

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TSOH Investment Research 17 clicks
LZ · long

Legalzoom.com INC

LegalZoom trades near all-time lows as AI adoption is positioned to accelerate growth.

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Value Investors Club

Under The Hood - Rollins ($ROL)

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Bearhold Research

PUDO Inc. ($PDO.C) FINS Review

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Wolf's Substack

Adobe

Adobe’s bear case is that generative AI breaks new-user habit formation, leaving its professional base sticky but aging as growth slows and…

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Bearstone

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