Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 19, 2026

Back to today

From X

@StableBread

Fajasy on X

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

All letters

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $525M
Trade Ideas Flow 20 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $303M
TSOH Investment Research 17 clicks
EFXT · long

Enerflex LTD

Enerflex, a $3 billion natural gas infrastructure and equipment company, blends contracted energy-services cash flows with equipment…

EFXT $3.1B
Value Investors Club 4 clicks

Cashing In on the OTC

Table Trac (TBTC), a $22 million casino-software provider, trades at 4.7x EV/EBIT as maintenance revenue from 300-plus casinos compounds…

TBTC $25M
Deep Value Insights 1 click

Revisiting Veeva #2

Veeva plans Falcon agents for pharmacovigilance, clinical-trial documents and regulatory writing, targeting multibillion-dollar…

VEEV $52B
Lewistown Capital

Over Target

Ukraine’s Black Sea attacks on CPC infrastructure threaten Kazakhstan’s 1.4 million bpd oil export route through Russia, putting Chevron’s…

CVX $444B
Doomberg 1 click

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 108

YouTube 4

Blogs 15

Seeking Alpha 52 of 245

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.