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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

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 18 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 $317M
TSOH Investment Research 15 clicks
VEEV · long

Veeva Systems INC

Veeva Systems is a vertical software company valued as if its best growth years are behind it.

VEEV $51B
Value Investors Club

The Week That Was

Treasury yields surged as the Fed’s expected hike shifted to December, while Micron beat guidance and forecast $61.5 billion in quarterly…

MU $1TJBL $30B
CV's Substack 1 click

Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $55B
Latticework by MOI Global 1 click

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