Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 19, 2026

Back to today

From X

@StableBread 1 click

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 21 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 18 clicks
NCNO · long

Ncino INC

NCino is a commercial-lending system of record for banks and credit unions, trading at roughly 3x enterprise value to sales.

NCNO $2.2B
Value Investors Club 3 clicks

What Amazon Can't Buy

Betterware de Mexico sells locally designed home organizers through direct sellers in informal neighborhoods, generating 67% gross margins;…

BWMX $644M
Phynvesting 1 click

Matan on Stitch Fix

Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…

SFIX $371M
MBI Deep Dives 2 clicks

Deep Dive: Amazon (Updated)

Amazon’s AWS grew 28%, with a $364 billion backlog, supporting the case that up to $200 billion of annual AI capex can earn solid returns.

AMZN $2.8T
Rebound Capital

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 54 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.