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Tuesday, October 20, 2026

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Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as revenue reached $197.1 million.

VICR $8.1B
CV's Substack 28 clicks

From X

@BrokenMoats

Broken Moats on X

??? Two things can be true at the same time. In that you can have a slow down from weak international travel (administration) domestically, weak lower end consumer, glp, and inflation that is dragging down sales. And yet you can continue to invest in new store counts if the economics of your model are intact AND you have the balance sheet to continue to invest in your business. The competitors you cited besides macro have other issues impacting their ability to invest; PTLO has a serious balance sheet issue SG has an economic model problem... *turns out 18$ salads is a tough business*. Mcdonalds increased store openings in 2008 AND 2009 even as SSS growth was slowing every year 06-09....those investments worked out just fine because the model works. $SHAK SSS still going to print solidly positive for the year while most chains won't this year (and thats without the added store count). Shak has issues, all restaurants are tough and tough to scale and Rob and the cfo are far from Mcdonalds level of execution, but at 1x sales and a +20% restaurant margin model with 4m AUV theres a lot more room to the upside then the downside at current levels. I don't think they get to the dream target of 1500 stores, but that would be a 10x from here, whats the downside, at almost 1x current....30% maybe? I'll take that asymmetric set up. (Entered shares today)
@BrokenMoats

Broken Moats on X

Interesting the $AMZN Supply Chain Services announcement has been glossed over by competitor share price action after the initial announcement hit. $UPS has been up virtually everyday for the past 2 weeks + even though they alongside the LTL carriers like $SAIA $XPO are probably the most exposed to competitive pressures or price pressures. Trucking is being supported by heavy admin crackdowns (that will help foster inflation later this year and into next year) and AI demand in areas like flatbed. But LTL and parcel demand is lagging and has relied heavily on price in recent years to compensate for higher costs and volumes....AMZN entrance should pressure both sides for these companies especially domestic players, much less for global routes
@Fierce__beast 2 clicks

Fierce_beast on X

To me it's a situation where you just need one bad actor to go crazy with compute scale and it practically forces the hand of everyone else to do the same because they are scared if they don't they will lose the race. Or even better, they actually agree that you should go crazy with compute so they are doing it for rational reasons. Here this bad actor may not even be acting in bad faith and they might even be right. Look at OpenAI buying insane amounts of compute early on and many thinking they are insane and shorting stocks like $ORCL but suddenly over the last 2 months now hearing they are servicing their customers better than antrhopic and many people moving to openai.

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Heico Corporation

HEICO sells FAA-approved aircraft replacement parts at 30% to 50% discounts to OEMs, gaining customers as restrictive aftermarket contracts…

HEI $42B
D Invests 13 clicks

Copper Fox Metals: Research Flash

Copper Fox’s C$9.1 million Schaft Creek program advances metallurgical, tailings, water and road studies toward a pre-feasibility study,…

TECK $29B
Atrium Research - Equity Research 6 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens ad…

APP $88BU $18B
Speedwell Memos 69 clicks

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 $492M
Trade Ideas Flow 21 clicks

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