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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 $9.7B
CV's Substack 28 clicks

From X

@SouthernValue95 6 clicks

SouthernValue on X

Market is concerned that AI is approaching peak supply/demand imbalance, therefore putting low multiples on many AI chip and supply chain stocks, fearing peak earnings. Vs. @elonmusk has decided to sell $SPCX compute entirely in the spot market because he thinks the compute shortage will persist for many years, and prices for compute will go even higher over time. One of these are wrong. If Elon is wrong, his business will be the first place that every customer goes to cut in an overbuild, since he is selling the most expensive compute with the shortest terms.
@junkbondinvest 1 click

junkbondinvestor on X

Optimum (aka Altice USA), in the last year or so: > Sued its lenders for antitrust violations (great way to piss off just about everybody) > Moved Optimum East and its Lightpath stake into a new sub that doesn’t secure the debt (classic drop-down) > Issued $500mm of pref, $200mm of it Drahi swapping his own common (nice) > Got countersued for fraudulent transfers (saw that one coming) Now they’re nearing a deal to give the lenders the keys. Turns out, it was all just negotiation leverage. $OPTU $ATUS $CSCHLD
@RagingVentures 8 clicks

Raging Capital Ventures on X

Bought a bunch of $SKIN into this 20-1 reverse split: the company now has only 6.5 mm shares outstanding. $SKIN has some debt and equipment sales are struggling with high interest rates, but their high margin consumable revenues are stable and the business is starting to generate meaningful cash: pre-tax cash flow could soon approach $4-5 per share. New mgmt is also promising a product upgrade cycle in 2028, which could serve as a catalyst. Have traded the name well in the past; we shall see.

Investor Letters

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Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $79M
Calvin Blissett 10 clicks

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
LGCY · long

Legacy Education

Legacy Education operates six California campuses offering post-secondary nursing, physician assistant and surgical education.

LGCY $131M
Value Investors Club

Deep Dive: Netflix ($NFLX)

Netflix's 325 million memberships and advertising business, guided to $3 billion of 2026 revenue, underpin a case for mid-teens…

NFLX $511B
Rebound Capital

AnaptysBio (ANAB)

AnaptysBio’s Jemperli royalty receipts rise after a Sagard financing obligation ends in 2027.

ANAB $1.4B
Triple S Special Situations Investing 2 clicks

What I've Been Reading

Yesway, Dollar General and Expedia feature in a research roundup spanning convenience retail, discount stores and AI-driven travel search.

YSWY $1.5BDG $29B
Stock Thoughts

Dance with the Devil (Nasdaq: ILPT)

ILPT’s Hawaii ground leases and US warehouse portfolio are improving, while five-year fixed-rate refinancing eases the debt burden created…

ILPT $416M
Real Assets, Real Value

Everyone Bought the Shovels

Element Solutions sells consumable chipmaking chemistry, with a $75 target from $44 based on an AI-driven semiconductor-materials rerating.

ESI $8.8B
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