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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 $10B
CV's Substack 26 clicks

From X

@BrokenMoats 2 clicks

Broken Moats on X

Monster run past few days in retail -- $SHOP, $URBN, $EBAY, $ETSY $SHAK etc. especially considering where oil and diesel have traded and the results from $DPZ today..... seems selective still many laggards in each of those verticals - someone making a rates/inflation play or pure rotation slop as they sell chips? Weird(er) is the strength in rate sensitive plays like $w and even $trex relative t the rest of housing like $QXO, $BLDR, $low Opportunities in-between sectors to make our own call based on where you view the data
@ParadisLabs 1 click

Paradis on X

Memory fundamentals are still very strong (stronger than Q1). $MU CEO: - "We expect memory and storage supply demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026." - "We do not have line of sight to when supply and demand will return to balance." Back in July, $NVDA supply commitments rocketed from $119B -> $279B which was "primarily related to the procurement of memory", with ~$175B of commitments for 2028-29... $MU also said that >75% of FY27 output is already committed + "a majority of discussions with our customers today are already around 2028." So as a reminder....ultra long-term demand visibility in the context of the memory market. Samsung’s Q3 prelim last week was 107.4T Won O.P. on 195T Won revenue: - So that's ~55% margins company-wide. - Micron did 87% GM in their most recent quarter - $SNDK 84.6% GM. All accelerating/stabilizing margins as of their most recent fiscal Q's. Mass production from new capacity (from Micron, Samsung and SKHY) is also not expected to come online for quite some time. In other words, the shortage will intensify next year at least. Then long-term contracts solidify long-term earnings further via price floors + committed volumes: - $MU with 26 SCAs worth >35% of revenue through to 2030 with some now running into 2031. - $MU CFO: "even at floor prices, we expect margins meaningfully above any prior cycle peak margins." - $SKHY has ~10 LTAs of ~5 yrs w/ pricing structures "designed to respond to price fluctuations." - Sammy (as of recent reporting) holds ~70% of memory capacity under LTAs until 2031 with $MSFT, $NVDA and $GOOGL, with ~25% of contract value prepaid. - $SNDK also has their "New Business Model" agreements with 8 customers that lock in ~66% of fy28. Then on buybacks, $MU will step up returns from December - "over time, we expect to return 100% of our excess cash." Just crazy how much cash these companies are bathing in rn. Obviously there are risks, mainly with positioning and sentiment towards the AI trade currently - thanks to macro/ARR fears/pacing talks/other stuff I'm probably forgetting rn. China is ofc another risk with CXMT but I don't see how they'll be a massive problem for HBM / US hyperscaler RDIMM where they'll continue to face US restrictions + massive qualification walls imo. But ultimately, memory fundamentals are in-tact and very strong. Stronger than Q1.

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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 9 clicks

Heico Corporation

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

HEI $43B
D Invests 13 clicks
CHGG · long

Chegg Inc

Chegg is framed as a binary long with 500% upside against 20% downside.

CHGG $78M
Value Investors Club 14 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 $31B
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 $92BU $19B
Speedwell Memos 66 clicks

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