Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, October 21, 2026

Back to today

From X

@ActAccordingly 5 clicks

PAA Research on X

One mantra rules everything right now in the AI space: BE FIRST! $SPCX pulled forward its earnings release date, $META rushes to form a new class of shares, and we'll see what the other hyperscalers have to say in the next 7-10 days. The Anthropic bankers cannot be happy with this disclosure from $META's new share class filing tonight (so many jewels in this document, it's a must read): "The Special Committee also recognized that timing is important to secure capital before competitors saturate various funding options. Recent significant capital raises at other notable companies, and others soon anticipated to take place, to fund the same AI growth—for example, Alphabet, SpaceX, Anthropic, and OpenAI—have resulted in an increasingly challenging environment for raising capital. The Special Committee considered that, while the Company presently has sufficient capital resources for its current needs, in order to finance its funding needs going forward it would be prudent for the Company to do so before even more companies have absorbed available capital in the market." https://t.co/yVUhuq7dLb
@aleabitoreddit 3 clicks

Serenity on X

$NVDA today announces capacity agreements with substrate, packaging, testing and optical engine suppliers. - Substrate agreements with Ibiden, Samsung Electro-Mechanics and Unimicron to expand by 2.5x - $AMKR to increase advanced packaging capacity by more than 300% by the end of 2028, with a new $1.3B agreement - Multibillion dollar capacity reservation advance to support Ibiden's plant in Japan - "By 2028, production allocated to $NVDA is projected to account for a significant portion of Samsung Electro-Mechanics' total annual package substrate production capacity" - KYEC with $1.1B capacity reservation in advance - SPIL for optical engine capacity for CPO by 15x by H2 2027 and double that for 2028 Well, that's a lot of news. As Jensen Huang puts it: "Demand is extraordinary. Capacity is the constraint."
@leevalueroach 4 clicks

Lee Roach on X

$META financing capex through an equity raise that keeps the super voting shares in tact has me still on the ground rolling and laughing like an idiot. This is shit you would see out of a microcap crapco. Not a high flying “tech” company. Getting a lot of hate for talking shit. Because apparently Meta has to do this or they will “die”. I fail to see how an addictive social media platform that’s worse than smoking cigarettes is going to die by skipping out on this massive capex AI cycle. My god.
@negligible_cap 3 clicks

Negligible Capital on X

Unfortunately I don’t think $META trades well in the near term and probably goes back to being a funding short Everyone has known Zuck has sorta been flying blind when it comes to AI (he even said so with Wang when he tried to chew that pint down like it was vodka) and tonight didn’t really help. Muse monetization feels very uncertain, at least with respect to timing. I also still think people enjoy shopping and buying things themselves (especially people who typically buy things off Instagram and Facebook) but that’s up for debate and will take time to prove out. Anecdotally, myself and everyone I’ve talked to about Muse now struggle to find reasons to use it regularly I think Muse monetization will probably turn guilty of being a disappointment until it’s proven otherwise, which could take a very long time Not to mention the equity issuance overhang and not providing FY27 revenue guidance leaves even more uncertainty. It’s been a great rally for Meta recently but I fear it could be headed back to the doghouse

Investor Letters

All letters

Eli Lilly And Co. (LLY)

Eli Lilly's Mounjaro and Zepbound drove 2025 revenue to $65.2 billion as the drugmaker expands AI partnerships with Nvidia, Isomorphic…

LLY $1.2T
SixSigmaCapital: Navigating the Financial Markets 25 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
SYK · long

Stryker CORP

Stryker (SYK) trades near a 52-week low after a late-Q1 cyberattack disrupted revenue and earnings, framing a long-term compounder…

SYK $114B
Value Investors Club 4 clicks

Google’s AI Return on Investment

Alphabet’s $132 billion AI capex produced an estimated 49% post-tax incremental ROIC once only in-service assets are counted, versus a…

GOOGL $4.2T
Bristlemoon Capital 3 clicks

American Express: Q2 2026 Results

American Express reiterated 2026 EPS growth guidance of 12.5% to 16.4% after Q2 volume and revenue growth, while operational and accounting…

AXP $215B
Librarian Capital's Research Library

Reflections on quality investing

A 10-factor quality table ranks companies by moats, pricing power, balance sheets and growth, then applies it to 10 Buffett investments.

WFC $250B
Global Outperformers

DoorDash

DoorDash positions itself as infrastructure for local commerce.

DASH $81B
MBI Deep Dives 2 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 54 of 247

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.