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Tower Semiconductor Deep Dive

Tower Semiconductor’s low-loss photonics chips halve lasers in 1.6T optical modules, supporting a $680 million annualized photonics run rate and customer wafer prepayments through 2027.

TSEM $19B
CV's Substack 7 clicks

From X

@StableBread

Fajasy on X

Founder and CEO Andrew Karos hasn’t reported a single sale of Boost Run $BRUN stock since the listing. He takes a $1.00/year salary, owns 44.6% of the shares, and controls 87% of the vote, so his pay comes almost entirely through the stock. Since my August update, the only open-market sales came from director Sean Goodrich, who holds his stake through Goodrich ILMJS LLC, an investor on Willow Lane’s side of the merger. Goodrich’s sales came after a forced warrant exercise. Once $BRUN closed at or above $18.00 on 20 of 30 trading days, Boost Run could redeem its warrants for $0.01 each, so after it called them on July 21, Goodrich paid $12.7M on August 19 to exercise his 1,101,986 warrants. He then sold 198,200 shares at $20.15 on August 27 and 500,000 at $14.00 on September 14 for $11.0M total, 86.8% of what the exercise cost him, and still holds 4,437,921 shares (8.2% of the Class A). So I don’t read the sales as a verdict on the business, since he sold about what the exercise cost him when he could have sold far more. Meanwhile, three executives have more stock coming. The compensation committee granted them 4.59M time-based restricted stock units (RSUs) on September 29, 5.5% of the shares outstanding. At the $16.65 grant-date price, the 4.59M RSUs are worth $76.4M, 42.5-45.0% of the $170-180M 2026 revenue estimate. Giving up 5.5% of the shares is expensive, but the grants give the CTO who runs all of $BRUN’s GPU deployments and the CFO who has to finance the GPUs a reason to stay through mid-2029. $BRUN still reports three material weaknesses, the most serious kind of gap in a company’s financial reporting controls. They’re in (1) IT general controls, (2) segregation of duties (keeping one person from handling a transaction end to end), and (3) the number of qualified accounting staff. $BRUN’s filing record hasn’t been clean either. Both 10-Qs came late, after notices of late filing on May 26 and August 14, and the original Q1 10-Q, filed June 1, called its disclosure controls effective until an amended Q1 10-Q on August 18 said they weren’t. I’m comfortable with the weaknesses for now, since (1) the S-4 (merger filing) disclosed all three before the merger, (2) the amendment didn’t change any reported numbers, and (3) $BRUN has hired a chief accounting officer, a COO, and a CIO to fix the gaps. But lenders, and any agency rating the parent-level debt $BRUN wants, will read the same filings.

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Margin Call

Petrobras’s Morpho-1 well revived hopes that Brazil’s Equatorial Margin can become a major new oil frontier after hydrocarbons were…

PBR $96B
Doomberg 7 clicks

Our Views on CoreWeave

CoreWeave's financial statements point to a business model familiar to the authors after a closer review of the AI infrastructure company.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 11 clicks

Capital Wars

CoreWeave’s $35 billion to $39 billion 2026 spending plan relies on debt as unsecured yields reach 15%, making its GPU cloud expansion a…

CRWV $34B
Net Interest 8 clicks

Putting bear cases to rest

Medpace authorized $1 billion of buybacks through 2028 after Q3 revenue rose 8.5% to $716 million; service revenue grew roughly 12% as…

MEDP $18B
Best Anchor Stocks 12 clicks
PYPD · long

Polypid LTD

PolyPid, an $80 million Israeli biotech, fell nearly 30% despite solving a clinical problem.

PYPD $103M
Value Investors Club

MYR Group q3’26 Earnings Preview

MYR Group’s Q3 2026 preview cites data-center and power transmission demand, with long-term service agreements supporting margin growth and…

MYRG $4B
Monte Independent Investment Research 5 clicks

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