Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Saturday, October 24, 2026

Back to today

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 9 clicks

From X

@convequity 3 clicks

Convequity on X

The market still prices $NVDA's moat on one idea: the GPU is special because it can do anything. But Nvidia has spent every generation trading that flexibility for raw AI horsepower. Its chips now look less like general-purpose GPUs and more like the AI-specific chips Google and Huawei build. That's great for performance, but it chips away at the very thing that set Nvidia apart. The closer its GPU gets to a TPU, the easier it becomes to replace. Deeper dive available at Convequity.
@StableBread 1 click

Fajasy on X

AI labs and data labeling companies (firms that turn experts’ knowledge into training data for the labs) could make my $12-19M sale range for Nubeva Technologies $NBVAF (TSXV: $NBVA) look conservative. My previous write-up’s sale comps were five cybersecurity companies buying small startups that detect, stop, or recover from ransomware, and I valued a Nubeva sale at $12-19M, the low end of those deals. AI labs and data labeling companies would widen the set of buyers beyond cybersecurity companies, but I found none that has bought a ransomware recovery company like Nubeva. The closest deals were for a stake in a ransomware recovery company, malware data, and specialist teams: → Microsoft $MSFT: Made an equity investment in Veeam, a data protection and ransomware recovery company, in February 2025, as part of a partnership to build AI-based threat detection and other Microsoft AI services into Veeam’s products. → Google $GOOGL: Owns VirusTotal, a malware-scanning site it bought in 2012, and Mandiant, the incident-response firm it bought for $5.4B in 2022. Its experimental Sec-Gemini model, introduced in April 2025, draws on Mandiant’s threat intelligence data. → OpenAI: Agreed to buy Promptfoo in March 2026 for an undisclosed price. Promptfoo, which tests AI systems for security holes, was valued at $86M after its July 2025 funding round, per PitchBook. → Mercor (a data labeling company): Agreed to buy Deeptune, which builds practice environments for AI agents, in July 2026, months after Andreessen Horowitz led Deeptune’s $43M Series A. The two 2026 deals didn’t disclose prices, and Mandiant and Veeam are far larger businesses than Nubeva, so I can’t put a new number on a sale. Still, my $12-19M range is probably conservative now, since it only counted cybersecurity companies as buyers, and an AI lab or data labeling company would be paying for Nubeva’s engineers and model rather than its ~$500K of FY2026 revenue. But an AI buyer wouldn’t get patents on what it’s paying for. Nubeva’s patents would cover how it recovers files and how it detects hidden encryption, but it won’t patent its binary analysis (figuring out what malware programs do) at all, and CEO Randy Chou explained why: “Anything you patent, that means you have to show how you did it. If you show how you did it, well, somebody can train an LLM to go do it.” So the model is only worth what Nubeva can prove it does, through a signed contract, a named partner, or test results.

Investor Letters

All letters

Deep Dive: $ASML

ASML’s €230 million EUV machines underpin advanced AI chip production, with demand booked through 2028 after nearly $9 billion and two…

ASML $616B
Rebound Capital 8 clicks

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 $83B
Doomberg 9 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 $30B
WHAT ARE WE DOING? “Contrarians At The Gate” 12 clicks
TCEHY · long

Tencent Holdings LTD

Tencent, valued near $500 billion, is a long idea built on its Chinese gaming, social-network and advertising franchises.

TCEHY $449B
Value Investors Club

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 $30B
Net Interest 11 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 14 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 62 of 254

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.