Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 25, 2026

Back to today

From X

@aleabitoreddit 6 clicks

Serenity on X

Just another $40B going into the "AI Infra" Bubble... Elon stated this $SPCX financing would primarily fund $NVDA GPU procurement H1 2027. Which indirectly increases demand for memory, networking, etc needed. In some other notes, VPEC today in UDN: "InP substrates is seriously in short supply" in regards to suppliers like $AXTI. - Morgan Stanley believes that InP substrates, EML and CW lasers will be the primary bottlenecks - VPEC emphasized that whoever can secure more raw material supply in the future will have greater pricing power and influence in the market. Very true about supply procurement... both upstream materials like epiwafers/substrates to ultimately compute. We're in a volatile period where all your largest companies in the world are fighting over control of the future of AI infrastructure. Any slowdown seems unlikely.
@ParadisLabs 8 clicks

Paradis on X

The fact that there's such varying opinions on the neocloud market is a factor behind the constant stock price volatility. For example, Barclays are bearish while GS are bullish. So while the most recent sell-off is driven by financing & cost of capital concerns, nobody really knows what the ecosystem will look like in December, let alone 2028+. These companies are becoming increasingly impossible to forecast, so Elon & Chamath's comments should be taken as a serious source of information IMO...even if you think they have alterior motives. Consolidation seems likely and IMO there are 3 standout neoclouds: $SPCX, $NBIS and $CRWV.
@aleabitoreddit 3 clicks

Serenity on X

Not actively. I've been pointing out issues with Neocloud/Colo financing since 2025 from $SLNH to $CRWV debt interest. And maintain my opinion only a few neoclouds would survive in a few years, given they build enough of a moat to differentiate themselves against hyperscalers. So I don't think Elon's comments are completely wrong about Neoclouds, but there's nuances. One example was $NBIS SOFR + 2.75% $3.5B facility with Citibank, which actually has better rates than GPU financing from $2T+ companies. So kinda hard to say neocloud financing has "entirely shut off" since this Citibank facility was announced 3D ago I'm not arguing the merits of Elon's claims here. There's some truth to them, even if they're framed in extremes. I'm happy to hear his opinion on the direction of the industry... but if they're mainly amplifying concerns about competitor downfall (which benefits $SPCX + $TSLA) There's some cause for concern about how healthy that is to the town square dynamic Elon originally envisioned with X.
@calvinblissett 6 clicks

Calvin Blissett on X

$MP. You guys know me I am CHEAP, negative enterprise value, double digit dividend yields cheap. The theme behind $MP looks very secular, I saw Ross Perot call what they have in California the “Saudi’s Arabia” of magnets. Analysts price targets are virtually all 100% above today’s price. The selloff is not justified based on the underlying commodity price (aka fundamentals) is my takeaway from some reading. I also spoke with someone who worked at BofA this summer and per him “on a call with a senator the senator was essentially just repeating buy $MP and the moderator said shut up and stop”. May someone with a bigger brain then me give their thoughts

Investor Letters

All letters

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 11 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

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 12 clicks
JBTM · long

JBT Marel Corporation

JBT Marel is an enduring food-equipment business with low AI risk, automation upside and favorable GLP-1 exposure.

JBTM $5.7B
Value Investors Club

Portfolio Update April 2026

Portfolio update sells Amazon, adds Floor & Decor, and projects 6.5% annual market returns, with a base case of negative 0.89% from…

FND $5B
D Invests

April Earnings Update

Crocs raised 2026 EPS guidance to $13.20-$13.75 and bought back $73.6 million of stock, while Huntsman, Pitney Bowes and Alpha…

CROX $5.7BPBI $2.4B
Hidden Rock Capital's Newsletter

PayPal tries again (and again)

Stripe’s startup-focused product sprawl contrasts with Adyen’s enterprise restraint; despite 20% more payment volume and faster growth,…

PYPL $49B
scuttleblurb

Winning Cultures, Brutal Truths

Norges Bank’s Winning Cultures conference drew lessons from Ken Griffin, Michael O’Leary and Jamie Dimon on rapid decisions, cost…

RYAAY $28B
Behind the Balance Sheet

Floor & Decor: 1Q26 Business Update

Floor & Decor cut 2026 guidance after 1Q same-store sales fell 3.7%, while shrinking new-store formats, cutting comparable-store SG&A and…

FND $5B
Speedwell Research

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 62 of 256

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.