Sunday, October 25, 2026

WD 361: Brazil, JetBlue Bankruptcy, Mexican Airlines Merger

Brazil’s Lula victory leaves Nu and Inter’s thesis intact, while JetBlue heads toward bankruptcy and Mexican airlines pursue a merger.

NU $73B

Ian’s Insider Corner Oct 25 11 clicks

Oct 25 AXP $211B

American Express: P&L Slowed, Consumer Didn’t

Librarian Capital's Research Library 3 clicks

Oct 25 PM $314B

Philip Morris International: Ho-hum Hrmm?

Invariant 13 clicks

From X

@BarbarianCap Oct 25 1 click

Barbarian Capital on X

AstraZeneca Readies New Portfolio of Targeted Cancer Therapies $AZN https://t.co/9wErSW0T14

@BarbarianCap Oct 25 3 clicks

Barbarian Capital on X

9/n $CME CEO with @tracyalloway @TheStalwart on futures, swaps, prediction markets, and perps. Nice contrast to the "anything goes" policies, and nice contrast to their episode last week with the Hyperliquid guy (link to prior round up at the bottom) https://t.co/miODfdAS9E

@BarbarianCap Oct 25 1 click

Barbarian Capital on X

6/n @bizbreakdowns @ReustleMatt is back! This time covering $AFRM. BNPL very underpenetrated, several growth products, "bet the jockey" too. https://t.co/i7Pr6Mr3r4

@BarbarianCap Oct 25 1 click

Barbarian Capital on X

2/n $CRWD CEO on @NoPriorsPod things got bleak last week on that front, will get worse https://t.co/cJfAoomQ8V

@OddDiligence Oct 25

Odd Diligence on X

$IREN chart* is most 🔥 of all the neoclouds resulting from all the slick marketing they are doing good job @danroberts0101 * chart of "IREN" Wikipedia unique page views https://t.co/xWEj1dJUf7 https://t.co/xsb9Z62J1I

@TidefallCapital Oct 25

Trevor Scott on X

@wealthyfranklin you can buy csu at the same growth rate for half the multiple of $NOW when factoring in after tax SBC.

@ParadisLabs Oct 25 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 Oct 25 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.

Western Digital: Cracks In Its AI Supercycle Are Worsening (Rating Downgrade)

Western Digital faces slowing AI-driven pricing gains and hyperscaler capex uncertainty, raising pressure on margins and valuation despite…

WDC $143B

JR Research Oct 25 2 clicks

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…

TSEM $19B

CV's Substack Oct 24 10 clicks

Expert Call | AI Server OEM: 2026 xAI Orders, GB300 Price Hikes & B300 Margin Gains

Super Micro’s 2026 xAI rack orders, GB300 price increases and B300 mix frame its gross-margin outlook.

SMCI $23B

P Equity Research Oct 24 7 clicks

Ares Capital: This 10%+ Yield Is An Undervalued Buy

Ares Capital’s 10%+ yield is supported by a $30.5 billion portfolio with over 70% floating-rate debt, though dividend coverage remains…

ARCC $13B

Jonathan Weber Oct 24 5 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 Oct 24 10 clicks

Applied Materials: Buy The Engineering Powerhouse Behind AI

Applied Materials targets AI-driven demand for advanced logic, DRAM and packaging, supported by services revenue and operating leverage…

AMAT $314B

Dhierin Bechai Oct 24 2 clicks

AI Narrative Switched, Debt Yields Spike | The Weekly Wrap

CoreWeave’s rising debt yields and fading confidence in AI data-center economics frame a weekly review of Meta, Tesla, SpaceX, Netflix,…

CRWV $30B

Steve Eisman Oct 23 28 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” Oct 23 12 clicks

Bloom Energy (NYSE: BE) Q3 FY12/26 Earnings - Revenue Up 138% On The Datacenter Power Race

Bloom Energy’s Q3 FY26 revenue rose 138% to $1.24 billion as datacenter power orders lifted operating margin to 18%; capex drove $181…

BE $56B

Cestrian Capital Research Oct 23 9 clicks

Philip Morris: Taking the Fight to the U.S.

Philip Morris reported Q3 growth across heated tobacco, combustibles and e-vapor in Europe while gaining U.S. nicotine-pouch share.

PM $314B

Librarian Capital's Research Library Oct 23 3 clicks

The $FTAI Report Cost Me a Fortune. The $APP Report Taught Me a Lesson

A custom AI agent monitors Muddy Waters reports, calls investors with target tickers, and pairs fast alerts with filing-based checks of…

FTAI $16BAPP $88B

Singularity Research Apr 17 2 clicks

Our Q1 2026 Letter & Look Ahead: Oil, Iran, OXY & PTON

Open Square Capital’s Q1 2026 letter discusses the oil market, Iran, Occidental Petroleum and Peloton.

OXY $62B

Open Insights Apr 17

Defying the Surveys

PNC CEO Bill Demchak says consumer spending, savings, activity and loan growth contradict record-low University of Michigan consumer…

PNC $90B

Net Interest Apr 17

Mention Market Analysis: Truist Financial

Truist Financial’s April 17 call is forecast to feature “tailwind” in NIM and asset-repricing discussions, with the 51-cent Kalshi contract…

TFC $59B

First Strike Research Apr 14

Capitulation in packaged food consumer staples?

Conagra’s CEO change and 9% yield intensified a packaged-food selloff, while General Mills trades near historical valuation lows despite…

GIS $18B

Nugget Capital Partner's Substack Apr 13 1 click

First Takes on GFL's Acquisition of Secure

GFL Environmental is buying Secure Waste at 11x 2026E EBITDA before synergies, adding high-margin produced-water and waste assets with $25…

GFL $16B

310 Value’s Newsletter Apr 13 1 click

Under The Hood, Novo Nordisk A/S ($NVO)

Novo Nordisk’s GLP-1 franchise transformed obesity treatment, while its valuation framework prices in 17 years of discounted cash flows.

NVO $171B

Bearhold Research Apr 13 2 clicks

The Consultant’s Dilemma: What AI Actually Does to Accenture ($ACN)

Accenture’s $5.9 billion in FY2025 genAI bookings supports implementation demand, while AI’s automation of junior work threatens the…

ACN $153B

Bearhold Research Apr 12 4 clicks

$BAX Is Down 80% and Still Not Cheap

Baxter International has fallen 80% yet remains expensive, making it a short candidate.

BAX $13B

Shallow Dives Apr 10 1 click

Under The Hood, ResMed ($RMD)

ResMed’s 30 million connected sleep-apnea patients, recurring masks and software support a data-driven healthcare platform; 11.9% annual…

RMD $36B

Bearhold Research Apr 8 1 click

Sunday, October 25, 2026

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