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 $60B

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 $316B

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 11 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 4 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 29 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 $67B

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 $316B

Librarian Capital's Research Library Oct 23 3 clicks

High FCF Yield Stocks; Returns from Business Results vs P/E Ratio Expansion

High-FCF-yield stocks can compound through dividends, buybacks and business growth without P/E expansion.

UNH $365B

Base Hit Investing Sep 15

CoreWeave (CRWV): Artificial Returns

CoreWeave (CRWV) has risen 30% in a week and nearly 200% above its IPO price, becoming a focal point of the AI infrastructure bubble.

CRWV $30B

Kerrisdale Capital Sep 15 1 click

Fair Isaac Corporation (FICO) – Pricing Power Impaired?

Fair Isaac raised FICO Score royalties from roughly $0.50–$0.60 in 2022 to $4.95 in 2025, drawing regulatory scrutiny over its…

FICO $18B

Bristlemoon Capital Sep 11

Bristlemoon Capital on Business Breakdowns – MercadoLibre (MELI)

MercadoLibre’s Daniel Wu discusses MELI’s Latin American e-commerce operations, fintech business model, growth opportunities and risks on…

MELI $84B

Bristlemoon Capital Sep 5

Global Spirits: Q2 Earnings Update

Diageo and Campari remain preferred as spirits sales face destocking, elevated inventories and weak guidance, while Campari increases…

DEO $53B

Sector Stories Sep 4

Lagging Edge will have a Permanent Glut

Texas Instruments faces a permanent lagging-edge chip glut as Chinese capacity floods auto and industrial markets, weakening pricing and…

TXN $260B

Fabricated Knowledge Sep 4

Crane Co.

Crane Co. sells sole-source aerospace and process-control components, with 40% aftermarket revenue and margin expansion following its 2023…

CR $11B

Kairos Research Aug 26

[P] UNH: Itemized Governance Signals

UnitedHealth Group's governance disclosures are assessed for investment signals.

UNH $365B

Nongaap Investing Aug 19

Intel's One True Stakeholder is Here

Intel's leading-edge foundry is framed as a US strategic asset needing a government stake, anchor customers and separation from its CPU…

INTC $495B

Fabricated Knowledge Aug 15

Earnings: Hyperscalers, AMD, ALAB, ANET

ALAB $45BANET $225B

Fabricated Knowledge Aug 11

Sunday, October 25, 2026

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