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Sunday, October 25, 2026

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@MultiplesCap

Multiples Capital on X

Not an AI expert by any stretch, but wonder if US labs actually coordinate to "pace the frontier," it could be a stealth negative for Nvidia’s top-line growth rate. Here’s why: Flattening the Frontier Race: If scaling massive base models is intentionally delayed for alignment, the panic to hoard the newest, most expensive contiguous GPU clusters cools down. Shift to Post-Training & RL: Progress shifts to squeezing intelligence out of existing models via synthetic data and self-play. This relies on inference-class rollout fleets rather than cutting-edge pre-training mega-clusters. The Verification Layer: Evaluating, sandboxing, and grading all that synthetic RL data requires massive CPU compute .... benefitting $INTC Less brute-force pre-training = extended hardware refresh cycles and a normalized upgrade curve for $NVDA. Markets much smarter on this than I, will wait into see how the stock prices react to this next week!
@Fierce__beast

Fierce_beast on X

For $CASY, let's say it grows earnings roughly 6% on average for the next 20 years, then 3% terminally. Maybe its 9% for the next 5 years, but gradually moves toward something like maturity of 3%, average let's say is 6%. What multiple would you currently pay on that earnings stream? Personally, i would pay no more than 25x for this. Add other considerations to the business, maybe you think it will grow faster or longer, adjust your multiple as you prefer.

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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…

TSEM $18B
CV's Substack 10 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 $81B
Doomberg 13 clicks
JBFCY · long

Jollibee Foods CORP

Jollibee Foods trades at PHP 144, about 56% below its January 2019 high, framing a long thesis on the Philippine restaurant operator.

JBFCY $2.5B
Value Investors Club 1 click

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” 13 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 12 clicks

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