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Sunday, October 25, 2026

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@negligible_cap 3 clicks

Negligible Capital on X

Unfortunately I don’t think $META trades well in the near term and probably goes back to being a funding short Everyone has known Zuck has sorta been flying blind when it comes to AI (he even said so with Wang when he tried to chew that pint down like it was vodka) and tonight didn’t really help. Muse monetization feels very uncertain, at least with respect to timing. I also still think people enjoy shopping and buying things themselves (especially people who typically buy things off Instagram and Facebook) but that’s up for debate and will take time to prove out. Anecdotally, myself and everyone I’ve talked to about Muse now struggle to find reasons to use it regularly I think Muse monetization will probably turn guilty of being a disappointment until it’s proven otherwise, which could take a very long time Not to mention the equity issuance overhang and not providing FY27 revenue guidance leaves even more uncertainty. It’s been a great rally for Meta recently but I fear it could be headed back to the doghouse
@ActAccordingly 6 clicks

PAA Research on X

If you're buying $META here after hours and you're not sure if you're exit liquidity, take a look at this from the share class filing: " Representatives of Moelis also noted that the Company had not yet provided its long-range plan for the Moelis and Special Committee Counsel teams to review, but that the Company’s management had orally conveyed to Special Committee Counsel and Moelis that management had previously presented three forecast cases to the Board during a regularly scheduled Board meeting in May, and that, in each case, these long-term forecasts showed the Company’s need to raise hundreds of billions of dollars over a period of several years beginning as early as fall 2026." https://t.co/Mvc3znfrtS

Investor Letters

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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 $19B
CV's Substack 9 clicks

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
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 $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 11 clicks

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