Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, October 26, 2026

Back to today

The Data Center Bridge

Small- and mid-cap data center stocks trade as one despite sharply different funding bridges: 12 of 15 cover fixed costs on signed contracts, but 10 cannot do so today.

FRMI $1.9B
CV's Substack 16 clicks

From X

@convequity 4 clicks

Convequity on X

Natural gas itself has not been the scarce input. The turbines have. Once AI data-centre load outran what the grid, renewables, and near-term nuclear could cover on a GW scale, gas became the compromise — and turbine demand surged from 2024–2025. Lead times still run roughly three to five years, with manufacturers already sold out into 2029–2031. That puts the first large batch of those ordered turbines on a delivery horizon closer to the next twelve months. As they arrive, and as behind-the-meter projects sit at or near gas fields, the incremental gas draw is likely to show up in a concentrated window, not a smooth ramp. Storage has grown only modestly while demand has risen, and drilling and pipeline buildout have stayed slow. New customers do not want to wait another three to four years for later turbine slots, so they are also exploring workarounds: reciprocating engines — internal combustion units closer to older, smaller airplane engines than to jets. The tech is not high-end blade metallurgy, so these generators can be mass-produced. They still prefer natural gas (more energy at the same density, and cleaner). Slightly less efficient than a turbine, but available sooner — and still burning gas. Either path concentrates the fuel draw. $AR, $EXE and $CRK are the producers sitting on that timing gap.

Investor Letters

All letters

MYR Group q3’26 Earnings Preview

MYR Group’s Q3 2026 preview cites data-center and power transmission demand, with long-term service agreements supporting margin growth and…

MYRG $4.2B
Monte Independent Investment Research 6 clicks

Mosaic, Part One: The Story

Mosaic’s history traces the 2004 Cargill-IMC merger and the phosphate and potash mines that shaped NYSE: MOS.

MOS $5.8B
Latticework by MOI Global 34 clicks

Mosaic, Part Two: The Deep Dive

Mosaic, NYSE: MOS, is the subject of a second audio program for professional investors analyzing fertilizer producers.

MOS $5.8B
Latticework by MOI Global 5 clicks

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 262

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.