Monday, October 26, 2026

Merger Monday & Election Implications

EQT’s $50 billion merger with Range Resources and Ovintiv’s $1.26 billion acquisition of Logan Energy reshape North American oil and gas alongside Brazil and British Columbia election…

EQT $34BRRC $13B

Bison Insights Oct 26 7 clicks

Oct 26 IREN $11B

The Data Center Bridge

CV's Substack 16 clicks

Oct 26 TFC $59B

Quick Value #335 - Truist Financial (TFC)

Value Don't Lie 4 clicks

From X

@ACapitalLP Oct 26 3 clicks

A Capital on X

Interesting special situation in $AKER.NO, which owns ~23% of Nscale. Despite the carnage in neoclouds, the FT reported last week that Nscale may still be targeting a $30–35bn IPO before year-end. What makes this interesting is the valuation disconnect. At ~NOK 1,150, backing out Aker’s other holdings and applying its historical ~22% HoldCo discount implies an ~$11bn valuation for Nscale. Below its $14.6bn March round and well below the proposed IPO range. In September, Third Point led a $3.36bn pre-IPO convertible financing alongside Nvidia, Apollo, Citadel and others. The notes reportedly convert at a double-digit discount to the IPO price, with a $30bn valuation cap on the conversion price. Not exactly a group of unsophisticated investors… At a $25–30bn IPO, I get ~27–39% upside assuming some HoldCo discount compression. Even at a $15bn IPO, the downside looks relatively contained under a historical discount assumption. Obviously the IPO could slip, financing and execution risks are enormous, and the broader neocloud unwind isn’t helping. But you can partially hedge the sector exposure with $CRWV / $NBIS shorts, leaving a more isolated bet on the IPO valuation and HoldCo discount...

@BarbarianCap Oct 26 2 clicks

Barbarian Capital on X

"routinely charged customers more at the register than the prices displayed on shelves, price tags, and advertisements" Dollar General overcharged millions at checkout for years, FTC and 20 states allege $DG https://t.co/MLLZhDflab

@BarbarianCap Oct 26 1 click

Barbarian Capital on X

DraftKings Faces Growing Pressure Over How It Targets Customers $DKNG https://t.co/g0mVWw5JpD

@BarbarianCap Oct 26

Barbarian Capital on X

New number one nat gas producer EQT to buy Range Resources in natural gas megadeal $EQT https://t.co/s7VJ34pZ24

@BarbarianCap Oct 26 2 clicks

Barbarian Capital on X

DoorDash Is in Advanced Talks to Acquire Delivery Rival Instacart $DASH $CART https://t.co/m2GfjyIEjp

@TidefallCapital Oct 26 2 clicks

Trevor Scott on X

$NFLX down to 17x 2027 PE as short form video and youtube take time share. https://t.co/lyIwkMMpBP

@Mr_Neutral_Man Oct 26 4 clicks

Mr Neutral Man aka "Howard Marks of REITs” on X

For those of us looking at termite/pest control companies $ROL (Orkins) scheduling was a breeze. The guy was friendly and not pushy at all. Gave a great inspection and a good quote. $RTO (Terminix) told me I had an appointment today Guy doesn’t know he was scheduled for today. Texted me about 4:26pm and was passive aggressive with the text Apparently call center will just book appointments and sales/inspection guys won’t even know they had something scheduled. Not fun to deal with. But I scheduled him to come next week for thoroughness of the research process,

@BlueDuckCap Oct 26

BDC on X

Big get for $SPCX https://t.co/QK86OSoKBP

Intuitive Surgical: The Long Road to Everyday Surgery

Intuitive Surgical built da Vinci into a 12,000-system surgical-robotics network performing 10,000 daily procedures, while high-volume…

ISRG $155B

MBI Deep Dives Oct 26 8 clicks

Molina & Kinsale

Molina Healthcare and Kinsale Capital’s earnings are reassessed through a long-term lens, emphasizing conviction and detachment during…

MOH $11B

Bearstone Oct 26 8 clicks

Nvidia Or AMD On This Dip? Pick The Safest

Nvidia’s margins, scale and integrated AI systems support a preference over AMD, whose data center CPU business faces Vera competition and…

NVDA $5.2TAMD $925B

Nova Capital Oct 26 4 clicks

“Our Strategy Is Unchanged”

Netflix’s $51 billion FY26 revenue outlook and global streaming scale underpin its core strategy as management addresses slowing…

NFLX $511B

TSOH Investment Research Oct 26 7 clicks

The Monday Morning Briefing: Key Hyperscaler Test, as Alphabet, Microsoft, and Amazon Report

CEWE sold its low-margin printing unit and agreed to buy Kodak Moments for €88M, expanding into North America.

GOOGL $4TMSFT $4T

Latticework by MOI Global Oct 26 11 clicks

Analog Devices: A Diversified Route To AI Growth

Analog Devices generated Q3 revenue of $4.02 billion, up 40% year over year, with AI and data centers contributing under 20% of sales…

ADI $206B

Narek Hovhannisyan Oct 26 7 clicks

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

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

American Express’s Q3 billed-business growth slowed and cards in force fell sequentially, but management attributes the weakness to…

AXP $211B

Librarian Capital's Research Library Oct 25 3 clicks

Philip Morris International: Ho-hum Hrmm?

Philip Morris posted 7% organic Q3 revenue growth and 10% operating-income growth as 9.1% cigarette pricing offset flat volumes, while IQOS…

PM $316B

Invariant Oct 25 13 clicks

Meta: A Strong Quarter Behind A $9.9 Billion Legal Charge And $35 Billion Of Capex

Meta posted 26% revenue growth and $9.89 billion in legal charges while funding $35 billion of capex, as AI lifts ad pricing and pressures…

META $1.6T

Tim Travis Oct 25 1 click

[scuttleslops] CDNS, SNPS, TREX, WISE, Class I Rails, China

Synopsys and Cadence retain EDA pricing power through entrenched design flows, foundry relationships and high switching costs; AI-driven…

SNPS $92B

scuttleblurb Jul 16 2 clicks

Thinking Notes

AI capex rests on coding-centric benchmarks, cheap-model commoditization and circular financing: OpenAI’s $60 billion annual Oracle…

NVDA $5.2TORCL $438B

Bearstone Jul 16

The Next Trillion-Dollar Chip Company

PostGPT inference-chip contenders need to run trillion-parameter models, ship rack-scale systems, beat GPUs on one KPI and win a frontier…

CBRS $27BNVDA $5.2T

Chipstrat Jul 15

Thoughts on PayPal Buyout Offer

PayPal faces a $60.50-per-share buyout offer from Stripe and Advent, with a rejection or counteroffer above $80 viewed as more likely.

PYPL $47B

Hidden Rock Capital's Newsletter Jul 15

Lasers for CPO/NPO: Part 1 – The InP DFB Laser

Lumentum’s InP DFB laser design for co-packaged optics traces to 2007 work and faces heat, linewidth, light-extraction and optical-damage…

LITE $83B

Vik's Newsletter Jul 15

Rebound Watchlist: July 2026

Rebound Capital's July 2026 watchlist puts AeroVironment and Coinbase under review after UnitedHealth rose more than 70% from its low.

COIN $42B

Rebound Capital Jul 15

Airbnb’s Cost of Market Creation and Regulatory Survival

Airbnb spent 1.1% of 2025 GBV on field operations and policy as regulatory costs persisted; New York’s short-term-rental crackdown cut…

ABNB $98B

MBI Deep Dives Jul 15 3 clicks

New Position: Volatility Merchant

A digital market-infrastructure platform dominant in rates and expanding in credit trades at 22 times free cash flow, with 45%+ FCF margins…

TW $28B

Aurelion Research Jul 14

WhatsApp's New Era

WhatsApp named CRED founder Kunal Shah to replace Will Cathcart after Meta bought a 20% CRED stake for $900 million, signaling a push to…

META $1.6T

MBI Deep Dives Jul 14 1 click

THE MEMORY MACHINE

Samsung, SK Hynix and Micron face an antitrust suit alleging coordinated memory supply cuts drove contract prices up 697% since late 2024…

MU $1.1T

Kakashii's Materials Jul 14

Monday, October 26, 2026

A Capital on X

Barbarian Capital on X

Barbarian Capital on X

Barbarian Capital on X

Barbarian Capital on X

Trevor Scott on X

Mr Neutral Man aka "Howard Marks of REITs” on X

BDC on X

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