Bullpen.News From Edwin Dorsey
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Tuesday, October 27, 2026

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@ParadisLabs 1 click

Paradis on X

A lot of green in AI land today from $NBIS +11.2% to $CRDO +10.8%. Over the past few weeks, financing has been the main pressure point but it seems like we've made some solid progress this week. - $META raised $97.5B, with $60B of that coming through an ATM starting in January. - $SPCX signed a $40B deal for GPU equipment. - $AVGO set up a $63B SPV to fund custom chips for Anthropic, who also eased some fears with their S-1. Feels like the rapid de-grossing over the last few weeks has mostly run its course, however according to JPM, volumes still remain light. Interestingly, GS say that there's evidence today of "increased offense being played across the AI complex". While this is still minimal, it's a notable uptick vs. the past few weeks where risk was near zero. I wonder whether the market decides to pay attention to the upcoming hurdles, or whether it keeps riding the wall of worry higher. I personally still land on some short-term choppiness when you consider how bruised investors have gotten since July + hurdles in the next few days (hyperscaler earnings, FOMC, midterms).

Investor Letters

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Are Neoclouds Dead?

Neoclouds face tighter debt financing as AI infrastructure capex outruns cash flow, leaving cash-burning GPU providers more exposed than…

NBIS $42B
Daniel Romero 9 clicks

Reddit: Deep Dive Analysis

Reddit generated $805 million in Q2 2026 revenue, 95% from ads, but slowing Google search referrals expose AI-driven traffic and…

RDDT $18B
Hated Moats 6 clicks
POST · long

Post Holdings INC

Post Holdings remains a large position after the stock's recent decline.

POST $3.7B
Value Investors Club

Lululemon: The 15-Minute Thesis

Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…

LULU $12B
Hated Moats 3 clicks

The Five Deals That Made Apollo

Apollo Global Management’s five defining deals, from Executive Life to Intel, built a $1 trillion asset manager spanning insurance and…

APO $67B
Net Interest 1 click

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