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Wednesday, October 28, 2026

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@KEDM_COM 2 clicks

KEDM.com on X

Qiagen $QGEN has had a new CEO (Jonathan Pratt) since Sept. 1. Let's see if he can bring some action. The company also recently confirmed it continues to evaluate strategic alternatives, with Goldman Sachs involved. There have been reports of takeover interest for a long time, with past reports linking Qiagen to Thermo Fisher, bioMérieux, and Bio-Rad. Qiagen is an interesting target given its leadership in nucleic acid prep, strong consumables-driven revenue, and growth areas like TB testing and digital PCR. The portfolio would fit well with major industry consolidators.
@convequity 3 clicks

Convequity on X

We exited $LITE at the start of 3Q26 and stayed out at the 4Q26 rebalance. Lumentum's exposure to AI optics is real, but it depends on design choices that are still open. 1. Lumentum is one of the suppliers of high-power lasers for external laser sources, where the laser sits in its own module and feeds light to the optics. Growth in AI optics lifts this business only as far as customers choose these designs. 2. Co-packaged optics (CPO) puts the optics in the same package as the chip. Some CPO designs keep external lasers, which suits Lumentum. Others move the light source closer to the package, or replace lasers with microLEDs, tiny LEDs used for short links. Wider use of these would cut demand for its lasers. 3. Laser and silicon-photonics technology built for LiDAR (laser-based sensing) is being adapted for data-center links, which could bring new competitors. We have added LiDAR exposure and will cover it in Part 2 or 3 of our 4Q26 rebalance series. 4. Optical circuit switching (OCS) connects fibers by steering light between them. Lumentum's MEMS switches use tiny movable mirrors and suit many ports, low loss and paths that stay in place for long periods. Designs that must change paths quickly and in smaller units are more likely to use silicon-photonics switches. MEMS should win a meaningful share, but probably not all of it. Lumentum keeps credible exposure to external lasers and OCS, but both depend on unsettled design choices. At the 4Q26 rebalance, that uncertainty was enough for us to stay out.

Investor Letters

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Danaher’s robotics era

Danaher’s new CEO paired a Q3 beat and raised EPS outlook with a 2027 4%-5% organic-growth starting point, while pitching AI-enabled…

DHR $163B
Best Anchor Stocks 1 click

ORCL Update

Oracle rose about 12% intraday on October 28, 2026 as AI infrastructure and cloud-demand sentiment improved and credit-spread concerns…

ORCL $383B
Cestrian Capital Research 2 clicks

Meta Earnings, Muse and the Frontier, Musebook

Meta’s earnings hinge on whether investors back Zuckerberg’s Muse vision and the compute spending required to build it.

META $1.6T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 1 click

Anthropic Deep Dive

Anthropic’s $80.7 billion first-half loss was mostly fair-value marks, while $16.3 billion revenue and compute economics showed a $974…

AMZN $2.9T
CV's Substack 7 clicks

My Last GFL Update - Hopefully

GFL’s take-private structure hinges on BC Partners rolling 60% of its stake to preserve debt portability under the 40% permitted-holder…

GFL $20B
310 Value’s Newsletter 5 clicks

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