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Wednesday, October 28, 2026

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@calvinblissett 2 clicks

Calvin Blissett on X

Reposting because of the amount of work I put into this and how quality of an opportunity I think it is. A 300bps rate hike affects 9% of NI. I think Wall Street still thinks it’s same old keep every loan or wholesale interest rate sensitive $SLM. Not giving them credit at a LTM 5.8x multiple for the new expanding TAM and Capital light partnership model. Just like it took Wall Street ages to figure out $FNMA in the early 80s when Lynch was accumulating every share he could.
@convequity 15 clicks

Convequity on X

We think the gross margin gap between Cerebras ($CBRS) and NVIDIA ($NVDA) says little about which company delivers compute more cheaply. Cerebras reported a 14% gross margin in Q2 2026, against roughly 75% for NVIDIA. That is not a clean comparison, because Cerebras's commercial agreements include customer warrants. A customer warrant gives a buyer of Cerebras compute the right to buy Cerebras shares at an agreed price, adding potential equity upside to the compute it purchases. Cerebras records the value of these incentives over time as a reduction in revenue. Its cost of delivering the compute stays the same, so the full amount comes out of gross profit and its reported gross margin falls too. Add the warrants and a few other items back and Cerebras's Q2 margin was 41%, so the reported gap tells us little about what each company spends to deliver equivalent compute. Cerebras could challenge NVIDIA with attractive economics on selected workloads without matching every capability of NVIDIA's platform. In our view NVIDIA's stronger answer is Feynman reaching customers on schedule with the 3D-stacked SRAM we expect. Stacking more fast memory close to the compute would reduce the need to fetch data from slower external memory, helping NVIDIA narrow the architectural advantage behind Cerebras's fast inference. NVIDIA's adoption of Groq technology could ease some of this pressure, but we believe Groq's current architecture remains weaker than Cerebras's for low-latency inference. The longer Feynman takes to arrive at scale, the more time Cerebras has to win customers.

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 $2.6T
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 $16B
310 Value’s Newsletter 5 clicks

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