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Sunday, November 1, 2026

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@ActAccordingly

PAA Research on X

"That would be PRESUMPTIOUS!" I'm listening to the $ORCL investor day and I found the response to the question about potential vendor/partner financing and whether or not the company has committed/signed deals quite interesting. The tone was defensive and I started to immediately think of Jimmy Cayne. In late 2007, a few months before Bear Stearns blew up they hosted an investor event in NYC to calm the markets following the blow up of 2 hedge funds. I was in the room. An analyst asked about how Bear Stearns planned to manage risk going forward in light of the "unprecedented" events in the capital markets (hedge funds blowing up, subprime defaults, credit spreads widening etc.). Jimmy Cayne responded: "You cannot create a risk model for something that is by definition UNPRECEDENTED". The tone was what I remember most. Defiant, condescending, angry. That's what I heard today with "PRESUMPTIOUS". No $ORCL is not Bear Stearns, but it's obvious to anyone that can read a balance sheet or track CDS, the financial risks for the company are growing rapidly. Negative variance on funding could have massive implications for the company. Assuming they have their financing needs secured from vendor financing or partners would be PRESUMPTIOUS.
@convequity 1 click

Convequity on X

Circular AI financing keeps getting bigger. A record $63 billion vehicle, partly supported by Broadcom ($AVGO), will buy Broadcom chips for Anthropic, and it only pays off if enterprises adopt AI beyond coding. The vehicle borrows, buys Broadcom XPU accelerators (custom AI chips) and networking gear, and leases them to Anthropic. Deliveries are expected from 2027. Broadcom guarantees a residual value of $40B+. This is the latest example of the banks, hyperscalers, model labs and chipmakers are frontrunning AI demand they expect to be insatiable. Without faster enterprise adoption, that demand may not arrive, and the financing stays circular. AI has to spread from coding into the rest of the enterprise. Coding can be checked, because code has to compile and pass tests. Other domains need the same verifiability, which means codifying context that lives in employees' heads, or at best across email, Slack, WhatsApp and work-management platforms. Vendors that can codify that context should extract immense value. Palantir ($PLTR) is the closest so far. Palantir's ontology, a structured account of an enterprise's objects, relationships and rules that software can use to check a result, is critical because it is instrumental to verifiability. We think it can make an average Nemotron model state of the art for that enterprise's own work. If the result is good enough, enterprises will use it and achieve sovereign AI. Once that context is codified, enterprises will not want to blindly run closed frontier models on it and give their know-how away. Broader adoption depends on data sovereignty. The shift has been visible since Palantir's Alex Karp warned earlier this year that handing closed frontier labs their data, models and institutional know-how means losing control of the value. The path is intelligence sovereignty plus more verifiability, then greater enterprise adoption, which would justify this frontrunning. It would also benefit Nvidia ($NVDA), which needs enterprise adoption because hyperscalers and model labs are leaning toward custom chips.
@ACapitalLP 1 click

A Capital on X

Interesting setup in $VOYA ahead of Q3 earnings and TCIM’s November 24 no-confidence referendum. Can certainly see a path to $150+ in a strategic takeout given the quality of the retirement franchise… My hesitation is how much activist premium is already embedded in the stock. Shares are up ~30% since TCIM surfaced in April, and the referendum is non-binding. If Q3 disappoints and the activist fails to gain traction, hard to see why this couldn’t trade back toward the pre-activist ~$75 level. Love the potential upside, less convinced by the asymmetry at ~$97… Thoughts welcome.

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When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 3 clicks

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $16B
Stock Thoughts 4 clicks

CVX Earnings Review

Chevron’s Q3 revenue rose 35% to $65.2 billion and EBITDA 75% to $20.2 billion, while production trailed guidance and refining margins…

CVX $465B
Cestrian Capital Research 3 clicks
T · short

At&t INC

AT&T’s stalled deleveraging and share repurchase case has prompted a bearish turn on the telecom stock.

T $144B
Value Investors Club

SNY Earnings Review

Sanofi raised FY26 guidance after Q3 sales grew 14.3% at constant currency, led by 34.8% Dupixent growth; vaccines declined 6.6%.

SNY $108B
Cestrian Capital Research 1 click

Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

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