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Sunday, November 1, 2026

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Altria: Dutiful

Altria raised 2026 adjusted EPS guidance to $5.66 to $5.74 and authorized more buybacks, while on! loses share as cigarette margins hold.

MO $130B
Invariant 1 click

From X

@aleabitoreddit

Serenity on X

Oh look… more memory durability evidence for $MU and co. Following the news of $GOOGL, other CSPs such as Alibaba, Tencent, Bytedance, and are now negotiating memory LTAs with $SKHY and Samsung. Some customers are reportedly pushing for 10 year contracts as well, into 2035. “As U.S. companies move to secure memory supplies first, Chinese tech giants are joining the race.” Source: Maeil News Don't you think it's a bit strange for your hyperscalers (especially Chinese big tech) to seek LTAs 10 years out… If there's claims of CXMT + YMTC DRAM/NAND overflooding in 2028-2029?
@convequity 1 click

Convequity on X

$SPCX negotiated a 90-day right to walk away from Anthropic. We infer that Musk expects Grok to catch up with Claude, and that SpaceX would then cancel and use the Anthropic compute for Grok rather than keep serving Claude. Either party holds that right. Anthropic's S-1 says each agreement can be canceled by either party on 90 days' written notice after a period when cancellation is not allowed. Those periods end in January 2027 and March 2027, depending on the agreement. Anthropic's S-1 says Anthropic agreed to spend up to $120.5 billion into 2029 with SPCX, for compute powered by $NVDA GPUs. SpaceX's S-1 says either party can terminate on 90 days' notice after an initial three-month period. SpaceX told the SEC it negotiated the clause so the capacity could go to other customers or to SpaceX's own compute initiatives. The Apollo finance lease does not involve Anthropic. SpaceX has a binding commitment to enter a separate lease of about $40 billion for Nvidia Rubin GPUs. The 8-K and the press release do not name Anthropic.
@convequity 2 clicks

Convequity on X

Investors are selling $BESI, in our view, because customers increasingly prefer or consider shorter HBM stacks, since HBM is expensive. Our industry information points to customers requesting stacks of four or six memory dies. Fewer layers mean fewer connections and, where hybrid bonding is used, fewer bonding steps per stack, and shorter stacks fit package-height limits more easily with conventional solder. That could delay equipment adoption and weaken the nearer-term HBM opportunity for $BESI, which supplies hybrid-bonding equipment. Logic folding is the tailwind. It places parts of a circuit above one another on vertically connected layers joined through hybrid bonding, so signals travel shorter distances and the chip runs faster on less energy. Those benefits hold even when an inference system needs less HBM, and the layers still need aligning and connecting with exceptional precision. In our view, that can create more hybrid-bonding demand than this delay takes away. Wider folding also pushes inspection and measurement into more logic-chip applications. We expect that to lift spending faster than chip volumes for $ONTO and $CAMT, and for $NVMI, whose materials and chemistry checks address problems that get harder as circuits move into vertically connected layers. Longer term, folding could make chips on established processes more capable for $UMC. That is our prospective thesis, not an announced UMC program. Deeper dive available at Convequity.

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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

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
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

Microsoft's AI Boom Has A Cost

Microsoft’s Azure grew 48% as AI monetization accelerated, but doubled CapEx, largely for CPUs and GPUs, reduced quarterly free cash flow…

MSFT $3.9T
Yiannis Zourmpanos 2 clicks

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

MKL $23B
TSOH Investment Research 1 click

AMZN Q3 FY12/26 Earnings Review

Amazon reported $201.9 billion Q3 revenue and 39% AWS growth, while $220 billion in 2026 capex drove trailing free cash flow to a $42.4…

AMZN $2.6T
Cestrian Capital Research 3 clicks

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