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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 2 clicks

From X

@ActAccordingly 5 clicks

PAA Research on X

The way we were... I've been wondering why there was such a rush to get the $ANT S-1 filed amidst a brutal sell-off in AI related names. Then I read the filing and it's painfully clear. $ANT has scaled at a mind-boggling clip up until this point. Yes the company did generate operating cash flow and profits in 2Q26, but that not longer is representative of the business model going forward. With $500B+ of compute cost commitments with $MSFT $GOOG $AMZN and $SPCX and a $161B equipment lease with $AMD, the entire cost structure of this business is now changing under the "Anthropic Direct" initiative. They're showing you that delivering inference was a structurally high margin business in 2Q26 (50%+ margin). Will it be going forward? Well they're sitting on something that looks like $85-100B in compute commitments ANNUALLY. As a point of reference they spent $5.5B in 2Q26 on compute. Even if they get towards $80B of ARR by year end (which could be optimistic), it's a big hurdle to get to profitability in 2027 unless ARR doubles (or more). There is a placeholder for October 2026 ARR in the S-1. I cannot think of another single sentence in a SEC filing that will have more of an impact on the fate of capital markets than that one. My guess is everyone in the VC and tech community will up their Claude spend this month for that very reason.

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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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