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Monday, November 2, 2026

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BMRN Earnings Review

BioMarin’s Q3 revenue rose 32% to $1.02 billion after the Amicus acquisition, while lower 2026 guidance and $2.8 billion of net debt weighed on earnings.

BMRN $11B
Cestrian Capital Research 1 click

From X

@aleabitoreddit

Serenity on X

All of $AEHR customers saying "In fact, that’s kind of everybody right now. Ship as quickly as you can." doesn't quite sound like any potential order cancellations lol. Genuine earnings beat, lot of orders faster than revenue recognition, and overall demand acceleration. Then there's upside: -"We believe this customer represents one of the largest potential burn-in system opportunities Aehr has ever pursued" From a "major supplier of AI accelerators, CPUs, and network processors", which sounds more like $AMD given historical context. - $AEHR saw acceleration from multiple silicon-photonics customers. - Guidance was stated to be conservative, since $AEHR was not supply-constrained and could fulfill more orders for FY2027. So likely potential for more earnings beats again. Downside was NAND related memory segments were delayed. I understand valuation compression from macro, but markets are selling things off like their fundamentals deteriorated, which is clearly not the case for $AEHR.
@aleabitoreddit

Serenity on X

People on X (now YC companies included) learned that it’s easier to doompost for impressions. $SPCX + Elon wouldn’t be heavily building in the Neocloud space if they didn’t see the ROI. Samsung wouldn’t be selling 5-10Y LTAs to Chinese big tech, if Alibaba/Tencent/Bytedance saw memory overflooding in 2 years. $LITE wouldn’t be sold out into 2029 and announce new $5B UHP laser contracts if optical demand didn’t persist. It’s interesting seeing the very same people long $SNDK, $NBIS, to $COHR 2 months ago. Flip flop on every market narrative from the initial Iran War to the current “AI Bubble”. I’d argue 180x fwd P/E cybersecurity and biotech stocks are more of a bubble than 3 P/E memory companies with hyperscaler LTAs.

Investor Letters

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Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 2 clicks

Vidrala

Vidrala has grown from a Spanish glass-container maker into a multi-country packaging platform with expanding Latin American exposure.

VDRFF $3.6B
smallvalue. 7 clicks

Quick Value #315 - Zoetis (ZTS)

Zoetis trades at about 11x 2026 earnings after falling more than 60% from its peak, as disappointing launches and safety issues pressure…

ZTS $37B
Value Don't Lie

ROAS to Riches

Entravision’s Smadex AdTech segment grew Q1 2026 revenue 204% and generated over $34 million of EBIT, becoming 78% of sales and the core…

EVC $638M
The Mikro Kap 3 clicks

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