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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

@convequity 1 click

Convequity on X

A company gets an API key from a model provider (OpenAI, Anthropic, Google) and links it in OpenCode Console. OpenCode, the coding agent, uses that key to run models at the provider, billed to the company. It is a bearer credential: anyone with a copy can spend on the account. OpenCode disclosed unauthorized access to a legacy system being decommissioned. Keys for about 1.4% of Console users who linked external providers may have been exposed. OpenCode calls it a distillation attack. Users report charges for runs they never made. Provider terms generally make the key owner responsible, so the bill can land on the customer. A copied key works at the provider until revoked. OpenCode already runs on Cloudflare Workers, and Console is a gateway with budgets. Direct calls with a stolen key bypass Console and its budgets. Whether that legacy host ran on Cloudflare is undisclosed. In our view, customers need a control layer they own that keeps the raw provider key away from the agent and its vendor: a vault-held key, or Cloudflare ($NET) AI Gateway prepaid billing with no customer provider key, plus scoped keys, spend caps, per-user limits, alerts and full logs. F5 ($FFIV), Kong and LiteLLM offer related controls. We cannot say these would have stopped this breach. They can limit blast radius, spend and detection time: metrics we think a CFO will ask for before the next rollout.
@convequity

Convequity on X

As AI agents take over more software work, a SaaS vendor's future comes down to how much of the interface, workflow and data layers it keeps. Ahead of this quarter's software earnings, we will watch how far management is willing to change products and business models to keep that work, because strong defenses today can erode if a company refuses to change. Our SaaS Survival Scorecard evaluates the structural resilience to expanding agentic work, vendor adaptiveness, and what the market is pricing in. Route 3: customers keep working in the vendor's interface, workflows and data as agents do more of the tasks. Route 2: customers move to an agent interface such as ChatGPT or Claude but still rely on the vendor's workflows and data. At the weakest end, only the data layer remains. Route 1: customers replace the vendor, using AI to build and maintain all three layers themselves. Our view: leading security platforms like $PANW have the stronger Route 3 case, since analysts investigate inside them. Datadog ($DDOG) faces more Route 2 risk as developers work inside coding agents and call on it from there. Deeper dive available at Convequity.

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Microsoft: The $250 Billion Club

Microsoft’s widening gap between M365 Commercial revenue growth and seat growth eases concerns over Copilot monetization across its 400…

MSFT $4T
TSOH Investment Research 2 clicks
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

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 3 clicks

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 $20B
Stock Thoughts 5 clicks

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