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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

Convequity on X

$NVDA is in a bind. In our view it needs enterprise AI adoption to grow quickly, but a typical enterprise cannot afford Nvidia's GPUs and does not have the resources to build and run an Nvidia stack directly. So enterprises take the cheaper and more manageable option and access AI through the hyperscalers. They skip the large upfront cost, and they can run inference on the hyperscalers' custom ASICs, or at least have that option versus Nvidia's GPGPUs. In our view, those ASICs are the more efficient inference choice where a hyperscaler offers them. To curtail that, we think Nvidia would have to cut GPGPU prices sharply enough to make direct enterprise adoption realistic. That means lower margins. Dell ($DELL) was supposed to be the way around the bind, a channel that puts Nvidia compute in front of enterprises that will not build the stack themselves. We think Dell has mostly used the relationship to secure GPU supply and grow its own revenue and margins, not to open the smaller enterprise market Nvidia needs. Palantir ($PLTR) is still the exception on enterprise AI adoption, not on buying Nvidia compute directly. Its US commercial revenue grew 149% year on year last quarter, accelerating from 133% the quarter before. Outside Palantir and coding agents, we see little enterprise success. The bind stands. Direct enterprise adoption of Nvidia compute is still progressing very slowly, and we do not see a way out that leaves margins where they are.
@aleabitoreddit

Serenity on X

Pretty crazy Reuters piece on the global selloff. - October 22 marked the 1st time since the COVID crash that long/short, systematic, and multi-strategy hedge funds tracked by Goldman Sachs ALL lost more than 1% in a single day. - Tech-focused hedge funds: down ~10% in October - Asia-focused hedge funds: down ~9% in October There’s separate interviews where Citadel/JP Morgan have been saying retail has been the ones buying the dip in semiconductor, neocloud, and memory stocks. And the stocks bought by most retail were $NBIS, $SNDK, and $TSM. Reuters stated this downturn triggered institutional deleveraging events among hedge funds. Quite the divergence, I do think there’s been a ton of irrational selling now, hedge fund deleveraging seems to be a major contributor.

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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

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