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Tuesday, November 3, 2026

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TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $31B
Cestrian Capital Research 3 clicks

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@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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Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3…

STVN $5.4B
Best Anchor Stocks 3 clicks
BSP · short

Bending Spoons Spa

Bending Spoons is a software and digital-assets holding company that has completed more than 50 acquisitions since 2013.

BSP $29B
Value Investors Club 1 click

FTAI Aviation Update, Part Two

FTAI Aviation’s $234 million Jereh JV deposit funds Power inventory, while customer concentration, lower cash guidance and pending U.S.

FTAI $20B
CV's Substack 4 clicks

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