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Thursday, November 5, 2026

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@ACapitalLP

A Capital on X

There’s a massive AI-driven puke underway, cascading into L/S unwinds and exacerbating the selling pressure across the market. Inevitably, some non-AI names are getting caught in the crossfire and selling off for reasons entirely divorced from fundamentals. The opportunity is finding stocks with idiosyncratic catalysts that can force a re-rating toward intrinsic value, independent of broader market sentiment. A few that come to mind: $FLEX — Axiom spin $KBR — Trinzic spin $CODI — Asset sales $VOYA — Activism What else looks massively dislocated with a tangible catalyst to close the valuation gap?..
@calvinblissett

Calvin Blissett on X

$MELI: I have done a decent amount of surface level research (reading smart people’s work) . No research I have seen is able to tell me with facts why this is Costco/Amazon scale economies shared being CHOSEN and not just competition FORCING them to cannibalize themselves in line with the innovators dilemma. The whole thesis rests on that. A thought I saw that I did like is they are building the logistics rails and in the future it will be a toll bridge that will get monetized as such for most e-commerce in regions they operate
@convequity 1 click

Convequity on X

$NVDA, $CBRS, and Huawei's Kirin 9050 Pro are three different bets on the same turning point: what the chip industry does when shrinking transistors stops paying. In AI chips, most energy goes into moving data, not into the calculation itself. In our view, as transistors shrink, calculations get cheaper much faster than the wires around them, so the industry's centre of gravity is shifting from ever-smaller transistors to shorter paths for data. That shift is why Huawei's logic folding — designing a circuit vertically to cut the distance data travels — looks potentially transformative and disruptive for the semiconductor industry to us. Here is the comparison in one line: one 16-bit floating-point calculation is the baseline, 1×, about 0.52 picojoules in NVIDIA's published GH200 energy model. Every figure below is the energy spent moving data, measured against that one calculation. 1. Moving data to local SRAM next to the computing units: Cerebras uses about 2× the baseline. NVIDIA's highly optimized local-memory path uses about 5–15× the baseline. 2. Moving data across the chip: we estimate Cerebras's core-to-core network at about 12–37× the baseline. NVIDIA's optimized path through L2, its shared on-chip cache, is about 60–90× the baseline. 3. Moving data off the chip to external memory: Cerebras's MemoryX path is about 330–800× the baseline. NVIDIA's optimized path to HBM, its external high-bandwidth memory, is about 230–290× the baseline. The energy cost is set by how far the data travels: a short hop costs single-digit multiples of one calculation, a trip across the chip costs tens of times, and a trip to external memory costs hundreds of times. If moving data is the real constraint, then shortening paths, which is what Huawei is doing with logic folding, matters more than another process node — for NVIDIA and Cerebras as much as for Huawei. These are engineering estimates, workload-dependent, not measurements of complete systems. The optimized block transfers behind NVIDIA's figures are already counted above; what remains is the physical cost of the wires and memory themselves. In our view, Cerebras's commercial case depends on whether its compiler can keep data close to computation across enough workloads. NVIDIA's advantage is a broader range of software, not a way around the energy cost of moving data.

Investor Letters

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Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 clicks

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Thursday Tailwinds #13: Nov 5, 2026

Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…

SUI $14B
Trade Ideas Flow 6 clicks

eToro: Expanding Beyond Crypto

EToro trades at 2.89x EV/FCF with $304 million in trailing free cash flow, expanding from crypto into equities, commodities, currencies and…

ETOR $1.9B
Max Arnoldi 5 clicks
SILC · long

Silicom LTD

Silicom (SILC) is pitched as inexpensive on its existing hardware business, with upside framed as a cheap call option.

SILC $183M
Value Investors Club 4 clicks

New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

SITC $192MCURB $3.6B
Real Assets, Real Value 4 clicks

Coupang: 3Q26 Business Recap

Coupang’s product-commerce growth rose 9% as data-leak effects fade, while management expects margins to return to pre-incident levels by…

CPNG $27B
Speedwell Memos 3 clicks

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