AppLovin 3Q26 Business Update: No Notes
AppLovin’s Q3 revenue rose 55% year over year as AXON model gains expanded margins, while ad take-rate compression remains the key competitive risk.
Thursday, November 5, 2026
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catechwilliams on X
$PLUS Numbers don’t add up. 50% sales $CSCO product (sales -13% MRQ, guided -11%). MRQ $PLUS sales +13% (reported yesterday). Earnings call question: “OEM Cisco have talked about bottlenecks, weak orders. You’ve been unscathed…how are you outperforming the market significantly?”
catechwilliams on X
$EXLS Highly innovative founder-CEO rapidly taking share w AI-based services. High-teens topline growth w expanding margins, higher value-add mix to attractive end-markets. 17x P/E yet to reflect business transformation. 100% FCF to buybacks. Winning customers from $ACN $DXC $WIT
Brian McGough on X
Props to @HedgeyeRetailJM and @HedgeyeRetailRW for a bang up job on this $CVNA short deck. The rabbit hole is indeed deep on this one. Accounting here is squirrely to put it kindly. @SECGov should be investigating Carvana to save honest believers from getting hurt. Even if they're not, we are...
catechwilliams on X
$GMS Underfollowed building products distributor, HSD growth, favorable mix shift/ margin, tracking to beat estimates, trading at 10x EPS, 7x EBITDA. Peers at >50% higher multiples. $HD just acquired lower quality peer SRS for 17x EBITDA. GMS = $240 or +150% at that multiple.
Derek Pilecki on X
@Aureliusltd28 I like $FCNCA from this list.
Derek Pilecki on X
Andrew hosted me on his podcast. We talked about $NYCB, $COF, $DFS, $HOOD, and $FCNCA. https://t.co/CjxnHfVPI2
Idea Brunch on X
New Idea Brunch interview with @WhiteFalconCap is out Balkar goes over his past picks, including $NU which is up ~150%, and shares some of his new top ideas! https://t.co/iLoVkWVHIc
catechwilliams on X
$CART Moved forward its lock-up expiration date to 2/16 (Thursday) from the original 3/19. >65% of the shares will be eligible for sale. COO leaving, just announced a restructuring w ambitious guidance. Almost certainly did so to support the stock in advance of a secondary.
Investor Letters
All letters- Rathbones October 2026 SBGSF $143BSIEGY $237B
- FCL Capital October 2026 ANPDF $28BBKNG $122B
- Protean Funds October 2026 LFABF $13BNSIS-B $30B
- JB Global Capital Q3 2026 BABA $262BPYPL $49B
- Chautauqua Capital Management Q3 2026 AAIGF $103BADYEY $32B
- Impax Asset Management third quarter of 2026 AMAT $260BIT $13B
- Elm Ridge Management September 2026 CSCO $369BDELL $245B
- Aoris Investment Management — Aoris International Fund September Quarter 2026 APH $195BCMPGF $57B
Uber: The Robotaxi Discount Has Truly Gone Too Far (Earnings Review)
Uber's Q3 growth, margin expansion and rising cash flow clash with a bear-case valuation as investors price in robotaxi disruption risk…
Luca Socci 4 clicks
Intel: The CPU Comeback, Discounted
Intel's Q3 2026 results were hit by memory costs and an Israel shutdown, but enterprise AI inference could lift CPU demand as server…
Telkom Indonesia (TLKM/TLK): 9x P/E, 11% dividend, separable assets ≈80–95% of market cap, stub at ~2x EBITDA. Industry went from 11 operators to 3, a new rule kills the price war, and MSCI is forcing the sellers.
Telkom Indonesia trades at 9x earnings and an 11% yield as MSCI-driven selling obscures telecom consolidation, price increases and…
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…
Delta Air Lines Is Worth Buying Despite Near-Term Pressure
Delta Air Lines' premium, loyalty and ancillary businesses generate 61% of revenue as cash flow supports debt reduction despite fuel and…
Motti Sapir 
GPC Q3 2026: a quick North America Automotive update
GPC’s NAPA commercial sales grew 4% in Q3, trailing AutoZone and O’Reilly as freight, fuel and rent cut North American Automotive margins…
AMSC, Datadog will be fine, SiTime is worth a look
AMSC and Datadog will be fine, while SiTime is worth a closer look.
An Interview With Intuit CEO Sasan Goodarzi About Accounting and AI
Intuit CEO Sasan Goodarzi discusses using AI to turn accountants from customer-acquisition partners into customers, alongside QuickBooks,…
DigitalOcean (DOCN) Q3 FY12/26 Earnings Review
DigitalOcean reported Q3 revenue up 40% to $321 million and lifted Q4 guidance above consensus, while GPU and data-center expansion cut…
New Ideas From The Road
Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…
L3Harris (LHX) Q3 FY12/26 Earnings Review
L3Harris booked $19.3 billion of Q3 orders, lifting backlog to $53.2 billion, raised FY26 guidance and cut its 2028 free-cash-flow target…
Oracle: The Party Is Almost Over
Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…
David Desjardins 1 click
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…
Hedge Fund Manager David Orr Shares His Approach to Investing & Risk Management
David Orr describes running Militia Capital’s roughly 500-stock long-short portfolio, using expected value, correlation and factor…
3Q26 Recap: Margin at Trough, Recovery In-sight
Coupang expects Product Commerce margins to return to pre-data incident levels by mid-2027 as customer spending recovers and Taiwan…
Novo Nordisk (NVO) Q3 FY 12/26 Earnings Review
Novo Nordisk beat Q3 consensus as Wegovy pill sales reached DKK 5.4bn, raised 2026 guidance again and reported DKK 79.2bn revenue.
Shopify 3Q’26: Closing In on Half of Amazon
Shopify's 3Q 2026 GMV grew 30% FX-neutral, reaching 46% of Amazon retail GMV after merchants captured nearly half of incremental U.S.
update on Gartner
Gartner’s growth has stalled after federal contract losses and cautious commercial spending, raising questions about its competitive…
Recycle Bin
Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.
Intel: Why Didn’t We See This Coming?
Intel’s 30% stock collapse followed guidance for a more than 20% sequential Q4 client revenue decline, server CPU packaging constraints and…
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Fierce_beast
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Sectors
Ordered by how often our editor reaches for them.
