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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Maj Soueidan on X
Not saying $MCHP is cheap, but so far, their Q3 earnings narrative is exactly what most AI beneficiaries are saying about their AI and data center related growth. Political posturing might impact near-term investor sentiment, but it shouldn’t impact overall growth trajectories of a good deal of these companies. Valuation is another story.
Calvin Blissett on X
$CCLD $YB $CCOI $BOC $AMR $HCC $CNR $METC $USIO $HHS $HY $ARKO $SLM https://t.co/XRRQSpa8YO
Barbarian Capital on X
General Mills Considering Separation of Haagen-Dazs Business Outside North America $GIS https://t.co/wtqQjtZKGO
Barbarian Capital on X
DraftKings Cuts Outlook as It Pours More Money Into Prediction Markets $DKNG https://t.co/lGrshk7yNl
Myles on X
@0pportunist @Tulipspeculator @SwCap30 Agree to disagree, I guess we'll see. I think $SPY is higher in 6 months.
Kuppy on X
Florida is the last sane place in USA. Got $JOE…?? https://t.co/RJLt2GPIFB
Mr Neutral Man aka "Howard Marks of REITs” on X
This is the main reason why we own 3 to 4 times as much of $CPT vs $MAA and $NXRT Blended leases up 1.0% in Q3 with new lease down 2% YOY vs new leases down 6% for MAA and down 4.5% for NXRT The renewal - new lease is too high for MAA for my liking. Much healthier for Camden Same store NOI -0.2% in Q3 vs -1.8% for MAA and -8.2% for NXRT (large chunky expenses that is not run rate for NXRT) @jayparsons
Investor Letters
All letters- Rathbones October 2026 SBGSF $143BSIEGY $237B
- FCL Capital October 2026 ANPDF $28BASML $575B
- Protean Funds October 2026 AAK $4.7BLFABF $13B
- JB Global Capital Q3 2026 BABA $262BPYPL $49B
- Pendelhaven Asset Management B.V. Q3 2026 ALM $2.5BJXN $8.8B
- Chautauqua Capital Management Q3 2026 AAIGF $103BADYEY $32B
- Rathbones Q3 2026 GOOGL $3.5T
- Night Watch Investment Management Q3 2026 AZLGF $3.3BIMCDY $6.7B
Trading Post November 5, 2026
MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.
The hyperscalers (almost) always win
Amazon’s AWS grew 39.3% with roughly 39% margins, while retail unit growth and lower cost to serve expand its delivery network’s reach.
Intel: The CPU Comeback, Discounted
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Problems at Twist Bioscience (TWST)
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VSH Earnings Review
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This Week in Special Situations: Lear, AutoNation, NexPoint, AudioCodes, Xponential Fitness
AutoNation, Lear, NexPoint, AudioCodes and Xponential Fitness lead a 52-situation screen spanning buybacks, insider purchases, M&A and…
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.
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Thursday Tailwinds #13: Nov 5, 2026
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Delta Air Lines Is Worth Buying Despite Near-Term Pressure
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Motti Sapir 
Microsoft: A “Blue Chip” Again, New All-Time High >$550
Microsoft rose 6.7% to a $555.80 record after Q1 FY27, with profitable growth and free cash flow reinforcing investor confidence in its AI…
AMD Earnings Review
AMD reported $13.4 billion in Q3 revenue, with Data Center sales up 97% to $8.5 billion, and guided Q4 revenue to $17 billion.
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%.
Merck and Co. (MRK) Q3 FY 12/26 Earnings Review
Merck reported Q3 revenue of $18.1 billion, up 5%, and raised 2026 guidance as Keytruda sales reached $8.6 billion ahead of its 2028 patent…
Matt Murphy and Michael Hurlston Fireside Chat: Irrational Recap
Marvell and Lumentum’s merger targets uVCSEL scale-in optics, combining Marvell’s DSP and analog IP with Lumentum’s laser manufacturing for…
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…
Transocean (RIG): Q3 2026 Earnings
Transocean enters its Valaris merger with 109 of 110 available deepwater rigs contracted and 313 million shares sold short, despite weaker…
Microsoft FY 1Q’27: My Confusion vs. the Market’s Certainty
Microsoft’s Azure grew 48%, but OpenAI compute may have supplied 45% of its growth, leaving Azure excluding OpenAI up roughly 31%.
Enterprise Products Partners Pulled 2027 Into 2026 - Energy Transfer Didn't
Enterprise Products Partners has pulled growth spending into 2026, while Energy Transfer’s contracted projects offer clearer EBITDA growth…
Blackstone Digital Infrastructure Trust (NYSE: BXDC)
BXDC trades at a 14% discount to net liquidation value, with $1.9 billion of cash against a $1.6 billion market cap, ahead of data-center…
Amazon Q3: AWS Is The Crown Jewel, And The Market Just Put It On Sale
Amazon’s Q3 revenue reached $201.94 billion as AWS grew 39.3% to $45.98 billion and backlog hit $578 billion, supporting management’s…
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