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Saturday, November 7, 2026

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@aleabitoreddit

Serenity on X

If someone asked me 10 years ago what I'd be doing in the future, Answering questions on Jensen + Spys banging each other and implications on the AI trade would not be in mind My response to that question is: how am i supposed to know? On AI trade implications: $NVDA probably wanted to sell more chips anyway (to China) for revenue and it's extremely unlikely this person had any effect on trade policies. The relationship might not even be true... anyway I'll wait until more news comes out.
@aleabitoreddit

Serenity on X

A $TSM Spokesperson has reportedly denied exploring 3D DRAM per Tom's Hardware. After a report yesterday from The Information stated TSMC's production plans were from $NVDA's request. The implications would have put TSMC in competition with $MU, SK Hynix, and Samsung and set off narratives about TSm disrupting the biggest memory makers. There's something frustrating with there's market moving headlines both ways. It just creates more confusion and volatility... Especially if something (like $NVDA CEO honeypot allegations) or the TSM report yesterday turns out untrue.
@aleabitoreddit

Serenity on X

A $TSM Spokesperson has reportedly denied exploring 3D DRAM per Tom's Hardware. After a report yesterday from The Information stated TSMC's production plans were from $NVDA's request. The implications would have put TSMC in competition with $MU, SK Hynix, and Samsung and set off narratives about TSm disrupting the biggest memory makers. There's something frustrating with there's market moving headlines both ways. It just creates more confusion and volatility... Especially if something (like $NVDA CEO honeypot allegations) or the TSM report yesterday turns out untrue.
@aleabitoreddit

Serenity on X

So two things: 1. I'm now fundamentally positive on $IREN post Mirantis acquisition and after their recent earnings. Their operating outlook and ability to finance has looked more compelling. 2. That doesn't always translate to appreciating share price and ROI to shareholders. I have caution regarding their existing $6B ATM, which now has $2.37B left (so they have been going through it). As well as CEO executive compensation, which I'd argue would be more beneficial if this were done through appreciating share prices rather than dilution. Obviously optics on their NBA Warriors deals are very bad while they're unprofitable... but I'd treat this as noise relative to the scale of the ATM overhang + executive comp. So a lot of weighing different float + market dynamics vs. operational business, but I'd argue this is something that still can be addressed.

Investor Letters

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Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

Axon 3Q26 Business Update

Axon cut full-year guidance after delayed federal Dedrone contracts slowed 3Q revenue growth to 28%, while software and services grew 43%.

AXON $31B
Speedwell Memos 3 clicks

AMD Q3 FY26, Annotated

AMD's Q3 revenue rose 45% to $13.4 billion as data center reached $8.5 billion, 64% of sales, driven by EPYC and Instinct ramps.

AMD $660B
Chipstrat 2 clicks
EUXTF · long

Euronext NV

Euronext has evolved from a regional cash-equities exchange into a pan-European market-infrastructure platform after a decade of technology…

EUXTF $21B
Value Investors Club

AppLovin Deep Dive: Not A No Brainer

AppLovin is down 48% YTD after its first guidance miss, with revenue 1% below expectations and EPS 2.5% short, reviving fears of an adtech…

APP $118B
Capitalist Letters 7 clicks

Amazon’s AI Economics

Amazon combines AWS AI infrastructure, model-company stakes and retail automation, with AWS targeting $1 trillion in annual revenue over…

AMZN $2.9T
Modern Value Investing 8 clicks

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