Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, November 8, 2026

Back to the front page

From X

@ACapitalLP

A Capital on X

Interesting catalyst situations I'm tracking into year-end: $FLEX – Axiom targets at Innovation Day (11/10) $KBR – KBR/Trinzic investor days (11/11–12) $WFRD – Delaware redomicile, S&P add? (11/13) $BAYN – Roundup settlement approval (any day) $VOYA – TCIM no-confidence vote (11/24) $PNW – APS rate case order (late Nov) $LYV – Tunney ruling + post-trial motions $MTN – ISS/GL on Oasis slate (early Dec) $COO – Q4 print under interim chair, Jana pushing a sale What am I missing?
@ACapitalLP

A Capital on X

There’s really no difference between an industry-focused pod analyst betting on $NVDA earnings and a college kid betting on the Michigan State game on Kalshi… If anything, Kalshi is more intellectually honest. You know exactly what you’re betting on, what the odds are, and what you stand to win or lose. In the institutional investment world, you just have to dress up the same probabilistic wager with a 40-page deck, an elaborate earnings model, and a sufficiently sophisticated-sounding variant perception… One is called gambling. The other is called fundamental research.
@aleabitoreddit

Serenity on X

Various commentary from Qualcomm, Arm, to Meta executives this week during the AI selloff: $LITE CEO: "You had a comment from the CEO of $IREN and I'd second that. There's a massive disconnect in what we're seeing in our demand books. And what the markets are showing. And yet you're seeing a massive, massive selloff." (Fri, Nov 6) $AMD CEO CNBC: "We're at the very beginning of the adoption cycle, where people can see where AI and superintelligence will take us" "We are seeing demand being higher than supply" (Wed, Nov 4) $ARM CEO regarding a debate whether AI infrastructure spending is about to peak: "I think in some states where it gets harder, other states may pick it up to make it easier, but I do believe strongly that if the US hesitates in any way shape performance in terms of data center buildout... "The rest of the world is ready and willing. There is just huge demand for this capacity. And I think globally the US really wants to be able to compete against China. China is not slowing down at all." (Thu, Nov 5) $APLD CEO: Bank construction lending, project financing and bond markets remain available, although interest rates and credit spreads have risen "The big risk is delivering on time." "The demand picture is extremely robust." (Mon, Nov 2) $QCOM CEO: "It's not demand bound. It's a supply bound." "We're short on wafers, we're short on substrate, we're short on assembly. Everything is short because demand is very, very high." "I think what the market is reacting to is what is the speed of the compute build out." $META on political risk: "We did have a governor that won last night who did make data centers a big part of the platform. Say as soon as we get past the inauguration, let's meet because we don't want to lose this investment in our town. We don't want these jobs to go elsewhere." (Wed, Nov 4) Even politicians campaigning against data centers are negotiating. But Meta's president also emphasized that starting new US DCs will become more difficult. TLDR: -> Extremely bullish commentary from accelerator players, networking, and semi companies -> DC developers report strong pricing/demand, but increasingly emphasize financing, permitting and execution risks (more cautious) -> Politicians that previously campaigned against DCs are showing cooperation There's an important difference between demand disappearing and demand being delayed by the inability to build fast enough. Despite the severity of the selloff, I'm not seeing evidence of widespread AI demand destruction in commentary.

Investor Letters

All letters

PayPal tries again (and again)

Stripe’s startup-focused product sprawl contrasts with Adyen’s enterprise restraint; despite 20% more payment volume and faster growth,…

PYPL $49B
scuttleblurb

Altria: An Oral History

Altria's Q1 2026 revenue rose 3.2% and adjusted EPS 7.3%, while oral tobacco share fell to 29% amid nicotine-pouch competition and a long…

MO $130B
Invariant

Winning Cultures, Brutal Truths

Norges Bank’s Winning Cultures conference drew lessons from Ken Griffin, Michael O’Leary and Jamie Dimon on rapid decisions, cost…

RYAAY $30B
Behind the Balance Sheet

Meta: 1Q26 Business Update

Meta’s Q1 2026 revenue rose 33% as ad impressions gained 19%, while AI-driven ranking and targeting lifted engagement and conversion;…

META $1.6T
Speedwell Memos 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 75 of 279

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

359 firms

Sectors

Ordered by how often our editor reaches for them.