Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, November 8, 2026

Back to the front page

From X

@ParadisLabs

Paradis on X

Quick thoughts ahead of $META earnings shortly: Key question: What does the monetization roadmap look like for Muse? Despite app downloads showing that AI capex is translating into real demand, my gut feeling is that Zuck will give a more hollistic view on AI monetization that lacks any real detail. This ultimately boils down to Meta's strategy of scale first, monetize later. Which then raises the usual capex questions particularly with Meta now positioning themselves as a frontier AI lab with their new Muse Wonder models. They'll need more compute if they're really taking this AI thing seriously. The current FY26 capex guide is $130-145B, so any increase to this without a clear AI monetization roadmap could be detrimental if I take a glass-half-empty view...particularly with consensus FCF deeply in the red at roughly -$9B for Q3. So how do Meta finance this exactly? Is it via their Blackrock agreement, or some combination of debt/equity? Again, something we'll need clarity on, layered on top of their monetization plans. I ultimately think that Zuck needs to really sell the longer-term AI vision today.

Investor Letters

All letters

NEW POSITION: Google LEAPS

Alphabet bought long-dated GOOGL calls after a 12.6% earnings drop, betting AI monetization and distribution overcome capex pressure and…

GOOGL $3.5T
Hated Moats 1 click

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click
MTMTY · short

Metlen Energy & Metals PLC

Metlen Energy & Metals faces a 40% short case centered on its overpriced aluminium, alumina and Greek power businesses.

MTMTY $6.8B
Value Investors Club

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.