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Monday, November 9, 2026

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Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

From X

@StableBread

Fajasy on X

From $14.47/share, you’re risking a $4.66 loss (-32.2%) on Quantum $QMCO in my bear case for a $20.40 gain (+141.0%) in my bull case, before any fallout from the CFO firing, which none of the three cases counts. Here’s where $QMCO’s stock could be by mid-2027 in my bear, base, and bull cases. I value each case on FY2028 revenue (year ending March 2028), since the market will be pricing that year by then. Each case’s value is FY2028 revenue times the multiple, plus the $77.0M of cash, over 44.6M diluted shares (44.7M in the bull case). Bear case ($9.81, -32.2%) The bear case assumes $IBM’s drive supply stays flat, Toshiba’s added capacity ends the disk shortage that helped push customers toward tape, and the “temporary benefit from higher pricing” $QMCO got in the June quarter fades. That implies FY2028 revenue of $300M, 8.5% below the $328M annual run rate in September-quarter guidance, at 1.2x, the multiple at the $9.42 PIPE price, for a value of $9.81/share. Base case ($17.89, +23.6%) The base case assumes $IBM raises drive output gradually through 2027, letting $QMCO ship more of its backlog each quarter. That implies FY2028 revenue of $360M, 9.8% above the $328M run rate, at 2.0x, a discount to $HPE’s 2.3x TTM revenue (as of October 27) for $QMCO’s open material weaknesses, for a value of $17.89/share. I use $HPE rather than $IBM (4.2x), since most of $IBM’s revenue comes from software and consulting rather than hardware. Bull case ($34.87, +141.0%) The bull case assumes $IBM ramps drive output early in 2027, the backlog converts quickly, and more hyperscalers (the largest cloud and internet companies) buy $QMCO’s Scalar i7 tape library. For reference, CEO Hugues Meyrath said the i7 deal $QMCO won from a hyperscaler in Asia-Pacific in the June quarter was valued at “well over eight figures.” That implies FY2028 revenue of $400M, 22.0% above the $328M run rate, at 3.7x, the multiple at my August update, for a value of $34.87/share. Winning more hyperscalers would also make $QMCO even more dependent on a few customers. Its top five customers made up 27% of FY2026 revenue, up from 21% in FY2025, and one customer made up more than 10%, when none did in FY2025. But the takeaway is that even the bull case, with faster $IBM supply and August’s multiple, lands just 1.1% above the $34.50 peak.
@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?

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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 4 clicks
IQV · long

Iqvia Holdings INC

IQVIA runs drug trials and gets paid regardless of whether drugs pass, while trading at a COVID-low multiple with potential AI benefits.

IQV $43B
Value Investors Club 1 click

PDD Supplemental

JD, Alibaba and Douyin are assessed for their competitive threat to PDD, with a specific investment stance on JD.

JD $39B
Bearstone 1 click

Stretch Marks

Strategy owns 847,363 Bitcoin and funded $13.7 billion of purchases this year with Stretch preferred stock, a variable-dividend security…

MSTR $61B
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