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Monday, November 9, 2026

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Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing leverage.

VICR $6.8B
CV's Substack 2 clicks

From X

@AsifSuria

Asif Suria on X

While rummaging through insider purchases last night, I came across a company that I almost discarded at first look. It scored poorly in our quantitive model (IA Score of 36), free cash flow was just a smidgen positive in 2025, debt on the balance sheet was growing and it remains unprofitable. Yet an independent director with deep industry experience was buying. This is his fourth insider purchase since joining the board in 2023 and he picked up $408,600 worth of stock according to the Form 4 filed yesterday. The company is California-based Alphatec Holdings $ATEC and they make a robotics platform focused on spinal surgery. The stock is down an astounding 62% over the last year. Dave Demski, the independent director that bought shares, used to previously be the COO and then the CEO of Globus Medical $GMED Globus Medical built a robotics platform to help with spinal surgery, hip reconstruction and more. During Demski's nearly 5 years as CEO of Globus Medical from 2017 to 2022, revenue increased from about $700 million to over $1 billion and the stock more than doubled despite the disruption due to COVID-19. So what made me take a closer look at Alphatec? I love companies that could be at a point of inflection and I'll let the income statement speak for itself. Last quarter the company almost broke even and free cash flow was positive. Year-over-year revenue growth was about 13% but it missed consensus estimates. For the full year they expected adjusted EBITDA of $137 million and free cash flow of $10 million. With an enterprise value of just $1.65 billion, I can see this company being an acquisition target for Medtronic $MDT, Zimmer, Boston Scientific or more importantly Globus Medical.
@KEDM_COM 1 click

KEDM.com on X

More on #nicotine: While the market potential in the US is many times larger than in Sweden and Norway, the dynamics are very different. In Sweden, the market is mature and largely saturated, with pouch growth mostly cannibalizing Snus. In the U.S., it is more fragmented and experimental. The large players include Philip Morris $PM’s Zyn, British American Tobacco $BTI’s Velo and Altria $MO’s On!. There are some niche brands, of which Alp is the most notable because of its promotion by Tucker Carlson. It is owned by a JV between Tucker and Turning Point Brands $TPB. TPB is widely covered in our Discord channel, mainly by KEDM subscriber @stonksbusinessman.
@aleabitoreddit

Serenity on X

$AAOI signs $194.4M/year contract with Yuunan Germanium. This is for 2027 alone, with a 5 year contract. Given an implied total of ~$970M in InP substrates over 5 years (before price hikes) Hmm just some thoughts: - AOI laser capacity expansion seems bigger than what’s disclosed based on procurement patterns? 180K wafers seems like an extreme amount compared to what’s needed for lasers within their own transceivers… if they can consume all of that So maybe we’ll hear about a new UHP laser contracts in earnings, after $LITE announced a $5B contract. - read through on $AXTI is positive, given they’ll probably be #1 in InP substrates manufacturing scale in the future + have contracts with $LITE and $COHR. - positive AOI was able to secure capacity during the bottleneck More spend is probably the boogeyman in the AI trade, but it’s a good signal for earnings.

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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

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

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