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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

From X

@convequity

Convequity on X

I think the Oracle credit story could look very different in 2028 and 2029 from what the market is pricing today. $ORCL has priced $10 billion of stock and $10 billion of bonds to fund its AI buildout. Management expects free cash flow to turn positive in the second half of fiscal 2028. The interesting part is how Oracle gets there. AI customers need the capacity, and those customers also have relationships with the suppliers building the infrastructure. Customer prepayments and supplier financing can move some of the funding further upstream rather than leaving Oracle to finance everything itself. I'd also watch whether support can extend further up the supply chain. The final cost of a data center is not the same as the underlying cost of the components, so there may be room for suppliers or their suppliers to provide credit backing with less exposure than the headline project value. The actual contracts and who bears losses matter here. Oracle's five-year CDS has been trading close to 300 basis points. I'm curious about the other side of that trade: who is underwriting the protection, and what happens if Oracle reaches positive free cash flow and the fear around AI infrastructure financing eases? Selling protection is still a risky bet. A premium can look attractive right up until the underlying credit deteriorates, and spreads can widen before the trade works. But if Oracle delivers the capacity and its customers pay for it, I think the picture in 2028–29 could be very different from today's gloomy consensus.
@InvestSpecial

Dalius - Special Sits on X

While everything is down, $RSVR keeps delivering. Another solid Q2, another guidance raise. The review of the founder-led bid keeps dragging on. Given the steady improvements in the business, I wouldn't be surprised if the special committee is holding out for a higher price. A bump certainly looks possible. But with the spread down to just 1.5%, the risk/reward isn't nearly as compelling anymore. Up 17% since SSI write-up. Trimming heavily 👇

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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…

VICR $6.8B
CV's Substack 2 clicks

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
SKIN · long

Skinhealth Systems INC

SkinHealth Systems owns a dominant professional skincare consumables franchise but trades at roughly $115 million market cap and $255…

SKIN $83M
Value Investors Club 5 clicks

Lennar, Part One: The Story

Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…

LEN $22B
Latticework by MOI Global 15 clicks

Lennar, Part Two: The Deep Dive

Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.

LEN $22B
Latticework by MOI Global 13 clicks

ASML Q3 FY12/26 Earnings Review

ASML reported Q3 sales of €11.7 billion, up 55% year over year, and guided Q4 sales to €14.2 billion to €15.2 billion amid capacity…

ASML $575B
Cestrian Capital Research 10 clicks

Insider activity September 2026

Asian insider buying rose 19% to US$2.4 billion across 930 September transactions, led by Grab CEO Anthony Tan’s US$30 million purchase…

GRAB $14B
Asian Century Stocks 8 clicks

Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications…

GLW $101B
P Equity Research 40 clicks

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