New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Tuesday, November 10, 2026

Back to the front page

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading. The report highlights Bank Rakyat Indonesia among five purchases.

BKRKY $23B
Asian Century Stocks 1 click

From X

@aleabitoreddit

Serenity on X

If you look at CW laser ASPs for AI data centers, the pricing differences are pretty substantial: 70mW: ~$3–4 100mW: ~$4–6 (Source Photonics channel checks). With some premiums apparently going up to $7-$9 range with the recent shortage for pluggables. 120–150mW NPO: ~$15–20 350mW UHP CW: ~$40 (Nomura) 400mW UHP CW for NPO/CPO: ~$50–75 (Mizuho) With former communication laser chips going from 20-50 cents. The pricing and gross margins of these players go up with each architectural shift (60%+ for CPO lasers). And go up even more depending how far down the stack you go (selling ELSFP was ~2.5x revenue content) In terms of how I see the landscape now: - $COHR is probably the best risk adjusted laser player now, for people who don't like uncertainty. Their new $20B LTA is very substantial. - $LITE pretty negative now given the valuation overhang from $MRVL acquisition. Operationally very opsitive. - $AAOI has extreme demand visibility (likely $6-$9B in new LTAs from just 1 quarter), but credible execution uncertainty. They've also been focusing on pluggables + bottlenecked by DSPs, rather focusing on UHP CPO laser merchant markets. But I think if markets see a new $5B-$7B LTA that they're in late stage discussion for... and see the $4.4B MC. Pretty sure that's a catalyst for recovery. The demand doesn't disappear but timeline shifts back a few months. AOI also signaled DSP as the main bottleneck, last quarter it was TIAs, so other different component players that are interesting. - $SIVE has extreme capacity expansion (300m laser capacity targeted in total). The economic implications that they won't disclose are likely enormous relative to their MC, even if they sell $3 70mW lasers to China pluggable players. But there's a qualification uncertainty to fill the gap, that markets have punished the company for. Especially when management communication amplifies uncertainty, despite the ongoing shortage. Right now entire AI trade is going up and down together though.
@StableBread

Fajasy on X

QXO's $QXO roofing prices went from 1.1% below a year earlier in April to 4.1% above in September, per the November 9 call. Roofing and waterproofing, the business $QXO has owned longest, also grew its gross margin y/y in Q3, and its October daily sales rose 9.1% y/y, vs. 5.4% for all of $QXO. CEO Brad Jacobs said September "came in much stronger than expected." In my earlier post, I estimated that everything but TopBuild, the insulation business $QXO bought on July 1, made ~$272M of Q3 adjusted EBITDA, the same as in Q2. A higher roofing gross margin and flat adjusted EBITDA can both be right if $QXO's spending on people and technology grew faster than its gross profit, which the full Q3 report on November 12 should show. Jacobs also kept the $4B 2030 adjusted EBITDA target, but now measures it from "about $1.75 billion today," down from the "almost $2 billion" of 2025 combined EBITDA in $QXO's July investor Q&A. He said the ~$1.75B reflects current consensus estimates, so with the target unchanged, EBITDA now has to grow ~2.3x instead of ~2x. Jacobs told Tyler Grason of Patient Capital, who asked how he'd balance QXO with his new venture, CKX, that he works "pretty much seven days a week" and owns "about a quarter of the company." $QXO also said it has no debt maturities before 2031, over $2B of liquidity, and nearly two-thirds of its debt at fixed rates. So I read the call as the roofing business finally turning, but from a lower starting point than $QXO used in July. What I'd want to see in the full Q3 report on November 12: 1) Roofing: Its adjusted EBITDA vs. Q3 2025, if $QXO breaks it out, to see whether the gross margin gain carried through. 2) Costs: Whether operating expenses grew faster than gross profit across $QXO.

Investor Letters

All letters

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

Research Roundup Vol. LV

OpenAI’s enterprise privacy push and Synopsys’s Factory 2 royalty model anchor a technology roundup, alongside oil above $100 and Bitcoin’s…

SNPS $86B
Monte Independent Investment Research
VEEV · long

Veeva Systems INC

Veeva Systems is a vertical software company valued as if its best growth years are behind it.

VEEV $49B
Value Investors Club

New Position (ONON): Game is On

On Holding (ONON) is gaining sportswear share, expanding store space and launching soccer with Kylian Mbappé as investors debate U.S.

ONON $13B
Aurelion Research 4 clicks

Deep Dive: Intuit ($INTU)

Intuit’s $21.4 billion software franchise faces AI-driven pricing pressure in tax and accounting, even as QuickBooks and TurboTax retain…

INTU $92B
Rebound Capital 4 clicks

Canterra Minerals: Research Note

Canterra Minerals increased Lundberg indicated tonnage 55% to 26.1Mt, with 226.2Kt of contained copper equivalent, supporting a Buchans…

EQX $13B
Atrium Research - Equity Research 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 78 of 281

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

360 firms

Sectors

Ordered by how often our editor reaches for them.