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Tuesday, November 10, 2026

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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

@kevin__mak

Kevin Mak on X

The post below dovetails into my view on "powered shells" or essentially the utility companies of the AI trade ($CORZ, $RIOT, $WULF, etc.) These companies largely (or entirely) own no GPUs. They lease a building with electricity/cooling/infrastructure to the hyperscalers/neoclouds/AI labs, who bring in their GPU racks/fiber and run their datacenters. They're the bottom ~$1 of the "per GPU hour" value chain. They're essentially real estate/utility company plays where they collect pre-specified rent for a very long time. As far as I can see, the only real downside that these companies face is that their tenants go bankrupt, AND nobody else takes over the lease/continues running the datacenter. In other words, datacenters "go dark" due to overbuilding. In my opinion, this is exceptionally unlikely. The cost of running these facilities is exceptionally small relative to the neocloud or "frontier model" pricing. If margins ever compress, it should come out of the "top of the stack" way before it comes out of anywhere else. In a world where there's an overbuild of datacenters, and datacenters are literally dark, it also means new ones aren't being built. That means GPUs and memory and all that infra are no longer being sold, because it's way easier to turn on a dark datacenter than it is to build a new one. If new datacenters aren't being built, most of the semi/hardware industry is also dead. These powered shells are occasionally trading below their contracted value, never mind adding the terminal value of their buildings and the option value of their expansion capacity. I think the reason why they're trading down so hard lately is because they're "correlated to the AI trade". But the mistake the market is making is that their operations are much less risky than the rest of the "AI trade" stack. The heroic assumption for current pricing isn't "industry grows at 50% yoy", or "margins stay >40%". It's just "datacenters don't go dark", which is a very low bar. I own $CORZ and $RIOT because I think you're getting pretty close to a free call option on AI growth. As long as these datacenters don't go dark, I think you make your money back plus a small/reasonable return (depending on your assumptions). If the AI sector grows and leases more power, renews leases, etc., then these companies will benefit. Disclosure: Creek Drive and its affiliated funds holds long positions in RIOT and CORZ. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information.

Investor Letters

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Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie 2 clicks

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

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

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

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 3 clicks
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.7B
Value Investors Club

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 4 clicks

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $17B
Stock Thoughts 5 clicks

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