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

From X

@ParadisLabs 3 clicks

Paradis on X

Once again, the GPU depreciation bear thesis is dead. Elon on the $SPCX call: "The value of compute per watt will increase over time, not decrease... that's why you see things like even old computers like H100s renting for more than they rented when they were new." When supply is this constrained, GPU rental prices are set by the value of the marginal token, not the replacement cost of the chip. Models keep getting better, and better models raise the value of every installed watt faster than new GPUs deflate the old ones. Various datapoints all stack up: -> $SPCX says compute contracts are renewing "at higher dollars per watt, not lower dollars per watt" -> 1-year H100 contract pricing went from ~$1.70/hr to ~$2.35/hr between Oct 2025 and Mar 2026 (a 2022 chip!) -> $CRWV signed an A100 contract running into 2029 (a 2020 chip) and said older-gen pricing is at / above a year ago, and raised list prices ~25% in July. -> $NBIS's first Blackwell auction cleared 15% above its previous high and as a reminder....they told customers H100 on-demand goes up ~17% (from Oct 1). -> Zuckerberg: $META is getting offers for its compute "at a significant premium over what we paid for it". -> Lenders are now lending against GPUs out to 2030 e.g. $NBIS borrowed against its GPUs at SOFR+250 in July. Feels like the 2-3 year GPU useful life bear thesis keeps getting setback. Ofc, the one thing that ruins the party is the S/D gap closing -- Rental prices fall back toward replacement cost + older GPUs get repriced on perf/W. Which won't happen anytime soon.
@aleabitoreddit 2 clicks

Serenity on X

Yeah this statement was heavily bullish on neoclouds like $NBIS along with many others "Our belief is that the value of compute per watt will increase over time, not decrease. The reason for that, I think it should be obvious to people really, is that as you improve the AI software, as the models get better and better, you get more useful intelligence per watt And the value of that compute is proportionate to the useful intelligence per watt. And that’s why you see things like even old computers like H100s renting for more than they rented when they were new. And I think that’s likely to continue. I think we’re going to face a shortage of superintelligence compute and that shortage is going to remain for a long time"

Investor Letters

All letters

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

ICE $96B
Global Outperformers 3 clicks

The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 2 clicks

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $1.3B
Orphan REITs 2 clicks

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $6.6B
Monte Independent Investment Research 3 clicks
AUTLF · long

Austal Limited

Austal is a naval and commercial shipbuilder operating in the U.S., Australia and Asia.

AUTLF $1.3B
Value Investors Club

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 2 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 81 of 282

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

369 firms

Sectors

Ordered by how often our editor reaches for them.