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Tuesday, November 10, 2026

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@convequity

Convequity on X

$TSEM remains one of our highest-conviction holdings, even after we trimmed the position in our 4Q26 rebalance. We wanted to keep Tower at its 6.1% portfolio weight despite a roughly 25% fall in its share price over the past quarter. To make room for new holdings, we trimmed the weight to 4.75% and banked some profits. With SpaceX ($SPCX) also becoming a larger holding, we are limiting further additions to avoid concentrating the portfolio in a few companies. Our confidence in Tower's technology remains strong. We think Tower's competitive advantage comes from combining chips that send and receive data using light with the electronic chips that drive and control them. Next-generation optical connections require these components to exchange more data within a smaller space. Hybrid bonding achieves this by joining the chips through densely packed electrical connections that move large amounts of data in a compact package. In our view, Tower's capabilities here are effectively unmatched among Western suppliers. Tower has also added manufacturing capacity more successfully than we expected. It can fulfill more customer orders itself, leaving less business for $GFS. Customers have less reason to switch to a supplier whose technology they consider weaker when Tower can meet their needs, so the capacity expansion strengthens our Tower thesis and weakens the case for competitors that rely on orders Tower cannot accommodate.
@StableBread

Fajasy on X

The CEO of Nubeva Technologies $NBVAF (TSXV: $NBVA) expects its third AI patent to be approved within two months, calling the rest “signature paperwork.” Nubeva, a ransomware recovery company, has been granted two of the four AI patents it applied for in 2024. CEO Randy Chou said in his October 5, 2026 interview on Nubeva’s YouTube channel that the patent office had sent an amendment on the third patent that week, which Nubeva plans to accept. The third patent covers detecting “nefarious or improper encryption” inside a binary (a compiled program in machine code), meaning Nubeva can tell when malware is encrypting files, even when the encryption is hidden. Spotting hidden encryption is also what drew AI data labeling companies (firms that turn experts’ knowledge into training data for AI labs) to Nubeva, Chou said. Nubeva hasn’t heard back on the fourth patent. Chou said the patent office told the company that AI patent applications are now taking much longer, with examiners reading filings as long as 150 pages vs. the ~30 pages he typically files (probably because of AI writing the patents). So the fourth patent, the last one Chou wants granted before pursuing a potential partnership or sale, is just a waiting game.

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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

💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $17MGUTS $11M
PETITION 2 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 3 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

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