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

@StableBread

Fajasy on X

The patents behind the key-capture technique of Nubeva Technologies $NBVAF (TSXV: $NBVA) now belong to Netskope $NTSK, a ~$7.6B cloud security company. In March 2024, Nubeva sold its web-traffic (TLS) technology for $1M to an unnamed “mid-sized U.S. based cyber security company,” keeping the right to support the product’s one remaining customer (still 41% of FY2026 revenue). USPTO records show Nubeva assigning five patents to Netskope in one filing signed March 1, 2024, three days before the sale closed, and recorded March 19, 2024. Three are cloud-security patents from Nubeva’s first business. The other two cover key extraction: 1) U.S. 11,805,107: The patent behind Session Key Intercept (SKI), Nubeva’s TLS key-copying software, granted October 31, 2023 to co-founders Greig Bannister and Randy Chou. It covers software that pulls an encryption key out of a computer’s memory and forwards it to whatever needs to decrypt. 2) U.S. 11,494,484: Granted November 8, 2022, and announced by Nubeva as its “U.S. Patent for Ransomware Decryption Technology,” with Bannister saying it “underpins Nubeva’s ability to continue as an effective solution against ransomware.” Bannister, the co-inventor on every SKI patent, resigned as CTO and director on March 1, 2024, the same day the patent assignment was signed, and went to Netskope with the patents. Following the TLS sale, Nubeva kept the other half of the process, turning captured keys into a working decryptor. It filed two patents on the decryptor side in 2024, both since granted: 1) U.S. 12,430,438, granted September 30, 2025: It covers running the ransomware in a sandbox (an isolated test machine) against a known file and matching the result to a library of standard encryption methods to find the one the malware used. With the method and the captured key, Nubeva can build the decryptor. 2) U.S. 12,561,431, granted February 24, 2026: It covers ransomware that encrypts scattered pieces of a large data store, like a virtual machine’s disk, from several processors at once. Nubeva’s method maps which pieces were encrypted, then decrypts each piece with the captured keys. When granting the second patent, the patent examiner flagged PayBreak, a 2017 Boston University research system that also copied ransomware’s keys as it ran, as earlier work in the same area. Copying ransomware’s keys mid-attack wasn’t new by 2024. Nubeva’s patents protect the recovery built on top of the captured keys. NuRR, Nubeva’s ransomware product, copies keys the same way SKI does, but Netskope now owns the two key-capture patents. Nubeva hasn’t disclosed any license from Netskope that lets NuRR keep using the patents. Any buyer would want the license question answered first. Chou has said Nubeva needs four AI patents granted before it partners or sells, and two are still pending. In a July 2024 video, he said a buyer wants the patents issued, since “if you are patent pending there’s a significant discount on the technology itself.” The last two are now well past the early-2026 timing he called typical, with no new date from Chou.

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

💥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

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 83 of 283

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.