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Tuesday, November 10, 2026

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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 collapse.

AN $6.1B
Cannibal Stocks 1 click

From X

@convequity

Convequity on X

Larger AI chip packages are pushing manufacturers toward glass substrates. We regard LPKF Laser & Electronics ($LPKFF) as one of very few suppliers that can make the tiny, closely spaced holes through the glass reliably and in volume. 1. The silicon chips and the organic (resin-based) substrate beneath them expand by different amounts as the package heats and cools. A larger package makes that mismatch harder to manage, raising the risk of warping and damaged connections. Glass expands more like silicon. 2. $NVDA is requiring its Taiwanese and Korean suppliers to deliver glass substrates by 2028. 3. China's BOE is reportedly meeting with Samsung on a glass substrate partnership. 4. Producing these holes in volume is difficult. The holes, called through-glass vias, must be made without cracking the glass and then filled with copper. Our view is that LPKF's process, a laser pulse followed by a chemical etch, is built for that hole-making step. We are watching for its customers to move from development into production.
@convequity

Convequity on X

Ahead of 5 Nov, we are watching whether $IREN’s project delivery is reducing cash burn and whether further expansion has suitable funding in place. Longer debt maturities give IREN more time to complete projects and collect cash, reducing the urgency of returning to lenders during an unfavorable market. Its Microsoft GPU financing is closely matched to the associated contract and sits in a separate vehicle with limited recourse to the parent. We want that time used to establish operating cash generation that can support future investment and eventual debt repayment. At depressed valuations, our view is that IREN could provide a partial hedge against slower AI progress. If slower demand growth leads the largest cloud buyers to moderate construction, IREN could gain better access to GPUs and power for projects already sold. Earlier completion would start revenue sooner, and fewer new commitments would reduce the cash absorbed by construction, bringing positive free cash flow forward. This depends on existing contracts remaining sound. A collapse in customer demand or credit quality would, of course, hurt IREN.
@aleabitoreddit 1 click

Serenity on X

The rhetoric on X and from Elon leans overwhelmingly apocalyptic on Democrats winning. It's a mini bubble here, but I think people forget AI is bipartisan national security priority, and that $NVDA's historic rally + AI buildout acceleration happened under the Biden admin. Anyone can extrapolate a politician's negative view on AI to doompost indexes or that " $CRWV is going to go down". But in all reality, even with a Democratic governor, we'll likely just see some headwinds to individual developers, and incentives like "clean-energy tax credits" moving to other areas in AI like solar manufacturing. Rather than any market-wide doomsday scenario that the opposing party likes to portray. Even Bitcoin/Ethereum performed better under the negatively perceived regulation of Gary Gensler. Just like any major event, everyone looks at the worst case scenario like helium disruption shutting down Samsung, $TSM, and the memory trade... Then markets move on few weeks later.

Investor Letters

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💥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 $13M
PETITION 1 click

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 1 click

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research 1 click

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

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 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
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
Value Investors Club

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

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 3 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

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