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Tuesday, November 10, 2026

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

PWR $77BORCL $363B
Monte Independent Investment Research 1 click

From X

@aleabitoreddit

Serenity on X

If you look at CW laser ASPs for AI data centers, the pricing differences are pretty substantial: 70mW: ~$3–4 100mW: ~$4–6 (Source Photonics channel checks). With some premiums apparently going up to $7-$9 range with the recent shortage for pluggables. 120–150mW NPO: ~$15–20 350mW UHP CW: ~$40 (Nomura) 400mW UHP CW for NPO/CPO: ~$50–75 (Mizuho) With former communication laser chips going from 20-50 cents. The pricing and gross margins of these players go up with each architectural shift (60%+ for CPO lasers). And go up even more depending how far down the stack you go (selling ELSFP was ~2.5x revenue content) In terms of how I see the landscape now: - $COHR is probably the best risk adjusted laser player now, for people who don't like uncertainty. Their new $20B LTA is very substantial. - $LITE pretty negative now given the valuation overhang from $MRVL acquisition. Operationally very opsitive. - $AAOI has extreme demand visibility (likely $6-$9B in new LTAs from just 1 quarter), but credible execution uncertainty. They've also been focusing on pluggables + bottlenecked by DSPs, rather focusing on UHP CPO laser merchant markets. But I think if markets see a new $5B-$7B LTA that they're in late stage discussion for... and see the $4.4B MC. Pretty sure that's a catalyst for recovery. The demand doesn't disappear but timeline shifts back a few months. AOI also signaled DSP as the main bottleneck, last quarter it was TIAs, so other different component players that are interesting. - $SIVE has extreme capacity expansion (300m laser capacity targeted in total). The economic implications that they won't disclose are likely enormous relative to their MC, even if they sell $3 70mW lasers to China pluggable players. But there's a qualification uncertainty to fill the gap, that markets have punished the company for. Especially when management communication amplifies uncertainty, despite the ongoing shortage. Right now entire AI trade is going up and down together though.

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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.

ETN $141B
Value Don't Lie 2 clicks

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
MOH · long

Molina Healthcare INC

Molina Healthcare is presented as a long investment in the widely disliked U.S. health-insurance industry.

MOH $11B
Value Investors Club 4 clicks

A letter to founding members

Cannibal Stocks favors cash-generative companies that retire shares at low valuations, citing Dillard’s 80% share reduction and…

DDS $11B
Cannibal Stocks

Lululemon: The 15-Minute Thesis

Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…

LULU $12B
Hated Moats 3 clicks

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