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Tuesday, November 10, 2026

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Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $48B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

From X

@convequity

Convequity on X

The AI build is moves more aggressively off the balance sheet Convequity’s debt scan across $MSFT $AMZN $GOOGL and $META: what these companies borrow in public is rising slowly. What they have promised to spend later — leases not yet started, equipment orders, contracted compute — is rising much faster. In 2Q26 that gap is the widest in four quarters. Off-book commitments are running toward +316% year-on-year. On-book debt is barely moving. If you only watch headline borrowings, you miss the cycle. MSFT is the clearest case. On-book debt +15% YoY. Off-book commitments +138%. That is why its all-in financing load is about 17x reported borrowings. Microsoft is under pressure from two sides: shareholders who want more AI spend, and shareholders who want less capex and faster returns. The compromise is to slow the capex it puts on its own books and lock in capacity from $IREN, $NBIS and other neo-clouds instead. How that works: IREN or NBIS borrows, builds the site and owns the chips. Microsoft signs a multi-year contract to pay for the capacity. Microsoft does not put the building on its balance sheet. It takes a future bill — rent and service payments that show up later as operating cost. Asset risk moves to the neo-cloud. Payment risk stays with Microsoft. GOOGL looks similar on a multiple and is doing something different. All-in commitments are 10.2x borrowings: $100bn of headline debt, $121bn including leases, $902bn off-book. $811bn of that off-book pile is purchase orders for its own stack — TPUs and the kit around them — not rented neo-cloud sites. On-book +190% YoY. Off-book +836%. That multiple is Google buying the factory, not renting it. META is closer to Google than to Microsoft: on-book +127%, off-book +680%. Some of Meta’s orders are reserved compute from CoreWeave and Nebius, which Meta will expense as it uses the capacity. Most of the pile is still Meta committing to build and buy for itself. AMZN is the most balanced of the four (+59% on-book / +80% off-book). Both lines are rising together. If the cycle breaks, Microsoft is less stuck with buildings and chips it owns. It is more stuck with bills it already signed. Google is more exposed because more of the capital is already spoken for on its own account. If compute gets scarcer, the extra megawatts IREN and NBIS have not yet sold can go to whoever pays more. Microsoft then has to wait or pay up. Because it owns less of the physical stack, it has less spare capacity it can simply switch on — which means higher compute costs and tighter margins. Powerful cycle. Not a broad bubble. The heat is in the promises, not the 10-Q debt line. Full AI Bubble Barometer available at Convequity.

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Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $111B
Speedwell Memos 2 clicks

Research update

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

SPGI $136BICE $96B
Global Outperformers 3 clicks

Monte Investments Market Brief Vol. CXXXV

Quanta Services’ backlog rose 63% year over year to $64 billion as shares fell 30%, while AI power and data-center construction demand…

PWR $77B
Monte Independent Investment Research 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 $77BORCL $363B
Monte Independent Investment Research 3 clicks

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

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 3 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 2 clicks

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 8 clicks

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