Tuesday, November 10, 2026

@TidefallCapital Oct 29

Trevor Scott on X

@JerryCap $NOW ceo on CNBC every 90 days pumping... It's night and day from Miller and $CSU just quietly grinding behind the scenes, listening to customers and sharing best practices.

@BlueDuckCap Oct 29

BDC on X

Factor and sector rotations off of day to day and often conflicting data points have been a hallmark of the 2026 market. Not sure if its algos or just heavy retail participation or both. But I would say this: stop reacting to the daily data points - especially during earnings. It's stupid and a recipe for getting chopped into oblivion. While earnings reports are useful for directional trends on sectors, every company is different. Obviously. And different things impact quarters. To wit - its Thursday. Sunday night: AI trade over. Monday after Anthropic S1 out: Oh there's a healthcare TAM here and inherent operating leverage on compute, buy AI! Tuesday: AI stable, sell $SPOT! Weds: Send AI Weds PM: $GOOGL sucks, puke it, its over. Buy $META (why? idk). $NOW sucks puke it. Capex peak in sight (in line with consensus) puke AI. $MSFT good, buy it. Thurs: AI over, software over buy $SPOT. $MSFT good but its AI and software, sell it. Try and have an investment view anchored in what you believe to be confirming data points you expect to see in coming weeks, months, years. Hedge tactically as the data points inevitably aren't linear. Barbell core investments with tactical trades to hedge and take advantage of the rotational chop. Such trades are best in highly liquid securities. But if you trade like a bipolar lunatic - much like the market has traded - you will not do well.

@Mr_Neutral_Man Oct 29

Mr Neutral Man aka "Howard Marks of REITs” on X

@RecoveryTrade For $MAA?

@StableBread Oct 29

Fajasy on X

First Solar $FSLR trades at 6.7x TTM EBITDA and 10.4x TTM net income, while TOYO Co., Ltd $TOYO trades at just 0.9x and 2.0x. At $3.83/share, $TOYO has a market cap of $163.6M and an EV of $137.2M ($163.6M + $25.7M of bank loans + $51.4M owed to VSUN, an affiliate - $103.5M of cash). It trades at 0.9x TTM EBITDA of $156.4M, 2.0x TTM net income of $80.5M, and 0.78x its $209.8M of book value. Since 80.7% of its H1 revenue came from U.S. end customers, $TOYO’s closest comps are four other listed solar manufacturers selling into the U.S. (TTM multiples as of the October 26 close): → First Solar $FSLR (U.S. thin-film panel maker): 6.7x EV/EBITDA, 10.4x P/E, 1.75x P/B, and down 47.2% from its 2026 high. → Canadian Solar $CSIQ (panel and battery storage maker): 18.8x EV/EBITDA, a net loss, 0.22x P/B, and down 65.2%. → JinkoSolar $JKS (China-based panel maker): A net loss, 0.19x P/B, and down 72.7%. → T1 Energy $TE (Texas panel assembler building a U.S. cell plant): Negative EBITDA, a net loss, 2.95x P/B, and down 82.4%. So the market prices $TOYO’s earnings at 0.9x EBITDA, less than a seventh of First Solar’s 6.7x, a multiple that only makes sense if the four U.S. trade actions on its Ethiopian cells wipe out most of those earnings. Only $TE has fallen further from its 2026 high. I was originally going to write up T1 Energy until I found $TOYO, which offers a more attractive setup mainly because (1) it’s profitable, with $80.5M of TTM net income vs. T1’s $367.8M net loss, (2) it trades at 0.78x book vs. T1’s 2.95x, and (3) it has $26.4M of net cash vs. T1’s $629.2M of net debt.

@convequity Oct 29

Convequity on X

In our view, distributors may have accumulated inventory because they expected shortages, and that inventory could add supply and pressure memory prices, though we have not verified the reports. Disk use in one of our agent environments has been heavy. That is evidence of storage demand. It tells us little about how much DRAM or HBM the models need while running. Existing suppliers and Chinese manufacturers are expanding production. Chinese manufacturers reportedly hold enough lithography machines for three to four years of expansion. Reports of large distributor inventories, which we have not verified, raise another risk: distributors could sell down stock accumulated in anticipation of shortages, adding supply and putting further pressure on prices. We hold $LRCX for manufacturing equipment, $RMBS for memory interfaces, and $SNDK for storage and high-bandwidth flash. These give us several ways to benefit from growing data demand without relying entirely on high memory prices.

@convequity Oct 29

Convequity on X

At $INTC's earnings, we will listen for evidence that Intel can manufacture outside customers' chips at acceptable yields, in volume and on schedule, not for the quarter's numbers. Our view is that Intel's investment case increasingly depends on turning manufacturing progress into a credible foundry business. Technology alone is not enough; customers also need design tools, proven chip IP and engineering support to get chips into production reliably. Intel's history of manufacturing mainly for itself makes that harder. Its design rules and processes were built around internal teams, and moving a chip from one foundry to another is costly and time-consuming. That is why the 12nm partnership with $UMC is critical. UMC brings experience serving external customers and is helping develop a more customer-friendly process design kit, the rules and models engineers use to design chips for the process. What would strengthen our confidence: signs that outside customers can design to that process, and that the work is turning into customer wins.

@StableBread Oct 29

Fajasy on X

Commerce’s first ruling on whether TOYO Co., Ltd’s $TOYO Ethiopian cells should pay the duties on Chinese cells is due ~December 14. $TOYO says those cells use no Chinese wafers, but in 2025, it bought $94.9M of goods from VSun China, which its 20-F calls “a crucial supplier of monocrystalline silicon wafer.” Circumvention is when a producer finishes its products in another country to avoid duties on goods from its home country. On May 12, 2026, First Solar $FSLR and seven other U.S. manufacturers asked Commerce to extend the 2012 duties on Chinese solar cells to cells and modules completed in Ethiopia with Chinese parts. Commerce opened the inquiry on July 17, and $TOYO’s deck says it’s a mandatory respondent, meaning Commerce chose $TOYO as one of the companies whose production, sourcing, and shipment records it examines directly. Commerce targets a preliminary determination within 150 days (~December 14, 2026) and a final one within 300 days (~May 13, 2027), unless it extends the deadlines. $TOYO’s defense rests on the line Commerce drew in 2023. In its Southeast Asia rulings that August, Commerce applied the China duties to cells made there from wafers produced in China, plus modules that paired those cells with more than two Chinese components. However, it didn’t count wafers made outside China as Chinese, even when they used Chinese polysilicon. Products outside those terms could avoid the China duties through a certification process, but Commerce barred the companies it found uncooperative in those inquiries from using the certification. Neither $TOYO nor VSUN (the Vietnamese panel maker $TOYO was carved out of) was on that list. $TOYO’s deck says the inquiry also covers past shipments. $TOYO bought no raw materials from VSun China in H1 2026, just $2.6M of machinery, but it did buy $7.4M of unspecified raw materials from VSUN’s Vietnamese subsidiary in Q2. I found no filing, release, or Commerce notice that says where VSun China’s wafers were made or which $TOYO plant used them. $TOYO has asked Commerce for a prospective path, which would judge its current production separately from past shipments. $TOYO’s slide on that request reads, “Commerce has not agreed to either approach. Timing and outcome remain uncertain.” I’m fairly comfortable with $TOYO’s current cells, since $TOYO says they use non-Chinese wafers, which Commerce left out of the China duties in its 2023 rulings. I’m less comfortable with its 2025 shipments, since $TOYO bought $94.9M of goods from VSun China that year, and Commerce hasn’t agreed to judge them separately from current production.