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

@junkbondinvest

junkbondinvestor on X

Quick follow-up on $CRWV after the call...funding picture better than the release suggested: > Next DDTL expected to be IG at 7-7.5% and fund 90%+ of capex. Hasn’t launched yet. > The $9bn of prepayments is from signed contracts. $3bn+ of it is from recontracting existing GPUs. > 2027 capex flat at $37-39bn if they only build committed backlog. > Ampere and Hopper pricing up 30-50% QoQ, above original contract prices. That’s shortage pricing though. > ST deals at ~$40mm/MW vs $20-25mm on 4-5 yr contracts. > No new unsecured through 2027 at current yields and <$5bn of parent-level capital needed. They didn’t say where that comes from. ATM? > No downside case given for what happens if supply catches up. NT funding concern mostly answered. The open question is whether today’s pricing lasts. Thoughts?
@junkbondinvest

junkbondinvestor on X

Initial reactions to $CRWV 3Q - Capex guide UP, with the low end raised to $37bn from $35bn. That implies $13-15bn in Q4 alone. Anyone here surprised? - $9bn of prepayments expected over the next 3 months. Cool, cheaper than the 15% unsecured debt. Some funding concerns alleviated, but that prepayment is not costless. - Margins improving. Adj EBITDA margin went to 62% from 59% in 2Q. Still ramping, though. - Backlog up $28bn to $132.5bn and contracted power up 900MW to 4.6GW. Contracted power up = more capex = more leases. - Debt up to $46.9bn, cash down to $4.1bn, and lease liabilities up to $18.7bn. Overall, not a whole lot changed about the story. Funding picture a bit better (prepayments, no equity, FCF not as bad) but commitments/capex keep growing. Let’s see how the call goes.
@junkbondinvest

junkbondinvestor on X

Initial reactions to $CRWV 3Q - Capex guide UP, with the low end raised to $37bn from $35bn. That implies $13-15bn in Q4 alone. Anyone here surprised? - $9bn of prepayments expected over the next 3 months. Cool, cheaper than the 15% unsecured debt. Some funding concerns alleviated, but that prepayment is not costless. - Margins improving. Adj EBITDA margin went to 62% from 59% in 2Q. Still ramping, though. - Backlog up $28bn to $132.5bn and contracted power up 900MW to 4.6GW. Contracted power up = more capex = more leases. - Debt up to $46.9bn, cash down to $4.1bn, and lease liabilities up to $18.7bn. Overall, nothing a whole lot changed about the story. Funding picture a bit better (prepayments, no equity, FCF not as bad) but commitments/capex keep growing. Let’s see how the call goes.
@ActAccordingly

PAA Research on X

Of all the things in the $ANT IPO roadshow slide deck, there are THREE WORDS that really stood out to me: "FUNGIBLE COMPUTE POOL" (Slide 13) That's $AMZN, $GOOG, $NVDA, and $AMD. I doubt $NVDA shareholders think of their leading edge chips as "fungible" but the largest AI company does. Is there anything in the AI capital stack at this point that isn't "commoditized" or headed that way? The models, the chips, the shell, the hardware....

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…

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

Cerebras June 2026 Earnings

Cerebras faces shareholder criticism over $700,000 to $850,000 WSE-3 rack pricing, alleged packaging-yield losses and SRAM-based KV-cache…

CBRS $20B
Irrational Analysis

Precision AI

Adobe’s licensed vector data, corporate workflow integration and compliance framework could give it an edge in precision AI as frontier…

ADBE $93B
Bearstone

Intuit deep dive

Intuit’s investment case turns on whether AI strengthens or weakens QuickBooks and TurboTax moats across SMB accounting, payroll, payments…

INTU $90B
Global Outperformers

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 79 of 282

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.