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Tuesday, November 10, 2026

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@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?
@KEDM_COM

KEDM.com on X

Once a year, Bill Ackman @BillAckman of Pershing Square bangs the drum on Fannie Mae $FNMA and Freddie Mac $FMCC. They are high-quality, low-risk businesses currently trading at 1.5x earnings and operating under state conservatorship, even though Trump repeatedly mentioned taking the companies public. Ackman mentioned what a member of President Trump's administration said: “We can’t take the risk of the Communists taking control of Fannie and Freddie”. Bill’s letter makes his tweets look short by comparison, but it offers some good insights.

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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

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…

AN $6.1B
Cannibal Stocks 2 clicks

Sixty Dollars or Nothing

Chiron granted seven executives 195,610 options at a $60 strike, 63% above the market price and above its published valuation range.

XRN $372M
Orphan REITs

Trading Post 9/4/2026

Lululemon reported a 9% global comparable-sales decline, 20% lower leggings sales and mid-single-digit operating-margin guidance, with…

LULU $12B
Cassandra Unchained

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