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

@convequity 1 click

Convequity on X

We wouldn’t be surprised to see GPU rental revenue reach $100bn per gigawatt a year. Nebius ($NBIS) has already reported a short-term deal in the $40m–$50m per MW annualised range. That is $40bn–$50bn per GW. Likewise for Space $SPCX and others while $CRWV sold its long term capacity too early at low prices. Use 660,000 Blackwell GPUs as a simplified 1GW case. With every GPU-hour rented: • $50bn a year = $8.65 per GPU-hour. • $100bn a year = $17.30 per GPU-hour. DeepSeek reports $38 of API revenue per GPU-hour at off-peak prices for a V4.1 Flash cluster. Peak tariffs are double. Serving the same workload at those prices would imply $76 per GPU-hour. For an inference provider that can reproduce those economics on rented hardware, a move from $5–$6 rent to $9 can still be affordable. Even roughly $18 need not make the service uneconomic. Suppose another provider achieves 70% of that $38–$76 revenue benchmark across its rented GPU-hours. That gives $26.60–$53.20 of revenue per hour. After $18 of GPU rent, $8.60–$35.20 remains for other costs and profit. The condition is matching DeepSeek’s serving efficiency on the rented hardware and sustaining paid demand at those token prices. Releasing the inference code does not guarantee either. For operators that can do this, we think there is room to keep bidding up scarce GPU capacity, even at twice today’s roughly $9 hourly rate.

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

💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $17MGUTS $13M
PETITION 2 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

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $1.3B
Orphan REITs 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 $77BRIOT $5.8B
Monte Independent Investment Research 3 clicks
AUTLF · long

Austal Limited

Austal is a naval and commercial shipbuilder operating in the U.S., Australia and Asia.

AUTLF $1.3B
Value Investors Club

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

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.