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

Wednesday, November 11, 2026

Back to the front page

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

@aleabitoreddit

Serenity on X

$CRWV ER and read through for $NBIS and other Neoclouds: “We have 10x as much qualified demand as available capacity”. - interest in 2028 capacity already amounts to several times what CoreWeave has available - CoreWeave raised prices by 25% in July, +10% later in Q3, and more to come in Q4 - Ampere and Hopper rental pricing rose 30–50% quarter over quarter (older GPUs) - better financing conditions (higher prepayments, lower interest 7–7.5% for new loans) - positive adjusted net income in the first half of 2028. So we’re seeing higher pricing esp. for older GPUs…better financing mechanics, and extreme demand imbalance where you have 10x demand > supply. Same issues are there for this company in specific with interest rates, but I’d argue other Neoclouds are in a better spot. But it’s wild to witness AI infrastructure names crash while demand keeps growing
@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.

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…

ICE $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 $77B
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

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
BSX · long

Boston Scientific CORP

Boston Scientific, the interventional cardiac-device leader, is rated long after a share-price and P/E decline tied to slower market growth…

BSX $65B
Value Investors Club 2 clicks

Groceries, Aggregators, and Agents

DoorDash's grocery push targets a shift from weekly stock-up trips to frequent online fill-in orders, though smaller baskets complicate…

DASH $79B
MBI Deep Dives 1 click

Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $14B
Rebound Capital 1 click

Power Semiconductors: The Follow-Up

STMicroelectronics, Navitas and Wolfspeed offer contrasting power-semiconductor cases tied to NVIDIA’s 800V AI data-center architecture,…

STM $41B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

Copart 4Q26 Business Update

Copart's U.S. insurance volumes fell 7.5% in 4Q26, largely from one customer loss, while international insurance units rose 11.2% and…

CPRT $30B
Speedwell Memos 3 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 82 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.