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Wednesday, November 11, 2026

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@aleabitoreddit

Serenity on X

There's a lot of news about WT (3036) introducing their first CW DFB laser line card. More significant than people think for medium-long term. For economic impact and what revenue looks like: - $SMTC generated 74% of its revenue through distributors. $AMBA as another example, ~60-70% of their 2026 revenue went through this company. - With WT in specific, if you look at even a large company like $AVGO scaled: -> 13% of Broadcom revenue went through WT in 2020 -> 18% (2021) -> 20% (2022) -> ~21% (2023) -> ~28% (2024) -> now possibly up to ~46% (they stopped naming) Just showing how important the largest distributors in the world become to semi companies. Given how WT chairman attributed rapid growth coming from AI photonics demand (eg. DSPs to optical module makers): It becomes more interesting for a certain company that WT introduced their first CW DFB laser line card during an industry bottleneck.
@StableBread

Fajasy on X

Ramesh Nuggihalli, the new CEO of power plant pollution-control company Fuel Tech $FTEK, spent most of the Q3 call on strategy rather than the quarter. He’s running a planning process with outside advisors he’s worked with before, plus a smaller team already identifying acquisition targets, and plans to take the strategy and an “M&A playbook” to the board in early 2027. He listed three gaps acquisitions would fill, in this order: 1) Products: Technologies Fuel Tech doesn’t offer today. 2) Markets: Customers and end markets it doesn’t serve. 3) Business models: Such as turning its informal service work into a standalone business built on long-term service contracts. He didn’t say how much of the $27.8M of cash and investments the board would spend, but at an H.C. Wainwright conference in September, he said he doesn’t need “$50 million-$100 million deals,” just “a $2 million EBITDA company” that fills a product or channel gap. Nuggihalli’s also reviewing R&D spending on DGI, $FTEK’s technology for dissolving oxygen into water. Adoption in aquaculture (fish farming) “has been slower than anticipated,” so $FTEK is evaluating larger parts of the water market. In August, a first commercial hatchery system was the DGI milestone I said to watch. But DGI barely matters to the thesis: it’s still in pilots, Nuggihalli called $FTEK’s investment in it “modest,” the only 2026 revenue management has mentioned is $100K from a wastewater rental, and I gave it no value in August.
@leevalueroach

Lee Roach on X

I built a tool last night that scrapes ammo and gun prices across hundreds of different websites. I am seeing 9mm ammo prices up 47% y/y and .22 LR up 50% y/y. Gun market is still soft but the ammo market is tightening pretty fast and guns will likely follow. With dems sweeping I think demand for ammo and guns will continue to outpace supply. $RGR looking good here with Beretta taking massive position. I like $SWBI here too. If Olin wasn't going through that merger with Huntsman I would probably drop my nuts on the table here with their ammo division but I hate big mergers.

Investor Letters

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💥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 $11M
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 $5.9B
Cannibal Stocks 3 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

Hidden in Plane Sight

An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…

ASLE $248M
The Mikro Kap 3 clicks

Stranded Indium-Phosphide

Aeva’s high-power InP SOA design could supply NPO/CPO optical modules at roughly 17% gross margins, versus 51% for eight discrete DFB…

AEVA $835M
Irrational Analysis

TSOH Weekly Roundup (07/24/2026)

TSOH Weekly Roundup covers the Paramount-Warner court block, Xbox Game Pass’s subscriber shortfall and pricing reset, and Red Bull’s 28%…

SKYD $9.1B
TSOH Investment Research

Rocket Lab Deep Dive

Rocket Lab’s $8 billion Iridium acquisition adds 2.6 million subscribers, L-band spectrum and Pentagon-linked satellite revenue alongside…

IRDM $4.9B
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