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Wednesday, November 11, 2026

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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 3 clicks

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@convequity 1 click

Convequity on X

$NVDA, $CBRS, and Huawei's Kirin 9050 Pro are three different bets on the same turning point: what the chip industry does when shrinking transistors stops paying. In AI chips, most energy goes into moving data, not into the calculation itself. In our view, as transistors shrink, calculations get cheaper much faster than the wires around them, so the industry's centre of gravity is shifting from ever-smaller transistors to shorter paths for data. That shift is why Huawei's logic folding — designing a circuit vertically to cut the distance data travels — looks potentially transformative and disruptive for the semiconductor industry to us. Here is the comparison in one line: one 16-bit floating-point calculation is the baseline, 1×, about 0.52 picojoules in NVIDIA's published GH200 energy model. Every figure below is the energy spent moving data, measured against that one calculation. 1. Moving data to local SRAM next to the computing units: Cerebras uses about 2× the baseline. NVIDIA's highly optimized local-memory path uses about 5–15× the baseline. 2. Moving data across the chip: we estimate Cerebras's core-to-core network at about 12–37× the baseline. NVIDIA's optimized path through L2, its shared on-chip cache, is about 60–90× the baseline. 3. Moving data off the chip to external memory: Cerebras's MemoryX path is about 330–800× the baseline. NVIDIA's optimized path to HBM, its external high-bandwidth memory, is about 230–290× the baseline. The energy cost is set by how far the data travels: a short hop costs single-digit multiples of one calculation, a trip across the chip costs tens of times, and a trip to external memory costs hundreds of times. If moving data is the real constraint, then shortening paths, which is what Huawei is doing with logic folding, matters more than another process node — for NVIDIA and Cerebras as much as for Huawei. These are engineering estimates, workload-dependent, not measurements of complete systems. The optimized block transfers behind NVIDIA's figures are already counted above; what remains is the physical cost of the wires and memory themselves. In our view, Cerebras's commercial case depends on whether its compiler can keep data close to computation across enough workloads. NVIDIA's advantage is a broader range of software, not a way around the energy cost of moving data.

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Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $111B
Speedwell Memos 2 clicks

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

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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

Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

ETN $141B
Value Don't Lie 3 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

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 8 clicks

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