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Wednesday, November 11, 2026

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@convequity 1 click

Convequity on X

Strange short report on Cerebras $CBRS. Wafer-scale power and thermal constraints are longstanding engineering challenges. They can force compromises on clock speed versus a smaller die. That doesn't mean unacceptable overall performance. CS-4 is getting more out of WSE-3T, with the same core count and SRAM capacity as WSE-3, through higher clocks and improved I/O. Cerebras attributes the higher clocks to better power delivery. My read is that earlier systems left performance on the table to stay within power and thermal limits. Directionally, Cerebras looks to be working through those constraints better than I expected. Higher clocks alone don't answer the lifespan allegation. I’d still want to know how representative those failures are of current systems. I also give weight to Oracle, OpenAI and AWS choosing to work with Cerebras.
@BrokenMoats

Broken Moats on X

$now bill is always selling and some people on here seem confused why the stock is down when they look at the numbers he directs you to. Wash away all of his puffery and the underlying business deteriorated - gross profit came in at 10%+ yoy (which I believe is the lowest ever) for the quarter. You can call anything revenue but it's ultimately about the gross profit dollars you bring in + the efficiency of your expense management, which if you look saw increases across the board with profit materially weakening. You can argue intangibles on the COGS but then you need to adjust the light crpo further to exclude all the inorganic revenue helping out in there (which the co did not strip out).....the street is not fooled, these were not great numbers. And swapping revenue to juice AI in a press release while total sales stays on trend is not going to work anymore, as one analyst put it best to Bill "I wanted to just zoom out a little bit and just talk about the momentum you're seeing on the AI ACV side. Gina as you noted, you've raised the guidance twice now to $1.7 billion in revenue. At the same time, if we look at just the broad story of cRPO, we could call it stable, maybe on an organic basis, modestly decelerating, but sort of generally stable. So my high-level question, Bill, is just when do you think the AI momentum will start to translate to overall top line acceleration, cRPO acceleration?" There are very different expectations when a stock doubles in a quarter in-between reporting results.....

Investor Letters

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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
OSW · short

One Spa World

OneSpaWorld (OSW) faces about 37% downside as its valuation requires unattainable growth in average revenue per customer after major-market…

OSW $3.1B
Value Investors Club

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

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 $6.6B
Monte Independent Investment Research 3 clicks

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