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Wednesday, November 11, 2026

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@convequity

Convequity on X

In our view, $MNDY needs customers to pay for agent work, not just human seats. MNDY sits on Route 2 of our SaaS Survival Scorecard, contested optionality. Sticky workflows help, but coordinating other SaaS applications is increasingly something an external agent can do. An agent can now perform much of the typing, summarising and routing that once required someone to open a board. MNDY's opportunity is to capture customers' unwritten knowledge of how work gets done, which could make its agents harder to replace. We estimate AI ARR at $20-30 million, well behind selected AI-native leaders despite an established customer base. We think growing revenue-linked work could outweigh human-seat losses if MNDY captures enough revenue through API capacity, AI credits and future agent charges. A larger investment case requires evidence that paid agent work can sustain growth and attractive margins.
@convequity

Convequity on X

$TSEM Tower Semiconductor's edge is joining chips that move data with light to the electronic chips that drive them, and it has added capacity more successfully than we expected. Next-generation optical links need those two chips to exchange more data inside a shrinking space. In our view that difficult integration, not simply rising demand for fiber or transceivers, is the source of Tower's growing advantage. Hybrid bonding joins the chips through densely packed electrical connections so large amounts of data move between them in a compact package. We regard Tower's capabilities here as effectively unmatched among Western suppliers. The added capacity lets Tower fill more orders itself, leaving less business for competitors. Customers have less reason to switch to a supplier whose technology they consider weaker when Tower can meet their needs. Our conviction rests on Tower's technology. Deeper dive available at Convequity.

Investor Letters

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Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $2.3B
Doomberg 4 clicks

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

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
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

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

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

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