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Wednesday, November 11, 2026

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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 of geothermal power by 2030.

FRVO $2.3B
Doomberg

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
@RagingVentures

Raging Capital Ventures on X

$GOOG's 2004 Dutch auction IPO was messy, in part because large investors talked down the deal ahead of pricing. The stock then ripped, more than doubling within a few months and nearly quadrupling within a year. The $ANT business and IPO process feels eerily similar to me. Bears are focused on token prices and open-source models, ignoring $ANT's superior execution in enterprise AI models and applications. $ANT's impressive capital efficiency and operating leverage also echo $GOOG's early days. $ANT may be the most important company of our era, and its product development cadence is only accelerating. Disclosure: Long $ANT, via May 2023 Series C

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
WULF · long

Terawulf INC

TeraWulf is shifting from bitcoin mining toward data centers, seeking a higher-quality and more defensive business model.

WULF $5.7B
Value Investors Club

The Data Center Bridge

Small- and mid-cap data center stocks trade as one despite sharply different funding bridges: 12 of 15 cover fixed costs on signed…

IREN $9.2BFRMI $1B
CV's Substack 16 clicks

Amkor Q3 FY12/26 Earnings Review

Amkor's Q3 sales were flat at $1.991 billion as computing and automotive/industrial growth offset a 27% communications decline; Q4 sales…

AMKR $8.7B
Cestrian Capital Research 4 clicks

Molina & Kinsale

Molina Healthcare and Kinsale Capital’s earnings are reassessed through a long-term lens, emphasizing conviction and detachment during…

MOH $11BKNSL $8.7B
Bearstone 8 clicks

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