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Wednesday, November 11, 2026

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@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

All letters

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
ONT · long

Onterris INC

Onterris, formerly Montrose Environmental Group, trades at 8.6x next-12-month EBITDA as an environmental consulting and response services…

ONT $739M
Value Investors Club 1 click

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $333M
The Oak Bloke 3 clicks

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $17B
Stock Thoughts 5 clicks

Microsoft's AI Boom Has A Cost

Microsoft’s Azure grew 48% as AI monetization accelerated, but doubled CapEx, largely for CPUs and GPUs, reduced quarterly free cash flow…

MSFT $4T
Yiannis Zourmpanos 2 clicks

CVX Earnings Review

Chevron’s Q3 revenue rose 35% to $65.2 billion and EBITDA 75% to $20.2 billion, while production trailed guidance and refining margins…

CVX $413B
Cestrian Capital Research 4 clicks

SNY Earnings Review

Sanofi raised FY26 guidance after Q3 sales grew 14.3% at constant currency, led by 34.8% Dupixent growth; vaccines declined 6.6%.

SNY $115B
Cestrian Capital Research 1 click

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