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Thursday, November 12, 2026

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Expert Call | Lumentum & Marvell Deal

Marvell’s all-stock acquisition of Lumentum targets optical supply, DSP synergies and AI data-center demand, while adding fab integration, customer-retention and regulatory risks.

LITE $59B
P Equity Research 2 clicks

From X

@StableBread

Fajasy on X

A tape library maker fired its CFO on October 9, 2026, without giving a reason, and its stock is now down 41.3% from its October 2 peak. Within two months, it replaced both of its top finance officers. Yet it still expects to meet or exceed its September-quarter guidance. That company is Quantum $QMCO, which makes tape libraries that companies use to archive data for years. $QMCO has fallen to $20.25/share, down 22.4% since my August update, but still more than double the $9.42 investors paid in its June private placement (PIPE). Worth mentioning that the larger hard drive and flash memory stocks have fallen from their 2026 highs as well, through the October 27 close: → SanDisk $SNDK: Down 44.1% to $1,304.84/share. → Seagate $STX: Down 39.0% to $667.85/share. → Western Digital $WDC: Down 49.0% to $380.88/share. So $QMCO fell about as far as the group, but in under four weeks instead of four months, and mostly after the CFO was fired. Besides the firing, three accounting issues hang over $QMCO’s September-quarter 10-Q, due November 9: 1) Material weaknesses: $QMCO’s June-quarter 10-Q still reports material weaknesses (the most serious kind of gap in a company’s financial reporting controls) in revenue recognition, inventory, and income taxes. 2) Restatements: None of the weaknesses has led to a material misstatement, but $QMCO has restated its financial statements before, in May 2024 and again in August 2025. 3) Late filings: Its June-quarter 10-Q was officially filed on August 11, a day after its 40-day deadline, and its FY2026 10-K needed a notice of late filing in June. Still, tape demand is growing, and no $QMCO insider has sold since my August update: → Tape: Secondary storage, which $QMCO’s 10-K describes as “primarily tape storage systems,” doubled from a year earlier to $37.0M in the June quarter, 46% of total revenue, up from 29%. → Industry: The LTO Program, the group of $HPE, $IBM, and $QMCO that sets the LTO tape standard, reported on September 1, 2026 that tape capacity shipped in Q1 2026 rose 57% from Q1 2025. → Supply: By CEO Hugues Meyrath’s account, $IBM’s drive supply, not demand, limits how much $QMCO can sell for now. → Insiders: No $QMCO insider has bought or sold shares in the open market since my August update, including Dialectic, the activist fund managed by director John Fichthorn. $QMCO’s EV is $825.3M, counting its warrants, options, and RSUs. That’s 2.8x TTM revenue, down from 4.9x at the October 2 peak, but still 34.4x the September quarter’s $6M ±$1M of adjusted EBITDA guidance, annualized. So is $QMCO’s drop a pullback worth buying, or a warning about the numbers? That’s what I answer in my new update on $QMCO, including my bear, base, and bull cases.
@BrokenMoats

Broken Moats on X

On integrations will see $DOCU but others like sign now. There are dozens of signature solutions from panda, adobe, and many many others. All with cheaper solutions. And to say theres no enterprise features or some sort of ecosystem/marketplace - that does not stand. Apple, Exxon and other major corporations use Sign now. I got a signature sheet from Rivian from box directly (and it's not docusign white labeled). If you're looking for the reversal in software squeeze, DOCU at current pricing and competitive positing in an increasingly Agentic world has to surface as a weak story moving forward that trades at a premium to almost anything else you will look at.

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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 $45B
SixSigmaCapital: Navigating the Financial Markets 6 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 $88B
Monte Independent Investment Research 2 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 $88B
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

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 $37B
TSOH Investment Research 2 clicks

DoorDash and Google

DoorDash and Google.

DASH $78B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 8 clicks

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