New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 12, 2026

Back to the front page

From X

@convequity

Convequity on X

Jensen Huang is not Steve Jobs. It is way bigger than that! Jensen Huang has resigned as Nvidia's CEO, and CFO Colette Kress is interim CEO. The Jobs comparison comes naturally, but it undersells what is happening here. When Steve Jobs passed away, $AAPL Apple's structural leadership, moat and scaling path were clear. The next captain inherited a ship whose course was set. $NVDA Nvidia's are not. It is facing the biggest challenge in its leadership from all fronts: Custom ASICs by $AVGO, merchant GPUs by $AMD, Chinese alternatives by Huawei, and numerous AI chip startups with unique architectures such as $CBRS. All while Nvidia's CUDA moat is facing a shake-up with the prevalence of inference and coding agents — factors we anticipated back in 2023. Most AI compute is moving to inference, where CUDA protects less and the entry barriers are lower. Our December 2023 NVDA MSU note flagged three things: lower entry barriers for inference chips, the CUDA moat getting circumvented as the transformer architecture hardens, and AI spreading into every aspect of applications as copilot and automated agents. Apple was a steady ship sailing on a calm ocean, with moderate potential and a tailwind. Nvidia is a speedy Ultra Large Container Vessel sailing on a tumultuous ocean, with storms but also a huge tailwind, where things are changing fast and growing rapidly. That kind of ship needs the captain to stay on board, to adjust and remain adaptive. Jensen is the only one who can do that. Anyone else will only do a worse job. The most ironical outcome can be the most likely outcome. The resignation knocked the stock down as much as 14% intraday before buyers pared the loss to roughly 4%. The dip-buying instinct is already on display. Nvidia may well go woke in the years to come — drifting from the technical obsession that made it fast. In the near term, once the issue settles, people may buy the dip and claim that Jensen doesn't matter that much to the company, while the coming quarters still report stellar earnings. The true damage will only show up years later, because the semiconductor industry is a long game — a much longer game than many laymen, including politicians, understand. We expect that damage to land in product cycles and market share, not in next quarter's report. Full note: Convequity MSU: NVIDIA, Dec 2023
@valuedontlie 1 click

Colin King on X

Some initial $KBR RemainCo thoughts: Investors thought they were getting a ~20% margin business in STS which turns out to be 10% after corp costs + normalized JV earnings... some of this was expected, but looks like a bigger reset From that lower base, it's expected to grow 10% annually with 12%+ margins and minimal capex which is great No formal 2027 guidance but implying $425M EBITDA and $3.5B revenue (12% margin)... biggest no-no for spin-offs are mismanaging year 1 expectations from carve-out to standalone financials Capital allocation was sort of glossed over... dividend is gone, no commitment on buybacks, haven't done M&A at STS in 5+ years... They'll still pursue megaprojects (obv can't guide to these tho) so maybe some capital allocation goes there? 85% FCF conversion (from net income) is pretty low for an asset-light business too... sounds like this is a working capital intensive business model Hmm...
@aleabitoreddit

Serenity on X

So there's the positive fundamental long term outlook that I've interpreted. On the other hand, there's near term headwinds that I highlighted above, which markets are pricing in. Negatives I saw near term were $MSFT Vineland pushing back into Q2 2027, which delays revenue recognition. Alongside 2026/2027 capex hikes + downward revision of next quarter revenue. We've seen markets punish near term execution delays with $AAOI recently too. For long term, I don't see this earnings as negative, given 100% prepayments, compute prices going up, new contracts and their subsidiaries growing.

Investor Letters

All letters

Top Rebound Stocks for Nov’26

Texas Pacific Land's 50% selloff reflects faded data-center expectations, while its Permian royalty business generated $498 million of 2025…

TPL $19B
Rebound Capital 1 click

Peloton: Beyond The Bike

Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as…

PTON $2.6B
TSOH Investment Research 3 clicks

DoorDash’s FBA Moment

DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of…

DASH $78BKR $41B
MBI Deep Dives 3 clicks
VSEC · long

Vse CORP

VSE Corp trades at $185, with a stated $246 fair value and 2027 estimated EV/EBITDA of 15x.

VSEC $5.4B
Value Investors Club 2 clicks

Adobe

Adobe’s bear case is that generative AI breaks new-user habit formation, leaving its professional base sticky but aging as growth slows and…

ADBE $92B
Bearstone

[VRSK] Verisk has standards

Verisk’s exit from healthcare, financial-services and energy data restored a pure-play insurance analytics model, but D.E.

VRSK $26B
scuttleblurb 2 clicks

Brown & Brown

Brown & Brown compounded revenue 14.4% annually since 1998 through more than 650 acquisitions, capped by its nearly $10 billion Accession…

BRO $24B
Eagle Point Capital 1 click

When the Ducks are Quacking

Ford’s 1956 IPO sold 10.2 million shares at $63 each after Goldman Sachs helped resolve the Ford Foundation’s voting-rights problem.

F $49B
Net Interest

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 286

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

376 firms

Sectors

Ordered by how often our editor reaches for them.