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Thursday, November 12, 2026

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Fajasy on X

On October 2, 2026, Seagate $STX and Western Digital $WDC each fell 10.2%, while Quantum $QMCO rose 8.2% to its $34.50 peak. $QMCO’s drop started the week before it fired its CFO on October 9, along with a selloff in hard drive stocks. Toshiba, which makes hard drives like $STX and $WDC, said on October 2 that its Philippine plant is “aiming to nearly double its annual production capacity” of data center hard drives by its fiscal year starting April 2027. More hard drive supply could (1) hurt $QMCO by easing the disk shortage that helped push customers toward tape, as I covered in my April 22 tape primer, and (2) help $QMCO by easing the constraints on “certain disk drives” that CEO Hugues Meyrath mentioned on the June-quarter call. From October 2 to October 9, $QMCO fell 11.8%, vs. 4.3-8.0% for SanDisk $SNDK, $STX, and $WDC. Then, from the October 9 close, before the firing was disclosed, to October 27, $QMCO fell another 33.4%, vs. 4.1-17.5% for the three storage stocks. So the storage selloff explains part of the drop from $34.50, but most of it came after the firing, which is specific to $QMCO.
@StableBread

Fajasy on X

If First Solar $FSLR wins its patent case at the U.S. International Trade Commission (ITC), TOYO Co., Ltd’s $TOYO cells could be barred from the U.S. First Solar filed a complaint at the ITC on February 24, 2026, claiming certain TOPCon cells, a common high-efficiency silicon cell design, infringe one of its patents. The ITC voted on March 26 to open Investigation 337-TA-1494, naming $TOYO, its Texas subsidiary, VSUN (the Vietnamese panel maker $TOYO was carved out of), and VSUN’s U.S. arm among 47 respondents. The ITC’s target date is November 15, 2027. The patent case won’t be decided before late 2027, but it’s another way $TOYO’s cells could be stopped at the border. I’m not worried about the patent case yet, since the ITC’s target date is more than a year away and dozens of other respondents face the same claim.

Investor Letters

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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

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 $108B
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 $138BICE $101B
Global Outperformers 3 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 $88BORCL $399B
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

Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

ETN $140B
Value Don't Lie 3 clicks

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