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

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 management pursues a turnaround.

PTON $2.6B
TSOH Investment Research 2 clicks

From X

@aleabitoreddit

Serenity on X

Regarding $NBIS earnings results: To show you how fast they're growing... from Q2 to Q3: Revenue: $582.3M -> $980.8M (+68% QoQ) Adjusted EBITDA: $236.2M -> $465.8M (+97% QoQ) AI cloud adj. EBITDA margin: 49.7% -> 53.2% Net Income: −$190.4M -> −$37.5M ARR has reached $6.4B at the end of Sep. In terms of management commentary: - Since start of Q3, Nebius signed $12B+ of new contracts - Average GPU pricing rose 20%+ sequentially, payback shortened from 22M -> 19M - On Q3 deals, prepayments covered 100% of associated capex, up from 50–60% in Q2 (insane for financing) - Contract value per MW exceeded $25M+ from Q3 up from ~$20M Q2 - 5GW contracted power year end With $10B of committed customer prepayments in 2026 and $17B-$20B in 2027. Now, prepayments and borrowing against existing contracts covers ~75-85% of 2027 capex. On subsidiaries: 1. Avride - 250 autonomous vehicles fleet, over 100,000 passenger rides (with companies like $UBER). Fully driverless robotaxi targeted H1 2027. 2. Toloka - Revenue doubled sequentially 3. Enterprise cloud - Databricks and Datadog selected Neibus. Along with a new agreement with Snowflake. 4. Tavily - Over 3M developers now with $IBM post-training a core partner. 5. ClickHouse - Nothing about new secondary valuations, but we can see valuations growing 6. TokenFactory - Contract value grew 17x sequentially The primary negative I saw was that 2026 guidance is now on the lower end (near ~$3B), due to $MSFT capacity deliveries slipping to Q2 2027. Apparently there was an execution miss with a third party partner DataOne. Temporary generators were retired amid permitting issues before enough $BE fuel cell capacity came online. Capex also increased in 2026 from $20B-$25B to $27B, while revising revenue expectations downward. So near-term unfortunate headwinds kinda reminiscent of AOI earnings; however long term I think Nebius will take care of you. For 2027 outlook: - $12-13 billion revenue, capex of $40-45 billion, pre-tax breakeven by the end of 2027. Very operationally bullish, as seen with prepayments covering capex, GPU premiums increasing. Main downside is near-term execution risk from third parties, causing near-term delays and revenue recognition. Great quarter from Nebius overall.
@aleabitoreddit

Serenity on X

I disagree, Jensen Huang is practically irreplaceable from $NVDA. And it's like if you took out Elon from $TSLA, the valuation and confidence in the company would collapse. The foresight to bet on CUDA before AI took off, build the Neocloud ecosystem... The move to secure critical supply chain capacity years ahead of demand, and sell rack-scale systems (with CPUs, networking, etc). Turn the ASIC threat into another opportunity by investing in $MRVL, MediaTek, to compete against $AVGO. Bringing them all into Nvidia's NVLink ecosystem... Is absolutely insane foresight. Jensen practically architected both the financial and industrial ecosystem surrounding the current AI trade. Jensen took Nvidia from a startup to a $5T+ company, and the fact he managed to keep growing that with projected FY2028 70% constrained forward growth... at these levels. Is equally as absurd. I normally don't post negative things about companies... but even if you don't see material revenue or roadmap changes in the next 2 years. Ousting the face of the AI trade and a technology visionary might spell disaster for Nvidia long term.

Investor Letters

All letters

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

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…

FRVO $3.8B
Doomberg 5 clicks

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 7 clicks
GFL · long

Gfl Environmental INC

GFL Environmental, North America’s fourth-largest waste manager with a US$19 billion market cap, is pitched long.

GFL $16B
Value Investors Club

Why I Agree With Rob Vinall on Wix

Wix’s paying-subscriber conversion fell from 2.72% to 2.01% since 2019, while Business Solutions drove growth and activist-led cost cuts…

WIX $4B
Ezra's Notes 1 click

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 83 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

375 firms

Sectors

Ordered by how often our editor reaches for them.