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

@StableBread 6 clicks

Fajasy on X

I went through every Boost Run $BRUN contract with disclosed terms to see how much of its $2.6B+ of total contract value (TCV) they cover. Cohere, the Canadian developer of AI models for businesses and governments, agreed on September 30, 2026, to pay $BRUN $525.6M over the agreement’s term for $NVDA’s GB300 NVL72 racks, each with 72 Blackwell Ultra GPUs. Part of the $525.6M is a prepayment $BRUN hasn’t disclosed. But if we follow the 22% average $BRUN says its prepayments run, the prepayment would be ~$116M. Each rack’s term runs 60 months, and the first racks should start in Q2 2027. Cohere can terminate and get back everything it prepaid if it hasn’t accepted a minimum number of racks by July 15, 2027. $BRUN has disclosed terms for seven contracts, and the two largest are with Cohere and Thinking Machines Lab, the AI startup founded by former OpenAI CTO Mira Murati: → Fluidstack (November 6, 2025): $63.6M over 24 months, or $31.8M/year. → 1,280 B300s, Charlotte (March 15, 2026): $116.1M over 36 months, or $38.7M/year. → 256 H200s, Raleigh (March 16, 2026): $3.7M over 12 months, or $3.7M/year. → Thinking Machines Lab (May 21, 2026): $471.7M over 36 months, or $157.2M/year. → June order, 240 GPU servers (June 8, 2026): $207.6M over 36 months, or $69.2M/year. → July order, 1,536 B300s (July 9, 2026): $222.5M over 48 months, or $55.6M/year. → Cohere (September 30, 2026): $525.6M over 60 months, or $105.1M/year. --- → Total: $1.61B, or $461.3M/year. Unnamed customers are labeled by what they rent, including $NVDA’s current B300 (Blackwell Ultra) and older H200 GPUs. $BRUN’s TCV is over $2.6B, so the other $989M+ is in deals without disclosed terms. The October 6 release calls the $2.6B “total revenue customers have committed to pay,” but the August 14 Q2 deck also counted renewal options and LOIs in TCV, and $BRUN hasn’t said whether the definition changed. So the conservative read counts only the seven contracts with disclosed terms, worth $1.61B, not the $2.6B headline.
@BrokenMoats

Broken Moats on X

Specifically on $DOCU which is approaching levels not witnessed since 2021. Not only is there the rates sensitivity (usually software long duration, higher rates should hurt (been opposite this rate move for now) and the exposure to AI threats (how hard is it to rewire an esignature) even if you want to put those two aside, the business has a significant exposure to the real estate (mortgage, refi, etc) industry and that by all accounts is not performing well (see starts data today, number of existing closings, etc)... seems like this lack of pricing fundamental developments of the business is the tell tale that the move is not based in anything more than a squeeze it would seem. Would love to know from any buyers, why buy here, and what causes you to sell (purely momentum?) It would seem a deep rerating (the opposite from last earnings set up) might be coming for the software trade (especially if AI trade comes back to close out the year). Upsetting they are so inversely correlated, because AI rate of change spending levels does not matter, current AI is enough to present problems for these software providers, at some point that linked should break as AI spend less still won't save software names from their problems
@convequity 7 clicks

Convequity on X

Networking, not compute, now decides custom AI chip wins, and in our view that is Broadcom's ($AVGO) edge. As GPUs become more like specialized AI processors, matrix compute looks much the same everywhere. At 224G high-speed chip connections (SerDes), only Nvidia ($NVDA) and Broadcom can do it. If you want a custom chip, you go to Broadcom. That is why we avoid Marvell ($MRVL). A cheaper design partner is not necessarily cheaper overall: weaker connections and networking compound costs after deployment, resulting in higher total system costs. The bottleneck is moving from the switch to the optics. Lasers and optical signal-processing chips are short, and Broadcom can bundle priority optical supply with its custom chips, even for customers running Nvidia GPUs. Nvidia's lack of optical know-how is becoming its biggest disadvantage, and we expect Broadcom to take more share from it for years to come.

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 2 clicks

ASML ($ASML) Deep Dive

ASML monopolizes EUV lithography, a critical tool for leading-edge chips, with production capacity stretched through 2028 and customer…

ASML $591B
Jimmy's Journal 2 clicks

ON THE TAPE with Guy Adami

Guy Adami discusses Nvidia, Anthropic's IPO prospects, energy, gold and the AI trade.

NVDA $4.2T
WHAT ARE WE DOING? “Contrarians At The Gate” 5 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

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

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.