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

ASML ($ASML) Deep Dive

ASML monopolizes EUV lithography, a critical tool for leading-edge chips, with production capacity stretched through 2028 and customer planning extending into 2030.

ASML $591B
Jimmy's Journal

From X

@StableBread

Fajasy on X

I found no named data center or space customer, and no disclosed revenue from either, in TOYO Co., Ltd’s $TOYO filings, releases, or decks, even though its pitch increasingly mentions AI and space. The mentions are then-CEO Junsei Ryu’s November 2024 line about grid demand from “data centers, electric vehicles, and industry,” CEO Takahiko Onozuka’s May 2026 plan for a U.S. R&D center to help “power the AI economy,” a Citi $C investor webcast on space and AI on July 8, and “data-center applications” among the end markets for the ~$240M of module contracts, with no dollar split. The space pitch rests on the HJT (heterojunction) cells $TOYO plans to make in Texas. The slides CTO Dr. Aihua Wang and Chief Technical Advisor Dr. Jianhua Zhao presented at the Citi webcast priced HJT modules at $0.46/W, vs. $70-170/W for the multi-junction cells satellites use today. But HJT cells turn only 20% of sunlight into power in space, vs. 30-34% for multi-junction cells, and the same slides say efficiency matters more than cost in space, since a more efficient cell gets more power from the same payload. $TOYO’s Analyst Day deck later called the comparison “an internal technology evaluation” and “not a disclosed business line.” Rhone Resch, $TOYO’s Chief Strategy Officer, still told analysts that “every single data center that goes up in space is going to be solar powered.” Data centers and space add no disclosed revenue today, and none of my valuation cases counts new business from either, which, if you were being optimistic, makes them a free option on a cell technology $TOYO doesn’t yet produce.

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

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

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 $92B
Monte Independent Investment Research 2 clicks

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.