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

QXO Inc Earnings Update: Q3 2026

QXO's Q3 sales rose 79% to $4.9 billion after TopBuild and Kodiak acquisitions, while acquisition debt lifted interest expense to $163 million and adjusted EPS fell.

QXO $14B
SixSigmaCapital: Navigating the Financial Markets 2 clicks

From X

@convequity 2 clicks

Convequity on X

$META's Muse download numbers measure Meta's distribution, which was never in doubt. What decides whether Muse is a business is what the agent completes for a user, and nothing reported this week measures that. Sensor Tower puts Muse among the fastest US app launches on record, with early retention above the average for rival AI apps, and says a large and rising share of Meta's own ad spend now goes to it. That ad spend likely explains much of the install curve, and Meta can run the same ads for any product it owns. 1. Tasks completed. Nothing Meta or Sensor Tower has reported says how many sessions end in a booking, a purchase or a message sent for the user. Those are what a user would pay for, and in our view they are also where a merchant fee could come from. 2. Where the revenue shows up first. In our view Muse's first financial effect is on the ad business Meta already runs. When shopping happens inside Muse, Meta sees the whole path from what a user wants to what they buy, which sharpens its ad targeting. If users start shopping in Muse, Meta can also sell sponsored placement in its answers. Further out, ads could become part of the conversation itself, something we suggested earlier for Meta AI and which applies even more to an agent like Muse. A user preparing for their first marathon with Muse could be offered trainers, energy gels and hydration products in a conversational manner as the plan takes shape, rather than seeing an ad placed beside it. We expect Muse to show up in ad pricing before it appears as a subscription or a take rate. 3. The sharing suspension. Meta paused conversation sharing after security researchers found shared chats could expose personal and business information. That suggests people are already giving Muse real work with real data and sharing it with colleagues. It also means workplace use will meet the data-handling limits that slowed enterprise use of consumer chatbots. A real catalyst for $META will be Meta disclosing how many tasks and transactions Muse completes, especially if the numbers are impressive.

Investor Letters

All letters

Big Short: Fidelity & Guaranty

F&G’s main insurer held $66.5 billion of assets against $1.38 billion of statutory capital, while private credit, reinsurance dependence…

FG $3.2B
Mispriced Assets 3 clicks

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

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
MONOY · long

Monotaro CO LTD

MonotaRO, traded as MONOY in the U.S. and 3064 in Japan, is a Japanese MRO distributor recommended as a long.

MONOY $7.4B
Value Investors Club

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

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 287

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.