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Friday, November 13, 2026

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From X

@aleabitoreddit

Serenity on X

Following the $MRVL and $LITE acquisition announcement… Samsung Electronics has been doing vertical integration of their own in photonics to thermal: - New report from Bloomberg states that Samsung Electronics is in talks to buy $MOD Modine. Which supplies thermal/cooling infrastructure for AI data centers. - 2 days ago from Digitimes, Samsung has purchased series of silicon photonics patents from Rockley Photonics (that previously was bankrupt). Covering modulators and PICs, mainly around design and integration. This follows earlier leaks that “Samsung is reportedly considering acquisitions in the silicon photonics space” After Samsung’s reportedly pursues optical engine and PIC manufacturing by 2027, and CPO services by 2029. We’ll likely see this trend accelerate with M&A vertical integration across AI supply chains. Especially considering valuations from smaller upstream companies collapsed recently, despite their strategic significance.
@convequity

Convequity on X

Been thinking about the $ANT Anthropic IPO and I keep coming back to a couple of things that don't quite add up for me. Anthropic works hard to come across as a company for everyone else. It set up the Long-Term Benefit Trust so the mission, not money, elects the board, and the founders are giving 20% of their shares away to the public. Then the IPO. The book is reportedly ~6x oversubscribed on up to $64B, yet $26B goes to suppliers: Google, Nvidia, AMD, Broadcom, Micron, Microsoft, TSMC. With that much public demand, that feels inconsistent. It sits next to the other contradiction: leadership warns that frontier AI is dangerous without regulation, yet keeps racing the frontier. So why the suppliers? My guess: Anthropic isn't a consumer-facing company. Maybe they worry retail holders would be fickle and sell at the first wobble, while suppliers give them a steady, long-term shareholder base. That's the opposite of $TSLA Tesla, where a diehard retail base helped the company weather storm after storm. Apple too, to a degree. Those are consumer brands, though. The flip side is $PLTR Palantir. Not consumer-facing at all, and it still built a diehard retail following that stuck with it through plenty of storms. Anthropic says it's built for everyone, then hands a big slice of its IPO to its suppliers. It warns about the AI race, then keeps racing. That's the mixed messaging I can't get past.

Investor Letters

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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…

QXO $13B
SixSigmaCapital: Navigating the Financial Markets 2 clicks

Qure Anniversary Update

UniQure’s Huntington’s disease BLA has a May 1, 2027 priority-review date, with an FDA advisory committee expected in late first quarter.

QURE $1.7B
Triple S Special Situations Investing 2 clicks

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 $3.1B
Mispriced Assets 3 clicks
BR · long

Broadridge Financial Solutns

Broadridge Financial Solutions is framed as a high and rising free-cash-flow generator at a depressed valuation, with insider buying…

BR $22B
Value Investors Club

Altria: Dutiful

Altria raised 2026 adjusted EPS guidance to $5.66 to $5.74 and authorized more buybacks, while on! loses share as cigarette margins hold.

MO $130B
Invariant 3 clicks

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $278M
John Hempton's Newsletter 4 clicks

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