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Saturday, November 14, 2026

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Q3 Earnings Updates

Q3 updates cover Crocs, Entravision and Fiserv beats, coal and oil weakness, and Xerox’s sharp decline, testing the underlying cases for recently featured stocks.

CROX $7.5B
Hidden Rock Capital's Newsletter 1 click

From X

@calvinblissett

Calvin Blissett on X

Yes and no lol, valuation and dividend yield are attractive currently (I added a few days ago ~$88), macro continues to trend in the right direction, I do hate $PDD just entered Kazakhstan, BUT what I surface level read is they can coexist well and $KSPI has a different approach than them from someone who I think is smart, pretty sure was @Benceno88 if you may elaborate friend. Also $KSPI management team will continue to find ways to pull rabbits out of the hat and grow within KZ, the most recent grocery vertical being an example
@StableBread

Fajasy on X

DigiPowerX $DGXX said on October 13 that it "did not issue any shares" under its ATM program in Q3. $DGXX's Q3 10-Q, filed November 13, shows 2.85M shares issued for cash in Q3 for $11.3M, and counts them among the 30.8M shares it sold through the ATM in the first nine months of 2026. The share count rose 46% this year, from 69.4M at the end of 2025 to 101.4M as of November 12. The 10-Q also shows three details the Q3 earnings release left out: 1) Prepayment: Cerebras $CBRS, the AI chipmaker that's the tenant at $DGXX's Columbiana data center campus in Alabama, paid a $12M upfront charge in Q3 for building Phase 1. The charge can be refunded, less what's been spent on finished construction, in some cases before Phase 1 starts, including if $DGXX misses the final delivery date. 2) Spending: $145.5M went into property, equipment, and equipment deposits in the first nine months, paid for with $170.8M of net share sales. 3) GPUs: Equipment deposits rose to $23.9M from $8.5M at the end of 2025, and the 10-Q mentions next-generation $NVDA Vera Rubin systems $DGXX has "committed to purchase," without an amount. $DGXX's Q3 revenue rose 85% q/q to $12.2M, but its $1.0M of net income leaned on $8.6M of gains on its crypto and warrants. Cash was $95.2M and bitcoin and ether were $24.5M as of September 30. $DGXX also expects to close a $200M loan syndicated by Goldman Sachs $GS in Q4 2026 to finish Columbiana, with an unsecured $DGXX guarantee until construction is done. Even with the cash, crypto, and loan, $DGXX is ~$30M short of its 2027 plan (~$350M of capex, mostly for ~10 MW of AI inference capacity and Columbiana's Phase 2) before any Q4 2026 spending. $DGXX expects customer deposits and prepayments to be a main source of funding, and it has already sold $174.7M of the $175M its ATM prospectus covers. At $2.28/share, $DGXX's market cap is ~$231M, an EV of ~$112M after its cash and crypto. If Phase 1 is ready on December 15 as planned, Cerebras starts paying in January 2027, and its $12M prepayment can no longer be refunded.

Investor Letters

All letters

The Spy Who Shagged The Market

Nvidia’s leadership scandal puts its AI-market role under scrutiny, with comparisons to AIG’s pre-GFC liquidity influence.

AIG $43B
WHAT ARE WE DOING? “Contrarians At The Gate” 4 clicks

Is Nebius Fucked?

Nebius’ Q3 beat relied on $325 million of one-off partnership fees as it raised 2027 CapEx to $40–45 billion and may need $6–11 billion of…

NBIS $32B
Daniel Romero 6 clicks

Qualcomm Custom ASICs?

Qualcomm’s Alphawave SerDes, CPU cores and HBC could support custom AI ASICs as hyperscalers build heterogeneous fleets beyond GPUs.

QCOM $185B
Chipstrat 4 clicks

TSOH Weekly Roundup (11/13/2026)

Tripadvisor’s CEO and CFO will depart after weak Q3 results, while Roblox’s CEO discusses AI and Berkshire repurchases $9.6 billion of…

RBLX $36B
TSOH Investment Research 3 clicks
OKLO · short

Oklo INC

Oklo is framed as a portfolio basket short and a concept company that could become a compounding short.

OKLO $4.7B
Value Investors Club

Churchill Downs: Doubling Down

Churchill Downs is selling regional casinos to focus on horse racing and historical racing machines, where Exacta software and racetrack…

CHDN $6.8B
Eagle Point Capital

Walmart’s Evolution

Walmart says Medicare Maximum Fair Price rules will cut FY27 US comps by 125 basis points, while pharmacy margins and prescription volumes…

PYPL $49B
MBI Deep Dives 4 clicks

TSOH Weekly Roundup (08/21/2026)

TSOH Weekly Roundup covers Walmart’s soft U.S. comps and rapid delivery, Qiaodan’s challenge to Nike in China, and Suno’s AI-generated…

NKE $56B
TSOH Investment Research

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