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Saturday, November 14, 2026

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@StableBread

Fajasy on X

Ramesh Nuggihalli, the new CEO of power plant pollution-control company Fuel Tech $FTEK, spent most of the Q3 call on strategy rather than the quarter. He’s running a planning process with outside advisors he’s worked with before, plus a smaller team already identifying acquisition targets, and plans to take the strategy and an “M&A playbook” to the board in early 2027. He listed three gaps acquisitions would fill, in this order: 1) Products: Technologies Fuel Tech doesn’t offer today. 2) Markets: Customers and end markets it doesn’t serve. 3) Business models: Such as turning its informal service work into a standalone business built on long-term service contracts. He didn’t say how much of the $27.8M of cash and investments the board would spend, but at an H.C. Wainwright conference in September, he said he doesn’t need “$50 million-$100 million deals,” just “a $2 million EBITDA company” that fills a product or channel gap. Nuggihalli’s also reviewing R&D spending on DGI, $FTEK’s technology for dissolving oxygen into water. Adoption in aquaculture (fish farming) “has been slower than anticipated,” so $FTEK is evaluating larger parts of the water market. In August, a first commercial hatchery system was the DGI milestone I said to watch. But DGI barely matters to the thesis: it’s still in pilots, Nuggihalli called $FTEK’s investment in it “modest,” the only 2026 revenue management has mentioned is $100K from a wastewater rental, and I gave it no value in August.
@leevalueroach

Lee Roach on X

I built a tool last night that scrapes ammo and gun prices across hundreds of different websites. I am seeing 9mm ammo prices up 47% y/y and .22 LR up 50% y/y. Gun market is still soft but the ammo market is tightening pretty fast and guns will likely follow. With dems sweeping I think demand for ammo and guns will continue to outpace supply. $RGR looking good here with Beretta taking massive position. I like $SWBI here too. If Olin wasn't going through that merger with Huntsman I would probably drop my nuts on the table here with their ammo division but I hate big mergers.
@aleabitoreddit 1 click

Serenity on X

You heard 10x demand for compute > supply from $CRWV today. Hearing from $TSM today on Nikkei Forum: "The demand on our leading node [most advanced] silicon is insatiable" Customers "want to get [their] hands around any compute capability they can have. It's truly an insatiable environment." Q: Whether AI demand was slowing? A: "we did not see any sign of slowdown" Q: How demand compared with TSMC’s ability to supply A: "the demand actually is still far above our capability today to supply." TSMC identified power and substrates as bottlenecks customers were encountering. On the mid-to-high-50s annualized growth estimate for AI accelerator revenue from 2024 to 2029. Wei said "it probably will be higher." Describing things as "insatiable" from a traditionally conservative company... doesn't quite look like any collapse in AI demand.

Investor Letters

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Qualcomm Custom ASICs?

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

QCOM $190B
Chipstrat 4 clicks

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 3 clicks

Cerrado Gold: Research Note

Cerrado Gold will acquire Argentina’s Manantial Espejo mine from Pan American Silver for $20 million and targets a 2027 restart funded by…

PAAS $16B
Atrium Research - Equity Research 2 clicks

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