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Sunday, November 15, 2026

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Intel Custom ASICs?

Intel’s custom ASIC business more than doubled last quarter as it pursues hyperscaler demand, AI accelerators and a stronger Intel Foundry.

INTC $317BQCOM $185B
Chipstrat 4 clicks

From X

@StableBread

Fajasy on X

Six stocks I’m still following filed Q3 numbers: → $QXO: Operating cash flow was only ~$1M in Q3, down from $213M a year ago. → Boost Run $BRUN: Says it has secured $600M of non-dilutive project financing, but a Georgia delay leaves year-end ARR near my bear case. → Reviva $RVPH: Valued at 26.5% of its cash, but needs $50-55M for its second Phase 3 trial and FDA filing. → DigiPowerX $DGXX: ~$30M short of its ~$350M 2027 capex plan, even counting the $200M loan it hasn’t closed yet. → Agility Robotics $AGLT: Down 36.1% from its first-day close, with a little over two years of cash. → FORT Robotics’ SPAC $NTWO: 82% redeemed, and its price implies 36.7x FORT’s TTM revenue. So did the quarter change my call on any of the six? That’s what I answer in my new Q3 update, including whether I’m buying, selling, or holding each name.
@StableBread

Fajasy on X

The cash flow statement adds share-based compensation back to operating cash flow, since it's a non-cash expense: the company paid its employees in shares, not cash. Over the 12 months through October 2022, Intuit $INTU had $3.81 billion of free cash flow, a 3.5% yield on its $109 billion market value. Move its $1.45 billion of share-based compensation to financing activities, and the yield falls to 2.2%. That's roughly $2.20 of free cash flow per year for every $100 of Intuit stock, not $3.50.
@calvinblissett

Calvin Blissett on X

Is Freedom the one subsidizing itself and financial ecosystem through that whole share issuance mechanism nuance? Given that can’t they not really afford to burn money on an uncertain payback in marketplace? This could be the “dagger” toppling them and their pyramaid scheme esque structure which would benefit $KSPI. This is disconfirming evidence so in the spirit of Darwin I will be monitoring this to see how it plays out. I will try and gather the specifics on what I’m alluding to and come back to this
@calvinblissett

Calvin Blissett on X

Passed on: - $TK: screens at net cash ≈ market cap, but that cash is TNK's. Parent cash plus its TNK stake is ~$1.01B vs a ~$1.23B market cap. Buy TNK directly. - $DFIN: ran to $68, and the SEC's semiannual-reporting proposal hits filing volume. - $RICK: NY AG indictment, CEO and CFO out. - $BAER: ~$15M of equity under ~$650M of debt and preferred. - $CMRE / $DAC: big backlogs, but contracted net earnings don't cover EV yet. - $MATW, $ACTG, $ARKR, $CVEO: FCF or leverage. - $GRND: not cheap.
@calvinblissett

Calvin Blissett on X

$NMM ~$89.03 Navios Partners: containerships, drybulk and tankers, mostly on charter. ~$2.58B mkt cap at ~0.7x book, ~4x annualized earnings. Contracted revenue jumped from $4.4B to $5.0B in one quarter after $735M of new charters, and it runs through 2037. That's ~1.9x the market cap. It's shrinking the unit count. Units are down 2% in a year on a new $200M buyback ($12M used in Q3), and net debt fell $55M to ~$1.74B. The discount is about governance. The payout is $0.06/qtr, Frangou controls it, and $703M of newbuilds was just ordered. But mgmt said it will "recalibrate" return of capital in Q1, the first sign that could change. No AlphaSense expert or broker coverage in 3 months. Nobody's looking.

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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…

CROX $7.5B
Hidden Rock Capital's Newsletter 3 clicks

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
TYL · long

Tyler Technologies INC

Tyler Technologies, TYL, is positioned as a resilient govtech software provider if AI disrupts enterprise SaaS.

TYL $17B
Value Investors Club

Vicor Deep Dive

Vicor’s 48-volt power modules cut current and resistive losses for high-power AI processors by converting voltage at the chip.

VICR $7.3B
CV's Substack

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