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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 3 clicks

From X

@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.
@calvinblissett

Calvin Blissett on X

$TNK ~$89.43 Teekay Tankers runs 33 mid-size crude and product tankers, mostly spot. ~$3.10B mkt cap, $1.42B cash, no debt, ~$1.7B EV. First-half EPS was $10.87, already above all of 2025 ($10.10), and Q3 added $5.04. Q4 so far: Suezmax $272K/day and Aframax $208K/day, 30x+ its breakeven. Clarksons has year-end net cash at ~$53/sh. EV is only ~0.4x the value of the ships, so you're getting the fleet at ~40 cents on the dollar plus the cash. The catalyst: the board will consider a special dividend with Q4 results in February instead of May. The $0.25 base hasn't moved since 2023, so the pressure on the payout is all one way. It's also selling old ships at high prices (4 for $211M) and ordering newbuilds for 2030. Why rates could stay up: OECD inventories are at a 20-year low, the U.S. SPR is ~half its pre-2020 level, and the orderbook mostly just replaces old ships. Risks: rates mean-revert and Teekay Corp controls it. BofA raised 2026 EPS by $12 and still rates it Underperform.
@calvinblissett

Calvin Blissett on X

$PRDO ~$28.99 Perdoceo runs online for-profit universities: Colorado Tech, American InterContinental, and Univ. of St. Augustine (PT/OT). ~44,400 students. Up ~3x in three years and +201% over five. ~$1.80B mkt cap, $777M of cash (~$12.50/sh, 43% of the price), no debt. FY26 guide is $3.15-3.19 adj. EPS: ~9x, ~5x ex-cash. It's quietly been buying itself back. Shares are down from 70M in 2019 to 62.6M (-11%), and the dividend went from nothing in 2022 to $0.17/qtr. South University (11 campuses, health sciences) is the next leg: $130-150M of cash plus an earnout, closing ~April. It adds a campus-based nursing business to an online model, bought with cash that was sitting idle. AlphaSense: a former admissions advisor says past enrollment was inflated by "ghost students," which a short report has also alleged. A Purdue Global exec says AI search is breaking the paid-lead funnel. Bull: low price points mean the new federal loan caps hit PRDO less than peers. CTU -0.5% is the number to watch.
@calvinblissett

Calvin Blissett on X

$ARCO ~$7.21 "We are not technically in the food business. We are in the real estate business." — Harry Sonneborn, McDonald's first CFO Arcos Dorados is the world's largest independent McDonald's franchisee, with exclusive rights in 20 Latin American and Caribbean markets and 2,582 restaurants. ~$1.5B mkt cap, ~4% dividend yield, consensus EPS $0.80 for 2026 and $0.86 for 2027, so ~8-9x. LTM adj. FCF $156M (~10% of the market cap), net debt 1.3x EBITDA. McDonald's itself trades at 20x+ earnings. Its biggest franchisee, running the same system across a continent, trades at less than half that. Munger once described the ideal small-town portfolio as the best office building, the best apartments, the dominant car dealership and the top McDonald's. Headline earnings look worse than they are. Q3 EPS fell to $0.15 from $0.71 because last year included an $85.6M Brazilian tax credit. Excluding it, EBITDA was up 9%. Digital is where it's winning: 66% of sales, loyalty members +60% to ~38M, and 29% of sales now tied to an identified customer. October Investor Day targets: 550-600 openings in 2027-30, high-single to low-double-digit EBITDA growth, and a $25M buyback started. Bear: margins are off the peak (9.5% vs 12.8%), Brazil comps were only +3.5%, and the +46% in the south is mostly Argentine inflation. $1.3-1.5B of capex eats a lot of the FCF.

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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 $7.5BEVC $874M
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

Canterra Minerals: Research Note

Canterra Minerals increased Lundberg indicated tonnage 55% to 26.1Mt, with 226.2Kt of contained copper equivalent, supporting a Buchans…

EQX $12B
Atrium Research - Equity Research 1 click

Kenorland Minerals: Research Flash

Franco-Nevada bought 10.0 million Kenorland shares, a 12.4% stake, for C$22.2 million in a secondary transaction that issued no new shares.

FNV $48B
Atrium Research - Equity Research 2 clicks

Is EDA Dead?

Synopsys and OpenAI will share revenue from GPT-Synopsys, an AI chip-design model built on Synopsys’ licensed EDA tools rather than…

SNPS $87B
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