New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, November 15, 2026

Back to the front page

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

$TTWO ~$228 Rockstar (GTA, Red Dead), 2K (NBA 2K, BioShock) and Zynga. GTA VI launches 11/19 after 13 years. It's the last big independent publisher on the public market: Microsoft bought Activision for $68.7B, and EA went private for $55B. Gabelli Funds owns it, and Gabelli's playbook is private market value plus a catalyst: - EA sold for ~7.4x revenue and Activision for ~7.8x. - On Value Line's $10.0B fiscal 2027 revenue (year ending March 2028), that's a $74-78B EV, or ~$390-410 a share. - It trades at ~4.4x the same revenue. The preorder data says people aren't buying the cheap version. Average selling price is ~$97, so most are taking the $99.99 edition over the $79.99 one. ~$1B of preorders already beats GTA V's $800M first day. Guidance looks sandbagged. It implies only ~30M GTA VI units vs a 37M broker forecast, and since 2007 Take-Two has beaten the low end of its bookings guide every year. Zelnick: "uncharted territory, with preorders trending well above our expectations." The long tail is GTA Online. Recurring spending is 81% of bookings, and experts expect battle passes and a creator marketplace this time. The last time a GTA came out, the stock went ~5x over four years. Mgmt expects to be net cash by March. Bear: an expert sees no buyer in the next 5 years (Sony is the only logical one). On Value Line's margins, 2027 EBITDA is only ~$1.8B, so the PMV needs GTA margins to look more like EA's.

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.

NVDA $3.9TAIG $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
EUXTF · long

Euronext NV

Euronext has evolved from a regional cash-equities exchange into a pan-European market-infrastructure platform after a decade of technology…

EUXTF $18B
Value Investors Club

Thursday Tailwinds #8: Sep 24, 2026

ResMed benefits as Eli Lilly-funded sleep-apnoea diagnoses expand PAP demand, while NOV’s geothermal cutters and Po Valley’s unhedged…

RMD $34B
Trade Ideas Flow 1 click

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 89 of 295

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

376 firms

Sectors

Ordered by how often our editor reaches for them.