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Sunday, November 15, 2026

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@convequity

Convequity on X

$NOW's latest earnings show how slowly SaaS companies are moving to outcome-based pricing. One big reason is that work is hard to price by outcome when the outcome is hard to verify. Outside coding, customer service looks like the most verifiable work, and Sierra and Intercom have done well charging per resolved conversation. You might expect NOW to do the same for resolved tickets, but its business now reaches far beyond ticketing. Many work outcomes play out over weeks or months, while outcome-based pricing tends to pay for short-term results. Making an enterprise's work fully verifiable could be one of the biggest sources of value ahead. We expect startups to target this space, and it could unlock the next wave of AI.
@AsifSuria

Asif Suria on X

Yesterday we recorded a podcast covering two potential deal situations including rumors of Marvell $MRVL acquiring Lumentum $LITE. The deal was confirmed a few minutes before the podcast was uploaded to YouTube this morning. As a Marvell shareholder I was not particularly happy about this deal as I discussed in the podcast and the price action late last week and this morning confirms the market feels the same way. You can check out the podcast on Spotify, Apple Podcasts and YouTube here:
@convequity 1 click

Convequity on X

Burn-in testing puts chips through demanding conditions to help identify devices likely to fail early in use. Aehr Test Systems ($AEHR) supplies wafer-level burn-in systems. Cohu ($COHU) supplies equipment for other semiconductor tests. This testing becomes more valuable as manufacturers combine more chips into expensive packages and systems. One weak component can cause problems for an assembly worth far more than the chip itself. Finding that weakness before the equipment reaches a customer can therefore justify spending more on testing, because the failure can affect the larger assembly.

Investor Letters

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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

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
DIDIY · long

Didi Global INC

Didi Global is China’s Uber, led by co-founder Wei Cheng, who owns $1 billion of Didi stock.

DIDIY $15B
Value Investors Club

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

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

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