Letters by company
AppLovin Corp
5 letters discussing APP. Everything written about it on this site is on its ticker page.
- Greenhaven Road Capital Main Fund Q2 Greenhaven Road Capital is reducing concentration, adding near-term catalysts and taking profits more readily while retaining its focus on advantaged businesses. It argues that Burford’s protein litigation, Hagerty’s insurer partnerships, Cellebrite’s Genesis launch, Lifecore’s strategic process and Kingsway’s search-model buildout can close valuation gaps. second quarter 2026 ANAB $1.4BBUR $772MCLBT $2.9B
- Hayden Capital Quarterly Letter 2026 | Vol. 1 Sea Limited is presented as a reinvestment case, with Shopee VIP and logistics spending intended to deepen customer loyalty, raise order density and reinforce its lead over TikTok Shop. Unity is a new and enlarged holding, based on new leadership and Vector’s use of engine-level data to rebuild its advertising business. Hayden Capital favors AI users over infrastructure suppliers. Q1 2026 SE $57BAMZN $2.7TAPP $93B
- SaltLight Capital 2Q 2026 Co-Investor Letter - Is It "Good Enough?" SaltLight Capital argues that AI competition could erode NVIDIA's CUDA and infrastructure economics as open-weight models, alternative chips and algorithmic efficiency improve. The portfolio has become more cautious, revisits hyperscalers after prior profit-taking, and adds Constellation Software for its mission-critical vertical software franchises. 2Q 2026 CNSWF $43BMSFT $3.9TNVDA $5.8T
- SaltLight Capital 1Q 2026 Co-Investor Letter - Make “Long-Term” Great Again MercadoLibre is lowering Brazil’s free-shipping threshold, expanding credit cards and building cross-border trade despite margin pressure, which SaltLight views as investment in a deeper Latin American ecosystem. SaltLight has harvested AI-infrastructure profits and shifted capital toward businesses entering multi-year investment cycles, including Tencent, AppLovin and WeBuyCars. 1Q 2026 MELI $94B
- Hayden Capital Quarterly Letter 2025 | Vol. 4 Hayden Capital sold New Oriental after its turnaround matured and backs Sea Limited, arguing Shopee’s logistics investment is offensive while TikTok Shop growth slows. It sees AI-driven selloffs creating opportunities in software, gaming and ecommerce platforms whose network effects, proprietary data and physical infrastructure remain defensible. 4th Quarter 2025 EDU $8.9BSE $57BAMZN $2.7T
