BullBearBro

[BullBearBro @BullBearBro]

@kimmonismus You really don't know much on how reinforcement learning works... Other labs are doing the same thing just with external providers like https://t.co/NME68v1Lf4. Meta just believe their internal RF can better train the model vs external

[BullBearBro @BullBearBro]

@jaminball 60-70% GP Margins for bare metal compute??? What in the world

[BullBearBro @BullBearBro]

@agupta 11% MFU is still very low in comparison to other labs...

[BullBearBro @BullBearBro]

@jukan05 Also not a bear… but if Big tech underperformance continues (exept for Google/Amzn) we might see CapEx cuts quicker than expected…

Wont that be fun

[BullBearBro @BullBearBro]

@benthompson I think you are one of the smartest people.... but you can't spend more than your Free Cash Flow! FCF is post CapEx, you are confusing CFO with FCF

[BullBearBro @BullBearBro]

@buccocapital Overpaid for acquisitions led to lower incremental Returns

[BullBearBro @BullBearBro]

@RihardJarc I nice way to lose money is to place to much emphasis on PE multiples on cyclical stocks. You are close to peak earnings. What does P/B tell you, 2.5x Samsung at peak multiple

[BullBearBro @BullBearBro]

The indiscriminate buying of the Kospi YTD has been somewhat surprising to me given that (Samsung/SK Hynix) are the only shares really growing earnings. The market is always full of inefficiencies for those who look

[BullBearBro @BullBearBro]

@MikeZaccardi Different year end…. They are going to rapidly increase 1H27

[BullBearBro @BullBearBro]

@TechFundies Just read this piece and it felt you were literally a member of our team.

“This kicks off a conversation in which the other analysts who know absolutely nothing about the sector in question…” - frustration felt is hard to describe to someone who hasnt covered a down sector

[BullBearBro @BullBearBro]

@JerryCap A man can dream... So many levers to increase ARPU (Advertising, Hotels, B2B ect) but then they go and launch Experiences ;)

[BullBearBro @BullBearBro]

@realEstateTrent Its very irrating. Since I have created a system prompt it tends to work better. You should gove it a try.

[BullBearBro @BullBearBro]

@QualityInvest5 You know Reality Labs is a cost centre for a lot of their AI related expenses similar to Other Bets in Google. The expenses in RL is helping drive incremental engagement in FOA. Not a great comparison with the 2bn in Rev

[BullBearBro @BullBearBro]

@fiscal_ai How many people can stay in a property on average. ADR per person in probably cheaper by a wider margin on $ABNB

[BullBearBro @BullBearBro]

@Jason Probably why $ABNB decided not to partner. Controlling your customer experience/distribution channel is more important

[BullBearBro @BullBearBro]

@FundamentEdge Thank you and nice write-up

Agree that the starting valuation has always been a problem.

What has been really frustrating about $ABNB is that they have so many low hanging fruits to reaccelerate growth (ads, hotels, loyalty programs) but falter

[BullBearBro @BullBearBro]

@chamath Orrrrr…. They need to manage Operating Expenses as increased Depreciation from Capex is resulting in upward pressure. $MSFT has done something similar. Really not that deep…

[BullBearBro @BullBearBro]

@Muskstaycalm Bruh they won't sell bc you can find a relatively new 2nd hand model with more features for the same price or less

[BullBearBro @BullBearBro]

@Fortifiedvc @RealJimChanos @CoreWeave What logic is this? Silicon (which make up around 70% of the datacentre cost) doesn't have an actual infinite Life Cycle. You have to generate returns on in 7 years otherwise you have an obsolete asset... WTF "they’re buying after-tax IRR on depreciable"

[BullBearBro @BullBearBro]

@chamath Are they not spending significant more than XAI on CapEx? With your logic, their compute power will prevail and the additional talent is just icing on the cake