Alpha

The clandestine cartography of capital: great fortunes, traced through their migrations and metamorphoses.

[Alpha @AlphaAllocators]

$FNV Q3 2026 results

Revenue: $549.3M vs $568.44M est

EPS: $1.89 vs $1.77 est

Tracking towards the mid-range of annual guidance, with total GEO sales guidance narrowed to 525,000 to 555,000

Quarterly dividend of $0.44 declared, payable December 17

[Alpha @AlphaAllocators]

@gurgavin The Spy Playbook: How China Hunts American Tech Secrets
https://t.co/wdX34FxL8x

Part 2?

[Alpha @AlphaAllocators]

https://t.co/wdX34FxL8x

Part 2?

[Ryan Mac 🙃 @RMac18]

Jensen Huang had a relationship with an Nvidia executive who reported to him.

https://t.co/w8T3JImnJ2

[Alpha @AlphaAllocators]

$VYLR Q3 2026 results

Revenue: $938M vs $918M est

Adj. EPS: -$0.42 vs -$0.52 est

Full year guidance reaffirmed: adjusted EBITDA near $2.8B, adjusted operating EPS of $2.25 to $2.35.

New $3B share repurchase program and a $0.13 per share dividend.

[Alpha @AlphaAllocators]

$CTVA Q3 2026 results

Revenue: $1.59B vs $1.77B est

Adj. EPS: $0.06 vs $0.09 est

Net sales fell 9% as Brazil weakness and pricing pressure weighed.

Full year guidance updated: adjusted EBITDA of $1.1B to $1.125B, adjusted operating EPS of $0.76 to $0.80.

[Alpha @AlphaAllocators]

Broadcom's sales are up 86% in a year. The stock is down about a third from its June high.

Custom AI chips, a $179B backlog, a $230B target, and a $43B backstop. Company Breakdown, in under 3 minutes. $AVGO

[Alpha @AlphaAllocators]

https://t.co/U7ddWXEczi

[Alpha @AlphaAllocators]

Theranos: Nobody Checked

On October 14, 2014, the DeVos family toured a machine that promised a full blood panel from a few drops of blood.

Seventeen days later a fund tied to the family wired $99,999,984.

The DeVos family, Rupert Murdoch and the Waltons lost hundreds of millions on one pitch.

Our documentary is live.

[Alpha @AlphaAllocators]

Fivespan Partners just disclosed a 5.3% stake in Stride $LRN

2,236,033 shares

About $178.7M spent building the position, up from 1.3% in June

Latest buy: 108,273 shares for $8.1M on Nov 5 at $74.83 a share

Dylan Haggart, who runs Fivespan, sits on Stride's board and co-chairs its Capital Allocation Committee

The cooperation agreement caps Fivespan at 7.5% during the standstill

Per the Schedule 13D filed Nov 10.

[Alpha @AlphaAllocators]

Headline is the beat. Underneath it, a $1.37B gain on interest rate swaps made up 43% of $VG pre-tax income of $3.19B. Revenue still rose 43% to $4.76B, and 2026 EBITDA guidance rose to $10.0B to $10.3B.

[Wall St Engine @wallstengine]

VENTURE GLOBAL $VG Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $4.76B (Est. $4.69B) 🟢; +43% YoY
🔹 EPS: $0.96 (Est. $0.49) 🟢; +500% YoY
🔹 Adj. EBITDA: $2.58B (Est. $2.53B) 🟢; +69% YoY

Raises FY26 Guide:
🔹 Adj. EBITDA: $10.0B-$10.3B; from $8.7B-$9.1B

Other Q3 Metrics:
🔹 LNG Cargoes: 124; +24% YoY
🔹 LNG Volumes Exported: 467.1 TBtu; +26% YoY

Announcements:
🔹 Plaquemines Phase 1: Commercial operations Oct. 31, 2026; six cargos loaded
🔹 Power Island Units: Up to 16 new, 720 MW
🔹 LNG Offtake: 2.0 MTPA of new or increased 20-year agreements
🔹 CP2: 24 of 36 modules on site; first LNG production mid-year 2027

Key Updates:
🔹 Interest-rate swap gain: $1.37B included in net income and EPS
🔹 Weighted Average Liquefaction Fee: $6.46/MMBtu; 99% of available 2026 cargos contracted

Comments:
🔸 “Our strong operational performance and outlook on pricing have allowed us to raise the midpoint of our volume and Consolidated Adjusted EBITDA guidance for FY 2026, and we remain confident in our business heading into next year.”

🔸 “We are also excited about a potential new, additive line of business for the Company: expanding our existing and proven capabilities building and operating an island-mode power and infrastructure network to be able to offer an off-grid AI utility to support data centers.”

[Alpha @AlphaAllocators]

@wallstengine Revenue actually beat, at 2.22 trillion yen vs 2.02 trillion expected. The loss came underneath: Vision Fund swung to an 81.6B yen loss from a 2.38 trillion yen profit a year ago, plus a 597.2B yen US data center charge. $SFTBY

[Alpha @AlphaAllocators]

@wallstengine The cost underneath: $CRWV Q3 interest was $846M, more than double its $379M in adjusted operating income. Net loss was $709M, and Q3 capex was $14.5B, with the full year guided to $37B to $39B.

[Alpha @AlphaAllocators]

Siemens Energy is adding €9 billion to its buyback

New program: up to €9B in additional share repurchases, about $10.0B

Runs through the end of fiscal 2030

On top of the €6B program already running, the combined ceiling is €15B

A dividend of €2.30 per share was proposed alongside it

$SMNEY is the U.S. ADR. The primary listing is ENR in Frankfurt.

Per Siemens Energy's announcement on Nov. 10 and Reuters.

[Alpha @AlphaAllocators]

The Rollins family just bought $50M of $ROL.

1.44M shares at $34.59 on Oct 29, filed Nov 2.

That is 34% below the $52.38 Rollins itself paid in its own buybacks earlier this year.

[Alpha @AlphaAllocators]

A Six Flags director just bought $14.9M of stock in three days

Rehan Jaffer bought 1,450,000 shares of $FUN

Nov 6: 700,000 at $10.00, $7.0M

Nov 9: 350,000 at $10.86, $3.8M

Nov 10: 400,000 at $10.32, $4.1M

His holdings rose to 6,350,000 shares

Two other insiders also bought on Nov 6

Per the Form 4 filed Nov 10.

[Alpha @AlphaAllocators]

Anthropic's biggest buyers are already in. The public gets what is left.

$26B strategic placement alongside the IPO

Google: $10B
Nvidia: $10B
Plus AMD, Broadcom, Micron, Microsoft and TSMC

Public range: $70 to $78 a share, 825M shares

FT reports this morning it could price above range, toward a $1.5T valuation

Pricing Nov 18
First trade Nov 19
$ANT

[Alpha @AlphaAllocators]

Anthropic is about to run the biggest IPO in history, and last night it had to pull its own pricing back.

Late Monday, a filing went to banks showing a $70 to $80 range

About 867 million shares

Up to $69.3B raised

Then came a second email: the pricing was inaccurate. New numbers to follow.

What did not get pulled back:

A $26B private placement alongside the IPO

Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC are all buying in

Q3 revenue: $17.0B, up about 12x year over year

The roadshow starts today, pricing is expected next week, and the ticker will be $ANT

Source: Reuters, Anthropic S-1/A

[Alpha @AlphaAllocators]

CoreWeave sold 9.625% bonds in June. By last week they traded above a 16% yield. On the call, management said it won't borrow that way at these prices. Here's the new plan. $CRWV

[Alpha @AlphaAllocators]

$CRWV Q3 2026 results

Revenue: $3.66B vs $3.54B est

EPS: -$1.27 vs -$1.27 est

Revenue up 168% year over year. Backlog reached $132.5B.

Full year 2026 revenue guidance raised to $13.0B to $13.3B.

[Alpha @AlphaAllocators]

Ondas sold 13x more last quarter than a year ago. The stock is about where it was.

Drone-in-a-box, a net-firing interceptor, a $757M backlog, 50% more shares, and a profit that isn't cash. Company Breakdown, in under 3 minutes. $ONDS

[Alpha @AlphaAllocators]

$CRWV Q3 2026 results

Revenue: $3.66B vs $3.54B est

EPS: -$1.27 vs -$1.27 est

Revenue up 168% year over year. Backlog reached $132.5B.

Full year 2026 revenue guidance raised to $13.0B to $13.3B.

[Alpha @AlphaAllocators]

Costco just declared a $30 special dividend.

$30 per share
About $13.3 billion in total
Payable December 4
Record date November 24

Double the last special, the $15 paid in January 2024.

The board also reauthorized a $4 billion buyback, through November 2030.

All on top of the regular $1.47 quarterly dividend.

Per Costco's announcement today. $COST

[Alpha @AlphaAllocators]

Costco sold $297B of goods last fiscal year and kept less than $2 of every $100 after product and warehouse costs. Then the card: 84.1M members, $5.9B in fees, about half of operating profit, 92.3% renewal. The stock trades at 51x earnings. Company Breakdown 01. $COST