Umang Pabari

Cricket Statistician. COMLB26. Previously @Firstpost & @aajtak. Investor. Senior Data Analyst

[Umang Pabari @UPStatsman]

@KairosPraxis @CapstackCapital @IrrationalMrkts @ahmad_invests @Valuehunte @DomumCapital This is great to see. I have my task cut out in my 1:1 with Justin. Fingers crossed for your point on not getting acquired. It is my largest micro cap position.

[Umang Pabari @UPStatsman]

$INIO (INNIO) got listed on Nasdaq last week.

It is the engine room of the AI trade. It is currently trading at roughly $25B market cap.

INNIO makes reciprocating natural gas engines under two brands - Jenbacher and Waukesha. They run from 200kW up to 10 MW.

INNIO was $GE ‘s distributed power arm until Advent carved it in out 2018; in 2023, the Abu Dhabi Investment Authority took a significant minority stake.

For most of its life, INNIO sold engines to microgrids, industrial cogeneration, and gas compression, and then came AI Data centers.

Hyperscalers are building their own power plants on-site, next to the building, and turning them on now. INNIO sells exactly the engine that does that.

The numbers on this shift are not subtle.
Data center equipment order intake went from $27M to $2.28B in 2025.

They have 1.5 GW agreement with VoltaGrid, around 300 engines, with delivery locked out to 2028.

INNIO isn’t really an equipment company. Services already account for roughly half of revenue, sitting on an installed base of about 44 GW under multi-year parts and maintenance contracts.

The equipment orders get the headlines, but the long-term value compounds in the service tail.

2025 revenue was $2.64B, up 22%, with $549M of adjusted EBIDTA, and $141.8M of net income.

Q1 2026 revenue grew to $668.6M, but the quarter swung to a $9M net loss v a $35M profit a year ago.

The challenge would be to convert the order book into clean margins.

It is currently trading at an expensive valuation roughly 21 to 27 times 2025 adjusted EBIDTA.

The competitive set is circling - batteries, fuel cells, and SMRs all want to the same on-site power dollar, and reciprocating gas engines are not the only answer.

The risk isn’t the demand; it’s the price you pay for it, and whether management can turn the order book into durable margins.

The bonus is one of their suppliers revealed that INNIO is tripping their capacity by 2030.

I am watching order conversion, and services margins above everything else.

Disc: Took a starter position (Not an advice, DYOD)

[Umang Pabari @UPStatsman]

Amazon announces agreement with Corning to boost US fiber optics manufacturing.

$AMZN $GLW

[Umang Pabari @UPStatsman]

Kneat $KSI.TO to be Acquired by US Private Equity Firm Thoma. It will offer 40% premium.

[Umang Pabari @UPStatsman]

LibertyStream $LIB.NE has officially secured a long-term Lithium Carbonate offtake deal with a major U.S. industrial customer.

Starting 2027, facility-1 will supply 600 tonnes annually, and all sourced from oilfield brine.

[Umang Pabari @UPStatsman]

India had their biggest innings win today v Afghanistan at Mullanpur in Tests.

What a debut for Manav!

[Umang Pabari @UPStatsman]

$NVTS introduces Isolated Through-Hole Package for SiC, MOSFETs, Enabling Direct-Cooled Thermal Management.

It is setting a new benchmark for high-performance discrete power devices.

It is developed for 3300V, 2300V, and 1200V SiC MOSFET products.

Applications of this packaging breakthrough - Power Conversion Systems, Solid-state transformers, Battery energy storage systems, and renewable energy

[Umang Pabari @UPStatsman]

Doosan is planning to integrate Nvidia physical AI tech in Bobcat construction, agriculture, and logistics machines.

[Umang Pabari @UPStatsman]

Memory bandwidth!!

[NVIDIA AI Infrastructure @NVIDIAAIInfra]

📣 @SKhynix and @NVIDIA announce a multiyear technology partnership to codevelop next-generation memory for the global AI factory buildout.

SK hynix will codevelop memory for NVIDIA's platforms — from NVIDIA Vera Rubin to Jetson Thor — while advancing fab digital twins using @NVIDIAOmniverse libraries and applying NVIDIA CUDA-X and PhysicsNeMo to accelerate semiconductor design and manufacturing.

Read the press release: https://t.co/s3L33JGA35

[Umang Pabari @UPStatsman]

$OUST : Ouster

It is evolving from a hardware-focused company toward a higher-margin ‘Physical AI’ platform.

Catalysts:

- Positioned in the expanding LiDAR market
- 13 straight quarters of product revenue increases. Q1 2026 revenue of $49M (up 49% YoY)
- Exposure to robotics, industrial automation, smart cities, and defence (And yes, automotive)
- Acquisition of StereoLabs creates a unified sensor + perception platform
- Partnerships with FieldAI, Fujifilm, DXOMARK
- NVIDIA qualification
- Improving financial health and path to profitability
- Partnerships like ARGUS Interception for counter-UAS systems
- New Rev8 digital LiDAR and integrated solutions

Risks:

- Still unprofitable with potential ongoing dilution
- Competition in LiDAR
- Valuation reflects growth but it’s not cheap

[Umang Pabari @UPStatsman]

@KairosPraxis Won’t be surprised if we see it below 100 soon.

[Umang Pabari @UPStatsman]

This can be a game changer with a young one at home. I can definitely correlate.

Tesla RoboPod : First Full Self-Driving Stroller

$TSLA

[Dogan Ural @doganuraldesign]

Introducing: Tesla RoboPod

First Full Self-Driving Stroller

Starts from $2499

[Umang Pabari @UPStatsman]

That approach is B.Y.O.P. = Bring your own power.

[The Wall Street Journal @WSJ]

Big tech built so many data centers in Ireland that the sector uses a fifth of the country’s electricity. Now, Ireland is trying a new approach. https://t.co/9Vq307tiWu

[Umang Pabari @UPStatsman]

Cloud providers are the drivers of industry change.

Look at the jump from 2026 to 2030 in CapEx.

Source : $CIEN Q2 2026 Earnings Presentation

[Umang Pabari @UPStatsman]

$EROC (ERock) partnering with $META to provide onsite generating capacity for their data center in El Paso.

$EROC plans to list on NYSE on June 10, 2026.

[Umang Pabari @UPStatsman]

Can $META have another drawdown like this in 2026 if they dilute and continue to increase CapeX?

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

Recall 2022 max drawdowns:
$META -77%
$TSLA -74%
$NVDA -66%
$TSM -57%
$AMZN -56%
$MU -50%
$GOOGL -44%
$MSFT -38%
$AVGO -37%
$AAPL -32%

It's not just IPO stock that can fall huge. @koyfincharts

[Umang Pabari @UPStatsman]

It will be interesting to see $AAPL new AI powered Siri.

The revamped Siri is Apple’s big chance to catch up in the AI assistant race.

WWDC keynote is tomorrow.

[Umang Pabari @UPStatsman]

Tells you about skill trade demand in Canada!

I had a very hard time finding a plumber other day.

[Ritesh Jain @riteshmjn]

Met an electrician today in Calgary . 38 years old guy makes upwards of $200K between working for a company and doing contracting on weekend.

[Umang Pabari @UPStatsman]

Looking forward to $ORCL earnings in the coming week.