$FIGR 2028 GAAP revisions 👀 Spike is due to new 2028 $2.22 number from GS. If accurate, puts the stock @ 10x 2028 GAAP PE just as analysts start rolling over price targets to 2028, growing ~50% w/ 50% EBIDTA margins, w/ housing already severely depressed. Rare air.

These are A100 chips that powered Bing under a deal made in 2023. MSFT has been among the most neo-reliant and is looking to bring more production in house and on balance sheet. Still, $CRWV fell $3 on this headline and turned briefly down on day.

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

Imagine Saudi Arabia, or any of the Middle Eastern countries that don't even hold competitive national elections, actually held one. Would @Bloomberg call the leading party "profoundly racist" for refusing to form a parliamentary coalition with parties it considers hostile to the state? And why no such label for Netanyahu's chief rival, who also ruled out governing with Arab parties? Does @MarcChampion1 routinely describe the region's unelected rulers as racist, or its authoritarian governments as "profoundly undemocratic"? I think you know the answer.

$GOOGL on call: "Given the supply constraint environment, we started utilizing third party compute capacity at the end of Q3 and will ramp usage in Q4. We expect margin headwinds in the near term as we utilize this capacity. Moving to investments, our full year 2026 CapEx guidance range of 195 to $205 billion remain unchanged. We continue to expect our CapEx to increase significantly in 2027, and will provide further details on our Q4 call."

$ORCL +10% intra day Reaffirmed FY30 revenue and EPS targets at investor day; said capex will peak in FY27-28 and step down in FY29. Expecting to turn FCF positive in fiscal 2H28 and then $30B+ in FY29 (much earlier than expected). External funding will be capped at $20B through FY30, excluding refinancing and on top of the $20B ATM in F1Q27 that already happened. Net debt to adj EBITDA to be <3.5x in FY29 with growth self funded from FY29 and beyond.

$MSTR STRC 12 PERP back to $99.9. Last time it regained par (Jan 6th) the ATM was restarted the next business day to buy Bitcoin. Given relatively low volumes, MSTR buyback (~$950M remaining) may be having an outsized impact at these levels.

Wingspire equipment finance is a portfolio company of Blue Owl, formerly known as Liberty Commercial Finance. Offers sale-leaseback arrangements, equipment lines of credit. Industry agnostic. They did $700M of total volume all of 2025, have done several GPU deals this year; this is relatively large one for them. Wingspire has a warehouse lending facility from BofA and WFC.

$VRT data center cooling bellweather +14% pre-market, reports strong EPS --> >Orders +55% organic vs. consensus +40% >Big EBIDTA beat >Guides Q4 +50% >"Remarkably strong pipeline momentum"

Striking data on Japan's relative comfort with AI: Only 31% say it makes them nervous, vs. 64% of Americans. The sad irony: Japan is just 16% energy self-sufficient vs. ~110% for the US.

We've been tracking every broker/exchange that has reported Q3 and the obvious weak link is pricing. $HOOD continued that today with weak-ish pricing power across options, equities and crypto. When I put all our broker/exchange EPS wraps into Claude, here was the summary: "The pattern across space is decent volume y/y, but weak q/q and deteriorating further. Unit pricing is the weak link. Rates and FX products have the best mix of volume and price, helped by the rate backdrop. Everything driven by retail or micro-sized flow is growing volume but not revenue due to weakening pricing. For both brokers and exchanges, non-trading lines (net interest, market data, solutions, clearing and treasury income) are carrying more of the earnings growth than trading."

$HOOD trading -5% AH on a topline miss and Q3 MAUs 13M vs est 14.4M. >Total revenues +12%; transaction revs +19% >Crypto trading revenue $120M vs. $114M est >Total platform AUM +19% y/y; net deposits +17% annualized >Retirement AUC +51% >Relative strength in options (+53% y/y) >Lowers expense guidance by ~1% >Share count flat >$1.35B remaining on share buyback authorization

$GLXY +5% pre-market after Q3 EPS release Headline profit beat is unrealized gains on Bitcoin and other marks. Treasury & Corp made $419M vs a $42M loss in Q2. Helios Phase 1 first full leasing quarter: $79M revenue (Q2 $19M) and $69M adj. EBITDA. In line-ish with what we were looking for (87% margin). Data center segment still netted roughly zero net given $75M of interest on the new debt. Phase 2 deliveries start 2Q27. Helping the price: new $200M buyback authorized after the first one finished Oct 15. About offsets stock comp dilution. Share count barely moved. Open items for the 8:30am call: Helios II leasing interest, Phase 3 funding, McGregor.