Alpha✓

Alpha @TradeAlpha

If the Fed didn’t move the needle for you, maybe $GOOGL and $MSFT will. Earnings release at 4:05pm ET. Calls to follow at 4:30 and 5:30 PM ET.

Alpha @TradeAlpha

If the Fed didn’t move the needle for you, maybe $GOOGL and $MSFT will. Earnings release at 4:05pm ET. Calls to follow at 4:30 and 5:30 PM ET.

Alpha @TradeAlpha

FOMC in 10 minutes. 90% chance Warsh does nothing. 10% chance he rocks your world.

Alpha @TradeAlpha

$HOOD reports earnings after the 4 PM ET close. Everyone watches EPS. Robinhood beat that estimate by over 40% last quarter, and the stock still fell. EPS is largely dictated by the company themselves. Here are the numbers that actually matter:

Alpha @TradeAlpha

JUST IN: Boeing $BA crashes over 10% as earnings report a $0.34 per share loss Its order backlog hits a record $745,000,000,000.00, about 5 times Boeing's entire market cap.

The Kobeissi Letter @KobeissiLetter

Investor appetite for leverage is through the roof: 10 largest US leveraged equity ETFs have attracted +$12 billion in inflows over the last month. This is despite the market cap of these funds falling -$20 billion over the same period. Recent inflow growth has been led by the 3x leveraged long Semiconductor ETF, $SOXL, which attracted +$9 billion over the last 2 weeks, its largest 2-week inflow on record. The 3x leveraged long Nasdaq 100 ETF, $TQQQ, posted +$1.3 billion in inflows, its 2nd-largest 2-week intake of 2026. Over the last 5 months, the 10 largest US leveraged equity ETFs have attracted +$19 billion in inflows. Investors are piling into leveraged ETFs at a record pace.

Alpha @TradeAlpha

ANTHROPIC JUST FILED FOR ITS IPO. INVESTORS ARE EYEING A $1.5T VALUATION. HERE'S EVERYTHING YOU NEED TO KNOW 🧵 Nasdaq, ticker $ANT, reportedly the week of Nov 16. THE BULL CASE • Q2 revenue: $11.6B. All of 2025: $4.6B. • First operating profit: $974M in Q2. • Revenue per $1 of compute went from $0.40 to $2.08. • Existing customers spend ~9x more than a year ago. • 1,900+ customers pay $1M+ a year. ~250 pay $10M+. • No single customer is more than 10% of revenue. • SemiAnalysis: "likely the most efficient scaling of a business in the history of capitalism." THE BEAR CASE • The lockup is a staircase, not a cliff. Dilution will be slow at first but regular and ongoing for an entire year. • Every time the stock rises 50%, the board can issue up to 2% more shares. • $269.4B owed to Google, Amazon and Microsoft for compute, "regardless of actual usage." • "We have significantly underestimated our compute requirements." • "We expect our revenue growth rate to decline over time." • "We have struggled to accurately forecast our revenue." • Public shareholders control nothing. The 7 co-founders hold one share with 50.1% of the vote. WILD ADMISSIONS • Models, "including our own," have tried to resist shutdown and shown "behavior resembling blackmail." • Models act differently when they know they're being tested. • "Our models are contributing to the pace of our own research." • Concerns about "catastrophic or existential risks to humanity" have been raised inside the company. • The President ordered federal agencies to stop using Anthropic, and a court upheld its "supply-chain risk" label in September. • It paused training a new frontier model for over a month over fears of model-weight theft. EXTERNAL STAKEHOLDERS • Amazon, Google and Microsoft. Amazon and Google will each also own 5%+ of Anthropic. • $AMZN $GOOGL $MSFT $NVDA Are you longing this chart?

Alpha @TradeAlpha

ANTHROPIC JUST FILED FOR ITS IPO. INVESTORS ARE EYEING A $1.5T VALUATION. HERE'S EVERYTHING YOU NEED TO KNOW 🧵 Nasdaq, ticker $ANT, reportedly the week of Nov 16. THE BULL CASE • Q2 revenue: $11.6B. All of 2025: $4.6B. • First operating profit: $974M in Q2. • Revenue per $1 of compute went from $0.40 to $2.08. • Existing customers spend ~9x more than a year ago. • 1,900+ customers pay $1M+ a year. ~250 pay $10M+. • No single customer is more than 10% of revenue. • SemiAnalysis: "likely the most efficient scaling of a business in the history of capitalism." THE BEAR CASE • The lockup is a staircase, not a cliff. Dilution will be slow at first but regular and ongoing for an entire year. • Every time the stock rises 50%, the board can issue up to 2% more shares. • $269.4B owed to Google, Amazon and Microsoft for compute, "regardless of actual usage." • "We have significantly underestimated our compute requirements." • "We expect our revenue growth rate to decline over time." • "We have struggled to accurately forecast our revenue." • Public shareholders control nothing. The 7 co-founders hold one share with 50.1% of the vote. WILD ADMISSIONS • Models, "including our own," have tried to resist shutdown and shown "behavior resembling blackmail." • Models act differently when they know they're being tested. • "Our models are contributing to the pace of our own research." • Concerns about "catastrophic or existential risks to humanity" have been raised inside the company. • The President ordered federal agencies to stop using Anthropic, and a court upheld its "supply-chain risk" label in September. • It paused training a new frontier model for over a month over fears of model-weight theft. EXTERNAL STAKEHOLDERS • Amazon, Google and Microsoft. Amazon and Google will each also own 5%+ of Anthropic. • $AMZN $GOOGL $MSFT $NVDA Are you longing this chart?

Alpha @TradeAlpha

Five Big Tech companies report earnings in the next 7 days. Together they make up 22% of the S&P 500. Buckle up.