Offshore
Photo
AkhenOsiris
God bless this 996 movement...please keep working so I don't have to ๐Ÿ˜‚

Remote Work Is Overโ€ฆ โ€˜996 Work Cultureโ€™ Spreads Across U.S. Startups

โ€œIf you donโ€™t want to work 70 hours a week, donโ€™t apply to our company.โ€

Last month, AI startup Rilla posted this condition in a job advertisement for AI engineers on its website. In the U.S., the standard workweek requiring overtime pay is 40 hours. Rillaโ€™s demand nearly doubles that.

San Franciscoโ€“based startup Weekday AI also wrote in its software engineer job posting: โ€œIf you donโ€™t want to work six days a week (only Sunday off), youโ€™re not a fit for this role. Weโ€™re looking for applicants who enjoy solving difficult problems with patience.โ€ And theyโ€™re not alone. On LinkedIn and job sites, postings that require six-day schedules or 70+ hour workweeks at U.S. startups are increasingly easy to find.

Recently, U.S. startups have begun adopting the so-called โ€œ996โ€ high-intensity work culture: working 9 a.m. to 9 p.m., six days a week, a model popularized in China. Once known for perks like flexible hours, remote work options, unlimited paid leave, and free-spirited office environments meant to boost creativity, American startups are now moving in the opposite direction.

โ—‡ No Drinking, No Sleep, No Leisure

โ€œWe are adopting the 996 schedule.โ€ Earlier this year, Mercor CEO Brendan Puddy declared on X (formerly Twitter) that his AI startup would embrace 996. With AI competition intensifying, many startups believe โ€œnow is the make-or-break momentโ€, and are embracing extreme work intensity. The backdrop is a sense of urgency: whoever wins todayโ€™s โ€œAI warโ€ will claim tomorrowโ€™s rewards.

Local outlet San Francisco Standard reported: โ€œMany who see the AI boom as the greatest technological transformation of their lifetime are living every day in fierce competition to protect market share. They fear rivals across the streetโ€”or in Chinaโ€”will work harder and dominate the market.โ€

The Wall Street Journal also noted: โ€œFor AI startup founders, there is no drinking, no sleep, no leisure. Twenty-somethings flocking to San Francisco in pursuit of building the next trillion-dollar company are giving up everything except their laptops.โ€

Competition with China further fuels this culture. IT media outlet Wired wrote: โ€œU.S. AI firms are borrowing not just the name but the exact working hours of 996 to survive against Chinese rivals.โ€

โ—‡ Spreading Beyond Silicon Valley

This high-intensity culture isnโ€™t limited to AI startups. Venture capital firm Index Ventures partner Martin Mignot posted on LinkedIn: โ€œIn Silicon Valley, Chinaโ€™s 996 system is becoming the new startup standard,โ€ adding that this trend is spreading to New York and even Europe.

Biotech startup LatchBio, for example, recently advertised jobs saying: โ€œWe work six days a week (Monday through Saturday),โ€ and pitched as a perk that employees receive โ€œmore than 12 meals a weekโ€ provided by the company.

There are concerns that this culture could spread into mainstream corporate America. Forbes wrote: โ€œThis high-intensity work culture is gradually spreading across U.S. workplaces in general,โ€ adding that advances in AI are blurring boundaries between work and personal time, leading employers to expect tasks to be completed outside regular hours.

Forbes pointed to Wall Street banks, management consultancies, and major law firms as industries likely to adopt 70-hour workweeks as a new norm. In February, Google co-founder Sergey Brin also argued that โ€œa 60-hour week is the optimal level for productivity.โ€

โ—‡ China Moves in the Opposite Direction

Meanwhile, in Chinaโ€”where the 996 culture beganโ€”work intensity is easing. Rising health problems linked to overwork prompted Chinaโ€™s Supreme Peopleโ€™s Court to declare 996 illegal in 2021.

At the National Peopleโ€™s Congress this March, Beijing pledged โ€œcomprehensive measures to eliminate hamster-wheel-like excessive competition.โ€ State-run Global Times reported that some Chinese companies are[...]
Offshore
Photo
Umesh
RT @Shinebynous: Too short for modeling? Not anymoreโ€”AI made me my own star!

Back in the day, I heard it nonstop: "You're too short for a modeling career." Even years later, mocking up my designs felt like hitting the same wall.

But AI flipped the script!

With Adobe Firefly Boards, I whip up stunning product mock-ups for my coffee mugs, hoodies, or wall art in just minutes.

And thanks to Gemini 2.5 (Nano Banana), I can even feature my younger self as the model in my creationsโ€”turning "impossible" into "I did that!"

What doors were once closed? I kicked 'em open myself.

Create your own mock-ups in minutes โ€” try Adobe Firefly Boards today and see what you can bring to life.

This project is part of a paid partnership with Adobe Firefly.
I'm an official Adobe Firefly Brand Ambassador, and this content is sponsored.
#AdobeFireflyAmbassadors #Ad #FireflyPartnerModels

1/9
tweet
Offshore
Photo
Dimitry Nakhla | Babylon Capitalยฎ
A quality valuation analysis on $TDG ๐Ÿง˜๐Ÿฝโ€โ™‚๏ธ

โ€ขNTM P/E Ratio: 32.04x
โ€ข3-Year Mean: 33.08x

โ€ขNTM FCF Yield: 3.28%
โ€ข3-Year Mean: 3.20%

As you can see, $TDG appears to be trading near fair value

Going forward, investors can receive ~3% MORE in earnings per share & ~3% MORE in FCF per share๐Ÿง ***

Before we get into valuation, letโ€™s take a look at why $TDG is an good business

BALANCE SHEET๐Ÿ†—
โ€ขCash & Short Term Inv: $2.81B
โ€ขLong-Term Debt: $24.00B

$TDG has an ok balance sheet & 1.59x FFO Interest Coverage Ratio (though small, its highest ratio in the past 5 years)

RETURN ON CAPITAL๐Ÿ†—โžก๏ธโœ…
โ€ข2021: 9.5%
โ€ข2022: 13.2%
โ€ข2023: 15.9%
โ€ข2024: 18.5%
โ€ขLTM: 19.2%

โ€ข$TDG is a serial acquirer (which usually leads to a lower ROIC) and yet still maintains a fairly attractive ROIC

RETURN ON EQUITYโœ…
โ€ขNegative ROE due to heavy use of debt

$TDG has strong return metrics, highlighting the financial efficiency of the business

REVENUESโœ…
โ€ข2014: $2.37B
โ€ข2024: $7.94B
โ€ขCAGR: 12.85%

FREE CASH FLOWโœ…
โ€ข2014: $0.51B
โ€ข2024: $1.88B
โ€ขCAGR: 13.93%

NORMALIZED EPSโœ…
โ€ข2014: $7.76
โ€ข2024: $33.99
โ€ขCAGR: 14.04%

SHARE BUYBACKSโŒ
โ€ข2018 Shares Outstanding: 55.60M
โ€ขLTM Shares Outstanding: 57.80M

MARGINSโœ…
โ€ขLTM Gross Margins: 59.1%
โ€ขLTM Operating Margins: 45.3%
โ€ขLTM Net Income Margins: 18.7%

***NOW TO VALUATION ๐Ÿง 

As stated above, investors can expect to receive ~3% MORE in EPS & 3% MORE in FCF per share

Using Benjamin Grahamโ€™s 2G rule of thumb, $TDG has to grow earnings at a 16.02% CAGR over the next several years to justify its valuation

Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be less than the (16.02%) required growth rate:

2025E: $36.96 (8.7% YoY) *FY Dec

2026E: $41.92 (13.4% YoY)
2027E: $48.07 (14.7% YoY)

$TDG has a decent track record of meeting analyst estimates ~2 years out so letโ€™s assume $TDG ends 2027 with $48.07 in EPS & see its CAGR potential assuming different multiples:

33x P/E: $1586๐Ÿ’ต โ€ฆ ~10.6% CAGR

32x P/E: 1538๐Ÿ’ต โ€ฆ ~8.9% CAGR

31x P/E: $1490๐Ÿ’ต โ€ฆ ~7.2% CAGR

30x P/E: 1442๐Ÿ’ต โ€ฆ ~5.5% CAGR

29x P/E: $1394๐Ÿ’ต โ€ฆ ~3.7% CAGR

28x P/E: 1345๐Ÿ’ต โ€ฆ ~1.9% CAGR

As you can see, $TDG appears to have attractive return potential if we assume >33x EPS (near its 3-year mean) โ€” however, this leaves us with little margin of safety

On the other hand, current estimates may not accurately reflect future acquisitions, price increases, etc that could increase future growth expectations (a crucial part of $TDG long-term growth track record)

Today at $1295๐Ÿ’ต $TDG appears to be a fair consideration for investment with little margin of safety

I consider $TDG a strong consideration for investment closer to $1150๐Ÿ’ต (11% below todayโ€™s price, 28.45x NTM Est) where I could reasonably expect a ~12% CAGR while relying on a 30x end multiple

#stocks #investing
___

๐ƒ๐ˆ๐’๐‚๐‹๐Ž๐’๐”๐‘๐„โ€ผ๏ธ: ๐“๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐Ž๐“ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐€๐๐ฏ๐ข๐œ๐ž. ๐๐š๐›๐ฒ๐ฅ๐จ๐ง ๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅยฎ ๐š๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐ž๐ฉ๐ซ๐ž๐ฌ๐ž๐ง๐ญ๐š๐ญ๐ข๐ฏ๐ž๐ฌ ๐ฆ๐š๐ฒ ๐ก๐š๐ฏ๐ž ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ฌ๐ž๐œ๐ฎ๐ซ๐ข๐ญ๐ข๐ž๐ฌ ๐๐ข๐ฌ๐œ๐ฎ๐ฌ๐ฌ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐ž๐ž๐ญ.

๐“๐ก๐ž ๐ข๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง ๐œ๐จ๐ง๐ญ๐š๐ข๐ง๐ž๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐ž๐ž๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐ž๐ง๐๐ž๐ ๐Ÿ๐จ๐ซ ๐ข๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐ž๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐š๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐›๐ž ๐œ๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐ž๐ ๐š๐ฌ ๐ข๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐š๐๐ฏ๐ข๐œ๐ž ๐ญ๐จ ๐ฆ๐ž๐ž๐ญ ๐ญ๐ก๐ž ๐ฌ๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐ง๐ž๐ž๐๐ฌ ๐จ๐Ÿ ๐š๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐š๐ญ๐ข๐จ๐ง. ๐๐š๐ฌ๐ญ ๐ฉ๐ž๐ซ๐Ÿ๐จ๐ซ๐ฆ๐š๐ง๐œ๐ž ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐š๐ซ๐š๐ง๐ญ๐ž๐ž ๐จ๐Ÿ ๐Ÿ๐ฎ๐ญ๐ฎ๐ซ๐ž ๐ซ๐ž๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.

๐ˆ๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง ๐œ๐จ๐ง๐ญ๐š๐ข๐ง๐ž๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐ž๐ž๐ญ ๐ก๐š๐ฌ ๐›๐ž๐ž๐ง ๐จ๐›๐ญ๐š๐ข๐ง๐ž๐ ๐Ÿ๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐œ๐ž๐ฌ ๐›๐ž๐ฅ๐ข๐ž๐ฏ๐ž๐ ๐ญ๐จ ๐›๐ž ๐ซ๐ž๐ฅ๐ข๐š๐›๐ฅ๐ž, ๐›๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐š๐ซ๐š๐ง๐ญ๐ž๐ž๐ ๐š๐ฌ ๐ญ๐จ ๐œ๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž๐ง๐ž๐ฌ๐ฌ ๐จ๐ซ ๐š๐œ๐œ๐ฎ๐ซ๐š๐œ๐ฒ.
tweet
Offshore
Photo
Umesh
Amazing prompt! https://t.co/ECLvyse8k7

๐ŸŽจ CELESTIAL MANDALA ODYSSEY ๐ŸŽจ

Prompt :

[SUBJECT] at the center of a Celestial Mandala Odyssey, surrounded by intricate, swirling patterns of [COLOR1] and [COLOR2] that evoke the harmony of the cosmos.

Check ALTS https://t.co/ORaKql4vO9
- LudovicCreator
tweet
Offshore
Photo
Umesh
Less Juggling, More Making: Firefly Boards as the Single Launchpad for AI Video
tweet
Offshore
Photo
Investing visuals
It ainโ€™t much but itโ€™s honest work. https://t.co/OtbeCcEbdy
tweet
Yellowbrick Investing
Bunch of ideas in here

Some trades I made over the last week (As always, please do your own research before taking any positions. And constructive disagreement is welcome โ€“ I donโ€™t expect anyone to agree with all of these moves):

Bought $ON (Friday) - I went back and forth on this one. But ultimately decided that at the current valuation (12.5x 2024 EPS, which is still well below what they earned in 2022/2023), the positives (Chinese EV ramps, plug-in hybrid SiC design wins, ADAS/machine vision image sensors, data center power semis, the Treo platformโ€™s ramp, aerospace/defense, utility solar, a large U.S. manufacturing footprint, the analog cycle showing signs of turning) outweigh the negatives (China competition/politics, tariff-related headwinds, $TSLAโ€™s share losses, the end of U.S. EV subsidies). Plus it has a high short interest for an analog semi and there hasnโ€™t been much insider selling this year.

Bought $FOUR (Friday) - Had been eying it for a while, and finally talked myself into buying on Friday. Still have some concerns about the CEO change and softening restaurant spending. But also think the valuation (~15x 2026E EV/FCF) provides a margin of error for a long-time share-gainer thatโ€™s still seeing double-digit organic growth and has a strong M&A track record. Also, the RSI is down to 26, 18% of the float is shorted, Isaacman bought shares again in August and (for now, at least) wealth effects might give a boost to restaurant and entertainment spending.

Sold $SKYT (Friday) - I still like its positioning as U.S. manufacturer of defense/aerospace silicon. And as a manufacturer of components going into quantum computers, it might be the only public quantum computing play that turns a profit from the tech over the next few years :). But after a huge run-up (aided by short-squeezes and retail enthusiasm), the valuation feels full absent some very good news about orders or GM improvement. And thereโ€™s been a lot of insider selling over the last two months. Might re-enter if it sees a decent pullback.

Trimmed $IREN again (Wednesday-Friday) - This has been a great trade (and I do wish Iโ€™d waited longer to start trimming). But the current valuation prices in hyperscaler leasing deals for a good chunk of the 2.75GW in contracted power they have at their Sweetwater and Childress, TX locations, assuming pricing similar to what firms such as $CORZ and $GLXY have obtained. And I have mixed feelings about their internal GPU cloud business โ€“ it can work in the short-term due to GPU demand being ahead of supply and $NVDA's wish to become less dependent on tech giants developing ASICs, but itโ€™s still not easy competing against AMZN/MSFT/GOOG and larger neoclouds such as $CRWV and $NBIS, and things could get messy if/when GPU supply surpasses demand. Throw in all the chasing thatโ€™s gone on from the kinds of retail investors who have been piling into stuff like $IONQ and $OKLO, and I felt this was a good time to cut exposure.

Shorted $KTOS and $PL (Friday) - While both firms have clear defense/space spending tailwinds, their valuations have reached nosebleed levels thanks to momentum-chasing, and each now has an RSI around 80. They seem ripe for a pullback if (as I think is quite possible) we see a rotation from overbought momentum stocks to other parts of the market. Also, given all the long exposure I have to defense/space tech plays, these positions act as hedges of sorts.

Shorted $JMIA (Tuesday) - A simple way to look at this: Following this yearโ€™s giant run-up, Jumia sports higher forward EV/sales and EV/GP multiples than $MELI or $SE, even though itโ€™s growing slower than them and remains pretty unprofitable for now (Q2 op. loss of $16.5M on revenue of $45.6M). Plus it's far from certain they'll keep seeing double-digit grow next year (comps get much tougher) and only ~4% of the float is shorted.

Bought $EQT, $GPOR and $NFG (Wednesday-Friday) - Iโ€™m a tourist when it comes to natural gas plays, so take this FWIW, but I fel[...]
Offshore
Yellowbrick Investing Bunch of ideas in here Some trades I made over the last week (As always, please do your own research before taking any positions. And constructive disagreement is welcome โ€“ I donโ€™t expect anyone to agree with all of these moves): Boughtโ€ฆ
t this was a good time to add some exposure to the space. Valuations are low, institutional energy positioning is still relatively light, U.S. electricity demand and prices are shooting higher (and demand looks poised to keep growing fast over the next few years), and the industry has strong political support. I screened for names that have low P/Es, are expected to see strong 2025/2026 growth, arenโ€™t too levered and have E&P and midstream assets close to data center hotspots such as Texas and Ohio. - Eric Jhonsa tweet