Offshore
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Quiver Quantitative
Last year, we reported extensively on a suspicious purchase of Viasat stock by a member of Congress.
$VSAT is now up 400% since our reports.
Look at this: https://t.co/wImMv6i7Vk
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Last year, we reported extensively on a suspicious purchase of Viasat stock by a member of Congress.
$VSAT is now up 400% since our reports.
Look at this: https://t.co/wImMv6i7Vk
tweet
Wasteland Capital
I hope you had an amazing Christmas and New Year. Best wishes to all.
For all the great outcomes last year, let’s be grateful for our blessings.
For the bad ones, the past has little bearing on the future. Every day is a new opportunity, and we decide what comes next. 🙏
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I hope you had an amazing Christmas and New Year. Best wishes to all.
For all the great outcomes last year, let’s be grateful for our blessings.
For the bad ones, the past has little bearing on the future. Every day is a new opportunity, and we decide what comes next. 🙏
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Offshore
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Clark Square Capital
Good WSJ story on Vera Bradley $VRA
https://t.co/yE0c4zPONj
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Good WSJ story on Vera Bradley $VRA
https://t.co/yE0c4zPONj
Ok, hear me out – Vera Bradley $VRA revenue is up in October YoY with 8 fewer full-price stores. Here I will quickly summarize why I think it's worth at least 2x from here:
- Vera Bradley is an easy fix after terrible re-brand by Jackie Ardrey that alienated its loyal customer base and did not attract any new customers as product was lacking its DNA
- Jackie Ardrey is out and Ian Bickley is a new interim CEO (spent most of his career at Coach, sits on the BoD of Crocs)
- Ian Bickley did something very right – he went to TikTok and actually LISTENED to what loyal customers were saying. He brought back 100 handbag in new colors and sent the product to some VB ambassadors (VB queen emma liz, itsliddystyle and some others). As a result 3 out of 6 styles were sold out (were added since then and only Mistletoe Lattice is out of stock now)
- Collab with Anthropologie was also a success – Lattice Patchwork Mistletoe (TBH the only one that looks great) duffel bag and hathaway tote were sold out, duffel bag was added once but sold out again. Another style that is really trending is Star Patchwork – duffel, 100 bag, zip tote, hathaway tote. The point here is the product finally is right and it is with VB heritage
- Real estate sale leaseback – great work @ClarkSquareCap that found out that company is putting its industrial property in Roanoke, IN to the market for $29.5 mil ( $VRA market cap is $65 mil)
- Looks like company is in process of quickly liquidating its old inventory (around $100 mil as of last report) to have some working caital for the new products – outlet quality items are now in Costco, Marshalls and TJX
- Company has no debt
- Website traffic is also positive YoY tweet
Offshore
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App Economy Insights
🎉 Welcome to 2026!
Did you keep track during the holidays?
📈 Sandisk Absolutely Crushed 2025
🧠 Meta Bets on AI Startup Manus
🤖 NVIDIA + Groq: The $20B Deal
🔎 Gemini’s Very Good Year
$SNDK $META $NVDA $GOOG
https://t.co/WTFLZRkimA
tweet
🎉 Welcome to 2026!
Did you keep track during the holidays?
📈 Sandisk Absolutely Crushed 2025
🧠 Meta Bets on AI Startup Manus
🤖 NVIDIA + Groq: The $20B Deal
🔎 Gemini’s Very Good Year
$SNDK $META $NVDA $GOOG
https://t.co/WTFLZRkimA
tweet
Offshore
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Quiver Quantitative
Wow.
We've been reporting on Representative Tim Moore's recent purchases of Intel stock.
Moore sits on the House Subcommittee on AI.
$INTC has now risen 103% since his August 1st purchase. https://t.co/LyTnMs1nXS
tweet
Wow.
We've been reporting on Representative Tim Moore's recent purchases of Intel stock.
Moore sits on the House Subcommittee on AI.
$INTC has now risen 103% since his August 1st purchase. https://t.co/LyTnMs1nXS
tweet
Offshore
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The Few Bets That Matter
Remember the $NVDA “inventory bear case”? The one built on 2 digit IQ that generated millions of views?
I broke down why it was deadly wrong in my repost.
Turns out the so-called “inventory” included ~700,000 H200 units; over $15B of produced but unsold hardware due to export curbs.
Not weak demand. Not forged accounts. Not unpaid bills.
That narrative created an so much fear, pushed by people who look at numbers without context, and did slow down the market a little bit.
Fast forward weeks later, to facts, as they always take time to surface. A recent article made the situation clear.
“ $NVDA is scrambling to meet strong demand for its H200 artificial intelligence chips from Chinese technology companies and has approached contract manufacturer $TSM to ramp up production.
Chinese technology companies have placed orders for more than 2 million H200 chips for 2026, while Nvidia currently holds just 700,000 units in stock.”
$NVDA sees a path to ~$500B in sales in the West alone. With renewed access to China, where demand from players like $BABA is massive, the supply chain will be stressed once again.
You’re just not bullish enough. The AI trade isn't over.
https://t.co/mm3A4EB6ze
🚨BREAKING: The $610 Billion AI Ponzi Scheme Is Not A Ponzi Scheme
Here’s why $NVDA isn’t the disaster the algorithms - and the bears, want you to think it is. Far from it.
Shanaka’s argument claims that Nvidia’s rising inventory, receivables, and DSO suggest demand is slowing and the company is pushing more product than customers can absorb, in terms of need and payment.
In brief: no more demand nor cash to pay for their GPUs.
1. Rising Inventory ≠ Red Flag
Shanaka says rising inventory is evidence of weak demand, but ignores $NVDA pricing - and many other factors we'll talk about.
When unit prices double or triple, the same volume of hardware shows up as a larger dollar value in inventories.
You'll have more bananas for $1M that airplanes, right? Just like you'll have more H100 than GB200.
When we normalize inventory by revenue - or by units shipped, the trend is stable, suggesting this is a pricing effect, not a demand problem and rising inventory in volume.
This can also be illustrated with accounts receivable per revenue, which make the same point: when product prices increase, dollar-denominated metrics rise, so metrics taken individually may look bad but within context, the story looks normal.
That being said, many could point that even then, inventory is rising. To which we need to add context, something algorythms are incapable of.
2. Higher DSO & Supply Chain Constraints
DSO - which represents the time before being paid, rising slightly is consistent with real-world constraints.
$NVDA doesn’t just ship GPUs anymore; they ship racks, custom configurations, integrated systems… These use third-party components, which require more coordination, harder logistics, and can temporarily increase time before revenue recognition and therefore inventory.
Add to this the fact that foundries, as proven many times these quarters during $TSM & co earnings, run at full capacity, and you get even more delays.
More customization + constrained supply chains = longer installation cycles before revenue can be recognized and rising inventories until then.
This is an operational bottleneck, not a credit problem.
A move from 46 to 53 days is marginal especially considering this value has been roughly stable for three quarters.
3. Circular Economy
As for the claims about a circular economy and the same dollars being used across multiple companies, I have no counters but this: circular economies are normal, that’s how economies work.
It only becomes a problem if AI services do not generate enough cash to honor commitments.
Because that’s what those are: commitments, not booked revenues. If those commitments can be honored, then what is the problem?
4. Algorithms Don’t Understand Conte[...]
Remember the $NVDA “inventory bear case”? The one built on 2 digit IQ that generated millions of views?
I broke down why it was deadly wrong in my repost.
Turns out the so-called “inventory” included ~700,000 H200 units; over $15B of produced but unsold hardware due to export curbs.
Not weak demand. Not forged accounts. Not unpaid bills.
That narrative created an so much fear, pushed by people who look at numbers without context, and did slow down the market a little bit.
Fast forward weeks later, to facts, as they always take time to surface. A recent article made the situation clear.
“ $NVDA is scrambling to meet strong demand for its H200 artificial intelligence chips from Chinese technology companies and has approached contract manufacturer $TSM to ramp up production.
Chinese technology companies have placed orders for more than 2 million H200 chips for 2026, while Nvidia currently holds just 700,000 units in stock.”
$NVDA sees a path to ~$500B in sales in the West alone. With renewed access to China, where demand from players like $BABA is massive, the supply chain will be stressed once again.
You’re just not bullish enough. The AI trade isn't over.
https://t.co/mm3A4EB6ze
🚨BREAKING: The $610 Billion AI Ponzi Scheme Is Not A Ponzi Scheme
Here’s why $NVDA isn’t the disaster the algorithms - and the bears, want you to think it is. Far from it.
Shanaka’s argument claims that Nvidia’s rising inventory, receivables, and DSO suggest demand is slowing and the company is pushing more product than customers can absorb, in terms of need and payment.
In brief: no more demand nor cash to pay for their GPUs.
1. Rising Inventory ≠ Red Flag
Shanaka says rising inventory is evidence of weak demand, but ignores $NVDA pricing - and many other factors we'll talk about.
When unit prices double or triple, the same volume of hardware shows up as a larger dollar value in inventories.
You'll have more bananas for $1M that airplanes, right? Just like you'll have more H100 than GB200.
When we normalize inventory by revenue - or by units shipped, the trend is stable, suggesting this is a pricing effect, not a demand problem and rising inventory in volume.
This can also be illustrated with accounts receivable per revenue, which make the same point: when product prices increase, dollar-denominated metrics rise, so metrics taken individually may look bad but within context, the story looks normal.
That being said, many could point that even then, inventory is rising. To which we need to add context, something algorythms are incapable of.
2. Higher DSO & Supply Chain Constraints
DSO - which represents the time before being paid, rising slightly is consistent with real-world constraints.
$NVDA doesn’t just ship GPUs anymore; they ship racks, custom configurations, integrated systems… These use third-party components, which require more coordination, harder logistics, and can temporarily increase time before revenue recognition and therefore inventory.
Add to this the fact that foundries, as proven many times these quarters during $TSM & co earnings, run at full capacity, and you get even more delays.
More customization + constrained supply chains = longer installation cycles before revenue can be recognized and rising inventories until then.
This is an operational bottleneck, not a credit problem.
A move from 46 to 53 days is marginal especially considering this value has been roughly stable for three quarters.
3. Circular Economy
As for the claims about a circular economy and the same dollars being used across multiple companies, I have no counters but this: circular economies are normal, that’s how economies work.
It only becomes a problem if AI services do not generate enough cash to honor commitments.
Because that’s what those are: commitments, not booked revenues. If those commitments can be honored, then what is the problem?
4. Algorithms Don’t Understand Conte[...]