The Transcript
ServiceNow executives have cancelled their planned stock sales, and the CEO is buying $3M worth of shares

$NOW: +1% today https://t.co/vTRTq9uT8b

$NOW ServiceNow CEO tells investors the M&A panic is over and it’s time to return that lost $10B in market cap.

"I noticed that we lost about $10B in market cap on that because of the worry. So now the worry is gone, you can give us back to market cap. And no, we're not going after anything large" - The Transcript
tweet

God of Prompt
RT @rryssf_: Together AI published a paper that made open-source models outperform GPT-4o on a major benchmark

the method is called Mixture-of-Agents. it doesn't fine-tune anything. it doesn't train anything. it just asks multiple llms the same question, then feeds their answers to another llm that synthesizes the best response

65.1% vs GPT-4o's 57.5% on AlpacaEval 2.0. all open-source models. here's how it works and where it breaks down
tweet

Clark Square Capital
RT @TheAppInvestor: 📊Mobile App Stocks review - Week 7, 2026
Gala (HK:2458), Mighty Kingdom (AX:MKL), $ZDGE and $GRVY top the chart. Disappointing few weeks for Drecom and Aiming in JP.

Commentary blog offers some more thoughts on Gala and Gravity, cf comments. https://t.co/ATELocRcxM
tweet

The Few Bets That Matter
Closed $ALAB.

I love the company and it has more to give.
If the market doesn't like it, I don't either.

Call me a trader 👇

https://t.co/l9nGdNNrQu - The Few Bets That Matter
tweet

God of Prompt
RT @godofprompt: 🚨 BREAKING: Gemini can now write and design an entire book in 48 hours.

Here are 5 insane prompts to become a published author this month: (Save for later): https://t.co/hdqbdZK4Gv
tweet

AkhenOsiris
RT @JerryCap: In 2000, people thought the internet would kill all retail. Twenty years later $WMT trades at 50x PE and a premium to Amazon who actually owns the internet.
tweet

Javier Blas
RT @patrickwintour: Full remarks of Seyed Abbas Araghchi, Minister of Foreign Affairs, after the end of the Geneva negotiations.

Today, we held the second round of negotiations with the American delegation indirectly at the Oman Embassy in Geneva. Consultations had started since yesterday, and Grossi came to Geneva and had good technical discussions with him, and he met with the American delegation.

In this round, completely serious discussions were raised compared to the previous round, and there was a more constructive atmosphere.

Various ideas were presented and these ideas were seriously discussed, and ultimately we were able to reach a general agreement on a set of guiding principles, based on which we will move forward and enter the text of a possible agreement.

This does not mean that we can quickly reach an agreement, but at least the path has started. We hope this will be done as soon as possible and we are ready to devote enough time to it, but when it comes to drafting the text, the work becomes a bit more difficult and detailed.

Good progress was made compared to the previous session and now we have a clear path ahead, which I think is positive.

No specific time was set, and it was agreed that both sides would work on the texts of a possible agreement, then we will exchange these texts and after that set another date for the third round.

The roadmap is not defined as such, but now we have a clearer picture of what needs to be done and what should be done next.

Of course, both sides still have positions that require work to come closer to each other, but at least now we have a set of guiding principles and a clearer path to follow.
tweet

Javier Blas
Oman, which is mediating the U.S.-Iran, talks comes out also with an upbeat take. If nothing else, everyone involved seems to want to keep the talks ongoing

Today’s indirect negotiations between The Islamic Republic of Iran and the United States of America in Geneva concluded with good progress towards identifying common goals and relevant technical issues. The spirit of our meetings was constructive. Together we made serious efforts to define a number of guiding principles for a final deal. The contribution of the IAEA Director General Rafael Grossi was much appreciated. Much work is yet to be done, and the parties left with clear next steps before the next meeting. - Badr Albusaidi - بدر البوسعيدي
tweet

Brady Long
RT @thisguyknowsai: BREAKING: Grok can now do digital marketing like a $10,000/month agency (for free).

Here are 7 insane Grok prompts that can take your biz to $100K/month (Save for later) https://t.co/gxgmFybCmY
tweet

Benjamin Hernandez😎
Fresh trading ideas for Tuesday!

$CGTL $CNVS $ONEG
$GLXG $ETOR $SMX
$CNQ $NLY-I $MSFT $META $NVDA $TSM

$CGTL volatility is extremely high. $CNVS is the speculative focus. $ONEG needs to reclaim the 50-day MA. Watch $SMX for capitulation volume.

Text me for my trade plan!
tweet

Javier Blas
For energy policy making, a key week in Paris as @IEA energy officials gather Feb 18-19 for a biennial ministerial meeting.

The IEA’s drift toward net-zero advocacy and overtures to China will be tested as US officials push to a return to core oil security mandate / OECD focus.
tweet

Dimitry Nakhla | Babylon Capital®
Dan Sundheim Q4 25’ 13F

Top 5 Holdings: $CART $CLH $FLS $JHX $RDDT

Notable Adds: $MELI $SE $KNX $AMZN https://t.co/7ZWumiHSX9

Dan Sundheim, Founder & CIO of D1 Capital Partners, on what stock he’d buy if there was a 10-year lockup:

“There’s very few tech companies I feel comfortable saying because I think tech just changes too quickly so it wouldn’t be a tech company. It would have to be a company with a moat that’s incredibly difficult to penetrate, with a growth rate well above GDP for a long time.

I like 𝐒𝐢𝐞𝐦𝐞𝐧𝐬 𝐄𝐧𝐞𝐫𝐠𝐲 quite a bit… a company called 𝐂𝐥𝐞𝐚𝐧 𝐇𝐚𝐫𝐛𝐨𝐫𝐬 which I like a lot… they own the majority of the incinerators in the United States. You can’t really build more incinerators because of NIMBY.”
___

𝐓𝐡𝐞 𝐥𝐞𝐬𝐬𝐨𝐧:

Investing ultimately comes back to analyzing a company’s moat. Not just whether a business has competitive advantages — but: how easily can those advantages be replicated?

How many layers of barriers to entry protect the business?

How durable are those advantages over long periods of time?

𝘛𝘩𝘦 𝘭𝘰𝘯𝘨𝘦𝘳 𝘺𝘰𝘶𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘩𝘰𝘳𝘪𝘻𝘰𝘯, 𝘵𝘩𝘦 𝘮𝘰𝘳𝘦 𝘤𝘳𝘪𝘵𝘪𝘤𝘢𝘭 𝘵𝘩𝘦𝘴𝘦 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘣𝘦𝘤𝘰𝘮𝘦.

𝘈𝘴 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺 𝘢𝘥𝘷𝘢𝘯𝘤𝘦𝘴, 𝘥𝘪𝘴𝘳𝘶𝘱𝘵𝘪𝘰𝘯 𝘳𝘪𝘴𝘬 𝘯𝘢𝘵𝘶𝘳𝘢𝘭𝘭𝘺 𝘳𝘪𝘴𝘦𝘴. 𝘞𝘩𝘢𝘵 𝘭𝘰𝘰𝘬𝘴 𝘥𝘰𝘮𝘪𝘯𝘢𝘯𝘵 𝘵𝘰𝘥𝘢𝘺 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘳𝘦𝘮𝘢𝘪𝘯 𝘴𝘰 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘳𝘦𝘢𝘭 𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘢𝘭 𝘱𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘰𝘯𝘴 — 𝘪𝘯𝘵𝘦𝘭𝘭𝘦𝘤𝘵𝘶𝘢𝘭 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺, 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘣𝘢𝘳𝘳𝘪𝘦𝘳𝘴, 𝘪𝘯𝘴𝘵𝘢𝘭𝘭𝘦𝘥 𝘣𝘢𝘴𝘦, 𝘴𝘸𝘪𝘵𝘤𝘩𝘪𝘯𝘨 𝘤𝘰𝘴𝘵𝘴, 𝘯𝘦𝘵𝘸𝘰𝘳𝘬 𝘦𝘧𝘧𝘦𝘤𝘵𝘴, 𝘩𝘢𝘳𝘥 𝘢𝘴𝘴𝘦𝘵𝘴, 𝘦𝘵𝘤.
___

𝙒𝙝𝙖𝙩’𝙨 𝙗𝙚𝙖𝙪𝙩𝙞𝙛𝙪𝙡 𝙖𝙗𝙤𝙪𝙩 𝙎𝙪𝙣𝙙𝙝𝙚𝙞𝙢’𝙨 𝙛𝙧𝙖𝙢𝙞𝙣𝙜 𝙞𝙨 𝙩𝙝𝙚 𝙚𝙢𝙥𝙝𝙖𝙨𝙞𝙨 𝙤𝙣 𝙙𝙪𝙧𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙤𝙫𝙚𝙧 𝙚𝙭𝙘𝙞𝙩𝙚𝙢𝙚𝙣𝙩.

Particularly what he mentioned about 𝐂𝐥𝐞𝐚𝐧 𝐇𝐚𝐫𝐛𝐨𝐫𝐬:

“You 𝘤𝘢𝘯’𝘵 𝘳𝘦𝘢𝘭𝘭𝘺 𝘣𝘶𝘪𝘭𝘥 𝘮𝘰𝘳𝘦 𝘪𝘯𝘤𝘪𝘯𝘦𝘳𝘢𝘵𝘰𝘳𝘴 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘰𝘧 𝙉𝙄𝙈𝘽𝙔 and as you have 𝙢𝙤𝙧𝙚 𝙤𝙣𝙨𝙝𝙤𝙧𝙞𝙣𝙜𝘵𝘩𝘦𝘳𝘦’𝘴 𝘨𝘰𝘪𝘯 𝘵𝘰 𝘣𝘦 𝘮𝘰𝘳𝘦 𝘩𝘢𝘻𝘢𝘳𝘥𝘰𝘶𝘴 𝘸𝘢𝘴𝘵𝘦 and they have both the incinerators and 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘵𝘩𝘦 𝙣𝙚𝙩𝙬𝙤𝙧𝙠 𝘵𝘰 𝘨𝘰 𝘤𝘰𝘭𝘭𝘦𝘤𝘵. And so it’s just a very very good business and the starting multiple is very reasonable.”

𝐓𝐡𝐞 𝐛𝐚𝐫𝐫𝐢𝐞𝐫𝐬 𝐭𝐨 𝐞𝐧𝐭𝐫𝐲 𝐞𝐦𝐛𝐞𝐝𝐝𝐞𝐝 𝐢𝐧 𝐭𝐡𝐚𝐭 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 𝐚𝐫𝐞 𝐢𝐧𝐜𝐫𝐞𝐝𝐢𝐛𝐥𝐲 𝐩𝐨𝐰𝐞𝐫𝐟𝐮𝐥:

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐁𝐚𝐫𝐫𝐢𝐞𝐫𝐬 → Hazardous waste facilities face extreme permitting hurdles

𝐍𝐈𝐌𝐁𝐘 𝐄𝐟𝐟𝐞𝐜𝐭 t → Even if permitted, communities resist new incinerators

𝐒𝐜𝐚𝐫𝐜𝐢𝐭𝐲 𝐨𝐟 𝐀𝐬𝐬𝐞𝐭𝐬 → Very few licensed hazardous waste incinerators exist

𝐇𝐚𝐫𝐝 𝐀𝐬𝐬𝐞𝐭 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 → These are not easily replicated digital products

𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 → Collection, transportation, disposal ecosystem

𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 → Owning both disposal + logistics compounds the moat

This is what a real moat looks like.
___

Interestingly:

$SIE.DE: +13% YTD
$CLH: +13% YTD

𝐀 𝐫𝐞𝐦𝐢𝐧𝐝𝐞𝐫 𝐭𝐡𝐚𝐭 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐢𝐬𝐧’𝐭 𝐚𝐛𝐨𝐮𝐭 𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐚𝐬𝐭𝐞𝐬𝐭 𝐬𝐭𝐨𝐫𝐲 — 𝐢𝐭’𝐬 𝐚𝐛𝐨𝐮𝐭 𝐨𝐰𝐧𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐡𝐚𝐫𝐝𝐞𝐬𝐭 𝐭𝐨 𝐝𝐢𝐬𝐫𝐮𝐩𝐭.
___

Video: Stripe | Dan Sundheim of D1 Capital | (10/22/2025) - Dimitry Nakhla | Babylon Capital®
tweet