God of Prompt
R.I.P few-shot prompting.

Meta AI researchers discovered a technique that makes LLMs 94% more accurate without any examples.

It's called "Chain-of-Verification" (CoVe) and it completely destroys everything we thought we knew about prompting.

Here's the breakthrough (and why this changes everything): 👇
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Dimitry Nakhla | Babylon Capital®
AppLovin’s market cap has grown from ~$3.75B to ~$209B today — a 54x increase or +5,470% in just 3 years 📈

Which sets the stage perfectly for this clip of $APP CEO Adam Foroughi on why $APP still operates with a startup mindset & lean cost structure👇🏽

Source: Goldman Sachs https://t.co/wHw75qFpnT
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memenodes
*US Military Operations underway* https://t.co/BQXRRMiXf1
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Giuliano
3 books and 3 profound lessons:

1) Poor Charlie's Almanack https://t.co/2ajkoqF1cM
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Illiquid
+23.5% yesterday. +6% pre-market.
@theaustinlyons:
https://t.co/4PRcJrUWHr

$SKYT Q3 2025 earnings: Transformation Confirmed: Fab 25 Reshapes the P&L

SkyWater's Q3 marked a structural break from its history. The integration of the newly acquired Fab 25 (Texas) drove a massive revenue surge to $150.7M (+155% QoQ), beating the high end of guidance. More importantly, the deal is proving immediately accretive: Adjusted EBITDA jumped to $25.8M (17.1% margin) from just $2.3M last quarter. However, investors must look past the headline GAAP Net Income of $144M, which is inflated by a one-time $110.8M 'bargain purchase gain' from the acquisition. While the new scale is impressive, organic ATS (Advanced Technology Services) revenue remains lumpy, expected to dip in Q4 due to government funding timing.

🐂 𝗕𝘂𝗹𝗹 𝗖𝗮𝘀𝗲
𝗤𝘂𝗮𝗻𝘁𝘂𝗺 𝗛𝘆𝗽𝗲𝗿-𝗚𝗿𝗼𝘄𝘁𝗵: The 'Technology as a Service' model is winning in Quantum. Revenue from quantum customers is set to exceed 30% growth in FY25 and again in FY26. SkyWater signed 4 new quantum customers in Q3 alone, validating its position as the 'neutral foundry' for this sector.
𝗙𝗮𝗯 𝟮𝟱 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝗕𝗲𝘁𝘁𝗲𝗿 𝗧𝗵𝗮𝗻 𝗙𝗲𝗮𝗿𝗲𝗱: The Texas facility generated $86.6M in revenue (vs. ~$80M normalized expectation) and contributed significant gross profit. The 'take-or-pay' agreement provides a safety net while SkyWater optimizes the mix.

🐻 𝗕𝗲𝗮𝗿 𝗖𝗮𝘀𝗲
𝗢𝗿𝗴𝗮𝗻𝗶𝗰 𝗔𝗧𝗦 𝗦𝘁𝗮𝗴𝗻𝗮𝘁𝗶𝗼𝗻: Stripping away the acquisition, Legacy ATS revenue fell 4% YoY. While Q3 saw a pull-in, guidance for Q4 implies a sequential decline to ~$50M. The business remains heavily exposed to erratic DoD funding cycles.
𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗡𝗼𝗶𝘀𝗲: Q3 Gross Margin (24.6%) was boosted by roughly $12M of non-recurring benefits, including 'pure profit' from purchase accounting and warranty reversals. The normalized margin is lower, making the sequential bridge to FY26 profitability harder to model.

⚖️ 𝗩𝗲𝗿𝗱𝗶𝗰𝘁
🟢 Bullish. The execution risk of the Fab 25 integration was the primary bear argument, and early results suggest it's going better than planned. The combined entity generates real EBITDA ($60M+ run rate implies safety), effectively de-risking the balance sheet while retaining the high-upside Quantum option.

— • — • —

𝗧𝗵𝗲𝗺𝗲𝘀

New: 🟢🟢 𝗙𝗮𝗯 𝟮𝟱 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻 𝗢𝘂𝘁𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲
The Texas acquisition is not just adding revenue; it's adding cash flow faster than anticipated. Texas revenue hit $86.6M, driven by higher Work-In-Progress (WIP) levels inherited from Infineon. While this will normalize to ~$80M/quarter in 2026, the gross profit contribution is running ~$5M/quarter higher than initial models due to cost synergies and accounting favorability.

🟢 𝗤𝘂𝗮𝗻𝘁𝘂𝗺 𝗖𝗼𝗺𝗽𝘂𝘁𝗶𝗻𝗴 𝗩𝗲𝗹𝗼𝗰𝗶𝘁𝘆
Accelerating. SkyWater is cementing itself as the 'picks and shovels' play for Quantum. With 7 active commercial customers (up from 3 previously) and >30% revenue growth projected for FY25 and FY26, this segment is moving from R&D experiments to scalable manufacturing revenue. Naming specific customers like Silicon Quantum Computing and QuamCore adds credibility to the pipeline.

⚪ 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗙𝘂𝗻𝗱𝗶𝗻𝗴 𝗙𝗿𝗶𝗰𝘁𝗶𝗼𝗻
Stable but frustrating. The Aerospace & Defense (A&D) vertical continues to suffer from U.S. budget delays (Continuing Resolutions). Q3 benefited from a ~$4M revenue pull-in, but this creates a hole in Q4, guiding ATS down sequentially. Until a full federal budget passes, this segment lacks linearity.

New: ⚪ 𝗢𝗻𝗲-𝗧𝗶𝗺𝗲 𝗠𝗮𝗿𝗴𝗶𝗻 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻
Quality of earnings check required. Q3 Gross Margin of 24.6% was artificially high. Management identified ~$12M in unique Q3 benefits: revenue recognized at 100% margin due to purchase accounting, warranty accrual reversals, and lower tariff exposure. Backing these out, underlying margins are closer to the high-teens, which aligns with the Q4 guidance o[...]

f 17-20%.

🔴 𝗪𝗼𝗿𝗸𝗶𝗻𝗴 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗦𝘁𝗿𝗮𝗶𝗻
Accounts Receivable ballooned to $85.1M (from $54.3M in Q2), dragging Operating Cash Flow to a modest $7.1M YTD despite the EBITDA surge. Integrating a facility of Fab 25's size requires significant working capital injection, which may constrain near-term free cash flow generation until collections normalize.

New: ⚪ 𝗙𝗹𝗼𝗿𝗶𝗱𝗮 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗱 𝗣𝗮𝗰𝗸𝗮𝗴𝗶𝗻𝗴 𝗥𝗮𝗺𝗽
Accelerating. Tool installation in the Florida facility is expediting, with completion expected in early 2026. This is a critical unlocking mechanism for A&D clients who need secure, domestic heterogeneous integration (combining different chips in one package). Revenue contribution is expected to ramp in 2H 2026.

— • — • —

𝗢𝘁𝗵𝗲𝗿 𝗞𝗣𝗜𝘀

𝗔𝗱𝗷𝘂𝘀𝘁𝗲𝗱 𝗘𝗕𝗜𝗧𝗗𝗔 (𝟮𝟱𝗤𝟯): $𝟮𝟱.𝟴 𝗺𝗶𝗹𝗹𝗶𝗼𝗻
Accelerating. A step-change from the $2-4M range seen in H1 2025. This 17.1% margin provides the first concrete proof that the Fab 25 acquisition creates operating leverage, although Q4 guidance suggests a slight normalization to ~$19M.

𝗚𝗔𝗔𝗣 𝗡𝗲𝘁 𝗜𝗻𝗰𝗼𝗺𝗲 (𝟮𝟱𝗤𝟯): $𝟭𝟰𝟰.𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻
Distorted. Includes a $110.8M 'bargain purchase gain' (buying Fab 25 for less than fair value of assets) and a $31.8M tax benefit. Real economic earnings are better reflected by Non-GAAP Net Income of $11.5M.

𝗟𝗲𝗴𝗮𝗰𝘆 𝗧𝗼𝗼𝗹𝘀 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 (𝟮𝟱𝗤𝟯): $𝟯.𝟳 𝗺𝗶𝗹𝗹𝗶𝗼𝗻
Reversing. Down 88% YoY from $30.7M in 24Q3. While low-margin, this revenue stream funds CapEx. Guidance suggests a rebound to $17-18M in Q4, indicating the lumpiness is timing-related.

— • — • —

𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲

𝟮𝟱𝗤𝟰 𝗧𝗼𝘁𝗮𝗹 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $𝟭𝟱𝟱 - $𝟭𝟲𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻
Accelerating vs YoY (due to acquisition), but stable sequentially (+6% at midpoint vs Q3). Includes continued elevated Texas revenue ($84-88M) before normalizing in 2026.

𝟮𝟱𝗤𝟰 𝗟𝗲𝗴𝗮𝗰𝘆 𝗔𝗧𝗦 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $𝟰𝟴 - $𝟱𝟮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻
Decelerating. Down from $54.2M in Q3. This reflects the pull-in of ~$4M A&D revenue into Q3 and ongoing government budget delays.

𝟮𝟬𝟮𝟲 𝗕𝗮𝘀𝗲𝗹𝗶𝗻𝗲 𝗢𝘂𝘁𝗹𝗼𝗼𝗸: $𝟲𝟬𝟬𝗠 𝗥𝗲𝘃 / $𝟲𝟬𝗠 𝗘𝗕𝗜𝗧𝗗𝗔
Stable/Conservative. Management reiterated this floor, calling it 'conservative' given recent momentum. This implies ~10% EBITDA margins, lower than the 17% achieved in Q3, factoring in the roll-off of one-time benefits.

𝟮𝟱𝗤𝟰 𝗡𝗼𝗻-𝗚𝗔𝗔𝗣 𝗚𝗿𝗼𝘀𝘀 𝗠𝗮𝗿𝗴𝗶𝗻: 𝟭𝟳.𝟬% - 𝟮𝟬.𝟬%
Decelerating vs Q3 (24.6%) but Accelerating vs Q2 (19.5%). The drop from Q3 reflects the absence of one-time purchase accounting benefits and warranty reversals. - Finsee tweet

memenodes
JUST IN: Michael Saylor's 'Strategy' buys 1,286 Bitcoin worth $116 million.

saylor when everyone selling https://t.co/KZdk0qASF4
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