Key PointsWhetstone Capital Advisors, LLC sold all 192,532 shares of GitLab; estimated trade size was $8.68 million (based on quarterly average price).
Key PointsWhetstone Capital Advisors, LLC sold all 192,532 shares of GitLab; estimated trade size was $8.68 million (based on quarterly average price).
Robert Way/iStock Editorial via Getty Images NVIDIA Corporation’s ( NVDA ) Q4 '25 earnings were quite superb. Revenue was up 73% to $68.1 billion. Gross margins also expanded 200 basis points to 75% and did not indicate any pricing pressure. And operating expenses expanded at a lower rate (44.89%), which meant they were distributed over a much wider base. The company held $62.6 billion in cash on ...
Robert Way/iStock Editorial via Getty Images NVIDIA Corporation’s ( NVDA ) Q4 '25 earnings were quite superb. Revenue was up 73% to $68.1 billion. Gross margins also expanded 200 basis points to 75% and did not indicate any pricing pressure. And operating expenses expanded at a lower rate (44.89%), which meant they were distributed over a much wider base. The company held $62.6 billion in cash on the balance sheet and converted 54.4% of its net income in the year to free cash flows ( $65.56 billion ). However, the near-perfect financial profile and the 5% dip post-earnings indicate the stock is already priced for perfection. I am downgrading my rating to Sell, as I think current multiples understate concentration risk and, against game theoretic odds, assume sustained hyperscaler demand and structurally elevated margins. Nvidia 4Q26 Revenue and Operating Expenses (Nvidia 4Q26 Press Release) Concentration Risks: Higher Than It Looks Nvidia Customer Concentration (Nvidia 10-K filing) While CFO Colette Kress indicated that revenue is diversifying, the 10-K filing reveals that just two customers accounted for 36% of revenue in FY26. Analyst expectations for 2026 CapEx across the top 5 cloud providers and hyperscalers who collectively account for a little over 50% of our data center revenue are up nearly $120 billion since the start of the year and approaching $700 billion – Nvidia CFO Colette Kress during Q4 earnings call. This revenue is currently a capex for its customers and not an operating expense. My primary concern here is not the health of the hyperscalers but the sustainability of their spending. For this spending to be sustainable, these companies need to show a proportional increase in the free cash flow from AI services. If not, their shareholders will eventually force a capex pivot. Because Nvidia’s revenue is so concentrated, even a 10% reduction in capex across these five customers could account for a $10 billion ($215 billion x 50% x (100%-90%)) hit on N...
Earnings Call Insights: U.S. Physical Therapy, Inc. (USPH) Q4 2025 Management View Christopher Reading, CEO & Chairman, stated that for the year ending 2025, adjusted EBITDA increased $13.2 million, a 16.2% improvement, and net revenue rose 16.3%. Physical therapy and injury prevention businesses grew 16% and 18%, respectively, with a gross profit increase of approximately 21% in PT operations and...
Earnings Call Insights: U.S. Physical Therapy, Inc. (USPH) Q4 2025 Management View Christopher Reading, CEO & Chairman, stated that for the year ending 2025, adjusted EBITDA increased $13.2 million, a 16.2% improvement, and net revenue rose 16.3%. Physical therapy and injury prevention businesses grew 16% and 18%, respectively, with a gross profit increase of approximately 21% in PT operations and over 20% in injury prevention. "Operating income improved 18.4%. And I want to remind everyone that these results...were delivered in an environment in 2025 with continued Medicare rate reductions. And in spite of that, across every measure, we delivered progress in a very good year overall." Reading highlighted several acquisitions since the last quarter, including one in the Pacific Northwest, a home care addition, and a new injury prevention team, strengthening the New York City presence. "Very recently, we announced 2 significant hospital arrangements...These strategic relationships will begin a phase-in for our 60 metro clinics and our 10 second market facilities sometime around midyear with an expectation that all 70-plus...clinics...will be under these strategic affiliations by year-end." The hospital partnerships are projected to provide "an enterprise lift for these 2 partnerships of at least $14 million in EBITDA in 2027 and the USPH portion after minority interest of over $7 million." For 2026, Reading outlined initiatives including a continued rollout of ambient listening documentation support, semi-virtualization of front desk and intake, cash-based program expansion, renewed focus on remote therapeutic monitoring, further hospital alliances, and ongoing de novo and acquisition-related development in both PT and injury prevention. Carey Hendrickson, CFO, stated, "2025 was an excellent year for USPH from really every standpoint and particularly from a financial standpoint. And importantly, the efforts we made on key initiatives in 2025...sets USPH up for even g...
橡树资本管理公司联合主席霍华德·马克斯表示，人工智能（AI）可能会像指数基金曾做过的那样，将许多投资者挤出资产管理业务，因为它在吸收数据和识别模式方面表现卓越。能够留在该行业的基金经理将是那些 AI 所不及领域的专家。这些领域包括评估管理层的技能、新产品的重要性以及其他定性因素。马克斯指出，人类更擅长处理那些无法轻易套用既有模式的情况。
橡树资本管理公司联合主席霍华德·马克斯表示，人工智能（AI）可能会像指数基金曾做过的那样，将许多投资者挤出资产管理业务，因为它在吸收数据和识别模式方面表现卓越。能够留在该行业的基金经理将是那些 AI 所不及领域的专家。这些领域包括评估管理层的技能、新产品的重要性以及其他定性因素。马克斯指出，人类更擅长处理那些无法轻易套用既有模式的情况。
Earnings Call Insights: Perimeter Solutions (PRM) Q4 2025 Management View CEO Haitham Khouri highlighted "structural earnings power expansion" for 2025, citing the company's shift to more fixed and recurring contract structures, particularly in its retardant business. Khouri stated, "We've transitioned Perimeter towards greater financial consistency. The primary driver is the change in our retarda...
Earnings Call Insights: Perimeter Solutions (PRM) Q4 2025 Management View CEO Haitham Khouri highlighted "structural earnings power expansion" for 2025, citing the company's shift to more fixed and recurring contract structures, particularly in its retardant business. Khouri stated, "We've transitioned Perimeter towards greater financial consistency. The primary driver is the change in our retardant contract structures, which have shifted from purely volume-based models towards more fixed and recurring structures, significantly reducing our sensitivity to fire season volatility." Khouri also discussed recent acquisitions: "2025 established our M&A strategy with the acquisitions of IMS and MMT, both of which we feel excellent about." On Fire Safety, Khouri reported "Fire Safety delivered a strong year, primarily driven by execution on our value drivers. We continue to win profitable new business, including entry into preventative rail applied retardant in Europe, expansion of our air-based services in multiple geographies and ongoing penetration of our fluorine-free products globally." Addressing operational challenges at the Sauget, Illinois facility, Khouri stated, "During the fourth quarter, unplanned downtime once again materially reduced production volumes and negatively impacted PDI's financial results. More troubling are the recurring safety incidents at and around the plant." He further added, "Our commitment to regaining operational control of this facility is absolute. Until this matter is resolved, investors should expect continued variability in our P2S5 business." On MMT, Khouri said, "MMT recorded approximately $140 million in revenue and $50 million in adjusted EBITDA in 2025. One month into our ownership, initial value driver implementation validates our investment thesis, and we expect MMT's 2026 results to reflect meaningful year-over-year growth." CFO Kyle Sable stated, "Consolidated revenue reached $652.9 million in 2025, up 16%, while adjusted EB...
Earnings Call Insights: Excelerate Energy (EE) Q4 2025 Management View Steven Kobos, President and CEO, stated that "For the full year, we delivered record adjusted EBITDA of $449 million. This is an increase of about $100 million over the prior year. That performance reflects the contribution from the Jamaica acquisition, continued growth in our other LNG, gas and power activities, along with red...
Earnings Call Insights: Excelerate Energy (EE) Q4 2025 Management View Steven Kobos, President and CEO, stated that "For the full year, we delivered record adjusted EBITDA of $449 million. This is an increase of about $100 million over the prior year. That performance reflects the contribution from the Jamaica acquisition, continued growth in our other LNG, gas and power activities, along with reduced year-over-year operating expenses." He emphasized the strategic significance of the Iraq project and highlighted the successful integration of the Jamaica LNG-to-power platform, noting it provided "stable contracted cash flows" and demonstrated resilience during Hurricane Melissa. Kobos introduced 2026 adjusted EBITDA guidance of $515 million to $545 million, citing a "solid and visible foundation" from existing assets and contracts. He provided an update on the Iraq LNG import terminal, stating, "Total estimated capital cost for the Iraq terminal is now expected to range between $520 million and $550 million, inclusive of the cost of the FSRU. The all-in cost of the vessel remains roughly $370 million with about $220 million remaining to be paid for the vessel in the second quarter of this year." Dana Armstrong, Executive VP & CFO, said, "For the full year, we delivered record adjusted EBITDA of $449 million at the high end of our guidance range and an increase of over $100 million or up about 30% compared to the prior year... inclusive of Jamaica, we reported adjusted net income of $199 million, an increase of $46 million or up over 30% year-over-year." Armstrong reported maintenance CapEx of $57 million and committed growth capital of $106 million, including $10 million for the Iraq project in Q4. Armstrong announced a quarterly dividend of $0.08 per share and a $75 million share repurchase program, with the company targeting "a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028." Outlook The company projects full year 2026 a...
Earnings Call Insights: Palmer Square Capital BDC Inc. (PSBD) Q4 2025 Management View Christopher Long, Chairman and CEO, reported that PSBD deployed $91.4 million of capital during the fourth quarter, generating total and net investment income of $29.8 million and $13.1 million, respectively. He stated, “We delivered net investment income of $0.41 per share, covering our $0.36 per share fourth qu...
Earnings Call Insights: Palmer Square Capital BDC Inc. (PSBD) Q4 2025 Management View Christopher Long, Chairman and CEO, reported that PSBD deployed $91.4 million of capital during the fourth quarter, generating total and net investment income of $29.8 million and $13.1 million, respectively. He stated, “We delivered net investment income of $0.41 per share, covering our $0.36 per share fourth quarter base dividend and paid a $0.43 per share total dividend, which includes a $0.07 supplemental distribution.” Long reiterated a focus on maximizing cash returns, with supplemental dividends paid from excess earnings. He highlighted the company’s transparency through monthly NAV disclosure, noting a January NAV per share of $14.48, and emphasized a highly diversified portfolio, with software exposure under 11% and the ten largest investments constituting only 10.9% of the portfolio. He also addressed AI disruption concerns, stressing confidence in “mission-critical enterprise platforms in areas such as cybersecurity, IT infrastructure and ERP systems.” Angie Long, Chief Investment Officer, described improved deal momentum late in the year but noted ongoing volatility. She said, “We believe PSBD’s portfolio continues to be resilient and deliver strong results across shifting environments.” She detailed PSBD’s participation in the Hologic take-private as both a private credit and syndicated loan provider, explaining, “We were able to support the sponsors with early and sizable commitments and ultimately participate across both the private second lien and the syndicated first lien tranches in U.S. dollars and euros.” Matthew Bloomfield, President, detailed portfolio activity: $1.2 billion fair value across 42 industries, with 24 new investment commitments in Q4. He emphasized, “Our portfolio is 95% senior secured, with an average hold size of approximately $4.7 million.” Jeffrey Fox, CFO & Director, stated, “Total investment income was $29.8 million for the fourth quarter o...
Action relates to corruption case over allocation of government land in Dhaka to a private company A court in Bangladesh has ordered officials to request an Interpol red notice for the British Labour MP Tulip Siddiq over a corruption case linked to the allocation of government land in Dhaka. Bangladesh’s anti-corruption commission has alleged Siddiq used her relationship with her aunt, the former ...
Action relates to corruption case over allocation of government land in Dhaka to a private company A court in Bangladesh has ordered officials to request an Interpol red notice for the British Labour MP Tulip Siddiq over a corruption case linked to the allocation of government land in Dhaka. Bangladesh’s anti-corruption commission has alleged Siddiq used her relationship with her aunt, the former prime minister Sheikh Hasina, to influence the allocation of a plot of state-owned land in Dhaka’s Gulshan district to a private company. Siddiq has rejected the claim as baseless and politically motivated. Continue reading...
Washington will keep pushing China to join a trilateral nuclear control deal with the US and Russia, but can’t compel it to do so, Secretary of State Marco Rubio said, citing “strategic stability” in China-US relations ahead of US President Donald Trump’s visit to China in April, despite long-term “irritants”. “We think ultimately, in the 21st century, for there to be a true arms control agreement...
Washington will keep pushing China to join a trilateral nuclear control deal with the US and Russia, but can’t compel it to do so, Secretary of State Marco Rubio said, citing “strategic stability” in China-US relations ahead of US President Donald Trump’s visit to China in April, despite long-term “irritants”. “We think ultimately, in the 21st century, for there to be a true arms control agreement, it has to involve China,” Rubio said during a press conference at a meeting of the Caribbean...
Electronic Arts Inc . hasn’t yet gained enough support from bondholders to buy back bonds at a steep discount to face value and to change some lending terms, after a key deadline for that agreement passed this week, according to firms that plan to acquire the company. The video game maker agreed last year to sell itself to a group of private equity investors in a deal valuing the company at around...
Electronic Arts Inc . hasn’t yet gained enough support from bondholders to buy back bonds at a steep discount to face value and to change some lending terms, after a key deadline for that agreement passed this week, according to firms that plan to acquire the company. The video game maker agreed last year to sell itself to a group of private equity investors in a deal valuing the company at around $55 billion. Earlier this month, the planned acquirers, which include a firm managed by President Donald Trump’s son-in-law Jared Kushner and Saudi Arabia’s sovereign wealth fund, sought to buy back its bonds at a discount to their $1.5 billion total face value. They also looked to change terms in EA’s lending agreements, including some events of default. Many noteholders believed they were entitled to be paid out at 100 cents on the dollar if the company changes hands and is cut to junk by two bond graders, which often happens in a leveraged buyout. Noteholders banded together to agree not to sell their securities back. On Wednesday, the company’s acquirers said that it had not received enough consents to change its lending agreements. The early deadline for agreeing to sell bonds back and change lending terms was on Wednesday, while the final deadline is March 11.
Apple (AAPL) just gave a warning shot none of its peers can ignore. It quietly moved the iPhone 18 Pro and iPhone 18 Pro Max into late-stage production validation testing. The move is a subtle yet critical milestone that could shape its 2026 upgrade cycle, according to MacRumors. The transition to ...
Apple (AAPL) just gave a warning shot none of its peers can ignore. It quietly moved the iPhone 18 Pro and iPhone 18 Pro Max into late-stage production validation testing. The move is a subtle yet critical milestone that could shape its 2026 upgrade cycle, according to MacRumors. The transition to ...