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Published briefing
Freshness check · published Aug 12, 7:47 PM ET
This is the briefing exactly as published on Aug 12, 2026. It is never edited afterwards, so figures and views in it are as of that date and may since have changed. It is a record, not current advice.
Steady-state pulse. No kills, no closes, and no bar crossings. All four shortlist names — AVGO, MU, INSW, and CCJ — were affirmed at conviction 8. No new ideas were opened.
AVGO affirmed at 8. The OpenAI-Broadcom custom silicon partnership under the 'Jalapeño' codename is now publicly confirmed: gigawatt-scale XPU deployments starting H2 2026 on a multi-year deal, cementing the sixth XPU customer milestone the thesis required. Q3 fiscal 2026 earnings are scheduled September 2, 2026 — not yet reported.
MU affirmed at 8. Q3 FY2026 was a record print across all key metrics; the stock gained 13.1% on the result. Q4 FY2026 guidance calls for ~$50B revenue and ~86% gross margin. HBM4 for Nvidia's Vera Rubin is ramping at approximately twice the expected pace with yields ahead of plan — the primary execution risk has materially diminished.
INSW affirmed at 8. Q2 2026 EPS of $5.91 beat the $5.52 consensus. On August 7, the board declared a record Q3 dividend of $5.05/share — the largest quarterly payout in company history — confirming the 85%-payout policy is intact. VLCC TD3C spot rates assessed at approximately WS475.56 (~$481,000/day round-trip).
CCJ affirmed at 8. Uranium spot at $86.48–$86.80/lb and long-term price at $94/lb remain materially above the $75/lb invalidation floor. Q2 realized price was $93.13/lb (+15% YoY); full-year 2026 realized-price guidance raised to $91–$96/lb. Q2 operational disruptions from Saskatchewan flooding were non-structural — the demand thesis is undamaged.