This is the briefing exactly as published on Aug 11, 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.
Run Brief — Deep Run · Aug 11, 2026
1. What changed this run. This deep sweep opened 10 new ideas across four sectors. There were no re-reviews, no kills, no conviction changes on existing ideas, no duplicates flagged, and no watchlist moves — all activity is fresh opens.
- AI/Tech. AVGO (3m, conv 6, $413.33): custom XPU franchise added a confirmed fourth $10B customer (OpenAI "Titan") on top of Google/Meta/ByteDance; Q2 AI revenue $10.8B (+143% YoY), Q3 guided ~$16.0B (>200% YoY); fiscal Q3 report Sept 2, 2026. MU (1y, conv 7, $854.87): structural DRAM/NAND/HBM shortage; Q3 FY26 posted +346% YoY revenue at 84.9% gross margin with HBM booked out through 2026, yet trades ~5.6x forward P/E vs a ~30x industry median (~81% discount).
- Biotech. SVRA (1y, conv 7, $5.66): molgramostim (Molbreevi), first-in-class therapy for aPAP; PDUFA Nov 22, 2026. COGT (1y, conv 6, $38.76): bezuclastinib, dual PDUFA in Q4 2026, differentiated vs avapritinib.
- Broad. GSL (1y, conv 7, $40.34): containership lessor at ~4x earnings with 100% 2026 / 90% 2027 charter cover and a ~6% dividend. INSW (3m, conv 6, $89.17): crude tanker paying ~85% of net income (~21% TTM yield) into a sanctions-tight market, VLCC ~$71K/day for Cal 2026. KBR (1y, conv 6, $37.90): "Trinzic" spinoff (announced Jul 30, 2026; completes ~Jan 2027) implies a 22%+ SOTP re-rating.
- Energy. CCJ (1y, conv 7, $98.35): uranium spot ~$86–88/lb, term ~$91.50, into AI/data-center power demand. LNG (1y, conv 6, $267.28): Corpus Christi Stage 3 near-complete, raised guidance, $10B buyback. LEU (1y, conv 5, $187.60): HALEU/LEU enrichment with a DOE $900M award.
2. Top opportunities now. The highest-conviction (7) opens after this run:
- MU — deep-value memory into a booked-out HBM cycle; catalyst is the Q4 FY2026 report in late September.
- SVRA — binary catalyst on the Nov 22, 2026 molgramostim PDUFA (first-ever aPAP therapy).
- GSL — cheap (~4x earnings), contracted cash flow (100%/90% cover 2026/2027) plus ~6% yield.
- CCJ — structurally tight uranium market riding data-center power demand.
At conviction 6, AVGO carries the nearest hard catalyst — the Sept 2, 2026 fiscal Q3 print with a ~$16.0B AI guide.
3. What to watch next (now → next run).
- Sept 2, 2026 — AVGO fiscal Q3 (AI guide ~$16.0B, >200% YoY).
- ~Sept 23–29, 2026 — MU Q4 FY2026 (date sources conflict; confirm HBM sold-out status and margin trajectory).
- Nov 22, 2026 — SVRA molgramostim PDUFA; Q4 2026 — COGT dual bezuclastinib PDUFAs.
- ~Jan 2027 — KBR Trinzic spin completion (SOTP re-rating trigger).
- Ongoing — uranium spot/term prints for CCJ/LEU; VLCC rate tape for INSW; Cheniere buyback cadence for LNG.