Shows / Exponential Learning
Exponential Learning
Humans can absorb multiples more audio content than written. To that end, this podcast is for absorbing as much intelligence as possible as the catch-all for interesting articles, research reports, or podcast summaries. I hope you enjoy the knowledge as much as we do.
Episodes
- Exponential Learning
CITRINI — Peak Cap Ex Growth and the Late-Cycle Rotation
Citrini Research's 10th State of the Themes: peak cap ex growth in AI, a frozen AI-financing channel, and a late-cycle expansion that argues for lower beta…
- Exponential Learning
Sequoia's AI Ascent — The Cognitive Revolution
Guillermo Flor's summary of Sequoia Capital's AI Ascent event — a gathering of 150+ top AI minds, including Demis Hassabis, Andrej Karpathy, Greg Brockman…
- Exponential Learning
Every AI Crash Call, Traced — What the Callers Are Selling
A writer on X who goes by Henrikh took the loudest AI crash calls of this cycle and traced each one to its source: what the caller had for sale when they made…
- Exponential Learning
The State of Enterprise AI 2026 — $177 Billion and the Agent Inflection
A two-host summary of Menlo Ventures' 2026 State of Enterprise AI report: enterprise AI deployment spend reached $177 billion, up 5.4x year over year, with…
- Exponential Learning
Stan Druckenmiller — The Legend Buys the Rails of 24/7 Markets
Alex and Jordan catch up on Stan Druckenmiller: on October 29, 2026 his first-ever post on X announced an investment in Trade[XYZ], which builds perpetual…
- Exponential Learning
Kevin Warsh — The Hawkish Hold and the Fed Remake
Alex and Jordan catch up on Fed Chair Kevin Warsh: the October 28, 2026 FOMC hold at 3.75%-4.00% in a 10-2 vote with Cook and Hammack dissenting for a hike…
- Exponential Learning
HEDGEYE MACRO SHOW OCT 30 — Quad 4 Risk Builds for 2027: Yields Break Down, Asia Cracks, Defensives Take the Lead
Alex and Jordan distill the October 30, 2026 edition of Hedgeye Risk Management's The Macro Show. Hedgeye's GIP model map (updated Oct 22) keeps inflation…
- Exponential Learning
ANTHROPIC S-1 — The Filing Is Public: $16.3B in a Half Year, One Share With 50.1% of the Vote
Anthropic, PBC filed its public Form S-1 on SEC EDGAR on October 26, 2026 (CIK 0002130357, File No. 333-299633). Ticker: ANT (Nasdaq). Price range and share…
- Exponential Learning
Verizon Q3 2026 — The Subscriber Engine Re-Accelerates, Guidance Raised Again
Verizon Q3 2026: adjusted EPS .31 beat, record 3.8B EBITDA, 406K postpaid phone adds (best Q3 in five years), guidance raised for the third straight quarter…
- Exponential Learning
EQT Buys Range Resources — America's Natural Gas Champion, Deal Teardown
EQT's all-stock acquisition of Range Resources: terms, premium, synergies, breakeven under $2, and what to watch into EQT's Q3 print tomorrow.
- Exponential Learning
THE INTRINSIC VALUE PORTFOLIO — What Three Value Investors Actually Own, and How It's Working
Shawn O'Malley, Daniel Mahncke and Kyle Grieve of The Intrinsic Value Podcast spend ~40 hours a week valuing one business, publish a model and an…
- Exponential Learning
Hedge Funds Are Getting Crushed: Is Extreme Positioning a Contrarian Indicator?
Goldman Sachs prime brokerage data shows the fastest hedge fund technology de-grossing in records back to 2016, U.S. fundamental long-short net leverage at the…
- Exponential Learning
Sector & Factor Weekly — Week of October 23
Weekly sector and style-factor recap for the week ending Friday, October 23, 2026. Alex and Jordan rank all eleven sectors from materials plus three point…
- Exponential Learning
Capital Markets Weekly — Week of October 23
A split week: the S&P 500 and Nasdaq slipped while the Dow and Russell 2000 climbed. Megacap tech got re-priced on AI capital spending — Meta raised 2026 capex…
- Exponential Learning
Comfort Systems USA (FIX) Q3 2026: A Record Quarter the Market Sold Anyway
Comfort Systems USA reported Q3 2026 after the close on October 22: revenue $3.77B (+54% YoY) and EPS $13.91 (+69%) both beat consensus, operating margin…
- Exponential Learning
Noise vs. the Mega Trends: What Capitulation Hides
The Nasdaq just had its worst day since June, the leaders are capitulating, and the AI trade looks like it is unraveling. But look underneath: the average S&P…
- Exponential Learning
Quanta Services: The Builder of the AI Power Era
Quanta Services is the company that physically builds the AI era: North America's largest grid contractor, with roughly 70,000 craft-skilled workers who string…
- Exponential Learning
Today's Market and Portfolio Rotations
The calm indexes are a mirage: 25 mega-caps held up the surface while the average S&P 500 stock quietly fell 18-20% in a hidden correction. We walk through the…
- Exponential Learning
Deckers Outdoor (DECK) Q2 FY27: Record Quarter, Cut Guidance
Deckers reported record Q2 FY27 revenue of $1.48B (+3.5%) and EPS of $2.31, beating expectations, but cut full-year sales guidance to $5.70-5.725B as HOKA…
- Exponential Learning
Eaton: The Electrical Backbone of the AI Buildout
Eaton is the electrical backbone of the AI buildout and the electrification of everything else. In plain English: what Eaton makes (transformers, switchgear…
- Exponential Learning
Amphenol: The Nervous System of Everything
A plain-English investment thesis on Amphenol, the company that makes the connectors, fiber optics, cables, antennas, sensors and power delivery parts inside…
- Exponential Learning
American Express Q3 2026: The $895 Platinum Bet Is Paying Off
American Express beat on earnings and raised full-year guidance in Q3 2026: adjusted EPS of $4.68 (+13%), record revenue of $20.1B (+9%), billed business +8%…
- Exponential Learning
Bloom Energy Q3 2026: Selling Time to Power
Bloom Energy's Q3 2026: record revenue of $1.24B (+138% YoY) beat the ~$1.07B consensus, non-GAAP EPS of $0.94 beat the $0.69 estimate, product revenue crossed…
- Exponential Learning
Racking Up the Power Shortfall: America's 33-Gigawatt AI Problem
A deep dive into this week's power update on the US data center power shortfall. The updated model raises 2026-28 incremental US data center power demand to 97…
- Exponential Learning
L'Oreal Q3 2026: The Cleanest Beat in Years
L'Oreal accelerated to 7.7% like-for-like sales growth in Q3, beating consensus by nearly two points, with professional haircare and dermatological beauty both…
- Exponential Learning
Tesla Q3 2026: Margins Rebound, Cash Flow Turns Positive, Robotaxi Miles Grow Eightfold
Alex and Jordan break down Tesla's third quarter of 2026: revenue of 28.05 billion dollars and adjusted earnings of 48 cents a share ahead of consensus, auto…
- Exponential Learning
P&G Q1 FY27: The Volume Quarter — Tide, Pampers & Pantene Grow on Units, Not Prices
Procter & Gamble beats on sales and EPS as 2.4% volume growth returns; margins compress on a .4B commodity headwind; FY27 guidance held; Thorne acquisition…
- Exponential Learning
Blackstone Q3 2026: The Fee Machine Carries a Frozen Exit Market
Distributable earnings of .32 a share beat the .26 consensus but fell 13% as exits froze. Fee-related earnings rose 6%, 3 billion of inflows pushed AUM to .37…
- Exponential Learning
Union Pacific Q3 2026: Record Revenue, the Intermodal Surge, and the $85B Norfolk Southern Merger
Alex and Jordan break down Union Pacific's record third quarter: revenue up 15% to $7.2B, EPS $3.49, a 27% intermodal revenue surge, the fuel squeeze on the…
- Exponential Learning
Nasdaq Q3 2026: The Tollbooth Keeps Compounding
Nasdaq beat on both lines this morning: $1.48B revenue up 13%, adjusted EPS $1.04, with record $141B index inflows, record 18% fintech ARR growth, and the…
- Exponential Learning
CBRE Q3 2026: Data Centers on Fire, Deals on Ice — Earnings Deep Dive
CBRE Group beat on core EPS ($2.05 vs $1.96 consensus, up 28%) but missed on revenue ($11.5B vs ~$11.8B expected). Alex and Jordan break down the tale of two…
- Exponential Learning
Spotify Q3 2026: The Tollbooth Widens — 306M Subscribers, Record Gross Margin
Spotify beat where it counts: 306M premium subscribers vs 305M guidance, 788M monthly users, revenue up 16% to about 5 billion euros, a record 33% gross…
- Exponential Learning
Prada Q3 2026: 1% Organic Growth, Miu Miu Cools, Versace on Track
Prada's Q3 trading update: group revenue +1% organic (1.49B euros incl. Versace, in line with consensus), extending the organic growth streak to 23 quarters…
- Exponential Learning
Nestlé Q3 2026: Volume Is Back — 4% Organic Growth Beats as Turnaround Gains Pace
Q3 2026 trading update: Nestlé delivered 4.0% organic sales growth versus ~3.4% expected, but the real story is volume — real internal growth hit 2.8%, the…
- Exponential Learning
Hermès Q3 2026: Leather Goods on Fire, Stock on Sale
Hermès Q3 revenue of €4.1B (+4.3% organic) missed expectations and the stock fell to new lows — but leather goods accelerated to +10.8%, China is stable, and…
- Exponential Learning
Microsoft FY26 Annual Report: Record Profits, a $678 Billion Backlog, and the Cap Ex Question
Microsoft's fiscal 2026 annual report, summarized: revenue $331.8B (+18%), operating income $155.2B (+21%), Azure past $100B (+41%), Microsoft 365 Copilot past…
- Exponential Learning
Thermo Fisher Q3 2026: The Lab Recovery Is Real
Thermo Fisher beat and raised: revenue +9% to $12.14B with 6% organic growth, adjusted EPS +15% to $6.68, and FY26 guidance lifted on revenue, EPS and free…
- Exponential Learning
Abbott Q3 2026: A Choppy Quarter, a Slower Libre, and a Nutrition Spin-Off
Abbott's Q3 2026 was in line on the numbers — sales of $13.0B, comparable growth of 7.0%, adjusted EPS of $1.42 — but the stock fell as management cut…
- Exponential Learning
SAP Q3 2026: The €10 Billion Quarter — AI Is Driving the Cloud Migration
SAP crossed €10B in quarterly revenue for the first time as cloud revenue grew 26% and current cloud backlog rose 26% at constant currencies to €24.1B, ahead…
- Exponential Learning
NextEra Energy Q3 2026: The Regulated Compounder Meets the AI Power Rush
NextEra Energy's Q3 2026: adjusted EPS of $1.24 beat consensus, up 9.7% year over year, while revenue of $8.09B missed. FPL's regulated machine compounded on…
- Exponential Learning
The Seven Mega-Themes Driving Global Commerce
Global GDP runs on spending — what consumers buy, what businesses invest, what governments purchase. This QuickTake walks the seven mega-themes capturing where…
- Exponential Learning
SharkNinja: The Product-Velocity Machine at a Full Price
Alpha Brands Research initiates on SharkNinja (SN) with a Hold and a $206 base target: a superb consumer business whose stock has already paid for it. LTM…
- Exponential Learning
Meta Q3 2026: The Ad Machine vs. the AI Bill
Meta's Q3 2026 was two stories at once. The ad business beat: revenue of $64.6B, up 26%, with ad impressions up 10% and price per ad up 14% as AI targeting…
- Exponential Learning
The Trust Problem: Why Financial Advice Runs on 'Trust Me' — and Why That Era Is Ending
Thesis: the financial advisory industry has reinvented its pricing three times — stockbroker commissions, asset-based fees, free trading — without ever fixing…
- Exponential Learning
Intuitive Surgical Q3 2026: The Beat-and-Selloff Deep Dive
Intuitive Surgical beat Q3 2026 expectations on every line — revenue up 22% to $3.05B, adjusted EPS of $3.00 up 25%, record system placements of 546 units with…
- Exponential Learning
Coatue CTEK: One Ticket to Anthropic, OpenAI and the Private AI Stack — At What Price?
Coatue's CTEK is a tender-offer fund giving qualified clients one-ticket access to late-stage private tech — Anthropic (13.1% of NAV), OpenAI, Revolut…
- Exponential Learning
EssilorLuxottica Q3 2026: Beating the Bar on the Toughest Comp Ever
EssilorLuxottica reported Q3 2026 revenue of 7.49 billion euros, up 7.2 percent at constant currency, beating the 7.36 billion euro consensus — on top of last…
- Exponential Learning
SpaceX Q3 2026: The SI Inflection — $14.6B Revenue and the $20B Cap Ex Question
SpaceX's third quarter of 2026 was a transformation print: revenue up 161% to $14.6B and a swing to $4.4B of net income, driven by the Super Intelligence…
- Exponential Learning
Netflix Q3 2026: The Margin Machine Beats, the Ad Business Trims
Netflix beat on EPS (/bin/bash.87 vs /bin/bash.82 consensus) as operating margin hit 34.6%, up from 28.2% a year ago, on revenue of 2.87B (+12%). Churn…
- Exponential Learning
MSCI Q3 2026 Deep Dive: Expense Guide Holds, Stock Rallies
MSCI's Q3 2026 print beat on revenue (892M, +12.4%) and adjusted EPS (5.11, eight cents over consensus). The decisive item, the full-year expense guide that…
- Exponential Learning
Music in the Air, Ten Years On: The Business Moves From Adoption to Monetization
Ten years after streaming rebuilt the music business, the debate has shifted from adoption to monetization. A new long-term industry model — the first upward…
- Exponential Learning
Following the $1.6 Trillion Money Trail: Where AI Cap Ex Actually Lands
Strategy research maps 2027's ~$1.6 trillion of AI investment — hyperscaler and neocloud cap ex plus the leases headline numbers miss — down to single-stock…
- Exponential Learning
Quality Breaks Out: The Mid-Cycle Playbook and the Stocks That Screen Best
Strategy research this week argues the market is mid-transition from early-cycle to mid-cycle — and quality has broken out. The quality factor sits at a new…
- Exponential Learning
Northrop Grumman Q3 2026: A Margin Beat, a Tax Tailwind, and the 2027 Sandbag Debate
Northrop's Q3 EPS of 7.89 dollars beat consensus by ten percent — but roughly forty cents of the seventy-one cent beat came from a 13.4 percent tax rate nobody…
- Exponential Learning
Return of the Mall Rat: The American Mall Is Coming Back
For two decades the mall was retail's easiest obituary. The data now argues back. Foot traffic is growing again in 2026, and survey data shows 48% of 16-34…
- Exponential Learning
GE Aerospace Q3 2026: Inside the Quarter — Orders, Workscopes, and the Cash Debate
A deeper look inside GE Aerospace's third quarter: where the earnings beat actually came from, a 27.9% commercial engines margin, orders up 49% with equipment…
- Exponential Learning
Staples: Selective in a Tepid Tape
A pre-Q3 deep dive on consumer staples in a no-volume-growth world. The setup: muted US volumes, a pressured low-end consumer, pricing largely exhausted, and…
- Exponential Learning
RTX Q3 Deep Dive: Anatomy of a Beat — Tariff Refunds and the $130B Raytheon Backlog
A companion deep dive on RTX's Q3 2026 print. Adjusted EPS of $2.26 beat consensus of $1.78 by 27% — but roughly $410 million of tariff cost recovery (about…
- Exponential Learning
Blackstone: The Private Markets Machine Meets Its Liquidity Test
Alpha Brands Research initiates on Blackstone at 107 dollars, 46 percent below its high. The fee engine is intact: 1.35 trillion in assets, record inflows of…