This Time, the Hare Beat the Tortoise
BioNTech kept $15 billion. Moderna spent down to $3 billion, and got to the cancer readout first.
Telltales
On Telltales, we bring you the 'Cashflow Memo'—a weekly breakdown of financials from various industries, guiding you through the numbers that matter. Hunt, Jason, & Mike cut through the market noise and bring you insights in your investment journey.
Subscribe:.rss.atom.json.md.m3u.pls
Live Last read · last published · next check
Latest episodes
Saves to your Listen queue, to pick up on another day or another device.
Weekend Update - W2633
The AI buildout outgrew its own cash flow, and this week the invoices got itemized
Sold Out Through 2028
AWS can't meet demand, turbines aren't available, and a 2020 Nvidia chip just took a 25% price hike
Weekend Update - W2632
Why a Q2 beat bought nothing this week, and $18 billion of biotech changed hands
900 Gigawatts, 90 Gigawatts of Grid
Texas just put the AI buildout on a 12-month clock
Weekend Update - W2631
Microsoft got paid for spending. Meta got billed for it. Same week, same build.
Open Weights vs Closed Labs
Why hyperscalers want free models — and Anthropic doesn't, $80 oil, and a page-by-page Cash Flow Memo hunt
Mike & Jason on the Capital Alliance Podcast
Before the fund, they were operators
Weekend Update - W2630
AI capacity got contracted through 2030, and the only company collecting cash this week was selling turbines
Where the Value's Hiding in an Expensive Market
20 cash-flow pages, and the best ideas are the unloved ones - Regeneron over Lilly, BioNTech over Moderna, and a data-center gas trade that isn't there.