Cigarette companies seeing good growth converting children from nicotine pouch flavors to inhaled cigarettes thanks to supportive changes at FDA/HHS allowing more access to kids
ALTRIA $MO Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $5.4B (Est. $5.31B) 🟢; +3.6% YoY
🔹 Adj. EPS: $1.52 (Est. $1.51) 🟢; +4.8% YoY
Raises FY26 Guide:
🔹 Adj. EPS: $5.66-$5.74 (Est. $5.67) 🟡
Segment Net Revenue:
🔹 Smokeable Products: $5.4B; +0.8% YoY
🔹 Oral Tobacco Products: $688M; -0.1% YoY
Capital Return:
🔹 Repurchases: $400M; 5.9M shares
🔹 Buyback Expansion: $1B
🔹 Dividends Paid: $1.7B
Announcements:
🔹 on! PLUS: Blueberry Mint and Mango Pineapple; 6-, 9- and 12-milligram strengths
Other Q3 Metrics:
🔹 Marlboro Share: 39.5%
🔹 on! Share: 8.3%
Comments:
🔸 “Our strong performance through the first nine months and confidence in our full-year plan allowed us to raise our earnings guidance for the year. We now expect to deliver adjusted diluted EPS in a range of $5.66 to $5.74”
🔸 “Our highly cash-generative businesses supported significant returns to shareholders through dividends and share repurchases”
JusDayDa retweeted
From me @NRO, with a frightening warning to voters:
A List of Things Democrats Might Do If They Retake Power
nationalreview.com/corner/a-…
This list will terrify everyone who reads it
(If you need a mirror)
From me @NRO, with a frightening warning to voters:
A List of Things Democrats Might Do If They Retake Power
nationalreview.com/corner/a-…
JusDayDa retweeted
SCOOP: The DoD Inspector General is declining to investigate Musk and Starlink slowdowns in Ukraine despite a bipartisan request from 9 Senators.
@SenatorShaheen calls it “concerning”
The IG says the lawmakers should direct their questions to the @usairforce and @USSpaceForce
JusDayDa retweeted
New: spending on Anthropic models on OpenRouter hit a new peak last week, up 47% from the summer high during the week of June 8.
Opus 5.5 was the top model by spend over the last 7 days across 20 of the 29 task categories we currently track.
openrouter.ai/rankings#task-…
JusDayDa retweeted
King tides flooded a roadway beneath Highway 101 in Sausalito on Oct. 27, where kayakers paddled alongside passing cars.
🎥: @thurber_shots
If every US company eliminates 90% of staff… who buys the stuff the US Companies make?
All this hand-wringing over capex from Facebook, Microsoft, Google and other new entrants is unnecessary.
When products are this good and improving this fast, we won't overbuild; if anything, we'll be constrained by physics and regulation.
And these machines will last a decade, as software gets relentlessly more efficient and we find creative uses for older clusters.
Earnings will be absurd in the next five years, as companies like Microsoft, Uber, Tesla, Robinhood, and Meta have revenue per employee DOUBLE every 3-4 years.
Pay attention to revenue and earnings per employee.
Days before an election, where the Hegseth led US Military may be deployed against Americans on American soil, Hegseth eliminated another barrier to extreme reaction.
Scoop from @nancyayoussef
This means the Joint Staff that serves the Chairman of the Joint Chiefs General Dan Caine is without its chief planner on the eve of possible resumption of strikes against Iran. It is the 2nd General serving in the Pentagon’s top planning role (J-5) that has been fired/forced out by Hegseth.
JusDayDa retweeted
Q3 is in the books! We’re now on a half-trillion annual revenue run rate, with Alphabet revenues growing at 25%.
- Our AI investments are driving overall Search query growth, including commercial queries - our YoY query growth rate is the highest it’s been in the last five years.
- Google Cloud revenue grew 103%, powered by extraordinary demand for our AI infrastructure and AI solutions. Our 1P model APIs now process nearly 32B tokens/min (up 40% QoQ).
- Strong momentum in model progress with Argon and Carbon leading the frontier, and Genie 4 our most advanced new world model yet.
Thanks to our partners and employees around the world. More to share on the call soon!
JusDayDa retweeted
I did say we'd be releasing our models periodically...introducing Gemini 4 Carbon, our next frontier model.
Following Argon's release just two weeks ago, Carbon shows the pace at which we’re pushing the frontier, it ranks #1 on the recently updated v5.0 of @ArtificialAnlys Intelligence Index at 59. It also leads across key cybersecurity evaluations scoring 88.2% on SEC-bench Pro for finding vulnerabilities, 54.8% on ExploitGym for exploitation, and 71.0% on CWE-bench for patching.
We’re seeing significant improvements in long-horizon tasks even compared to Argon, and we’ve strengthened frontier safeguards.
As we did with Argon, we’re going to roll it out gradually + responsibly. Some trusted cyber defenders will get access starting this week. We'll be expanding it to more partners through our Fairwind Program, ahead of wider availability soon, so hang tight!
This is Trump
In 7 days
הליכוד:
הבחירות במדינת ישראל נגנבו על ידי מפלגות ערביות שתומכות בטרור ובחיסול המדינה היהודית באמצעות עבירות פליליות חמורות של שוחד, איומים, אלימות, זיופים ושימוש בתוכנות אסורות להמרצת מצביעים.
מפלגת הליכוד מעבירה למשטרה, לשב״כ ולוועדת הבחירות מאות עדויות וראיות על גניבת בחירות בקלפיות ערביות רבות- אלפי מעטפות עם כסף מזומן ופתקי רע״ם, איומים ואלימות כלפי חברי הקלפי, ריבוי מצביעים מאחורי הפרגוד, הצבעות בזהות כפולה, פערים בין מספר המעטפות למספר המצביעים, שימוש בתוכנות המרצה אסורות ועוד.
אנו דורשים מהמשטרה ומהשב״כ חקירה יסודית בגין גניבת הבחירות על ידי המפלגות הערביות ומיצוי הדין עם העבריינים.
אנו דורשים מוועדת הבחירות התייחסות מיידית לחקירת העבירות הפליליות הללו שפגעו באופן קיצוני בטוהר הבחירות בישראל ובתוצאות הבחירות.
זו פגיעה חמורה בדמוקרטיה הישראלית ובזכות הבחירה של אזרחי ישראל. גופי האכיפה מוכרחים לפעול ביד קשה ובאופן מיידי.
Earnings growth will come from layoffs with equivalent output per dollar spent
Once salaries, benefits, holidays, vacation, sick time, weekends, raises, promotions and severance are eliminated
In the US, only the vey wealthy and the very poor can self-fund health insurance.
Watch what they do…
Never what they say
New: Amy Gleason was the acting administrator of DOGE as it worked to slash the size of the federal workforce through layoffs and incentivizing employees to quit.
Her husband got hired at an under-the-radar division of HHS just 33 days after widespread layoffs at the agency
🎁: bloomberg.com/news/articles/…
JusDayDa retweeted
BREAKING: James O'Keefe and Cam Higby have just been charged with identity theft and unlawful voting in Minnesota, charges stemming from hidden camera videos they made in August about the state's vouching system for voter registration.
w/ @londonoe
nytimes.com/2026/10/28/us/ja…
Aircraft and engines
Compared to
Data centers and server racks
Refurbishing as you go…
One issue
The aircraft engines never ran out of aviation fuel, even as newer more efficient engines were rapidly designed…
We never ran out of gas
(But ai in US runs out of electricity)
A lot of ink has been spilled on GPU financing lately. I spent over a decade trading ABS on Wall St, and structured over $2B+ of debt financings as an operator (including at @tryramp). Figured I'd try to make sense of this market, so I went back to a framework I knew well: aircraft ABS and aircraft engine ABS.
My take: a GPU neocloud runs on airline economics, and the debt behind it looks a lot like aircraft engine ABS.
The parallels:
• Perishable inventory. An empty seat after the door closes is gone forever. So is an idle hour on an energized H100 rack.
• 85%+ of cost is fixed (servers, 10-year rack leases, 10-14% debt service). One more hour of compute costs pennies of power.
• Utilization is everything. Airlines break even around 80% load factor, a levered GPU cluster around 65-75%. The returns live in those last 25 percentage points.
• NVIDIA is Boeing and Airbus rolled into one. Powered shells and grid interconnects are the new airport slots.
• Wall St copied the aircraft financing playbook: take-or-pay contract plus servers in a bankruptcy-remote SPV, 70-80% LTV.
Part 1 of my blog post goes into a lot more detail:
alexyangsong.com/blog/alumin…
JusDayDa retweeted
Formation Bio just announced a $600M fund aimed at drug development - arguably the most meaningful bottleneck in bringing new medicines to patients.
Few large pharma companies have been built in the past century. Even fewer have been founder-led.
AI is making drug discovery dramatically more productive, but promising drugs still compete for limited capital, experienced teams, and clinical development resources.
The Drug Development Accelerator Fund pairs dedicated capital with Formation Bio’s drug developers and AI platform to advance a larger portfolio of drugs toward patients.
Congrats @BenjamineYLiu, @lintaho, and the @formationbio team!
Today we’re announcing the $600M Formation Bio Drug Development Accelerator Fund.
@lintaho and I started @FormationBio because we believed the biggest bottleneck in bringing new medicines to patients wasn’t drug discovery, but drug development.
As AI dramatically accelerates discovery, that bottleneck is only becoming more acute. Without the capital and capacity to advance promising drugs through clinical trials, much of that progress won’t translate into medicines for patients.
Our new Fund brings together dedicated capital, drug development expertise, and AI-powered development capabilities to acquire promising drugs and advance them through the clinic.
