Singh runs a special-situations house book — stances reflect how each name was framed in this call (new positions, adds, arb spreads, hedges, reported hedge-fund moves, or evidence in the memory-cycle / bifurcation / private-credit threads). This is a premium subscriber recording with no public video, so the Ref column carries the section time as plain text (no deep-links; section cues live in the saved notes). Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis (FA fiscal.ai added by the build).
| Ticker | Name | Research | View | What Singh said | Ref |
|---|---|---|---|---|---|
| SHOP | Shopify | QT · SA · STK · FA | Positive | The featured long — an under-appreciated AI beneficiary. A growth-analyst deep-dive + DCF (in the attachments) targets ~$190 vs $119.50 Friday close (~60% upside over 1-2 yrs). Q1 GMV $101B (+35% / 30% cc, above the $99B consensus; 4th straight quarter of 30%+), Europe +45%, offline +33%, B2B +80%; revenue ~$3.2B (+34%); FCF $476M (~15% margin, 750 bps ahead) with a 260 bps op-margin improvement despite the AI/token-cost hit. Sidekick weekly use +4x, ~half of all Q1 flows AI-built; Amazon/Meta/Microsoft/Salesforce/Stripe joined its Universal Commerce Protocol (UCP) council. Bear case: not cheap on traditional FCF vs Wix, and a miss of the de-risked high-20s growth could still correct it. | 07:45 |
| AAUC | Allied Gold | SA · STK · FA | Positive | The flagged arb (a subscriber question) — a wide ~34% spread on Zijin Mining's all-cash bid (C$44 / US$32, struck when gold peaked in Q1) with the stock at ~$23 US / $33 CAD. Wide for four reasons: outstanding Chinese outbound approvals (MOFCOM/SAFE/NDRC) after the July 29 outside date; extreme West-Africa exposure (Mali junta, Ivory Coast, Ethiopia — vs Alamos's tier-one jurisdictions); a Q1 $58M loss + high AISC + Kurmuk capex; and a 20% gold selloff raising re-strike fear. But the stock is back to its pre-deal price → "the risk-reward is quite decent" for patient capital. | 28:25 |
| SE | Sea Limited | QT · SA · STK · FA | Positive | Reaffirmed after last week's SOTP snapshot: Druckenmiller added to it ("because he's the GOAT," per a 13F a couple months old) — a nod to the same cheap-conglomerate thesis (Garena + Shopee + Sea Money) Singh laid out at ~$91. | 64:17 |
| MU | Micron | QT · SA · STK · FA | Positive | A historic beat-and-raise that became a sell-the-news (rallied 16% June 25 then faded to ~$992 on over-extended retail): revenue +346%, DRAM ASPs +250%, 85% GM, all four units at record revenue, data-center >$25B, HBM4 >$1B, DC SSD >$5B. The structural news is 16 five-year SCAs with four hyperscalers covering 20% of DRAM / 33% of NAND vol with $22B deposits; $18.3B FCF, +30% dividend, 100% of excess cash to buybacks from Dec 2026 (CHIPS expiry); FY26 capex $27B, FY27 >$10B/qtr. Floor prices give margins well above prior-cycle peaks; supply tightness "structural, not cyclical." | 57:08 |
| SOC | Sable Offshore | QT · SA · STK · FA | Positive | A held/active options trade: the ~$956M Exxon term loan (incl. PIK) was repaid via a $675M TLB + $345M convert + $115M equity, tanking the stock to ~$3.08 — but that erases near-term default/bankruptcy risk, so it rallied ~30% toward the ~$4 convert strike. Singh is long via sold 2 / 2.5-strike puts at high premium (~70-80% return on capital); flags further put-selling as the stock needs momentum to clear $4. | 81:12 |
| SPGI | S&P Global | QT · SA · STK · FA | Positive | Completed the separation of its mobility division (now Mobility Global, MGGL) Wednesday — "actually quite good for the S&P stock" as it becomes more of a pure-play data/ratings compounder. | 32:39 |
| CMCSA | Comcast | QT · SA · STK · FA | Neutral | +20% on a plan to tax-free-spin NBCUniversal + Sky (theme parks, Universal studios, NBC/Telemundo, Peacock, Bravo) from broadband/wireline over ~12 months (Comcast keeps ~20% for up to a year). Unwinds the 2010s content+distribution model (echoes AT&T/Time Warner). "If it were to pull back, we would get involved." | 20:40 |
| RKLB | Rocket Lab | QT · SA · STK · FA | Neutral | Rallied ~8% on its own $8B acquisition of Iridium — an unusual acquirer-up reaction, because the market read it as taking out a competitor in orbital telecom. | 20:40 |
| IRDM | Iridium Communications | QT · SA · STK · FA | Neutral | The target — being acquired by Rocket Lab for ~$8B EV: $27 cash plus RKLB stock on an exchange ratio collared 67.5-112.5, closing mid-2027. A live cash-and-stock arb. | 20:40 |
| MLM | Martin Marietta | QT · SA · STK · FA | Neutral | Agreed to combine with limestone supplier Lhoist North America in a $13.5B deal (incl. debt), funded with $7B cash + ~$6.5B stock. A flagged corporate action, not a rated pick. | 20:40 |
| MGGL | Mobility Global (S&P spin-off) | SA · STK | Neutral | S&P Global's automotive data/technology spin-off — separation completed Wednesday; began regular-way trading under ticker MGGL. The spin special situation to watch (previously tracked as the when-issued line). | 32:39 |
| PSTG | Everpeer (formerly Pure Storage) | QT · SA · STK | Neutral | Rebranded from Pure Storage in March (flash storage + software; competes with NetApp/Dell). Jana Partners built a >1M-share activist stake in Q1 but got an SEC 13F disclosure delay ("sneaky"); the stock rose ~9% to ~$79 on the reveal. ~4% forward FCF yield ($1.1B FCF) while growing ~20% — cheap-ish vs peers, though it faces rising flash-memory costs (passing price hikes like NetApp). | 28:25 |
| AAPL | Apple | QT · SA · STK · FA | Neutral | The memory-cost casualty — lost $263B in a day (−6%), its biggest drop in over a year, after a blanket 20% MacBook/iPad price hike (base iPad Pro $999→$1,199) blamed on a "once-in-a-century" memory flood (Cook). It's even lobbying Washington to buy LPDRAM from China's CXMT (on the Pentagon's 1260H list), the risk being a Commerce Entity-List ban mid-iPhone-18 ramp. Selling off relative to the Mag 7. | 67:33 |
| NVDA | Nvidia | QT · SA · STK · FA | Neutral | Two-sided: the memory-cycle beneficiary whose Rubin generation keeps lifting HBM demand (and whose chips are ~42% of a data-center's cost) — but sold off with the group when Anthropic said it's talking to Samsung for a custom ASIC, and Burry disclosed a new short, calling the semi index "a pure form of overvaluation rarely seen." | 64:17 |
| TSLA | Tesla | QT · SA · STK · FA | Neutral | Deliveries recovered to ~480k vs ~406k expected — but Singh thinks it was a temporary pull-forward as China/Europe feared the oil crisis. Also one of Burry's newly disclosed shorts. | 47:04 |
| META | Meta Platforms | QT · SA · STK · FA | Neutral | The "neo-cloud" head-fake: its announcement of leasing out excess compute rallied it high-teens then reversed the next day. Singh (and SemiAnalysis) read it as sentiment management — Meta contracted >5 GW of cloud/colo in H1 and capex likely accelerates in 2027; it's committed up to $245B this year while cutting 10% of staff, with FCF turning negative by 2027. "Don't rely on" the excess-capacity narrative. | 81:12 |
| HOOD | Robinhood Markets | QT · SA · STK · FA | Neutral | Q&A: rebounded $70→$112 (highs ~$150) on the retail wave — but at ~$101B cap on ~$2B operating income it's ~55x P/E (~50x operating earnings) with growth decelerating to 13% this year. The 10% headcount cut is priced in and retail growth likely peaked. "Don't like it here" unless growth reaccelerates; would prefer the $70-80s. | 87:16 |
| OWL | Blue Owl Capital | QT · SA · STK · FA | Neutral | The private-credit stress marker of the week: its retail-facing OCIC ($34B) took 18.8% redemption requests and its Technology Income Corp a wild 38% — both hard-gated at the 5% quarterly cap. Part of Singh's running "this private-credit issue is not over" thread. | 32:39 |
| CAT | Caterpillar | QT · SA · STK · FA | Negative | Burry's first-ever CAT short, initiated after the stock surged 86% in H1 despite sales that "aren't growing that fast." The report flags shadowing structural shorts on overextended, low-growth industrial cyclicals run up purely on momentum. | 64:17 |
| AMAT | Applied Materials | QT · SA · STK · FA | Negative | Another of Burry's newly disclosed semiconductor shorts (with NVDA/TSLA/CAT); down ~7% in the memory selloff. | 64:17 |
| LNC | Lincoln National | QT · SA · STK · FA | Negative | A named short target of Lee Robinson's new Altana life-insurer short fund (Altana +1,000% shorting banks) — the thesis being large, unhedged private-credit balance-sheet exposure at insurers that aren't regulated as tightly as banks. Singh flagged the risk months ago. | 32:39 |
| MET | MetLife | QT · SA · STK · FA | Negative | The other named Altana life-insurer short — same private-credit-exposure, under-regulated thesis as LNC. | 32:39 |
| SMCI | Super Micro Computer | QT · SA · STK · FA | Negative | "Uninvestable at this point" — Taiwan's Keelung prosecutor expanded a smuggling probe (raids across 12 sites, two SMCI employees detained, nine under investigation) over forged shipping docs to route ~50 Nvidia-equipped AI servers to China/HK/Macau; Taiwan is fast-tracking a law to criminalize chip diversion. | 67:33 |
"View" is the house's stance in this call (Positive / Neutral / Negative), not a price rating. Referenced only (kept in the talking points, not tickerized here): the memory / chip cast — SK Hynix (−30%, US IPO coming), Samsung (+20% Q3 DRAM hike), CXMT (China DRAM, ASML-blocked, 1260H list), Micron/Samsung/SK Hynix DRAM price-fixing suit, memory peers Western Digital (WDC), Seagate (STX), SanDisk (SNDK), and chip names Broadcom (AVGO), Intel (INTC), AMD, Arm (ARM), Qualcomm (QCOM), Arista (ANET), Palo Alto (PANW), CrowdStrike (CRWD); the neo-cloud selloff — Nebius (NBIS), CoreWeave (CRWV), Hut 8 (HUT), Cipher (CIFR), TeraWulf (WULF), IREN, Applied Digital (APLD), White Fiber (WYFI); the JPM software quadrant — Microsoft (MSFT), Datadog (DDOG), Snowflake (SNOW), Cloudflare (NET), MongoDB (MDB), Autodesk (ADSK), Palantir (PLTR), Figma (FIG), Adobe (ADBE), Twilio (TWLO), Zoom (ZM); the AI-model / lab cast — Anthropic (Samsung ASIC talks), DeepSeek, OpenAI, Gemini, plus Uber (UBER) as a heavy AI user; deal/arb names Warner Bros. Discovery (WBD), WPP/Sky, Getty/Shutterstock, NSC/UNP, BioLife (BLFS), Repligen (RPLG), Theravance (TMV)/Zymeworks (ZYME); Bloom Energy (BE, Brookfield deal), the Nvidia accelerator ladder (H100/H200/B200/B300/Rubin); and the macro tail — Alphabet (GOOGL), Amazon (AMZN), Oracle (ORCL), SpaceX (neo-cloud), the yen, gold & silver (Singh >10%, capped 15%), Druckenmiller, Michael Burry, Michael Hartnett (B of A), Matt Dratch, Jeffrey Gundlach, and the BIS AI-debt warning.
A jargon-free summary of the thesis behind each name — what it actually is and why he holds that view. (Plain-language companion to the table above; renders on each ticker's consolidated page.)
Shopify runs the software that lets any business — from a solo store to Skims or Mattel — sell online (and increasingly in physical shops). It makes money two ways: a monthly subscription, and a cut of everything sold through its checkout and payments. The key number is GMV, the total dollars of goods sold across all its stores; Shopify skims a small percentage, so when GMV grows ~35% a year, its revenue does too.
Singh's analyst thinks the market has missed that Shopify is an AI winner, not a victim. Its "Sidekick" assistant and AI-driven shopping search are pulling in twice as many new buyers as old-style search, and Shopify started an industry standard (the UCP) that Amazon, Meta, Microsoft, Salesforce, and Stripe just signed onto. The stock fell with other software names, so at ~$119.50 he sees roughly $190 (about 60% upside) over one-to-two years. The catch: it's still not "cheap" the way a slow-grower like Wix is, so a growth stumble could sting.
A Chinese miner, Zijin, agreed to buy Allied Gold for cash — about US$32 a share — back when gold was at its peak. But the stock trades near $23, a huge ~34% gap. That gap ("merger arbitrage spread") is your potential profit if the deal closes, and it's this wide because the market is nervous: China's government still has to sign off (and keeps pushing the deadline), and Allied's mines are in risky places — Mali (run by a military junta), Ivory Coast, and Ethiopia — where local governments could hold up the sale to squeeze out more money.
Singh's point: those fears are real, but the stock has already fallen all the way back to where it traded before the deal was even announced — so you're being paid a lot to take a bet that a cash-rich Chinese buyer, desperate for gold assets, eventually closes. He calls the risk-reward "quite decent."
Sea is the Southeast-Asian internet conglomerate Singh laid out last week — a video-game arm (Garena), the region's biggest online-shopping platform (Shopee), and a digital-payments business — that he argued was extremely cheap around $91. This week the news is simply that Stanley Druckenmiller, one of the most respected investors alive, added to the same stock. It's a confidence signal, not new analysis (his disclosure is a couple of months old), but worth noting when "the GOAT" is buying the name you already like.
Micron makes memory chips (DRAM and the stacked "HBM" used in AI servers). It just posted an enormous quarter — 85% profit margins, $18.3 billion of spare cash generated — and, more importantly, locked four giant customers into 16 five-year contracts that guarantee big volumes at prices with a floor above any past peak, plus $22 billion of cash paid up front. That turns a famously boom-bust commodity into something far steadier.
Oddly the stock still fell after the report ("sell the news") because too many small investors had piled in — it slid to about $992. But Singh sees the demand as structurally short of supply for years, a point underlined when rival Samsung immediately announced another 20% price hike. Micron is also raising its dividend 30% and will hand 100% of extra cash back via buybacks starting late 2026.
Sable Offshore had a big loan from Exxon coming due and looked shaky. It just refinanced by raising money three ways at once (new loan, convertible bonds, and new shares), which flooded the market with stock and crushed the price to about $3. But because that removes the near-term risk of going bust, the shares then bounced ~30% toward $4.
Singh's team is already long in a clever way: instead of buying shares, they sold put options at $2 and $2.50 strikes for very high premiums — meaning they get paid handsomely and only end up owning the stock (effectively near $1) if it falls hard. They think that trade returns 70-80% on the capital at risk, and see more put-selling opportunities while the stock works to clear $4.
S&P Global — the ratings-and-data giant — just finished splitting off its car-data division into a separate company (Mobility Global). Singh views that as a plus for the remaining S&P: it becomes a cleaner "pure play" on its highest-quality ratings and index businesses, which tends to earn a richer valuation.
Comcast said it will spin off its entertainment side — NBCUniversal, the Universal theme parks, Peacock, and Sky — into a separate, tax-free company, leaving the core cable/broadband business behind. The stock jumped 20% because investors think the pieces are worth more apart than together (the mirror of AT&T's costly Time Warner mistake). Singh isn't chasing it up here, but says he'd "get involved" if it pulls back.
This is the company most people still know as Pure Storage — it makes fast flash-based data storage and software for businesses, and rebranded to "Everpeer" in March. The news: the activist fund Jana Partners quietly built a stake of over a million shares and used an SEC loophole to keep it hidden for a while; when it surfaced the stock rose ~9%. It's reasonably cheap (~4% free-cash-flow yield) for a company growing ~20% a year, though rising memory costs are a headwind. Singh finds it interesting but takes no firm stance.
Apple got caught in the memory-price spike. Because chipmakers shifted their factories to the ultra-profitable memory that AI servers need, ordinary memory for phones and laptops became scarce and expensive — Tim Cook called it a "once-in-a-century flood." Apple raised MacBook and iPad prices ~20% across the board (a base iPad Pro went from $999 to $1,199), and investors, worried it can't fully pass those costs on, wiped out $263 billion of Apple's value in a single day. It's even lobbying Washington for permission to buy cheaper memory from a blacklisted Chinese supplier — a sign of how tight things are.
Robinhood, the trading app, has roughly quadrupled off its lows to ~$112 on the retail-trading boom. Singh's problem is price: at a ~$101 billion value on only ~$2 billion of operating profit, it trades around 55 times earnings while its growth is set to slow to 13% this year. The recent 10% headcount cut is already reflected in the price, and he thinks retail enthusiasm has likely peaked — so he wouldn't buy here, preferring the $70-80 range unless it launches something new.
Blue Owl runs private-credit funds — funds that make private loans and are sold to everyday investors. This week two of them saw a rush for the exits: one got redemption requests for 18.8% of its money, another for a startling 38%. Because these funds can't sell their loans quickly, Blue Owl was forced to "gate" withdrawals at just 5% per quarter. Singh flags it as fresh evidence of a broader private-credit strain he's been warning about.
Caterpillar's stock jumped 86% in the first half of the year even though it isn't actually selling much more equipment. That gap between a soaring price and flat business is exactly why Michael Burry (of "Big Short" fame) shorted it for the first time ever — a bet the price falls back toward reality. Singh relays it as part of Burry's broader wager against over-hyped, momentum-driven names.
Lincoln National is a big life insurer. A hedge fund (Altana, which made 10x shorting banks) is launching a fund specifically to bet against insurers like this one, on the theory that they've quietly loaded up on risky private-credit loans and aren't watched as closely by regulators as banks are. If that private-credit market wobbles, these insurers could be a weak link — a risk Singh flagged months ago.
MetLife is the other life insurer named as a short target of Altana's new fund — same story as Lincoln National: too much exposure to opaque private-credit loans, and lighter regulation than banks face.
Super Micro builds AI servers. Taiwanese prosecutors widened a criminal smuggling investigation into it — raids across a dozen locations, employees detained — accusing a ring of forging shipping papers to sneak ~50 Nvidia-powered servers into China. With Taiwan now rushing to criminalize exactly this kind of chip diversion, Singh calls the stock flatly "uninvestable."
Iridium, which runs a satellite-phone network, agreed to be bought by Rocket Lab for about $8 billion — shareholders get $27 in cash plus Rocket Lab stock (with guardrails on how much stock, a "collar"), closing around mid-2027. It's a live merger to trade around rather than a fundamental pick.
Analysis distilled from the premium Special Situations Report weekly call (subscriber recording — no public video) and its written report/deck. "View" reflects how each name was framed in this call, not a price target. Not investment advice.