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Wally

@KryptonCGO

CGO @kryptonresearch

 United States
kryptonresearch.co
Joined January 2026
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Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)Photo by Wally (@KryptonCGO)
Berkeley Lab counted 2,061 GW of generation and storage waiting on interconnection at the end of 2025. Of capacity requested from 2000 to 2020, only 13% got built by end of 2025. 75% was withdrawn. The trip from request to operating takes over five years.
Bar chart of outcomes for U.S. power capacity that requested interconnection from 2000 to 2020: 13 percent had been built by the end of 2025, and 75 percent had been withdrawn. Source: Berkeley Lab, Queued Up 2026 Edition.

ALT Bar chart of outcomes for U.S. power capacity that requested interconnection from 2000 to 2020: 13 percent had been built by the end of 2025, and 75 percent had been withdrawn. Source: Berkeley Lab, Queued Up 2026 Edition.

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We mapped the grid intelligence layer underneath this a while back, what has to get smarter before more of that queue can actually connect: kryptonresearch.substack.com…
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$NOW goodwill nearly tripled in nine months, $3,578M at Dec 31 to $10,012M at Sep 30. Intangible assets, net went from $1,121M to $3,594M. $6,623M of that goodwill was acquired this year, $5,323M of it from Armis alone.
Bar chart of ServiceNow goodwill in millions of dollars: 3,578 at Dec 31, 2025 and 10,012 at Sep 30, 2026 highlighted.

ALT Bar chart of ServiceNow goodwill in millions of dollars: 3,578 at Dec 31, 2025 and 10,012 at Sep 30, 2026 highlighted.

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$PYPL sold a lot more of its loan book this year. Loans derecognized in the first nine months had an unpaid balance of $24.0B, up from $18.3B a year ago. Proceeds were $23.8B. Held for sale loans more than doubled too, $3,687M at Sep 30 vs $1,726M at Dec 31.
Bar chart of PayPal loans derecognized, unpaid balance in billions of dollars: 18.3 in the first nine months of 2025 and 24.0 in the first nine months of 2026 highlighted.

ALT Bar chart of PayPal loans derecognized, unpaid balance in billions of dollars: 18.3 in the first nine months of 2025 and 24.0 in the first nine months of 2026 highlighted.

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$RIVN construction in progress was $463M at Sep 30, down from $1,712M at year end. Machinery and equipment rose to $5,868M from $4,152M over the same stretch. Depreciation in Q3 was $240M, up from $175M a year ago.
Bar chart of Rivian property and equipment in millions of dollars. Construction in progress fell from 1,712 at Dec 31, 2025 to 463 at Sep 30, 2026, while machinery and equipment rose from 4,152 to 5,868 over the same period.

ALT Bar chart of Rivian property and equipment in millions of dollars. Construction in progress fell from 1,712 at Dec 31, 2025 to 463 at Sep 30, 2026, while machinery and equipment rose from 4,152 to 5,868 over the same period.

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Wally retweeted
Abhi Desai (@KryptonCEO) profile picture
Abhi Desai
@KryptonCEO1h
Seeing a lot of discourse on October being a rough month for many, which is the case given how deeply battered the AI trade became, especially late in the month and this week. At @KryptonResearch, we spend every moment ensuring our positioning is perfected to avoid these drawdowns, and despite having a slow few months, our portfolio remains right near all time highs into November. Deep research matters. Who you follow matters.
Image from Abhi Desai (@KryptonCEO)
Image from Abhi Desai (@KryptonCEO)
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$BA 777X inventory built a lot this year. Work in process was $7,608M at Sep 30, up from $4,313M at Dec 31. Deferred production costs inside that went from $651M to $2,731M.
Bar chart of Boeing 777X work in process in millions of dollars: 4,313 at Dec 31, 2025 and 7,608 at Sep 30, 2026 highlighted.

ALT Bar chart of Boeing 777X work in process in millions of dollars: 4,313 at Dec 31, 2025 and 7,608 at Sep 30, 2026 highlighted.

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$MSFT had $364.6B of leases that had not started yet at Sep 30. That was $329.1B at Jun 30. Mostly datacenters, starting in fiscal 2027 through fiscal 2034. Finance lease liabilities already on the balance sheet are $71.0B.
Bar chart of Microsoft leases not yet commenced in billions of dollars: 329.1 at June 30, 2026 and 364.6 at September 30, 2026 highlighted.

ALT Bar chart of Microsoft leases not yet commenced in billions of dollars: 329.1 at June 30, 2026 and 364.6 at September 30, 2026 highlighted.

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$HOOD event contracts did $173M in Q3, up from $27M a year ago. The 10-Q says sports contracts, the driver, are now shut for new trades in Nevada, Michigan and, by Nov 2, Ohio. Crypto revenue fell to $120M from $268M in the same quarter.
Bar chart of Robinhood Q3 transaction revenue in millions of dollars: event contracts 27 in Q3 2025 and 173 in Q3 2026 highlighted, crypto 268 in Q3 2025 and 120 in Q3 2026.

ALT Bar chart of Robinhood Q3 transaction revenue in millions of dollars: event contracts 27 in Q3 2025 and 173 in Q3 2026 highlighted, crypto 268 in Q3 2025 and 120 in Q3 2026.

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$LLY inventories are $18.2B, up from $13.7B at year end. Work in process is $10.7B of it. Finished products are $3.0B, up from $1.9B. Nine month plant spending was $8.4B, vs $5.3B a year ago.
Bar chart of Eli Lilly inventories and net property and equipment in billions of dollars: inventories 13.7 at Dec 31, 2025 and 18.2 at Sep 30, 2026, property and equipment net 24.7 and 32.2.

ALT Bar chart of Eli Lilly inventories and net property and equipment in billions of dollars: inventories 13.7 at Dec 31, 2025 and 18.2 at Sep 30, 2026, property and equipment net 24.7 and 32.2.

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$AMZN can now borrow against the hardware itself. Its Q3 10-Q, filed today, adds a secured supplier loan facility of up to $80B for infrastructure purchases, drawable Q1 2027 through Q3 2028. Total commitments went from $650.0B at Jun 30 to $883.6B at Sep 30.
Bar chart of Amazon's total commitments in billions of dollars: 650.0 at June 30, 2026 and 883.6 at September 30, 2026, the September bar highlighted. Source: Amazon Forms 10-Q for Q2 and Q3 2026, Note 4.

ALT Bar chart of Amazon's total commitments in billions of dollars: 650.0 at June 30, 2026 and 883.6 at September 30, 2026, the September bar highlighted. Source: Amazon Forms 10-Q for Q2 and Q3 2026, Note 4.

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$META closed $12.5B of 6.50% mandatory convertible preferred on Oct 29. The other piece is a forward sale on 40M shares. The 8-K says Meta receives no proceeds from it today. Settlement is Meta's choice, by Nov 19, 2027, at an initial $622.92 a share.
Bar chart in billions of dollars: Meta mandatory convertible preferred closed October 29, 12.5; forward sale at the initial price, not yet received, 24.9 highlighted.

ALT Bar chart in billions of dollars: Meta mandatory convertible preferred closed October 29, 12.5; forward sale at the initial price, not yet received, 24.9 highlighted.

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$GOOGL inventory was $2,439M at Dec 31. It was $13,308M at Sep 30. Jun 30 was already $9,991M. The 10-Q says inventory is mostly hardware tied to TPU systems for sale to enterprise customers, plus Pixel devices.
Bar chart of Alphabet inventory in millions of dollars: 2,439 at Dec 31, 2025, 9,991 at Jun 30, 2026, and 13,308 at Sep 30, 2026 highlighted.

ALT Bar chart of Alphabet inventory in millions of dollars: 2,439 at Dec 31, 2025, 9,991 at Jun 30, 2026, and 13,308 at Sep 30, 2026 highlighted.

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$SNDK non-current contract liabilities were $752M at Oct 2, up from $393M at Jul 3. Current contract liabilities fell to $777M, from $849M.
Bar chart of SanDisk non-current contract liabilities in millions of dollars: 393 at July 3, 2026 and 752 at October 2, 2026 highlighted.

ALT Bar chart of SanDisk non-current contract liabilities in millions of dollars: 393 at July 3, 2026 and 752 at October 2, 2026 highlighted.

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$MA closed BVNK on Aug 3 for $1.4B cash, plus up to $300M if performance targets are met. The preliminary allocation puts $1,271M in goodwill, about 91% of the cash paid. Intangibles were $363M: developed technology $238M over 9 years, customer relationships $125M over 14.
Bar chart of Mastercard's preliminary BVNK purchase price allocation in millions of dollars: goodwill 1,271 highlighted, developed technology 238, customer relationships 125.

ALT Bar chart of Mastercard's preliminary BVNK purchase price allocation in millions of dollars: goodwill 1,271 highlighted, developed technology 238, customer relationships 125.

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$F Ford Credit finance receivables were $105.9B at Sep 30, down from $110.6B at Dec 31. Net investment in operating leases rose to $29.5B from $28.5B. Net property rose to $41.5B from $37.3B.
Bar chart of Ford Credit total finance receivables in millions of dollars: 110,579 at December 31, 2025 and 105,865 at September 30, 2026 highlighted.

ALT Bar chart of Ford Credit total finance receivables in millions of dollars: 110,579 at December 31, 2025 and 105,865 at September 30, 2026 highlighted.

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$CAT long-term trade receivables are up 56% this year, $2.14B to $3.35B. Coverage talked inventories. The June 10-Q footnoted $1.2B of this line as tariff overpayment recoveries, still waiting on Customs.
Bar chart of Caterpillar long-term trade and other receivables rising from $2,142 million at Dec 31, 2025 to $2,490 million at Mar 31, 2026, $3,086 million at Jun 30, 2026, and $3,348 million at Sep 30, 2026, with the September bar highlighted.

ALT Bar chart of Caterpillar long-term trade and other receivables rising from $2,142 million at Dec 31, 2025 to $2,490 million at Mar 31, 2026, $3,086 million at Jun 30, 2026, and $3,348 million at Sep 30, 2026, with the September bar highlighted.

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$CVX nine month capex barely moved, $12.61B vs $12.08B a year ago. International upstream was $5.63B, up from $3.97B. U.S. upstream fell to $6.05B from $7.21B.
Bar chart of Chevron upstream capex in millions of dollars for the nine months ended September 30: U.S. upstream 7,209 in 2025 and 6,046 in 2026, international upstream 3,967 in 2025 and 5,632 in 2026 highlighted.

ALT Bar chart of Chevron upstream capex in millions of dollars for the nine months ended September 30: U.S. upstream 7,209 in 2025 and 6,046 in 2026, international upstream 3,967 in 2025 and 5,632 in 2026 highlighted.

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$ABBV oncology looked flat at $1.70B, up 0.8%. Split it out and the U.S. fell 5.7% to $973M while international grew 11.1% to $723M.
Bar chart of AbbVie Q3 2026 oncology revenue by geography in millions of dollars: U.S. oncology 973, International oncology 723 highlighted.

ALT Bar chart of AbbVie Q3 2026 oncology revenue by geography in millions of dollars: U.S. oncology 973, International oncology 723 highlighted.

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$XOM ended Q3 with $66.5B in notes and accounts receivable, up from $44.6B on Dec 31. Payables climbed too, to $78.6B from $60.9B. Income taxes payable more than tripled over the same stretch, $7.0B vs $2.1B.
Bar chart of ExxonMobil notes and accounts receivable, net, in billions of dollars: 44.6 on December 31, 2025 and 66.5 on September 30, 2026 highlighted.

ALT Bar chart of ExxonMobil notes and accounts receivable, net, in billions of dollars: 44.6 on December 31, 2025 and 66.5 on September 30, 2026 highlighted.

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