New Constructs

The New Constructs Core Earnings Leaders Index (BCORET:IND) beat the S&P 500 by 900bps in 2025, up 27% vs SPX up 18%. There is real alpha in our proprietary footnotes data and power in the AI we use to collect the data automatically! Proof is in performance. #diligencematters This same research drives the AI Agent, #FinSights, built by @googlecloud Cloud. bloomberg.com/professional/p…

@FractalVeritas @theRealDTrain37 @ThierryBorgeat Good question. $SATS quotes in their latest filing that they need the $22 billion to remain a going concern. That suggest they need to monetize the stock or borrow against it. I guess they could pay people with stock as well.

@theRealDTrain37 @ThierryBorgeat @NewConstructs Is $SATS going to fade the SpaceX IPO? Today’s price action has me nervous

🚨YOU ARE THE EXIT LIQUIDITY You are about to be offered the most expensive IPO in modern history. SpaceX's S-1 just dropped. The headline numbers: - 2025 revenue: $18.7 billion - 2025 net loss: $4.9 billion - Q1 2026: still losing money - Reported IPO valuation target: roughly 90 times sales For context, the previous record IPO, Saudi Aramco, listed at 6 times sales. SpaceX is asking for fifteen times that multiple. With a net loss attached. Four things in this S-1 that should make you pause.

Our pre-IPO Rating on Space Exploration Technologies Corp ($SPCX) has been on our site since last night. Here's a peek at what our @RoboAnalyst Ai has to say about the biggest IPO in history. Clients can login and get all the details.

We covered $AFRM & $KLAR since pre-IPO. Our ratings on the stocks has been clear-as was the message today. Investors deserve better.

Excited about this interview by @JOTOPR w/@theRealDTrain37 on our mission & why it matters in the age of AI. 1. Making AI a force for good 2. Why AI lies so much 3. How to make AI trustworthy 4. Garbage in-garbage out 5. Partners @googlecloud @business @HarvardHBS @MITSloan

The letter from @wallstreetbets to the SEC on why it should NOT get rid of quarterly filings is absolute gold! Fave line: "Whatever the merits of that argument as applied to the C-suite, it has the relationship to retail investors exactly backwards." sec.gov/comments/S7-20…

@gnoble79 HI George - we made this call back in November. newconstructs.com/danger-zone-th… @theRealDTrain37

Wall Street is WRONG about Oracle. $ORCL is being pitched as the "fourth hyperscaler." The AI infrastructure play of a lifetime. 35 out of 46 analysts have a buy rating. Consensus price target is $246. The stock is at $172. Down 47% from its September high. Now let me explain what the bulls aren't telling you and why this will end HORRIBLY: Oracle's non-current debt has ballooned to $124.7 billion. Up from $85.3 billion a year ago. A 46% increase in 12 months. Total liabilities sit at $206 billion against shareholders' equity of $39 billion. That's a 5-to-1 leverage ratio on a company being pitched as a "safe" infrastructure play. But that $124.7 billion isn't even the full picture... Oracle has been using project financing structures (loans repaid from projected future cashflow) to keep tens of billions more in borrowing off its balance sheet entirely. So when analysts quote Oracle's debt load, they're UNDERSTATING the actual exposure by a meaningful margin. Interest expense jumped 32% YOY. Free cash flow is negative $24.7 billion on a trailing basis. The company is spending $48 billion a year in capex while generating roughly $17 billion in operating cash flow. They issued $43 billion in senior notes in 9 months. They are borrowing at a pace that would make a leveraged buyout firm nervous. And what did they get for all that spending? They fired 30,000 people. On March 31st, Oracle sent an email at 6 AM to tens of thousands of employees telling them their roles were eliminated. 18% of the global workforce gone in a single morning. TD Cowen estimates the layoffs save $8 to $10 billion in annual cash flow. Which tells you everything about the math: Oracle can't fund $50 billion in AI capex AND keep 162,000 people on payroll. So the people went. Net income was up 95% last quarter. The stock is still down 47% from its high. Mr. Market is telling you something. The earnings look great on paper partly because Oracle extended the useful life of its servers to 6 years, reducing depreciation expense by billions. I've been flagging this accounting game across the hyperscalers for months. It flatters the income statement while the balance sheet quietly deteriorates. Now let's talk about the $553 billion in Remaining Performance Obligations that every bull cites as the "reason" to own this stock: Roughly $300 billion of that is a SINGLE contract with OpenAI through the Stargate project. Revenue doesn't start flowing until 2027. And OpenAI itself expects to lose over $167 billion through 2028 even if it hits $100 billion in annual revenue. So Oracle is borrowing $125+ billion to build data centers for a customer that cannot even fund its own operations. And the data centers themselves are significantly behind schedule: The flagship Stargate campus in Abilene has been under construction since mid-2024. 2 years later, only 2 of 8 planned buildings are operational, covering about 200 megawatts of the planned 1.2 gigawatts. The remaining Stargate sites across Wisconsin, New Mexico, Michigan, and other locations are in the earliest stages of development. The total estimated cost to build out Oracle's 7 gigawatts of planned Stargate capacity runs around $340 billion. And lenders are already getting nervous. The Wall Street Journal reported that additional capacity at Abilene originally earmarked for OpenAI ended up going to Microsoft instead - because the banks financing the build were uncomfortable with their credit exposure to OpenAI as the ultimate customer. When your LENDERS don't trust your tenant's ability to pay, then there's SERIOUS issue. And by the time those data centers are fully built, the GPUs inside them will already be approaching obsolescence anyway. Nvidia releases new architectures annually. Each generation delivers dramatically more compute per watt. The hardware goes obsolete in 3 years but the debt used to buy it gets repaid over a much longer horizon. The AI infrastructure buildout is a treadmill, not a revolution. Oracle is the purest expression of that thesis. - $206 billion in reported liabilities. - Billions more hidden off-balance-sheet. - Negative $25 billion in free cash flow. - 30,000 people fired to fund the capex. - A single unprofitable customer behind over half the backlog. - Data centers years behind schedule. And 35 analysts saying buy. This doesn't sound right, does it?

Check out the @googlecloud AI team showcasing our AI Agent, FinSights, in Vegas on Friday! googlecloudevents.com/next-vegas/ses…

👀 S&P Global Mobility data confirms SpaceX bought 1,279 Cybertrucks in Q4 2025 — 18% of US registrations — inflating Tesla sales by over $100M. electrek.co/2026/04/16/tes…

Great seeing @theRealDTrain37 talking $BIRD, meme stocks, @NewConstructs research and #AI bubble-popping events with @SchwabNetwork.

We go live in one hour. The Answer Key to beat the market in 2026 goes live in 60 minutes. If you've been meaning to register and haven't yet, now is the time. newconstructs.com/buy-this-not-t…

Check out my latest article: What if you had an “Answer Key” for every stock? linkedin.com/pulse/what-you… via @LinkedIn

Want an MBA in AI from @HarvardHBS? Few understand how it will transform investing. Wednesday, our CEO, @theRealDTrain37, explained AI’s impact on investors at Harvard Business School. Now, @theRealDTrain37 is sharing his thesis. Live: 12pmET on 4/10. lnkd.in/eZY3mABY

Looking forward to @theRealDTrain37 talking artificial intelligence #AI and Investing at @HarvardHBS's Business Analysis and Valuation class led by Yuan Zou in just a few weeks. Excited to share @NewConstructs' agent built by @googlecloud = #FinSights.

@Jared_Kelly7 Culture advantge.

Indiana WR Nick Marsh wore gold cleats to IU's first spring camp session. Curt Cignetti was not pleased to see that. "He learned what getting your ass ripped is all about. I don't know if that happened to him very often at Michigan State." #iufb

Must read

Always a grea time talking with @ChuckJaffe

Sean Clark of @ClarkCapital on the need to keep calm and carry on with asset allocations, @vijay_hedges in #TheWeekThatIs on $MU, higher for longer oil prices & more, & @TheRealDTrain37 of @NewConstructs puts $META in #TheDangerZone, saying the stock price is due a BIG haircut.

Interested in a new source of alternative data to get an edge? ...the satisfaction of a company's employees, vendors, etc is a leading indicator for profits or growth? @JustCapital measures more about a company's ecosystem so clients can create more value. cvent.me/mRbawB

Great seeing @theRealDTrain37 talking the future of #AI, losers and winners, esp @Oracle $ORCL, off-balance sheet debt, residual value guarantees (cough-cough: @facebook $Meta) with Alex Coffey and @SchwabNetwork today. schwabnetwork.com/video/david-tr…

Today could change your portfolio. Something just shifted in the stock market. It happened quietly. There wasn’t any breaking news or CNBC alerts. If you have any money invested right... stocks, ETFs, your 401(k)... this could affect every position. newconstructs.com/super-stock-su…