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Ticker: DDOG Company: Datadog, Inc.

Hunterbrook: Datadog's Mystery Eight-Figure AI Customer Is Almost Certainly Anthropic, and the Evidence Is in Claude's Own Source Code

A live Claude.ai inspection found Datadog's RUM SDK running at 100% sample rate, Claude Code contains a hard-coded Datadog client token with a feature-flag-controlled rollout, and an accidental sourcemap leak confirmed a dedicated Datadog integration module

Apr 30, 2026 7 min read
Company: Two Natural Capital Author: Two Natural Capital

Two Natural Capital: Covalent Drugs Cracked RAS After 40 Years of Failure — Here Is the Metric Investors Are Missing When Evaluating Them

Binding affinity alone is the wrong number for covalent drugs — kinact and kinact/KI are what matter, and a company that emphasizes Ki over those metrics may be showing you a misleading picture of its compound's quality.

Apr 30, 2026 6 min read
Ticker: SHAZ Company: SharonAI Holdings, Inc.

Bleecker Street Research: SharonAI's $1.25B Anchor Contract Is With a Company That Earned $5.8M Last Year, While Its CEO Misrepresented NVIDIA as a Shareholder in a Filed 10-K

ESDS Software Solutions, whose total assets of $69.5M are less than the $140M in letters of credit the contract requires, has built its business around keeping Indian data on Indian soil — making a deal to deploy GPUs in Australia structurally implausible.

Apr 30, 2026 9 min read
Company: Partners Group Holding AG Author: Grizzly Research

Grizzly Research: Partners Group's Evergreen Funds Contain Valuations That Can't Be Reconciled With Underlying Financials, Registry Records, or the Firm's Own Exit Multiples

A $322M Hong Kong position with a share count nearly triple the local registry, a Russian asset marked up 12% after presidential seizure, and a software company valued at 27.7x while Partners Group's own comparable sale closed at 15.4x

Apr 29, 2026 9 min read
Ticker: HLNE Company: Hamilton Lane Incorporated

Hamilton Lane's 37% Earnings Growth Is an Accounting Illusion — Under the Old Definition, It Declined 16%

Hunterbrook alleges more than 100% of Hamilton Lane's FRE growth came from definitional changes, not business improvement — while day-one secondary markups and fees on unrealized gains flatter returns as retail inflows show the first signs of reversing

Apr 27, 2026 8 min read
Ticker: ZM Company: Zoom Communications, Inc.

Spruce Point, Known for Short Selling, Issues a Rare Strong Buy on Zoom: 40% to 100%+ Upside, $1.2B Hidden Anthropic Stake, and a Bear Thesis It Says Has No Evidence

Spruce Point argues Zoom trades at 4.1x revenue and 16.1x free cash flow despite 77% gross margins and 40% FCF margins, while AI displacement fears and Teams competition have created a mispricing the firm calls one of its most compelling opportunities

Apr 24, 2026 6 min read
Ticker: CAR Company: Avis Budget Group, Inc.

Fugazi Research: Avis Budget Group's 40% Crash Was a Short Squeeze Unwind, Not a Fundamental Event — What Remains Is $25.3B in Debt, Negative Equity, and 0.56x Interest Coverage

SRS Investment Management held more shares than Avis's entire non-affiliate float, installed its own CEO, CFO, and Chairman, and used the company's own buybacks to consolidate control for free — while the business generated $2.71B in cumulative losses over two years

Apr 23, 2026 8 min read
Ticker: SRAD Company: Sportradar Group AG

Muddy Waters: Sportradar's "FBI of Gambling" CEO Offered to Introduce Undercover Investigators to China's Largest Illegal Gambling Operator at a Trade Show

Undercover footage from ICE 2026 shows Sportradar sales staff discussing product offerings for Vietnam, Thailand, Indonesia, and China without objection — markets where online gambling is banned — as Muddy Waters estimates 20-40% of SRAD revenue comes from illegal operators.

Apr 22, 2026 6 min read
Company: Montana Aerospace Author: Bristlemoon Capital

Bristlemoon Capital on Montana Aerospace: Strong Contracts and 11.5% Revenue Growth, but Pricing Power Remains the Unresolved Question

Montana holds single-source contracts across 100,000+ SKUs on every major commercial aircraft platform with shipset content rising from €350k toward €500k per aircraft — but Bristlemoon stopped short of a buy, saying platform economics remain unclear

Apr 22, 2026 5 min read
Ticker: FRMI Company: Fermi America, Inc.

Fuzzy Panda: Fermi America's AI Data Center Campus Is Mostly Dirt, Its Leadership Faces Fraud Allegations From a Prior Bankruptcy, and $2.4B in Insider Stock Is Waiting to Be Sold

Project Matador showed trenching and rebar in late 2025 drone footage with no buildings or turbine pads, while the CEO who took a $44M jet after IPO has since departed and executives accused of phantom billing and fraudulent transfers remain in place

Apr 20, 2026 8 min read
Ticker: FIGR Company: Figure Technology Solutions, Inc.

Morpheus Research: Figure Technology's SEC Filings Say Blockchain Plays No Role in Loan Origination, Directly Contradicting What Executives Tell Investors

Figure's own filings state its loan origination system "does not rely on blockchain technology" and uses "traditional documentary processes" — yet executives publicly claim every loan originates end-to-end on blockchain, justifying a valuation 103% above peers

Apr 16, 2026 10 min read
Company: Sinch AB Author: Grizzly Research

Grizzly Research: Sinch AB's $1.1B Inteliquent Acquisition Made It One of the Largest Robocall Facilitators in the U.S., With Billions in Fraudulent Calls and Zero Investor Disclosure

A multistate AG task force cited 9,712 traceback notices and alleged Inteliquent transmitted "billions of fraudulent robocalls" — yet Sinch has disclosed none of this to investors, despite North America now accounting for 62% of total revenue

Apr 16, 2026 7 min read

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