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Absolutely insane...

What Caused Alphabet's USD 8.7 billion Accounting Paper Loss On Equity Investments?

🌟🌟🌟USD 8.7 billion accounting paper loss on equity investments seems massive. But on closer look, this is due to the standard GAAP accounting rules that mandate $Alphabet(GOOGL.US)must report all unrealised paper gains or losses on its income statement every quarter.

Alphabet is the single largest institutional shareholder of $SpaceX(SPCX.US)with 551.2 million shares, outside of Elon Musk himself. Long before Elon Musk became famous, Alphabet partnered with Fidelity to inject USD 1 billion into SpaceX. Alphabet alone provided an estimated USD 900 million.

When SpaceX shares slipped from their June high of USD 170.86 down toward the USD 143 range by the end of September, it triggered an astronomical USD 8.7 billion non cash paper loss for Alphabet.

The reality is Alphabet's underlying core operating income actually rose 30%. The business did not suffer. Its net bottom line was simply bruised by the volatile swings of Elon Musk's rocket ship.

In June 2026, Google signed a multi year agreement to pay SpaceX USD 920 million per month to access large scale AI computing facility and Nvidia GPUs from SpaceX's Colossus data center infrastructure.

Google and SpaceX are continuing to co-operate in space based machine learning & orbital data center concepts. This includes Google's Project Suncatcher initiative to test TPU machine learning infrastructure and laser link constellations in space.

By maintaining this huge anchor position in SpaceX , Alphabet has essentially hedged the future of global communications not only on Earth, but in Space too.

Exciting times are ahead for both Alphabet and SpaceX.

Dear Fellow Investors, Do you agree that the recent selloff of Alphabet is a great opportunity to buy the company? The current P/E ratio is only 14.7x.

@Captain Leo

$SK Hynix(SKHY.US)

SK Hynix vs Seagate: Both Beat Earnings. One Flew, One Fell.

SK Hynix surged on explosive earnings, 80% operating margins and booming HBM demand.

Seagate beat earnings too, but slowing shipment growth and sky-high expectations took the shine off.

Same AI party, different expectations at the door.

The lesson? Beating earnings is good. Beating expectations is better.

FaithAnchor — Stay grounded. Stay the course.

$DBS(D05.SG)

Capitalizing on strong momentum, a fast tactical trade. Swing trading~ Looking at trade price closely~ Exit anytime when earning hits around Sgd100++. (*Personal opinions).

$PropNex(OYY.SG)

Context: PropNex may not be the most exciting stock out there, but I like that its business is quite straightforward. When the property market is active, there’s room for commission income to grow. Plus, the dividend gives me another reason to keep it in my portfolio.

My trade: Still holding my shares and not planning to make any sudden moves. I’ll continue watching the quarterly results and see whether the business maintains its momentum.

Takeaway: Sometimes boring stocks are not a bad thing leh. 😂 I don’t need every counter to give me a quick 20% gain. Steady performance, reasonable valuation and dividends are good enough reasons for me to stay invested.

Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?

Sat 31 Oct 2026 | Afternoon

The N umbers

FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times. $Frasers Cpt Tr(J69U.SG) 

My Personal Take

The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.

📺 Free YouTube: https://youtu.be/WBhhMkfdMcg

⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0

📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing

Cheers,

Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

$Intel(INTC.US) dropped 25.58% in a single day. The put-call volatility spread quickly shifted to favor puts. For options expiring on 11/06, the spread jumped from -10 to +7.8, clearly indicating that very few are bottom-fishing; most capital is betting on downside.
A sharp rise in the volatility spread has two possibilities:
The most intuitive is capital entering to buy puts at market price; the other is selling Covered Calls. We can see from the position change chart that the steep rise in the volatility spread during yesterday's trading was primarily driven by buying puts at market price.

Interestingly, these market-price puts are mostly in-the-money (ITM), rather than out-of-the-money (OTM) for higher leverage.
Shareholders looking to reduce portfolio volatility tend to buy ITM puts. These options have a higher delta, meaning their price movements closely track the underlying stock.
ITM puts allow option buyers to avoid total loss while hedging against pre-expiration stock price fluctuations.
However, in absolute terms, the current volatility spread is not yet high enough. A slight dip on Monday (11/02) that drives the spread even steeper would be needed to form an early signal of a stock price floor.

$iShares Semiconductor ETF(SOXX.US)

Post 4 Ep.26

I was looking at the various companies that reported earnings this week and was very impressed with two in particular. STX and Sandisk. Bought both as well as SMH and SOXX for the more diversified tech basket.

Luckily SOXX, being a semi counter that moves along with the earnings, qualifies as an earning counter for this week’s episode.

@Captain's Treasure

this is very tough week

There are unique selling point for Microsoft, Google, and Amazon AI monetisation.

For users, they have their own preferences.

However, prediction may be wrong or right.

Even though this is a left-side defensive for Google, it can be.

Amazon may surprise us well.

$iShares Semiconductor ETF(SOXX.US)

Post 4 of Episode 26

I was talking about the two semi ETFs that I was eyeing for this pullback. Yesterday I shared SMH and this is the other one. Much like SMH, SOXX carries much of the tech world and is also one of the earning counters applicable to this week’s episode.

@Captain's Treasure

OpenAI CEO Sam Altman met with Foxconn Chair Young Liu in Taiwan on Friday (10/30) to further discuss their partnership, Foxconn’s chairman said, media report, adding specific joint projects will be announced once finalized.

Source: Dan Nystedt

$Invesco Nasdaq 100 ETF(QQQM.US)

Tech heavyweights including Microsoft, Alphabet, and Amazon reported earnings this week, driving major volatility across tech indices like $QQQ. I am holding my core tech allocation steady through the earnings prints, utilizing systematic dollar-cost averaging while reserving dry powder for post-earnings pullbacks.

$Taiwan Semiconductor(TSM.US)major correction happening in the markets. Be patient while hyperscalers complete their capex cycle. The future is chips. I will add more when it goes below 380x. Otherwise will hold for another decade.