SharkWater Trading  •  Semiconductor Desk • Annual Report Micron's 10-K: $133.2 Billion in Revenue, $59 Billion in Free Cash Flow, and Capex Nearly Doubled October 11, 2026 Bottom Line Up Front Micron (Nasdaq: MU) filed its fiscal 2026 Form 10-K on October 9, 2026. Revenue for the 53 weeks ended September 3, 2026 was $133.19 billion, up from $37.38 billion a year earlier. Net income was $84.97 billion, or $74.33 per diluted share. Operating cash flow of $89.68 billion less $30.71 billion of capital spending leaves $58.96 billion of free cash flow (desk calculation). The company ended the year with $73.45 billion in cash and investments against $5.18 billion of debt. I have no verified MU price or volume series for the week, so the market reaction is NOT VERIFIED. The Year in Four Columns USD millions FY2024 FY2025 FY2026 Revenue 25,111 37,378 133,188 Gross margin 5,613 14,873 107,504 Operating income 1,304 9,770 99,340 Net income 778 8,539 84,969 Diluted EPS (USD) 0.70 7.59 74.33 Operating cash flow 8,507 17,525 89,675 Capital expenditures 8,386 15,857 30,712 Source: Micron Technology Form 10-K for the fiscal year ended September 3, 2026, filed October 9, 2026 (accession 0000723125-26-000023), financial statement pages R3 and R7. Fiscal 2026 had 53 weeks. Cash flow cells were read by an automated page reader and the source flagged some run-together cells in the prior-year columns; the FY2026 column was not flagged. What the Filing Adds Over the Press Release The September 30 earnings release gave the quarter. The 10-K gives the full year, audited, and the year is the bigger story. Revenue rose 3.56 times. Gross margin on the filed GAAP numbers was 80.7 percent for the year, against 39.8 percent in fiscal 2025. Net income was 63.8 percent of revenue. All three are desk arithmetic on the filed figures. Capital spending rose 94 percent to $30.71 billion, but fell as a share of revenue to 23.1 percent. That is the number to watch. A memory maker spending a quarter of revenue on fabs is normal. The prior two years in the table above show nothing like this combination. The segment split is concentrated by size. Fiscal 2026 revenue by business unit was CMBU $43.09 billion, CDBU $37.59 billion, MCBU $36.60 billion and AEBU $15.89 billion. By product, DRAM was $100.68 billion and NAND $31.79 billion. The business section says roughly half of revenue has come from the top ten customers in each of the last three years. A reservoir that more than triples in a wet year tells you about the rain. It does not tell you what the next dry year looks like. Balance Sheet and Capital Return USD millions Aug 28, 2025 Sep 3, 2026 Cash and equivalents 9,642 38,364 Short-term investments 665 5,070 Long-term marketable investments 1,629 30,019 Total debt (current plus long-term) 14,577 5,179 Total equity 54,165 138,378 Source: Micron Form 10-K, balance sheet page R4, filed October 9, 2026. Cash and investments total ($73,453 million) and debt totals are desk sums of the filed lines. Net cash of about $68.3 billion is a desk calculation. Debt fell by $9.4 billion in the year. Capital return was small: about $610 million of dividends and $650 million of program repurchases in fiscal 2026, per the cash flow page (some cells in that table were flagged as garbled by the reader; verify before quoting). Against $85 billion of net income, that is a rounding error. The dividend declared on September 30 is $0.15 per share, payable October 29, 2026. Shares outstanding were 1,131,423,212 on October 2, 2026, per the 10-K cover. What Is Still Open The filing text I could read covers risk factors, segment and product revenue, and the financial statements. It states that HBM3E 12-high was the majority of fiscal 2026 HBM shipments and that HBM4 36GB 12-high began volume production in 2026. I did not read MD&A, so there is no sourced fiscal 2027 capital spending outlook in this post. I also have no verified MU price series. Pre-market data for October 1 is an aggregator figure from the prior scan and is not used here. The Bull Case The cash pile is real. $73.45 billion in cash and investments against $5.18 billion of debt gives the company room to fund fabs, pay down the rest and still return capital, all out of one year of cash flow. Margins held at an extreme. An 80.7 percent GAAP gross margin for a full 53-week year is audited, not a quarter's peak. The guide for the next quarter, from the September 30 release, sits near 86 percent non-GAAP. The reinvestment rate is falling. Capex took 23.1 percent of revenue, down from 42.4 percent in fiscal 2025 (desk arithmetic). Revenue outran spending. The Bear Case Half the revenue sits with ten customers. The filing says so in plain words. A pause in orders from a few buyers moves the whole line. The year is a single point on a cycle. Revenue was $25.11 billion two fiscal years ago. A business that has swung from $0.78 billion to $84.97 billion of net income in two years has shown how fast it can swing back. Capex is still doubling. $30.71 billion is 1.94 times the prior year. New capacity lands into whatever demand exists when it comes online, and the filing's own risk factors flag HBM yield and cleanroom intensity. The SharkWater Take I will not turn an annual report into a trade, and this one does not need to be. The 10-K confirms what the September 30 release said, and adds the audited year: $59 billion of free cash flow and net cash of roughly $68 billion. The risk is the shape of the cycle, not the balance sheet. A company with this much cash survives a downturn. Whether the stock already prices that in is a different question, and I have no verified price series to answer it. Until I have one and the HBM and capex detail from MD&A, MU stays on the watch list, not the trade list. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Insider Filings Nebius Insider Tape Sorted: One 500,000 Share Plan Sale and Four Routine Ones October 10, 2026 Bottom Line Up Front Five Nebius (Nasdaq: NBIS) insider sales hit EDGAR in the first week of October. Only one is large. COO Ophir Nave sold 500,000 shares on October 5, 2026 for roughly $117.8 million (desk calculation) under a 10b5-1 plan adopted May 22, 2026. The CEO, the Chief Infrastructure Officer and the CTO together sold 81,414 shares on October 1 at $234.16, about $19.1 million, and each Form 4 says the sale only covered tax on vesting units and was automatic. A director's trust sold 50 shares. Strip out the routine paper and the tape is one seller, and his plan says it is finished. Who Sold, and Why Seller Date Shares Price Type per filing Nave, COO 10/5/2026 500,000 $235.53 avg (desk calc) 10b5-1 plan, adopted 5/22/2026 Volozh, CEO 10/1/2026 37,778 $234.16 Tax withholding, automatic Korolenko, Chief Infrastructure Officer 10/1/2026 29,090 $234.16 Tax withholding, automatic Shtan, CTO 10/1/2026 14,546 $234.16 Tax withholding, automatic Boynton trust, director 9/29/2026 50 $235.01 10b5-1 plan, adopted 3/6/2026 Source: Nebius Group N.V. Forms 4 and Forms 144 on EDGAR: accessions 0001513845-26-000126 (Nave), -000120 (Volozh), -000118 (Boynton), -000122 (Shtan), -000124 (Korolenko, role per its Form 4), and Form 144 0001950047-26-010048 (Nave) and 0001950047-26-009868 (Boynton trust). Nave average price and all dollar totals computed by this desk from the filed rows. Sizing the Pile Nave's sale is 6.1 times the three tax sales combined. Against the 238,400,165 shares outstanding cited on the Nave Form 144, his sale is about 0.21 percent of the company and the tax sales together are about 0.03 percent. Neither moves the float. The tax sales are mechanical. Each Form 4 says the shares were sold when restricted share units vested, solely to cover estimated withholding, under automatic sale instructions in the unit agreement and not as a discretionary trade. After the sale the CEO still held 785,236 shares directly. The Boynton trust is a drip, not a surprise. Its September 29 Form 144 lists three earlier plan sales in the prior three months: 6,958 shares on July 15, 5,296 on August 14 and 6,364 on September 15, 18,618 shares for $4,144,629.26 in total. The 50 share sale is a stub on a monthly schedule. Five boats left the harbor this week. Three were ferries running on a timetable, one was a rowboat on its usual route, and one was a trawler hauling out half its direct catch. What Is Still Open Nave's Form 4 remarks state that no further sales will be made under his plan. That is the issuer's own filing, but a new plan can be adopted later, and the filing does not say when. This desk has no verified NBIS price or volume series for the week, so any market reaction to this selling is NOT VERIFIED. The Goldman Sachs 13G/A cut covered here yesterday sits alongside this paper but is a separate and unrelated filer. A correction to this desk's October 7 post: it gave October 7 as the Nave Form 4 filing date. The EDGAR feed shows filing date October 6, 2026, and the filing is signed October 6. The Bull Case Mostly mechanical. Four of five sales are tax cover or a standing monthly plan. None of them is a discretionary call on the stock. The big seller is done. Nave's remarks say no further sales under the May 22 plan, so the overhang from that plan is cleared. Small against the share count. All five sales together are about 0.24 percent of shares outstanding (desk arithmetic). The Bear Case The COO is the one with a choice. A plan is chosen in advance, and he chose to sell 500,000 shares, about 52 percent of his direct holding by the Form 4 balances. A new plan is one filing away. The remarks close this plan. They do not rule out the next one. Stacked on the Goldman cut. The bank's reported stake fell 43.6 percent between two 13G/A event dates. Different filers, same two weeks of supply. The SharkWater Take I have written about this tape for four straight days, and today's reading is the least alarming one. When the paper is sorted, one executive made a real sale and the rest is payroll mechanics. Nave's plan is closed, and that matters more to me than the headline dollar figure. The open item is the Goldman cut, which is flow I cannot explain. I do not have an edge on insider filings alone, and I will not invent one. I want a verified price series and the next 13G event date before NBIS gets a trade idea from me. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Ownership Filings Goldman Sachs Cut Its Nebius Stake by 44 Percent in Two Months October 9, 2026 Bottom Line Up Front Yesterday this desk could not say whether Goldman's Nebius (Nasdaq: NBIS) Schedule 13G/A was a build or a cut. The prior amendment answers it. Amendment No. 1 (event date July 31, 2026) reported 23,111,112.59 Class A shares, 10.5 percent of the class. Amendment No. 2, filed October 7, 2026 (event date September 30, 2026), reports 13,023,110.37 shares, 5.1 percent. That is a drop of about 10.09 million shares, or 43.6 percent of the position (this desk's arithmetic). Why Goldman sold, and for whom, is not in the filing. The Two Filings Side by Side Filing Event date Shares % of class 13G/A No. 1 (0000886982-26-000308) 7/31/2026 23,111,112.59 10.5% 13G/A No. 2 (0000886982-26-000526) 9/30/2026 13,023,110.37 5.1% Source: Schedule 13G/A filings on EDGAR, Goldman Sachs Group and Goldman Sachs & Co. LLC, each reporting identical figures. Amendment No. 1 filing date not read by this desk; only its event date is shown. What It Does and Does Not Say Both filings report shared voting and dispositive power and zero sole power. Goldman files under Rule 13d-1(b), the institutional route. Exhibit 99.3 states the filing excludes shares held by operating units of the group. So this is the reporting entity's aggregate, not necessarily house inventory. A 13G does not separate client assets from the bank's own book, and it does not name a buyer. A drop of this size could be client outflows, hedge unwinds, or a market-making position shrinking. The form cannot tell us which. One note on the math. 10.5 percent implies a class near 220 million shares, and 5.1 percent implies about 255 million. Rounding and a changing share count could explain part of that. This desk did not find the denominators in either filing, so the implied counts are unreconciled. Yesterday we saw a big boat at the dock and could not tell if it was loading or unloading. The earlier log entry shows the hold was nearly twice as full in July. The Bull Case Passive, not conviction. A bank's 13G position moves with client flow. The reduction is not evidence of a negative view. Supply was absorbed. Roughly 10 million shares left one holder, and the filing discloses no forced event behind it. Still above the line. Goldman remains a 5.1 percent reporter, so it has not exited. The Bear Case A large holder cut its stake by 44 percent. Ten million shares is real supply, and it landed alongside the Nave Form 144 for 500,000 shares reported October 5, 2026. The line is one step away. At 5.1 percent, the next reduction could take Goldman below the reporting threshold and out of public view. Price reaction unknown. This desk had no primary price source for NBIS, so whether the market already reflects the sale is NOT VERIFIED. The SharkWater Take I read this as supply, not a verdict. Goldman's 13G tells me flow, and flow is not conviction. What bothers me is the stack: a 44 percent bank cut, a 500,000 share insider plan sale, and Form 4s from the same week. None of it is a thesis alone. Together it says the easy buyers have thinned. I am not taking a position off a passive filing. I want the next 13G event date and a verified NBIS price series before this becomes a trade idea. Tight lines, SharkWater Source: Schedule 13G/A Amendment No. 2, EDGAR accession 0000886982-26-000526, filed October 7, 2026, event date September 30, 2026; Schedule 13G/A Amendment No. 1, accession 0000886982-26-000308, event date July 31, 2026. Percent change is this desk's arithmetic. Educational and informational purposes only. Not personalized investment advice. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Ownership Filings Goldman Sachs Reports 5.1 Percent of Nebius Class A, and a Date Fix on the Nave Form 4 October 8, 2026 Bottom Line Up Front A Schedule 13G/A filed October 7, 2026 shows The Goldman Sachs Group and Goldman Sachs & Co. each reporting 13,023,110 Class A ordinary shares of Nebius Group (Nasdaq: NBIS), or 5.1 percent of the class, as of an event date of September 30, 2026. This is Amendment No. 2. The prior percentage is not in the filing text this desk read, so direction of change is NOT VERIFIED. Separately, a correction: EDGAR lists the Nave Form 4 (accession 0001513845-26-000126) as filed October 6, not October 7 as our October 7 post stated. The sale figures in that post stand. What the Filing Shows The filing is a Schedule 13G/A, a passive holder report. Goldman is the joint filer on both entities. The filing reports 13,023,110.37 Class A shares for each filer and 5.1 percent of the class. The 5.1 percent sits barely above the 5 percent reporting line, so small changes in share count move it across. The numbers do not tie cleanly to the Nave Form 144. That filing cites 238,400,165 shares outstanding. 13,023,110 divided by that count is about 5.5 percent, not 5.1 percent. The 13G/A percentage implies a Class A count near 255 million. The gap may come from different share-class counts or dates. This desk did not find the denominator in the filing, so treat it as unreconciled. Percent math here is this desk's arithmetic. Large banks file 13Gs for client and trading positions alike. A 13G does not say whether the shares are house inventory, hedges, or client assets. It does not carry a direction. A 13G/A is a harbor log entry. It tells you a big boat is tied up at the dock on a given day. It does not tell you whether it is loading or unloading. The Date Fix The October 7 post said the Nave Form 4 was filed October 7. The EDGAR submissions feed lists accession 0001513845-26-000126 with a filing date of October 6, 2026. The Form 144 for the same 500,000 shares (accession 0001950047-26-010048) is dated October 5. So the Form 4 landed the day after the sale, not two days after. The Form 144 values ($121,405,000, 238,400,165 shares outstanding, plan adopted May 22, 2026) match what we reported. One oddity to flag: the Form 144 lists sales in the past three months as "Nothing to Report" while its remarks cite a 10b5-1 plan. The Bull Case Passive filer. A 13G/A is the lighter ownership form. It is not an activist or control filing. Large institution at the table. A top bank carrying 13 million shares signals the stock has deep institutional liquidity. No sale disclosed. The filing reports a position. It does not report a distribution. The Bear Case Direction unknown. Without the prior filing percentage, the amendment could be a build or a cut. Near the line. At 5.1 percent, one more reduction could drop the holder below the reporting threshold and out of view. Insider supply alongside. The Nave sale of 500,000 shares and the Form 4s filed October 5 sit in the same week as this amendment. The SharkWater Take I am not taking a view on this one. A bank 13G/A without the prior percentage is a data point with no slope, and the share count does not reconcile to the Form 144. The only thing worth acting on today is the correction, and it is already made. The question I want answered is the prior Goldman percentage and the Class A denominator. Until then, no edge here. Tight lines, SharkWater Source: Schedule 13G/A, EDGAR accession 0000886982-26-000526, filed October 7, 2026, event date September 30, 2026; Nebius Form 4 accession 0001513845-26-000126; Form 144 accession 0001950047-26-010048. Educational and informational purposes only. Not personalized investment advice. The author may hold positions in securities discussed. Do your own work.

SharkWater Trading  •  Data Centers • Insider Filings Nebius COO Sold 500,000 Shares at a $235.53 Average, Over Half His Direct Stake October 7, 2026 Bottom Line Up Front The Form 144 we flagged yesterday is now a completed trade. Ophir Nave of Nebius Group (Nasdaq: NBIS) sold 500,000 shares on October 5, 2026 at a computed average of $235.53, roughly $117.8 million gross, per a Form 4 filed October 7. That is below the $121.4 million the Form 144 implied, which pegged the shares near $242.81. The Form 4 shows 454,685 shares held directly afterward, so the sale took about 52 percent of his directly held shares. It ran under a Rule 10b5-1 plan adopted May 22, 2026. What the Form 4 Shows A Form 144 is a notice. A Form 4 is the receipt. This one reports twelve sale lines on October 5, 2026, all coded as sales, all direct ownership. The weighted average prices run from $231.12 to $243.50. The pre-sale direct balance of 954,685 shares is derived from the first line (938,465 remaining plus 16,220 sold), not stated outright. Shares sold Weighted avg price 16,220 $231.12 61,210 $232.37 56,426 $233.19 48,845 $234.21 106,718 $235.24 73,588 $235.99 18,224 $237.15 48,655 $238.22 48,061 $239.23 14,853 $240.00 1,200 $241.02 6,000 $243.50 500,000 total $235.53 (desk calc) Source: Nebius Group N.V. Form 4, EDGAR, filed October 7, 2026 (accession 0001513845-26-000126), all sales dated October 5, 2026, Rule 10b5-1 plan adopted May 22, 2026. Each row is a weighted average within a price range stated in the filing. Total and average computed by this desk from the rows. The filing remarks say the shares sold were settled restricted share units, about 17 percent of the reporting person's granted equity. Nave is listed as a director and an officer with the title COO. The Form 144 listed him as Director and Officer, so the two filings agree on the person. The Form 144 value of $121,405,000 is an estimate made at filing. Actual proceeds came in about $3.6 million lower on this desk's math, which means the stock traded below the Form 144 reference price for most of the session. Nebius has not issued a press release on this, and none is required. A Form 144 is the weather forecast and a Form 4 is the logbook. The forecast said the boat would leave at $242. The logbook says it left across a dozen tides between $231 and $243, and most of the catch went out in the low to mid $230s. What Is Still Open The plan terms are not public. This desk does not know whether the May 22 plan has more tranches. The September 30 Nebius Form 144 (accession 0001950047-26-009868) was not read, so how it relates to this sale is unknown. Two other officers sold shares on October 1 at $234.16 to cover tax on vested units, which is routine and a different animal at about 9 percent of this size. The Bull Case Pre-scheduled. The plan date of May 22, 2026 predates the sale by more than four months. The timing was set long before October 5. Small against the share count. 500,000 shares was about 0.21 percent of the 238,400,165 shares outstanding cited on the Form 144. Still a large holder. 454,685 shares remain in direct ownership, so he kept a meaningful position. The Bear Case Half the direct stake. Selling about 52 percent of directly held shares in one day is a large reduction, plan or not. Clustered paper. A second Form 144 on September 30 and three Form 4s on October 5 mean insider selling has stacked up over a single week. Sold below the reference. Proceeds came in under the Form 144 estimate, and the 12 line ladder shows the shares went out across a $12 range, mostly in the $230s. The SharkWater Take The 10b5-1 plan takes most of the sting out of the timing argument, and 0.21 percent of shares outstanding will not change the float. What I notice is the size relative to his own position. Half of a direct stake is not a trim. I am not treating this as a sell signal for the company, because a plan sale alone does not tell me the executive's view of the business. I am treating it as a reason to read the next Nebius filings closely, and to check the September 30 Form 144 before drawing any pattern. No edge here for a new position on this alone. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. Options involve substantial risk of loss. The author may hold positions in securities discussed. Do your own work.