CHOOSE YOUR FIGHTER Warren Buffett vs Stanley Druckenmiller Buffett stepped down as Charman of Berkshire Hathaway $BRK.B today. Druckenmiller has never had a losing year in more than 30 years. Here are their full portfolios as of Q2 2026. BERKSHIRE HATHAWAY - Apple $AAPL: 22% - American Express $AXP: 17% - Google $GOOGL: about 12.6% across both share classes - Coca-Cola $KO: 11% - Bank of America $BAC: 9.2% - Chevron $CVX: 4.7% - Occidental $OXY: 4.3% - Chubb $CB: 3.9% - Moody's $MCO: 3.7% - Kraft Heinz $KHC: 2.6% - DaVita $DVA: 2.1% - Delta $DAL: 1.8% - SiriusXM $SIRI: 1.2% - VeriSign $VRSN: 0.8% - Kroger $KR: 0.7% - Liberty Live $LLYVA: about 0.6% across both share classes - Ally $ALLY: 0.4% - Lennar $LEN: 0.4% - New York Times $NYT: 0.4% - Capital One $COF: 0.2% - Louisiana-Pacific $LPX: 0.1% - Nucor $NUE: 0.1% - Macy's $M: 0.1% - NVR $NVR - Jefferies $JEF - D.R. Horton $DHI DUQUESNE FAMILY OFFICE - Natera $NTRA: 17% - Insmed $INSM: about 5.7% in shares and calls - Taiwan Semi $TSM: 5.4% - Brazil ETF $EWZ: about 5.1% in shares and calls - Amazon $AMZN: about 4.6% in shares and calls - STMicro $STM: 4.5% - S&P 500 Equal Weight $RSP: about 3.7% in calls and shares - Fox $FOXA: about 2.8% across both share classes - YPF $REPYY: 2.7% - CDW $CDW: about 2.7% in shares and calls - BBB Foods $TBBB: 2.3% - Google $GOOGL: 2.3% - Seagate blockstack:native: 2.3% - United Airlines $UAL: 2.1% - Sea $SE: 2.0% - NewAmsterdam Pharma $NAMS: 2.0% - Russell 2000 ETF $IWM: 1.9% in calls - Sandisk $SNDK: 1.5% - Revolution Medicines $RVMD: 1.4% - S&P 500 ETF: 1.3% in calls - Bitdeer: 1.2% - CRH: 1.1% - Delta: 1.1% - Tesla $TSLA: 1.0% in calls - Fluor: 1.0% - D.R. Horton: 0.9% - Coupang: 0.9% - AMD: 0.8% - Palo Alto Networks: 0.8% - Cleveland-Cliffs: 0.8% - Hut 8: 0.7% - Caris Life Sciences: 0.6% - Argentina ETF: 0.6% - Woodward: 0.5% - Meta: 0.5% in calls - Nuvation Bio: 0.5% - Protagonist Therapeutics: 0.5% - Roku: 0.5% - Cavco: 0.5% - ADMA Biologics: 0.4% - Hyperliquid Strategies: 0.4% - Rambus: 0.4% - Rhythm Pharmaceuticals: 0.4% - Champion Homes: 0.4% - Daktronics: 0.4% - PureCycle: 0.4% - Southern Copper: 0.4% - Linde: 0.4% - Entegris: 0.4% - Teva: 0.4% - Unity: 0.4% - Aeva: 0.4% - Riot Platforms: 0.4% - Qnity Electronics: 0.4% - Equinix: 0.4% - Lam Research: 0.4% - Definium Therapeutics: 0.3% - Belite Bio: 0.3% - 10x Genomics: 0.3% - Wabtec: 0.3% - Eli Lilly: 0.3% - Xenon Pharmaceuticals: 0.3% - Olema Pharmaceuticals: 0.2% - Repligen: 0.2% - Rocket Companies: 0.2% - Baidu: 0.2% - Arm: 0.2% - Carvana: 0.2% - Reddit: 0.2% - Alcoa: 0.2% - Thermo Fisher: 0.2% - Danaher: 0.2% - F5: 0.2% - Vista Energy: 0.2% - Skeena Resources: 0.2% - JBS: 0.1% - Monte Rosa Therapeutics: 0.1% - Relay Therapeutics: 0.1% - DBV Technologies: 0.1% - CCC Intelligent Solutions: 0.1% - UWM Holdings: 0.1% - Navitas Semiconductor: 0.1% - Solstice Advanced Materials: 0.1% - FTAI Aviation: 0.1% - Beam Therapeutics: 0.1% - Aurora Innovation: 0.1% - IREN: 0.1% - Grupo Financiero Galicia: 0.1% - Wave Life Sciences: under 0.1% Both own Google, Delta and D.R. Horton. Neither owns Nvidia $NVDA.

In 2023, more than 5,000 attended the 30th Annual "OWN IT!" Baron Conference at New York's iconic Met Opera House. The 2024, 31st Annual "Building Legacy" Baron Conference on November 15th at The Met… features exceptional executives of SpaceX...MSCI...Arch Capital...and Red Rock Resorts...the Baron Capital team...incredible entertainment...and an ice cream cone served by former ice cream truck driver Ron... Oh yeah...good luck winning one of three awesome Tesla Y door prizes. All expenses, including door prizes...are paid by @BaronCapital...not our clients... Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Portfolio holdings as a percentage of net assets as of June 30, 2024 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (2.9%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (10.3%), Baron Global Advantage Fund (6.1%), Baron Opportunity Fund (2.8%), Baron Partners Fund (13.2%*); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.2%), Baron Focused Growth Fund (8.6%), Baron Global Advantage Fund (3.3%), Baron Opportunity Fund (3.5%), Baron Partners Fund (28.9%*), Baron Technology Fund (2.5%); MSCI Inc. - Baron Asset Fund (0.5%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (2.5%), Baron Focused Growth Fund (3.1%), Baron Growth Fund (9.8%), Baron Partners Fund (1.8%*); Arch Capital Group Ltd. - Baron Asset Fund (4.8%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (3.0%), Baron Focused Growth Fund (6.4%), Baron Growth Fund (12.7%), Baron International Growth Fund (2.8%), Baron Partners Fund (9.5%*); Red Rock Resorts, Inc. - Baron Discovery Fund (1.6%), Baron Focused Growth Fund (3.9%), Baron Growth Fund (1.5%), Baron Partners Fund (1.5%*), Baron Real Estate Fund (1.7%), Baron Small Cap Fund (3.6%). *% of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

HERE'S WHAT THE 🇺🇸 STOCK MARKET LOOKED LIKE TODAY Up: - Bloom Energy $BE +10.8% - Lumentum $LITE +5.7% - Applied Materials $AMAT +5.2% - Corning $GLW +4.7% - Marvell $MRVL +4.5% - Oracle $ORCL +4.0% - KLA $KLAC +3.9% - Meta $META +3.2% Down: - SLB $SLB -3.1% - United Rentals $URI -2.8% - Texas Pacific Land $TPL -2.8% - Medtronic $MDT -2.7% - Apple $AAPL -2.7% - Illinois Tool Works $ITW -2.4% - T-Mobile $TMUS -2.1% - Walmart $WMT -1.8% Meta recovered about two-thirds of Monday's -4.8%. Apple and Qualcomm fell for a second straight day. Utilities went from lower on Monday to the best sector in the market today.

NINE OF ELEVEN S&P 500 SECTORS CLOSED RED TODAY Semiconductors and energy were the only places that worked: - AMD $AMD +3.0% - Micron $MU +2.8% - Exxon $XOM +2.2% - Chevron $CVX +1.9% - Intel $INTC +1.7% Meta $META +6.6% was the largest gain in the S&P 500, while Google $GOOGL -2.3% split Communication Services down the middle. Industrials were the worst sector at -1.5%, led lower by GE $GE -2.8%, GE Vernova $GEV -2.1% and Boeing $BA -2.0%. Only 2 of 35 industrials and 2 of 11 communication services names finished green.

NVIDIA $NVDA has missed revenue expectations just once in the last 5 years: 🟢 Q1 2022: $5.66B (+4.6%) 🟢 Q2 2022: $6.51B (+2.8%) 🟢 Q3 2022: $7.10B (+4.3%) 🟢 Q4 2022: $7.64B (+3.0%) 🟢 Q1 2023: $8.29B (+2.1%) 🔴 Q2 2023: $6.70B (-6.9%) 🟢 Q3 2023: $5.93B (+2.8%) 🟢 Q4 2023: $6.05B (+0.7%) 🟢 Q1 2024: $7.19B (+10.3%) 🟢 Q2 2024: $13.51B (+20.9%) 🟢 Q3 2024: $18.12B (+12.0%) 🟢 Q4 2024: $22.10B (+7.5%) 🟢 Q1 2025: $26.04B (+5.9%) 🟢 Q2 2025: $30.04B (+4.5%) 🟢 Q3 2025: $35.08B (+5.8%) 🟢 Q4 2025: $39.33B (+3.1%) 🟢 Q1 2026: $44.06B (+2.3%) 🟢 Q2 2026: $46.74B (+2.4%) 🟢 Q3 2026: $57.01B (+4.3%) 🟢 Q4 2026: $68.13B (+3.9%) NVIDIA reports next earnings this Wednesday. 97% chance they beat it. Trade here →

Italy reported 422 Tesla sales and 0.3% market share in April. BEV penetration is 8.5% and Tesla has 3.2% of this segment. 🇮🇹 • 88% Model Y and 12% Model 3 • -5% vs. April last year and -41% compared to January the first month of the previous quarter • Last three months -8.5% vs. November - January • Year-to-date +24% over same period last year • Year-to-date is 38% or 4.5/12 of last year's total

SOUTH KOREA'S SEPTEMBER CONSUMER PRICE INDEX ROSE 2.9% YEAR-ON-YEAR, IN LINE WITH THE FORECAST AND EASING FROM 3.10%, AND WAS UP 0.3% MONTH-ON-MONTH, WITH CORE CPI UP 2.8% Y/Y, DOWN FROM 3.4% IN AUGUST - STATS OFFICE

At $85 per $HYPE: ​That means during Genesis Airdrop ​18.9% of wallets got >$85,000 ​4,700 wallets → $85.0K - $348.5K (9.1%) 2,900 wallets → $348.5K - $1.39M (5.6%) 1,400 wallets → $1.39M - $5.57M (2.8%) 570 wallets → $5.57M - $22.27M (1.1%) 147 wallets → $22.27M - $85.0M (0.3%) ​Absolute madness. Hyperliquid

June was a test of strategy, not just market direction. While $BTC and $ETH fell around 20%, Gate Wealth Management products continued to find opportunities. $GUSD yield stayed steady at 2.8%–3.0%, Gate Earn AUM remained at 1.5–1.6B $USDT, and Dual Investment Buy Low delivered up to 295% APY. Quant Funds and global stocks captured new opportunities across changing market conditions. More details:

This week's largest unlocks ↓ • Hyperliquid ($HYPE): $797M to be unlocked (4.5% of supply) • Sui ($SUI): $9.7M to be unlocked (0.3% of supply) • EigenCloud (prev. EigenLayer) ($EIGEN): $6.9M to be unlocked (4.1% of supply) • Ethena ($ENA): $6.0M to be unlocked (0.4% of supply) • GoPlus Security ($GPS): $1.6M to be unlocked (2.8% of supply) • ZetaChain ($ZETA): $1.4M to be unlocked (2.9% of supply) • IOTA ($IOTA): $492K to be unlocked (0.3% of supply) • Wormhole ($W): $473K to be unlocked (0.8% of supply) Top-3 account for 99% of the week's total. Data: Tokenomist, Aug 31–Sep 7