Stock Ratings [June 7th]: On current AI sector crash. Explanations below. Strong Buy: $GOOGL $MU $SNDK SK Hynix Buy: $AMZN $AEHR $AAOI $CIEN $COHR $CRDO $DELL $FN $FORM $GLW $JBL $LITE $MDB $MRVL $MSFT $NBIS $NOW $NVDA $RDDT $RKLB $SIVE Hold: $ARM $ASML $AVGO $AXTI $BE $META $MTSI $PLTR $SOFI Avoid: $CBRS $CRWV $ETH $HIMS $IBIT / $BTC $IREN $MELI $SNAP $TSLA $SPCX (SpaceX) IPO --- Thoughts: Strong Buy: GOOGL - $85B raise is dilutive but they actually have ROI on their capex. Tbh, they'll probably always be a Strong Buy for me. Just the cleanest AI ROI among all the megacaps. MU / SNDK / SK Hynix - If you're not bullish on memory, then idk for you. Buy: AMZN - Mainly for AWS reacceleration + Trainium. But some tension comparing AWS growth (+17%) vs Azure (+31%). Feel like custom silicon + distribution combo is durable even if growth rate lags a bit. AEHR - H2 ramp in WLBI/PLBI systems coming, anchored by "significant" follow-on Sonoma order from lead hyperscale customer. Just need to wait a bit esp. for rev to inflect. But AI ASIC burb in is mandatory as device power goes up. AAOI - Q3 capacity ramp (via facility expansion in Texas) toward 650k+ 800G/1.6T units/mth. Capacity coming online is the catalyst imo along w/ already known laser bottleneck + Made in US premiums. CIEN - Just a high quality biz that got pounded last week (-22%). Beat + raise earnings, but stock dropping this much is an overreaction. CEO even said demand is "structural, multi year and AI-driven" shown by AI-driven DCI being their fastest growing part of the order book as new long-haul routes get built for latency and bandwidth. COHR - upcoming CPO ramp (Nvidia spectrum-x) will speed things up, these prices will look cheap when we look back imo. CRDO - Personally bought a ton last week post-earnings drop. Like Ciena, v. high quality compounding hold through the whole AI supercycle. Crazy high margins. Obviously compete w/ Marvell/Broadcom on SerDes, but also need to factor in the 1.6T switch replacement cycle into late 2026. DELL - Trump effect. I've learnt my lesson and will listen to him next time. FN - v. low drama way to ride transceiver demand + iPronics sipho line for cpo. New datacom wins also extending into next FY, although some Nvidia conc. risks. Put them in Buy just to be generous as was unsure tbh. FORM - Important for HBM, adv packaging and CPO for higher yields. Foundry test intensity only set to increase w/ production. GLW - Lead glass core substrates which are an advanced packaging bottleneck. LTP w/ Nvidia to expand US optical manufacturing for AI infra too. JBL - Stock has done nothing for a month, but earnings coming up could be a nice catalyst for a push higher from their DC infra segment growing + outpacing drag from legacy mobility/ev exposure / margin mix. LITE - CPO ramp + Nvidia qualification like Coherent. MDB - AI is not replacing them. Imo they win vs. bolt on vector stores since their architecture is so simple. MRVL - going to $1T according to Jensen. Underlying business is solid though esp. w/ Celestial acquisition for photonics. SPY inclusion last week too is a big positive. MSFT - Current valuations are a joke tbh, markets probs punishing some margin compression. Rev +18%, Azure +40%, AI run rate +123%. So, v. clear enterprise monetisation path. Will be buying next week in retirement account. NBIS - Best neocloud by far. They're a $100B biz vs. ~$57B currently. Jensen: "Nebius will take care of you." NOW - AI is not replacing them. No enterprise CEO/CTO is dumb enough to offboard them at this point. NVDA - Same as Microsoft. Been buying this whole time, but am now even more confused at current cheap valuations. RDDT - AI is not replacing them. Cash printer. ARPUs improving also in legacy segments like international. RKLB - #2# in commercial launch after SpaceX + their IPO should re-rate the entire space comp set where RKLB is the main liquid proxy. Unbelievable earnings also, just executing so well rn. SIVE - everyone on X knows at this point? Hold: ARM - current valuation prices in flawless execution imo. But their IP is growing in DC CPUs e.g. Nvidia grace, AWS Graviton etc. ASML - Elon said yesterday: "ASML should be treasured and supported. It is arguably the greatest company in Europe." - I agree. Also Terafab fireside chat next week High-NA EUV is the next leg, locking in the roadmap through the decade. Could also be a "Buy" for more risk averse people. AVGO - CEO didn't raise >$100B FY27 target + flagged that Google will multi-source. Current AI mix is also diluting margins slightly. Just needed a pullback before the thesis starts working again. AXTI - InP substrate bottleneck, crucial for AI buildout rn. Could also buy rn, just a slow dca since they've run up a ton already + raise completed ($632M) to 2x InP capacity. BE - SOFC winner imo (Ceres 2nd). Don't think it's a buy just yet due to some valuation vs. profitability gaps. META - hold based on capital allocation mainly. Market seems wary of the ROI on their AI capex hence the continuous dips. Also potential raise to fund capex like Google too - once that digests, I'll personally look to buy. MTSI - Big fan of their investment into $IQE since it de-risks operations a lot, but just think COHR/LITE are better options for 800G/1.6T transition. PLTR - Relatively poor Risk:Reward at current multiples. SOFI - rate sensitivity. Loan book + credit performance carry macro risk which caps conviction rn. Some positives though w/ young + growing member base. Would need to look at credit trends + Fed path in June FOMC to re-assess. Avoid: CBRS - avoid at current prices. Would want it to come down closer to ~$40B mc before I look to dca. Would love to hold since they own genuinely unique tech. CRWV / IREN - Financing for both is a mess...debt/dilution. Nebius are just a better multi yr neocloud. HIMS - Forced out of higher margin GLP1s into lower margin braded GLPs from Novo/Lilly. Feel like their moat was to do w/ regulatory arbitrage on compounding. With that gone, it's a customer acquisition + churn biz buying branded drugs at lower margin. IBIT / BTC - Macro setup is hostile. Higher rates for longer (10Y ~4.54%, 30Y >5%) raise opportunity cost. Pure liquidity/risk appetite instrument + both are tight rn. ETH - same as bitcoin. MELI - personally a little confused - either a hold/avoid. Seeing some margin compression via their credit book growing faster than revenues. Talks of margin recovery next year, at which point the stock could re-rate. SNAP - Absolute worst social media app + CEO is a weirdo. Platform keeps losing share to Meta/Tiktok. TSLA - Huge competition from other EV makers shown by production > deliveries volumes. Humanoids will be their next key growth driver, just a little while away. SPCX (SpaceX) IPO: I never personally participate in IPOs + SpaceX specifically is way too overvalued for me. Will be going long eventually though. Rough ballpark would be ~$1.5T if it gets there post IPO. --- Just for very high level notes at current stock prices (NFA). I'm personally staying long despite the current macro backdrop, mainly in AI supercycle names e.g. memory, semis etc. But then you also have great companies at depressed prices, mainly in SaaS which I'm DCA'ing currently. I don't hold positions in all of these names. This is just a subset that overlaps my "Close Tracking" list + X's favourite names.

Since people are having fun speculating on $SKHY CPO roadmap supply chains. I'm gonna do my own guess and say SK Hynix is evaluating Celestial/Ayar. Then doing heavy evaluation into microLEDs past first-gen deployments. Both have been kinda working on it for awhile. - Ayar shown up in SK hynix's own website in the context of optical <-> memory links. - Marvell is actively working with SK Hynix in custom memory solutions (and guess who owns Celestial now). Celestial/Ayar are both also cited in SK Hynix's linked Nature Paper, which helps a bit with technical relevance: (121): Stojanovic, V. A UCIe optical I/O retimer chiplet for AI scale-up. In 2025 IEEE Hot Chips 37 Symposium (HCS) 1–22 (IEEE, 2025) - This is Ayar reference (Ayar’s teraphy optical I/O chiplet), Stojanovic is Ayar Lab's co-founder btw. (123): Winterbottom, P. Photonic interconnect for accelerated computing celestial AI photonic fabric module (cough cough Celestial) There's more breadcrumbs out there, but wanted to keep this relatively short-form. For more upstream beneficaries: -> I still think $SIVE is the cleanest read through since they're likely supplying to both Celestial/Ayar. The interposer/packaging IP layer... People were speculating $POET, but Marvell probably vertically integrated players them out this year after the announcement. Given they've had their own SiPH interposer tech/integration IP before Celestials acquisition (eg. presented a silicon-photonics interposer back in 2023) -> AMS Osram (which I don't own), seems like they're co-developing in this area given they randomly went out of their way this year to say HBM <-> optics was a TAM increase for them. TLDR: I see Ayar/Celestial as candidates for SK Hynix's CPO roadmap, then microLEDs being commercialized past gen-1 maybe 2029. (this is all speculation) Just to throw a bone to quantum dot bros, this got cited like 5 times.

Reserves held on known OTC desk addresses are currently at their lowest level. Right now, 123 000 BTC are held on OTC desks. In September 2021, they were close to 500 000 BTC. Over time, fewer and fewer BTC are being offered on OTC desks. There could be several reasons for this. Investors increasingly prefer to hold their BTC, so they are less inclined to offer them in OTC deals. It could also be because BTC is becoming less centralized. I'm thinking in particular of miners, who could use this route to sell BTC without impacting the price. And perhaps today, people simply prefer to sell on the open market rather than go through OTC desks. Either way, seeing reserves melt away like this suggests that fewer and fewer BTC are being put up for sale outside the market. Demand will have to turn more toward direct buying on the market, which the price should benefit from.

Elon explained on Tesla’s latest Q2 earnings call why Starlink integration in Teslas is so important. “Starlink will be integrated into all our car vehicles, at least for markets that Starlink is active.” It will start with the Cybercab and is expected to expand across the Tesla fleet. It’s important for Robotaxis to have reliable coverage everywhere, they shouldn’t ever enter cellular dead zones, especially in places like Silicon Valley for example. Meanwhile, I’m driving to Yosemite in my Cybertruck right now while FSD handles the entire drive and Starlink beams internet to me directly from space. • 123 Mbps down • 25 Mbps up • 42 ms latency 1/ Tesla builds the vehicle. 2/ FSD drives it. 3/ Starlink keeps it connected. A global autonomous fleet needs a reliable, always-connected backbone… and Starlink is the answer.

I ran the same Qwen3.6-35B-A3B at 256K context on an ASUS GX10 and a 64GB M2 Max. The main gap was prefill. The Mac needed 23–28 minutes before the first output token. Full results: 1. Prefill At 128K: GX10 TTFT 45.7s vs Mac 552.8s. Decode: 40.6 vs 28.7 tok/s. At 256K: GX10 127.5s vs Mac 1,541s median TTFT. Decode differs 1.4x. Prefill differs 12x. 2. MLX 4-bit beat 3-bit, 6-bit AND 8-bit 4-bit: 76 tok/s, 3/3 coding, 12/12 retrieval. 3-bit: failed executable coding in every single seed. 8-bit: half the speed and worse retrieval (mangled citations, 9/12). 3. MTP is not a free speed switch Same model, same Q4_K_M, same coding task, 3 seeds: GX10 CUDA: +26.9% decode. M2 Max Metal: −19.4%. Correctness held for both (12/12 executable) but speed didn't. Code: Raw dataset:

GLOBAL CORN END STOCKS IN SEPTEMBER AT 272M (EST 272M; PREV 275M) || SOYBEAN END STOCKS AT 124M (EST 123M; PREV 124M) || TOTAL WHEAT END STOCKS AT 276M (EST 273M; PREV 273M) || COTTON END STOCKS AT 70M (EST 69M; PREV 70M)

.@aladdindao COMPANY 2021: @0xC_Lever October 2022 Cumulative Revenue : 1.23m 🔥 @0xconcentrator March 2022 Cumulative Revenue : 424k @protocol_fx September 2023 Cumulative Revenue : 3.76m @FX100Perp - 2026 @??? 2027 👀 No hype. No seasons. Just constant building and conviction.

Weekly Major Events on Calendar! 📅 Aug 17 🔵 $ASTER unlocks 44.67M tokens (worth $26.81M, 1.655% of the circulation). 🔵 $ZK unlocks 173.14M tokens (worth $1.29M, 1.715% of the circulation). 🔵 $SPK unlocks 278.91M tokens (worth $3.99M, 9.05% of the circulation). 📅 Aug 19 🔵 $RTX unlocks 1.23M tokens (worth $1.02M, 7.016% of the circulation). 📅 Aug 20 🔵 $ZRO unlocks 25.71M tokens (worth $20.38M, 7.276% of the circulation). 🔵 $KAITO unlocks 58.11M tokens (worth $22.31M, 24.075% of the circulation). 📅 Aug 21 🔵 $AKE unlocks 2,130.79M tokens (worth $20.91M, 9.347% of the circulation). 🔵 $GWEI unlocks 237.92M tokens (worth $5.35M, 13.595% of the circulation). 📅 Aug 22 🔵 $SENT unlocks 318.44M tokens (worth $4.17M, 4.4% of the circulation). 🔵 $0G unlocks 8.73M tokens (worth $1.44M, 4.093% of the circulation). 📅 Aug 23 🔵 $SOON unlocks 20.24M tokens (worth $4.07M, 5.959% of the circulation). 🔵 $SPACE unlocks 255.21M tokens (worth $1.28M, 4.452% of the circulation).

Gracie Abrams debuts 6 songs off her new album ‘Daughter from Hell’ on the Global Spotify chart: #49#. Good Reason — 2.05M #75#. Look at My Life — 1.69M #95#. Hit the Wall — 1.57M #143#. Death Wish — 1.36M #160#. The Knife — 1.32M #196#. Daughter from Hell — 1.23M

Weekly Major Events on Calendar! 📅 July 13 🔵 $UP unlocks 9.38M tokens (worth $2.96M, 7.441% of the circulation). 📅 July 14 🔵 @Uniswap v4 protocol fee activation proposal opens for voting. 🔵 @jito_sol launches on-chain trading platform JTX. 🔴 U.S. June unadjusted CPI annual rate. 🔴 U.S. June seasonally adjusted CPI month-on-month rate. 📅 July 15 🔵 $DBR unlocks 668.33M tokens (worth $11.01M, 12.549% of the circulation). 🔴 U.S. June PPI year-on-year rate. 🔴 U.S. June PPI month-on-month rate. 📅 July 16 🔵 $ARB unlocks 123.53M tokens (worth $11.97M, 1.941% of the circulation). 🔵 $ROLL unlocks 33.33M tokens (worth $2M, 21.505% of the circulation). 🔵 $VANA unlocks 2.57M tokens (worth $3.08M, 8.303% of the circulation). 🔵 @HLglobal_ hosts the Hyperliquid Summit in NYC on July 16th, 2026. 📅 July 17 🔵 $ASTER unlocks 164.67M tokens (worth $103.86M, 6.104% of the circulation). 🔵 $ERA unlocks 93.54M tokens (worth $7.68M, 62.992% of the circulation). 🔵 $SOLV unlocks 378.96M tokens (worth $1.07M, 25.544% of the circulation). 🔵 $ZK unlocks 173.14M tokens (worth $1.86M, 1.734% of the circulation). 🔵 $SPK unlocks 278.91M tokens (worth $4.83M, 9.024% of the circulation). 🔴 U.S. July one-year inflation rate expectations. 📅 July 19 🔵 $RTX unlocks 1.23M tokens (worth $1.3M, 7.016% of the circulation).