Here are the current largest holdings in the $DRAM Memory ETF SK hynix: 27.7% weigthing Micron $MU: 26.4% Samsung: 20.1% Kioxia: 5.3% Sandisk $SNDK: 5.3% Seagate $STX: 4.8% Western Digital $WDC: 4.2% Nanya Technology: 3.3% Winbond Electronics: 1.9%

tomorrow we're going live 😎 Genspark Shipped — our new monthly show breaking down everything we shipped in the past weeks. • new model selector • Genspark inside Microsoft Office • live poll: you pick what gets demoed • the community story of the month May 5 · 3:15 PM PT — register here:

Chile Cuts Copper Output Forecasts on Lower Grades, Maintenance Chile’s copper commission Cochilco lowered its forecasts for national production this year and next, providing further support for near-record prices amid tight global supplies. Output in the world’s largest copper-producing nation is projected to decline 2% to 5.3 million metric tons in 2026, weighed down by lower ore grades, scheduled maintenance and operational constraints. Globally, refined copper demand is expected to rise 1.5% this year and 2.3% in 2027, reaching 28.2 million and 28.8 million tons, respectively, with China remaining the main driver of consumption despite a weaker property market. (Bloomberg)

Leopold Aschenbrenner's 13F finally dropped and X is already full of the DUMBEST interpretations possible! Please read this. 1. The 13F shows what the fund held as of quarter-end: March 31. 2. A huge part of the positions are PUTS. Does this mean he's bearish today? -> WE DON'T KNOW! Everyone is just guessing. It is completely possible that he bought those puts during the quarter as the Iran war escalated, to hedge, and they increased a ton in value. They might have started as small positions that simply grew a lot. He might have sold them at the exact bottom, perfectly timed the market, and gone 100% long for the massive rally that started on April 1. OR he was insanely bearish, bought a lot of puts, kept them, and completely screwed up by being massively positioned in puts before the craziest rally ever. He could have made the most genius move or the dumbest move possible and now look like an idiot. WE DON'T KNOW. This is the issue with such delayed reports. But of course today, you will see everyone on X go crazy with: "Leopold went short aaaaaaaaaaah, the sky is falling, he's calling for a crash." But that was months ago, in the middle of the Iran volatility! We have no idea if he added to his puts or if he's currently 100% long or maybe even bought calls?! We don't know if his move was good or bad. So while you're reading all these takes on X today, know that you're going to read a ton of complete nonsense from people who have no idea what they're talking about. But here are some things that stand out to me! While he decreased his $BE exposure, Bloom Energy was still his biggest position (6.4%) Closely followed by $SNDK (5.3%) He also cut $CRWV from 8% -> 4% I honestly can't believe he missed $NBIS so badly. He also reduced his $IREN position from 6% to 3% (even though he net added shares). Big $CORZ cut aswell from 7.6% -> 3% HUGE cut in his $CRWV calls from 14% -> 1% A lot of $TE investors are getting excited he built a position, which is definitely bullish, but it's worth mentioning that was most likely before the big drop after the disappointing earnings and it's a tiny 0.3% position for him. One of the funniest positions is a 0.15% $GLW Put lol. 100% / Completely went out of: $INTC Calls (13.5% -> 0%) $CIFR (2.8% -> 0%) $EQT (2.4% -> 0%) Photonics: $LITE (8.6% -> 0%) That one is super interesting to me. Also cut $TSEM and $COHR from 1.5% -> 0%

One of our solutions to derisk the treasury is to require each future tranche to undergo a separate on-chain governance action and review, based on the KPIs delivered in Year 1 via our dashboard. DReps vote again with full visibility into Tranche 1 performance. This is not a single approval for $75M. When Tranche 2 comes around, our public on-chain dashboard and ecosystem KPIs will answer a straightforward question: Is the Orion Fund on track to deliver on the long-term goals, or not? The data will be transparent, and the community will have everything it needs to make that call. The ecosystem outcomes and objectives we are tracking are designed to show whether the fund is materially contributing to Cardano’s growth trajectory: - On-chain activity growth: Are portfolio companies generating measurable increases in transactions, unique addresses, and fee revenue on Cardano? - TVL contribution: What has the fund’s portfolio contributed toward the $3B+ target (RWA $1.5B+ / DeFi $1.5B+)? What percentage of the way are we? (Section 4.3) - Developer and builder pipeline: How many new developers and founders entered the ecosystem through Draper University and the venture studio? Are we on track toward the 7x monthly active developer target? (Section 4.3) - Venture studio output: Were the targeted 1–2 new Cardano-native companies incubated? Were up to 8 existing projects mentored and brought value? What is their on-chain footprint? (Section 5.2) - Accelerator outcomes: Did Hacker House onboard 15 early-stage teams? Did the Growth Accelerator produce 10 investment-ready companies? Are they building on Cardano, and what KPIs do they bring? (Section 5.3) - Institutional and liquidity impact: Has the fund brought new opportunities for exchange listings, liquidity providers, or institutional attention to Cardano-native projects? -Strategic partnerships: What new integrations, institutional relationships, or cross-ecosystem bridges resulted from fund activity? Disclaimer: Please note that our response, including all communications related to the proposal, is made with reference to the disclaimers set forth in Section 12 of the proposal.