Closing a deal with a family-run Mexican conglomerate took @0xdirichlet at @sphere_labs over a year of relationship-building. "They might import raw goods from Southeast Asia and then process them here in Mexico and then ultimately ship them out to the United States or to Europe, and each leg within this involves a 30-plus year relationship vouch." "You can bring an incredible product to their face but it's no longer about is this thing 10x better than everything else on market, it's is this thing sufficiently better than what we use today such that even though I'm not a domain expert in this product category I now feel comfortable vouching for this company and for the people that I know at this company to my 30-plus year relationship."

Well, tomorrow's the day for solana:gf9VEb8NqCUgCNNo1sz47LT4gvUvsHJmhW6Q1ndpump - Asia's biggest IPO of 2026, priced at ¥8.66 (~$1.28) on Shanghai's STAR Market. @HyperliquidX has had it at $6-7 for two straight weeks. My call here is different from @SpaceX and @cerebras , so let me be precise. I expect it to open well above ¥8.66. I do NOT expect it to reach the Hyperliquid price - and I don't think it should. That gap isn't purely a valuation call. You need RMB 500k in a mainland account to buy a STAR Market IPO, and offshore money was shut out of the book entirely. HL isn't competing with a market global investors can access. It IS the access. So I expect a premium to persist after listing. That premium is the price of admission - what someone outside the mainland pays for exposure they otherwise cannot get at all. One thing changes tomorrow. Pre-IPO these contracts run a funding multiplier of 0.005 - basically free to hold a big premium. On conversion @tradexyz flips them to the standard 0.5 against the real Shanghai price. That's 100x the carry, overnight. So: sharp compression, but not to zero. Where it settles is the market's honest price on access. SK Hynix's ADR settled ~15%. China's A/H premium has run 20-50% for years. That's the number I'll be watching tomorrow. Not the pop. And zoom out - because in ten weeks Hyperliquid has taken on two of the biggest structural problems in capital markets of the last 50 years: 1. IPOs priced below clearing, moving value out of issuers and their existing shareholders and into the pockets of the buyside. 2. The world's second-largest equity market being effectively closed to everyone outside of it. Same venue. Same mechanism. Continuous price discovery, open to anyone. @HypeStrat $PURR #pricediscovery#

Careful with what you buy, Fake DDR5 RAM is flooding the market, especially in Asia. Real DDR5 memory costs much more due to shortages and high demand. Scammers are making fake sticks that look like the real thing. These fakes copy big brands like Samsung and SK Hynix. Inside, they use plastic dummy chips instead of real working memory chips. Some also have wrong or fake power parts. A common example is 16GB DDR5 laptop RAM sold on Yahoo Japan. Sellers list them as “junk” or untested items with no returns allowed. The price is around $85. If you install them, your computer usually will not start at all, or it may crash and run badly. Here is how to spot them: >Real RAM has sharp, straight edges on the board. Fakes often have rounded edges. >The small power chips look strange or different. >The board feels thinner or looks a lighter color. On desktop RAM, the metal cover can hide the fake chips until you remove it. Always buy from trusted sellers only, I wouldnt risk my whole PC for saving some money

🇮🇷 Is Iran finally overplaying its hand? Iran already controls who gets to move oil and gas through the Strait of Hormuz. Now, according to Fars, it wants to do the same thing to the internet, forcing foreign cable companies to get permits, pay fees, and follow Iranian law just to keep their undersea cables running through the strait. Those cables carry around 15–20% of global internet and financial data traffic between Europe, the Gulf, and Asia. Think about that for a second. One narrow strip of water, and Iran would be sitting on top of both the energy flows and the data flows. You want your oil through? Pay up. You want your internet through? Pay up. It worked on shipping. They know it worked. And now they're trying to run the same move on the global internet.

The thesis for someone acquiring $SNAP, fixing 4 things, and making billions. The whole company trades at a $7.8B market cap. They did $5.9B in revenue last year, they have $2.9B in cash, they just turned free cash flow positive, and 474 million people open the app every single day. The market values a Snap daily user at roughly $16. Meta values its users at around $130. That's an 8x gap on the most coveted young audience in the world. Pretty crazy. It smells like an opportunity but do your own research Here's how I'd turn it around: 1. Pivot from ads to live shopping. The way it already prints billions in Asia. This alone might be bigger than their entire ad business one day. 2. Turn Snap into an app studio. Spin up standalone AI apps, a dating app, a photo app, an AI companion, a creator tool, and hire world-class GMs to run each one. Bending Spoons meets IAC, except every app launches with an audience already inside it. 3. Build the teen money layer. Every fintech (Cash App, Chime, Step) burns hundreds of dollars per user chasing the under-25 audience. Snap already has them. Peer-to-peer payments, a teen debit card, splitting costs with friends you're already chatting with. A fintech with zero acquisition cost. 4. Unlock the gaming network hiding in plain sight. Hundreds of millions already play Lens games and AR experiences. That's a console-sized audience treated like a side feature. Add payments and creator tools and you have a mobile games platform that never had to acquire a single player. I already know the replies. "Evan will never sell." Probably true today. He controls the voting shares and he's attached. But every founder has a number, and my guess is the board might be frustrated with a stock price that's been hurt so bad. I'm not saying it's easy. I'm saying the asset is mispriced whether or not he picks up the phone. "He's pouring money into Specs." This is a symptom of a bigger issue. While building VR is extremely cool/interesting, point that capital at the existing audience through software, and my thesis is you'd see way better return. "Snap users don't have money." Neither did Instagram's in 2012. Young audiences age into spending power, and the platform that owns them at 18 owns them at 30. You're not buying their wallet today. You're buying it for the next decade. "It's a declining business." It grew revenue 11% last year and turned free cash flow positive. That's not a dying company. That's a profitable one trading like a dead one because Wall Street can only picture it losing to Meta at ads. TLDR; I think $SNAP may be mispriced relative to its audience, cash flow, and optionality. Maybe they turn it around themselves, or maybe someone reading this helps them. Tell me why acquiring Snap is a bad idea. Am I wrong? (Quick flag since it's a real ticker: this is a thesis for fun, not investment advice. Real risks exist, shrinking North American users and regulatory pressure on teen usage chief among them. Do your own research.)

Primitive Weekly POV Snapshot This week, our team dives deep into how geopolitics is reshaping China's commodity strategy, why China is leapfrogging the West in AI adoption, the Pokémon-ification of software development, and the inevitable unemployment of VCs. Here is the breakdown from the PV team👇 1/ 👀 The Petroyuan Pivot @DoveyWan on the geopolitical move that changes everything: Trump locked his China visit before Khamenei died. Timing too perfect. China just lost its Iran escalation card—15% of crude imports, gone overnight. What happens next: Beijing pivots hard to Gulf states and Central Asia. More barter deals with Russia and Africa to cut USD exposure. Manufacturing accelerates out of China. Trump's real message: "Your Belt and Road ally just got decapitated. Now let's talk Taiwan." 2/🚀China's AI Adoption Curve @adaYen72 calls this China's "mobile payment moment" all over again: Remember when the West was stuck on credit cards while China moved to QR codes? Same thing happening with AI. West still hesitant. China already sprinting—no legacy systems holding them back. Why this matters: Less baggage means faster adoption. China isn't trying to fix old infrastructure. They're just building new. 3/ 🦞Pokémon Dev Era @YettaSing on what software development is becoming: A friend's GitHub is flooded with agents—scanning repos, submitting PRs everywhere. How does a regular programmer compete with that? Answer: they don't. It's not human vs human anymore. It's trained agent vs trained agent. The new game: Software development is now about who trains the best agents. We've entered the era of computational Pokémon battles. 4/ ☹️VCs Getting Automated @0xtony0x just added AI Brad Pitt to Primitive's investment committee: "Future of VC is unemployment." The reality: If agents can run due diligence, what's left for human VCs? Taste, relationships, and the ability to train even better agents. Everything else is getting automated out. Stay tuned. Stay primitive. 📷

Run it back 🗣️ The Spurs and Thunder played an absolute THRILLER in the semifinals of the 2025 @emirates NBA Cup! Now they face off again with a trip to the NBA Finals on the line 🔥 Western Conference Finals Game 1 tips off tonight at 8:30pm/et on NBC/Peacock!