Solid primer. @OndoFinance's tokenized stocks like QQQon and SPYon already live on @BNBCHAIN, and they're collateral on TermMax today. Keep the price exposure, borrow stables at a fixed rate against it.

$ANT IPO Primer I used my /FE-IPO-primer skill today to turn the Anthropic S1 into a 121 page IPO primer. Is it slop? It has its moments. It certainly isn't passing the "Sell-Side Turing Test" where an investor could believe this was written by Morgan Stanley or Goldman Sachs (but, I persist in trying!). Opus 5.5 still doesn't quite read like a smart, finance-literate human. And Opus has some super odd stock picking tendencies (such as if a key metric hits threshold in one quarter, it "falsifies" the bull case. Umm, no, that's dumb). But take a read yourself. It's a free download at this link. Even better, DM or e-mail me feedback on how to improve it. I hope you find at least some of it useful.

On this episode of Primer we explore the use of sulfuric acid and microbial communities to unlock copper from low-grade ore — and why scaling the tech is so difficult

$MU Q4 earnings primer: TLDR: It will be another sensational quarter. Basically everyone knows it, so it’s fair to say that expectations are high after June's huge beat with consensus at ~$51B of revenue and ~$31.50 of EPS. Personally, I think the numbers come in above that at ~$52.4B and ~$32.70 which is up from my earlier forecast of $51.9B and $32.30. Recent industry reports suggest that AI server pricing in Q3 came in above expectations, so I’m now using the upper half of the contract-price forecast ranges rather than midpoints I used previously....I don’t think I was bullish enough. (Not a signal to buy (or sell) the stock heading into earnings). Looking at flow data, investors are positioned net positively going in. That said, sentiment has cooled off recently compared with recent quarters after the July deleveraging pushed memory into risk-off territory. We’re seeing this currently in Korea where only domestic investors are net-buyers in recent weeks with foreign investors driving outflows from both SK Hynix and Samsung. Simply, U.S. investors are a bit more risk-off this time round. With a beat largely priced in, I think the real focus will be whether gross margin can hold or beat the guided ~86%. This will be aided by the visibility provided by the SCAs where I think pricing ultimately stays firm. I think this offsets some recent fears about whether memory prices can keep rising. In that sense, the hot topic on the call will be around how new SCAs are priced and how long they run for...and in turn, whether Micron can hold/grow their ~20% HBM share The largest existing agreements cap prices at Q2 2026 levels, so deals signed since June should surely carry higher ceilings given how desperate the hyperscalers continue to be to secure more allocation. Obviously, HBM keeps supply tight too, rising from 22% -> 30% of DRAM wafer starts by the end of 2027 while delivering only 13% of bits. That means that FY27 capex numbers need to be delved into in some depth by management. I personally feel like anything above ~$52B would signal a real supply response for 2028. Lastly, one catalyst to keep in the back of your minds is the end of the CHIPS buyback limits on 9 December. Micron has about $224B of capacity through CY27…and an authorisation of $30B or more with a stated pace would certainly help the stock higher. I feel like it’s a much needed move for Micron. Important earnings. Hate how they report at such a weird time though away from the rest of tech.

The Advanced Packaging Primer The value in AI semiconductors is increasingly moving off the wafer. Better transistors alone are no longer enough. Multiple compute dies and HBM have to be connected as one system, powered, cooled, and assembled without losing yield. That increasingly determines both performance and how many systems can actually ship. And the money is following. Processes that once sat quietly in the back end, including grinding and dicing, interposers and substrates, bonding, thermal materials, inspection, and test, are becoming much more equipment and capital intensive. But the economics are very different at each step. Some suppliers earn more every time another wafer or die passes through their installed base. Others are tied much more closely to a specific packaging format and its capex cycle. That distinction matters more as packages get larger, stacking gets more complex, and manufacturing moves toward new formats. Ozeco and I have been working on The Advanced Packaging Primer, a deep dive into where value is accumulating across this stack and which parts can hold onto it as the architecture changes. Publishing soon.

The Interfold Launch Primer starts today. Over the next several weeks, we'll explain the system, the network, ciphernodes, and the path to participation. First: How Interfold works, from private inputs to collective outcomes.