I joined Twitter in 2020 and never said Hello I'm Zack Fincher or Finch I got pulled into markets at 15, trading CSGO and TF2 skins on the Steam marketplace. That habit (passion?) has since dragged me through every market I could find: bonds, perps, even NFTs (Surprisingly creating some @opepenedition) I was a licensed broker at E*TRADE (Series 7, 63, 65) during the @TheRoaringKitty $GME squeeze. I was on the desk watching our systems buckle under the order flow, genuinely in awe of what a group of people online could do to a market Eventually I left the bank to build something of my own. I've run an investment general partnership with friends and family @joinautopilot lets me share the strategies publicly Long Nostalgia is live: all the stocks we all grew up loving I'm 27 now and I still love this game, the people and this app.

Breaking: SpaceX stock is dipping after the company announced the Starship flight test was aborted This was the first test flight since the company went public $SPCX has lost ~$78,700,000,000 market cap today

Breaking: The Secretary of Defense just ordered mandatory testosterone screening for every service member over 30 years old All active duty and reserve personnel 30 and older get tested annually, under 30 can volunteer, and if deficient, TRT is covered under existing TRICARE 3 stocks worth watching: • Cencora $COR *Major defense medical distributor handling massive volume of general pharmaceutical shipping to bases • Becton Dickinson $BDX *Leading supplier of blood collection tubes and syringes heavily stocked across defense medical infrastructure • Cardinal Health $CAH *A primary medical-surgical prime vendor shipping clinical supplies to military treatment facilities worldwide

Kimi K3 may be an important inflection point for AI. Potentially negative for Anthropic and OpenAI while being net positive for essentially every other company in the world. I mean that very literally. Although the real “Sputnik moment” would be an open-source frontier model that was also token efficient unlike Kimi K3 which is 50-70% more expensive to run than GPT 5.6 per Artificial Analysis. Rationale:   A world where there are only 2-3 dominant frontier labs with 90% inference margins is net negative for every other layer while being awesome for those 2-3 labs. Those labs would become monopsonies for power, data centers, semiconductors and hyperscalers and would obviously vertically integrate over time into all those layers while also completely subsuming the application/software layers.    Anything that lowers margins and increases competition at the model layer is good for every other AI layer: power, semiconductors, hyperscalers, neoclouds and yes even software.   This is why Jensen is so supportive of open-source. An open-source model requires the *exact* same amount of compute to run as a closed frontier model of similar size and architecture. Kimi K3 is roughly the same price as GPT 5.6 Terra on a per token basis, which actually suggests that it is less computationally efficient as I am sure that GPT 5.6 is priced to a higher margin than K3. And given that K3 is a token wastrel, i.e. token inefficient, it is significantly more expensive per task than GPT 5.6 and Grok 4.5, which are much more token efficient. Cost per token and token efficiency (i.e. intelligence density per token) are the drivers of intelligence per unit of cost. The winning AI companies will be those that offer the most intelligence per $ over time.   Lower margin % at the model layer = more margin $ at every part of the infrastructure layer and is a godsend for software. This can happen either through open-source models like K3 at the frontier *or* having a vertically integrated model company like Meta, SpaceX or Google at the frontier. Both outcomes result in a lower margin % at the model layer as vertically integrated model companies don’t really care where the margin $ come from. This is why it was so painful for OpenAI and Anthropic when Google was right there with them from a model competitiveness perspective and why Grok 4.5 and Muse 1.1 were just as important as Kimi K3. 
The reason Kimi K3 is only *potentially* negative for Anthropic and OpenAI is 1) the @ericvishria point that the Claude and ChatGPT products and harnesses may be more important than their models today and 2) the hypothesis that they have much more advanced model checkpoints internally that are already being used for RSI. In the latter scenario, reaching RSI even a few months ahead of other labs might be enough to cement a permanent lead. Time will tell on both points. And likely fairly quickly. Caveat would be that since Kimi K3 is not token efficient and thereby actually more expensive than ChatGPT 5.6, we may need to see a more token efficient open-source model at the frontier or see Grok 5/Composer 4/Muse 2 at multiple points on the Pareto frontier for this potential risk to Anthropic and OpenAI to play out. And I am sure they will both vertically integrate as quickly as possible while continuing the product/harness strength they have shown over the last 8 months.

President Trump is making money everywhere he legally can Trump Media just launched Truth API A paid data feed that gives banks and high-frequency trading firms millisecond advantage access to Trump's Truth Social posts before anyone else sees them The API launches August 1 Financial news organizations and algorithmic trading firms are already signed up Firms were already scraping the data illegally and Trump Media just made it official and started charging for it

Breaking: DeepSeek plans to file IPO by late 2026 The AI startup is eyeing a $74,000,000,000 valuation The DeepSeek Portfolio run by @alejandroll10 is up 33% YTD and just crossed $20,000,000 in AUM Top holdings include: $MU, $NVDA, $KTOS See the full portfolio in the replies

Breaking: United Healthcare is spiking after completely blowing past consensus analyst estimates and reporting positive guidance $UNH has gained ~$22,400,000,000 market cap today 2025's top performing congressional trader Tim Moore's tracker currently holds $UNH

$TSM had great earnings very early this morning. MU is slipping, but at a slower rate. It’s gone from sole profit taking to a mix of that plus competition fears. I’m primed to make changes based on what the tape reads a few hours into the trading session. That’ll be confirmation of which change to deploy. I’ve been waiting for this as we enter Q2 earnings that trickles in. My last change already absorbed a lot of pain we would’ve otherwise felt. Reminder: I always lean aggressive. As a result, there will always be volatility. Red days are natural, red weeks are natural, red months are natural. It sucks, but it’s part of investing. Especially for long-term, higher returns. But just because I always lean aggressive doesn’t mean I never change allocations to optimize convexity (upside:downside ratio) within my investing philosophy. So be on the lookout for mid/late-morning changes. I’ll send a note out. -Adam

Opened a position in $DIS on @joinautopilot • Disney’s IP is a fortress • Streaming operating income turned positive and is growing fast • Parks & experiences remain cash cows Stock hammered across all timeframes on AI fears, streaming challenges, and “wokeness” concerns but these are execution issues. Consumer behavior will decide the outcome. Massive IP + improving fundamentals = AI becomes a licensing opportunity, not a threat.

Breaking: JPMorgan is spiking after posting the highest quarterly profit in U.S. banking history at $21,200,000,000 CEO, Jamie Dimon, stated that AI has allowed the bank to reduce headcount up to 40% in certain roles $JPM has added ~$44,400,000,000 market cap

Breaking: Tim Moore captured the #1# stock return in all of Congress in 2025, posting a 52% gain A $265,700 deposit just landed in the tracker by @QuiverQuant Smart money is paying attention

Breaking: One of the most followed tech investors just bought the software dip $MSFT and $NOW both sold off hard on IBM's earnings @amitisinvesting made a bet saying "IBM's numbers should not be generalized to all of software"

Breaking: A leaked Meta memo revealed they're spending $145,000,000,000 on AI this year and just signed long-term supply deals to lock in the hardware Their in-house AI chip "Iris" goes into production in September The companies named in the deal: • Sumitomo Electric $SMTOY *Meta's fiber optic equipment supplier under a multi-year contract • SanDisk $SNDK *Meta's NAND flash storage supplier under a multi-year contract. SanDisk already has $42,000,000,000 in minimum contracted revenue • Broadcom $AVGO *Co-designing the Iris chip with Meta. If Iris scales, Broadcom scales with it • Taiwan Semiconductor $TSM *Manufacturing the Iris chip. Every Meta AI chip ships from their fabs

There's a problem with memory. I'm a memory bull and think a strong concentration is critical for any AI portfolio. But I do think the market's obsession around it is overblown compared to where we're at R/R wise with $1T market caps across the board. What irks me about the current market is that everyone just gets fixated on one theme at a time. Right now, that's memory. If memory is down, "it's over". If memory is up, there is exuberance about the future. Memory stocks should not be the sentiment leader. This is a highly controversial trade and therefore it is extremely volatile and sensitive to every little piece of information, wreaking havoc on the tape. At current PE's these co's are sitting somewhere in between being seen as a cyclical and being not. I don't see why it needs to dictate how we feel about the AI complex. If memory really is cyclical and supply can catch up in 27-28, guess what it has NO impact on the long term potential of AI. In fact, cheaper memory is extremely bullish for the AI industry, robotics, wearables, consumer? If memory gets crushed, it's a bubble inside a bubble, other AI names that are secular will continue to scale as this technology grows in impact and TAM. It's possible memory names can double again from here in the short/near term and get treated like structural companies in the future of tech at 15-20x PE ratios. This would be like equivalent of oil with the arrival of automobile ---> commodity producing oil companies trade at secular multiples ever since. But is a double really that interesting? I don't think there's asymmetrical upside here worth gambling your life over for the R/R on memory at these levels. I've even heard reports of suicides in Korea after a 30% drawdown, not sure if that's true but again the set ups here with market caps at $1T just aren't worth it for extreme concentration? Again, I'm bullish and think memory is the mother of all bottlenecks - a really important piece of every AI portfolio and I'm long at these levels SNDK, MU etc. But the obsession around it is certainly overblown. $SNDK $MU $STX $WDC $EWY