Currently on a group call with the Macquarie analyst that just initiated coverage on $CXMT I’ll post my notes in a little bit. Will say this… if you’re selling the big 3 memory companies because the financial media says $CXMT is a threat… then you’re just as dumb as the journalists spreading this FUD. $CXMT is not a threat to Micron, Samsung or SK Hynix and I’ll share why in my notes.

If we start to see peptides get moved back to category 1, the two biggest beneficiaries will be $HIMS and $NURS.V Most of you are familiar with $HIMS (~3 million members across multiple continents) so I won't spend time on this one. I've shared my long-term thesis before... I remain bullish because they're in a great position to build a vertically integrated consumer healthcare platform which includes peptides. I'm guessing $NURS.V is a name that many of you aren't familiar with so I'll provide an overview. The company has 3 main segments but the one I care about most has created a health infrastructure platform to support any company, gym chain, medspa, entrepreneur, influencer, etc that wants to launch a wellness/longevity business to sell a full suite of products including peptides. Hydreight ie $NURS.V provides everything except customer acquisition... which means they do compliance, legal, telehealth, prescriptions, payments, sourcing, fulfillment and much more. As we see the FDA/DOJ continue to crack down on the grey market... we'll see many of these companies wanting to go legit but they won't have the time and resources to build all the infrastructure so it will make sense just to plug into Hydreight's infrastructure ecosystem. Hydreight is much smaller than $HIMS, their market cap is only $130M USD however they should do ~$110M USD revenues this year which breaks down into ~$38M in 1H and $72M in 2H ... which means they're growing ~90% from the first half of 2026 to the second half of 2026... fueled by this new health infrastructure platform which is only a year old. $NURS.V has been onboarding hundreds of new customers this year... currently around ~650 with a target of ~2000 by end of 2027. Most of the recently onboarded customers are just starting to generate revenues which is why 2H growth looks so strong and we expect that growth to carry into next year. Currently, the sell side is looking for 40% revenue growth in 2027... we think that number will be closer to 100% which ~10% QoQ through next year ... and this might be conservative if they hit their customer targets over the next ~15 months. If we're right and $NURS.V does $110M USD revenues this year and $220M USD revenues next year.. and they're able to hit ~13% net income margins in CY2027.. then stock is trading today at 4.5x CY 2027 EPS NFA. DYOR. *We have positions in both $HIMS and $NURS.V at @FirstWaveFund

As I've been saying for several weeks on $RDDT ... the Q3 alt data looks very strong across the board... I'm expecting a big beat and big raise... also possible we get new data licensing deals in the next couple months from Anthropic, OpenAI and Gemini. Lots of potential catalysts on the horizon with revenues growing 60-65% YoY and eps growing 65-70% YoY while the stock trades at 18x NTM EPS with 10% of their market cap in cash. $RDDT has been acting well the past few days... I suspect others are seeing the Q3 data and getting more bullish into earnings. $RDDT is easily one of the most undervalued non-AI growth stocks in the market.

This past week I’ve heard multiple examples from friends regarding personal ai agents that are literally saving them thousands of dollars … from renegotiating homeowner insurance policies… to finding cheaper car insurance… to finding the best deals on flights and hotels… to canceling unused subscriptions… to getting better prices on existing subscriptions … shopping for furniture… and the list goes on. What sectors, services and/or companies do you think will be the most disrupted by personal agents? TBH, I think there’s companies that could lose 20% (or more) of their revenues because of personal ai agents and I don’t think we’re talking about this enough.

Why open-weight models that compress margins at the model layer are net positive for AI infra demand, exhibit 1001. An open-weight token consumes *roughly* the same amount of compute as a frontier token for a similar size model.

In the past 24 hours we got a monster monthly report from $TSMC and the most profitable quarter in corporate history from Samsung… yet… tech stocks dumped today because a handful of idiots in the media don’t know the difference between gross revenues and net revenues 🤣

Everyone knows I’ve been bullish on $NBIS since early last year but they keep giving me more reasons to get even more bullish. I think they’re going to crush it with this new spot pricing platform / marketplace… not only will it help maximize revenues on their available capacity (true price discovery) but their asset light partners will be able to participate as well to make sure nobody is sitting on idle GPUs while demand is sky high. $NBIS keeps finding new ways to win… this management team is executing on a different level… the best is yet to come!!! @romanchernin @marcboroditsky

Lots of commentary the past hour on @OpenAI's current ARR... plenty of data sources like @tickerplus were still using the net numbers (not gross) so had @OpenAI at $50B (versus $70B for gross) which might be disappointing to some however this is still a beautiful looking chart in terms of growth trajectory. Definitely some major overreactions in the market today on this news which is only coming from one source ie Financial Times (they are wrong quite often).

$HIMS 🚨 MASSIVE PEPTIDE NEWS 🚨 KEY QUOTES FROM THE WASHINGTON POST'S EXCLUSIVE REPORT: "The Trump administration is crafting plans that would allow the temporary sale of certain previously restricted peptides as federal health officials hammer out new regulations around the controversial products, according to two people familiar with the matter who spoke on the condition of anonymity to share private details." "Federal officials are seeking guardrails around the peptide policy, two people said." "Scott Brunner, the chief executive of the Alliance for Pharmacy Compounding, said his trade group has been seeking for the FDA to use what’s known as interim enforcement discretion — where the agency essentially acknowledges it will focus its enforcement resources on other matters — to pave the way to let state-licensed compounding pharmacies prepare the drugs for patients with a prescription." "He said he’s met twice with the FDA to lay out the approach his group would like to see federal regulators take, with certain conditions, including enhanced disclosures to patients, serious adverse event reporting and data collection on peptide use." "It was not immediately clear which peptides the administration is aiming to make temporarily available." "'We would encourage the HHS to use temporary enforcement discretion to allow access to these as soon as possible to help eliminate the gray and black market that currently exists,' said Lee Rosebush, the chairman of American Academy of Peptide Medicine."

Samsung delivered incredible preliminary Q3 results last night... Q3 revenues expected to be $145 billion USD Q3 operating profits expected to be $80 billion USD We'll need to see the final numbers in a few weeks but Samsung will likely report the most profitable GAAP quarter in the history of the universe :) Samsung is expected to grow revenues at 8% QoQ for the next 5+ quarters while growing net income at 12% QoQ for the next 5+ quarters which means net income in 2027 Q3 could top $105-110 billion with a decent shot at $115-120 billion There's a chance that Samsung will generate their entire market cap in GAAP net income from 2026 through 2030... cue up the massive buybacks... which means if net income grows at a 20-25% CAGR through CY2030 but they buyback 50% of the float over that same timeframe... then EPS will be growing at a 40-50% CAGR... which means not only is Samsung trading at 3.5x CY2027 EPS but Samsung might be trading at less than 1.0x CY2030 EPS

Samsung doesn't get talked about enough... they report preliminary results tonight, here are the expected numbers... revenues up +152% YoY ebitda up +472% YoY net income up +692% YoY eps up +703% YoY Stock currently trades at 4.4x NTM EPS and 3.6x 2027 EPS... the current/forward multiple on this stock is just ridiculous. It sounds like HBM prices are going up at least 100% in CY2027 which might not be in the sell side estimates yet which means the stock might be cheaper than the current estimates suggest. Samsung current has a market cap of $1.25 trillion (USD)... they will probably generate at least $450B of operating income in 2027... so the stock is trading at less than 2.8x 2027 operating profits. I like $AMD (and we own it) but they're only expected to generate $30B of operating profits in CY2027 which means that stock is trading at 35x CY2027 operating profits... 12.5x more expensive than Samsung. SK Hynix, Micron and Samsung are probably trading at an average of 3.5x CY2027 EPS with EPS growing at least 50% in CY2027 (probably higher) and at least a 30% CAGR over the next few years and it could be 40-50% when you consider how tight memory supply will be through CY2028 which means the price hikes aren't over and these companies are going to buyback at least 10% of their float every year through 2030. LONG MEMORY!!!!

Keep in mind, $MRVL is expected to do $12B revs in their FY2027 which ends in January 2027 which means management thinks they can grow revs at a 60% CAGR for the next 4 years through FY2031 which is 50% higher than consensus which was at a 40% revenue CAGR through FY2031 Sell side was already looking for EPS to grow at a 50% CAGR through FY2031 however if revenue growth might be 50% higher than it's possible EPS growth is also 50% higher in which case the stock trading at 48x NTM EPS isn't so crazy anymore.

$AMD and $INTC both look expensive... but not if you believe agentic ai is going to accelerate demand for CPUs. Right now $AMD is trading at 58x NTM EPS and $INTC is trading at 68x NTM EPS. Sell side has $AMD growing EPS at a 66% CAGR through CY2029 (including CY2026) Sell side has $INTC growing EPS at a 82% CAGR through CY2029 (including CY2026) How much of the CPU demand acceleration story is already in these EPS estimates? I'm guessing not all of it. Sell side has $AMD at $31.50 EPS in CY2029... can they beat that number by 30-40% and do $41-44 EPS... in which case $AMD will grow EPS at a 78% CAGR through CY2029 Sell side has $INTC at $4.75 EPS in CY2029... can they beat that number by 30-40% and do $6.20 to $6.70 which means they'd be growing EPS at a 97% CAGR through CY2029 Will be curious to see how this plays out in the coming years. For now, we do have positions in $AMD and $INTC despite the frothy multiples however it's hard to argue with that EPS growth.

Optical stocks having a big day on the back of $MRVL investor day... management is sharing some crazy bullish forecasts for the next 4-5 years. "In FY2028 we expect $20b in total company revenues, up from the $18b outlook we gave you in August, driven by connectivity. In custom, we expect FY2029 revenues to more than triple reaching at least $12b, putting us well above our prior target. Looking out to FY2031, we see a path to $70b to $90b in annual revenues, with $80b at the midpoint." Fwiw, if they hit $85b revenues in FY2031 it would be double the consensus revs for FY2031, which is currently at $42.7b @JensenHuang did say $MRVL would be a $1 trillion company someday... I guess management just laid out the path.

Wild things happening at $EQR.AX and the tungsten industry when you can increase revenues by 101% QoQ while trading at 2x NTM ebitda and 3x NTM net income. NFA. DYOR. *We are long $EQR.AX

Question: What % of your portfolio would you put into an options trade if you believed there was a 50% chance those call options would be 20-baggers within 6 months but also a 50% chance they go to $0 Curious to hear how others would size this up :)

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