$CRBS is planning on going public on Thursday, per WSJ. Estimated to open at $115-125 per share making it a $26.5B valuation. How are we feeling about this? My guess is it opens at $180.

Archer Aviation - Q1 2026 Earnings $ACHR 6.62 [+1.15% AH] Revenue: $1.6M (vs $1.6M YoY) Adjusted EBITDA: -$172.5M Net Loss: -$217.7M (vs -$93.4M YoY) Additional Metrics: Operating Expenses: $256.2M [+78% YoY] Cash & Short-Term Investments: $1.78B Q2 Guidance: Adjusted EBITDA: -$170M to -$200M Strategic Updates: - US operations expected to begin this year under the White House’s eVTOL Integration Pilot Program (eIPP) and in preparation for LA28 Olympic Games - Advanced commercial readiness with expanded piloted flight test program and operations of Hawthorne Airport in LA - Record FAA certification progress as the first to close Phase 3 of the FAA’s 4-phase Type Certification process for eVTOL aircraft* - Significant progress on dual-use, hybrid, autonomous aircraft with phased program awards expected later this year - Rapidly advancing AI stack through partnerships with NVIDIA, Palantir, and Starlink amid the DOT’s ~$20B ATC modernization effort - Ended Q1 2026 with strong liquidity of ~$1.8B and spending in line with guidance

Figma - Q1 2026 Earnings $FIG 21.92 [+8.2% AH] ✅ Revenue: $333.4M (Est: $313.2M) [+46% YoY] ✅ Adj. EPS: $0.10 (Est: $0.06) Additional Metrics: Net Dollar Retention: 139% Free Cash Flow: $88.6M; 27% margin Operating Cash Flow: $97.3M Q2 2026 Guidance: ✅ Revenue: $348-350M (Est: $327M) [+40% YoY] FY2026 Guidance: ✅ Revenue: $1.422-1.428B (Est: $1.36B) Non-GAAP Operating Income: $125-135M

HERE IS EVERY TRADE THAT 🇺🇸 PRESIDENT TRUMP MADE DURING Q1 THAT WAS WORTH MORE THAN $1 MILLION 36 separate purchases between January and March 2026, all at the $1M to $5M range. The full breakdown: AI and Big Tech: - NVIDIA $NVDA (2/10/2026) - Apple $AAPL (3/2/2026) - Microsoft $MSFT (3/19/2026) - Amazon $AMZN (3/19/2026) - Oracle $ORCL (3/17/2026) - Broadcom $AVGO (2/10/2026) - Adobe $ADBE (2/10/2026) - ServiceNow $NOW (2/10/2026) - Workday $WDAY (2/10/2026) - Synopsys $SNPS (2/10/2026) - Cadence Design $CDNS (3/17/2026) - CDW $CDW (2/10/2026) - Comcast $CMCSA (1/12/2026) - PTC $PTC (2/10/2026) - Texas Instruments $TXN (1/12/2026) - Motorola Solutions $MSI (2/10/2026) - Fidelity National Information Services $FIS (1/12/2026) Industrials and Defense: - Boeing $BA (2/10/2026) - Eaton $ETN (3/17/2026) - Trane Technologies $TT (3/17/2026) - TransDigm Group $TDG (2/10/2026) Consumer and Other: - Procter & Gamble $PG (1/12/2026) - Costco $COST (2/10/2026) - Uber $UBER (3/17/2026) - Dell Technologies $DELL (2/10/2026) - Jabil $JBL (2/10/2026) - Axon Enterprise $AXON (2/10/2026) - Kura Sushi $KRUS (2/2/2026) ETFs and Funds: - Vanguard S&P 500 ETF $VOO (purchases on 3/2/2026 and 2/13/2026) - iShares Russell 1000 ETF $IWB (3/27/2026) - Invesco S&P 500 Equal Weight ETF $RSP (2/20/2026) - State Street Industrial Select Sector SPDR ETF $XLI (1/29/2026) - iShares GSCI Commodity Dynamic Roll Strategy ETF $COMT (3/5/2026) - iShares Core MSCI Emerging Markets ETF $IEMG (1/29/2026) - Schwab Government Money Fund (3/17/2026) Important context per the OGE form: - The 278-T discloses transactions over $1,000 on behalf of the filer, spouse, or dependent child - Many entries are flagged "Discretion Exercised" or "Your Broker Acted As Agent," indicating a managed brokerage account placed the trades - All amounts are disclosed in ranges, not exact figures - The disclosure also separately includes large sales (Meta, Amazon, Microsoft, Netflix, Palantir all sold at significant size on 2/10)

One of the greatest value investors ever, Seth Klarman, has nearly $500M invested in $AMZN inside a roughly $5B public equity portfolio. Klarman basically just explained why true investing is not simply buying the cheapest stock on a spreadsheet, but understanding the long-term earnings power and future value creation of a business. That is especially important in today’s market where AI infrastructure, software, and digital platforms can appear “expensive” on current numbers while still being massively undervalued relative to where their cash flows, strategic positioning, and industry importance may be heading over the next decade. Image credit from @carbonfinancex

$CRBS is planning on going public on Thursday, per WSJ. Estimated to open at $115-125 per share making it a $26.5B valuation. How are we feeling about this? My guess is it opens at $180.

$MRVL BANK OF AMERICA RAISES THEIR PRICE TARGET FOR MARVELL FROM $125 TO $200 The entire report suggests their TAM for AI networking through 2030z specifically a $10B increase for optics and also for Ethernet transceivers. No mention of $GOOGL TPUs. Higher.

JUST IN: U.S. approves around 10 Chinese firms to purchase $NVDA H200 chips, sources say $BABA, ByteDance, $TCEHY Tencent, and $JD among Chinese companies approved by the U.S. to buy NVIDIA H200 chips, sources say Lenovo, Foxconn, and other distributors also received U.S. approval to purchase NVIDIA H200 chips, sources say

$CRBS is planning on going public on Thursday, per WSJ. Estimated to open at $115-125 per share making it a $26.5B valuation. How are we feeling about this? My guess is it opens at $180.