Seeing Citrini cover LIT DRV and even VAR on Breaking the Wall today feels like a turning point. The signal is that traditional investors are finally starting to value DeFi protocols as revenue-generating businesses. Not memes. Not ponzis. Not even stores of value. Real revenue, real growth, real businesses. My bet is that the marginal buyer of crypto this cycle won't be another crypto native. It'll be the traditional equities investor.

Memory is king • Elon focused on HBM for terafab as the most important bottleneck(not NAND or HDDs) • Gavin Baker: HBM could be 3–40% of hyperscaler capex in 2027 • Jukan: memory may matter more than Nvidia going forward • Micron CEO: robotics may require 10x more memory • Memory is still cyclical, but HBM is becoming less commodity-like Main longs • SOXL • HBM: SK Hynix, Samsung, Micron Barbell “Anything that helps soften the memory blow should do well over the next year” Would approach these more technically • MRVL: custom ASIC + HBM architecture for hyperscalers • PENG: CXL / KV-cache servers to offload GPU HBM pressure • QCOM: HBC, near-memory compute, possible HBM alternative + robotics angle • AMD: MI350/MI450 = non-NVDA HBM capacity monster