I can think of just a few examples through history where an intense technological race between rivals lead to a uniquely rapid pace of innovation, and generationally transformed society as we know it: 🌎 The Age of Exploration 1400s–1600s Portugal vs Spain vs Dutch vs British • Birth of truly global trade networks • Ocean-faring ships & navigation • Cartography & global logistics • Large scale banking, insurance, finance ⚔️ WWII 1939–1945 Allies vs Axis • Radar & advanced communications • Jet engines • Rockets & guided missiles • Early electronic computing • Nuclear tech • Mass-produced antibiotics 🚀 The Cold War 1947–1991 United States vs Soviet Union • Space Race. human spaceflight → Moon landing • Intercontinental ballistic missiles • More nuclear tech • Satellites & telecom networks • Semiconductors & early computing • Advanced aviation & networking 🤖 AI RACE 2020s OpenAI vs Google vs Anthropic vs Meta vs xAI) But also international + U.S. vs China • I need not list the advancements here because we are watching it play out in real time each day It is beyond fascinating to see competition spur such rapid innovation. And a pleasure to see capitalism at work! That is a key difference between this race and the other examples listed, which were led not by companies but by sovereign nations (further confirming my point from a recent post on the power shift from nations to mega business enterprise) We have been having our minds blown regularly by AI capabilities over and over and over again the past couple years. The pace is accelerating. We are lucky to be living in such uniquely transformative times 🍿

"You just buy a lot of speculative stocks and then wait to see which ones explode" This is not a secret. This is a carefully constructed and actively managed strategy. My portfolio consists of a concentrated core, surrounded by numerous small speculative positions • Losers that don't perform are eventually cut • Winners are allowed to keep winning, until they potentially become large positions themselves This is the time-tested path to multi-bagging. It is not a scheme. It just takes the sort of diligence and patience and conviction (and ability to sit on your hands through volatility) that most people simply do not have. In fact, most of what are "core positions" for me now, BEGAN as small speculative positions that went on to multibag. Over time, the results speak for themselves. People in my comments act like they are unraveling my secrets when they see my gains. GOOD! I hope you are learning! 😂

A few months ago the vibe on X was that Anthropic is strangling OpenAI and the chokehold would not release for the foreseeable future. “Claude had already won” Now I’m seeing that ChatGPT has officially won the race, supreme conviction. I assume this conviction will hold strong right up until the next Claude release 😆 The flip flopping on this platform remains undefeated

In 2017 we had FAANG In 2023 we had Magnificent 7 In 2026, with the likes of $SPCX $AVGO $MU all larger than $1 trillion market cap and obviously representative of the new economy... we need a new term?!

"You just buy a lot of speculative stocks and then wait to see which ones explode" This is not a secret. This is a carefully constructed and actively managed strategy. My portfolio consists of a concentrated core, surrounded by numerous small speculative positions • Losers that don't perform are eventually cut • Winners are allowed to keep winning, until they potentially become large positions themselves This is the time-tested path to multi-bagging. It is not a scheme. It just takes the sort of diligence and patience and conviction (and ability to sit on your hands through volatility) that most people simply do not have. In fact, most of what are "core positions" for me now, BEGAN as small speculative positions that went on to multibag. Over time, the results speak for themselves. People in my comments act like they are unraveling my secrets when they see my gains. GOOD! I hope you are learning! 😂

✍️ I’ve had a working thesis for years now that society is undergoing a massive structural shift: the most powerful entities, in many ways are no longer governments, but megacap technology corporations. • More than 4 billion people use $GOOG regularly • more than 3 billion use $META products • $AAPL has more than 2.5 billion active devices These companies transcend any one government admin or any collection of countries. They have tentacles reaching into the daily lives of humans, globally, on with scale + depth that governments could only dream of. And they are not bogged down by bureaucracy - on the contrary, they are supercharged by capitalism. In order for government entities to function at all today, they are entirely reliant on big tech. And now, we have further confirmation of my thesis becoming all too clear on the bond market: Alphabet issued 100-year bonds with a 6.125% coupon, maturing in 2126! They have the structural integrity to earn investor confidence doing so. If they are the more powerful or more reliable entity compared to governments, then their bonds are more favorable to investors, and governments (the previous standard of reliability) have no choice but to raise rates to keep up. Supply and demand at work here. But this is just a recently surfaced example of the wide-reaching implications that this generational shift in global society structure will bring (and has already brought). Thank you for listening to my Ted Talk

✍️ I’ve had a working thesis for years now that society is undergoing a massive structural shift: the most powerful entities, in many ways are no longer governments, but megacap technology corporations. • More than 4 billion people use $GOOG regularly • more than 3 billion use $META products • $AAPL has more than 2.5 billion active devices These companies transcend any one government admin or any collection of countries. They have tentacles reaching into the daily lives of humans, globally, on with scale + depth that governments could only dream of. And they are not bogged down by bureaucracy - on the contrary, they are supercharged by capitalism. In order for government entities to function at all today, they are entirely reliant on big tech. And now, we have further confirmation of my thesis becoming all too clear on the bond market: Alphabet issued 100-year bonds with a 6.125% coupon, maturing in 2126! They have the structural integrity to earn investor confidence doing so. If they are the more powerful or more reliable entity compared to governments, then their bonds are more favorable to investors, and governments (the previous standard of reliability) have no choice but to raise rates to keep up. Supply and demand at work here. But this is just a recently surfaced example of the wide-reaching implications that this generational shift in global society structure will bring (and has already brought). Thank you for listening to my Ted Talk

As a consumer, I’m a big fan of athleisure companies But as an investor, I believe they are cursed: • $LULU at 6 year lows • $NKE at 12 year lows • $UA at all time lows • even the “trendy” $ONON back to 2022 levels • AllBirds pivoted from athleisure to AI datacenters 💀 Consumer fashion trends come and go at a moments notice, with little predictability. I’ve been burned before…never again 😂 I hope for the sake of any bag holders that this post is a bottom signal. But I’m not counting on it

In 2017 we had FAANG In 2023 we had Magnificent 7 In 2026, with the likes of $SPCX $AVGO $MU all larger than $1 trillion market cap and obviously representative of the new economy... we need a new term?!

As a consumer, I’m a big fan of athleisure companies But as an investor, I believe they are cursed: • $LULU at 6 year lows • $NKE at 12 year lows • $UA at all time lows • even the “trendy” $ONON back to 2022 levels • AllBirds pivoted from athleisure to AI datacenters 💀 Consumer fashion trends come and go at a moments notice, with little predictability. I’ve been burned before…never again 😂 I hope for the sake of any bag holders that this post is a bottom signal. But I’m not counting on it

@RKLBMan Thesis when I bought $RKLB 2.5 years ago: "this is the next best space company to SpaceX, at a fraction of the valuation" RKLB thesis now: "this is the next best space company to SpaceX, at a fraction of the valuation"