JUST IN: FT confirms Leopold Aschenbrenner is in trouble after a historic tech drawdown. FT reports SALP has been in talks with existing investors and lenders to raise fresh capital after heavy losses in the AI rout. It also floated letting some investors buy assets straight out of the portfolio. His stated catalyst for the recovery is an Anthropic IPO. I don't know why a bunch of you were saying that "he hedged" with a small sleeve of puts you saw on the recent 13F. One of us.

Dropped $100K into the market here into a fresh "I bought the dip" account. Risk reward looks fantastic to just go long a big list of my favorite stocks, some down 30-50%. I see no reason to concentrate this capital when there's this many deals across themes. Indexes are holding up well, the AI buildout is accelerating, earnings are coming up, and economic data is relatively strong. This looks like a generational retail shakeout, where leverage is just getting unwound, and sentiment is driving not facts and data. I feel like we might be towards the back end of this high beta rinse. But of course my timing could be wrong. Things could fall further on Iran escalation which of course has a knock on effect with interest rates, which could certainly mean major pain ahead. Adding to each of my 6 @joinautopilot portfolios equally and then to my favorite international stocks, other picks, and microcaps not reflected there. Memory Supercycle ($14,286): $MU 5.78% $SNDK 5.13% $EWY 2.25% blockstack:native 0.59% $WDC 0.53% Photonics Is Next ($14,286): $LITE 2.32% $COHR 1.99% $AAOI 1.95% $TSEM 1.78% $CIEN 1.46% $VIAV 1.39% $GLW 1.29% $AEHR 0.92% $MRVL 0.60% $AXTI 0.57% Asymmetrical Bets ($14,286): $AAOI 3.38% $NBIS 3.36% $MAGS 2.74% $SONY 2.64% $APP 2.17% AI Factories ($14,286): $NBIS 4.14% $CRWV 2.18% $CLSK 1.47% $HUT 1.30% $BRUN 1.16% $SHAZ 1.15% $CORZ 0.74% $WULF 0.72% $GLXY 0.72% $APLD 0.71% Space Economy ($14,286): $RKLB 2.86% $ASTS 2.52% $SPCX 2.34% $MDA 1.93% $FLY 1.67% $BKSY 1.52% $LUNR 1.46% Modern Warfare ($14,286): $AVAV 5.33% $AVEX 3.92% $KTOS 2.61% $LASR 1.56% $ONDS 0.87% Other Bets ($14,286): KRKNF 1.02% LPTH 1.02% QCOM 1.02% ORCL 1.02% BE 1.02% NOK 1.02% OPTX 1.02% RDDT 1.02% LTRX 1.02% OUST 1.02% CCXI 1.02% SECZ 1.02% CRCL 1.02% ERII 1.02% This is NOT financial advice. I am not a licensed investment advisor. Do your own research and consult a licensed professional before investing. All investing involves risk, including loss of principal.

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

$20M trade update. I just updated my "Photonics Is Next" AI infra portfolio on @joinautopilot followed by 3300+ U.S. retail investors and $21.9M in connected assets as of 7/6. This portfolio, which is also overseen by my partner @KawzInvests, has been a major part of the rise in my profile as an investor. On 6/2, my optical basket peaked at 123.5% all-time returns, achieving those gains in under 6 months, as computed by Autopilot's software. For context, the fund achieved this return holding a diverse basket of stocks, an incredible outcome for retail investors passively following. I'm extremely proud of our work on this product. There exists no optical ETF currently for retail investors despite a rush by issuers to cash in on the hype. My picks were launched back in February, providing retail investors a 6 month window to front run the category and get staked into the next AI bottleneck without the complexity of individual stock picking. Despite the recent sell off, the portfolio is still up 45% year to date, roughly 4.5x the S&P 500. $LAZR and $LYTE are two ETFs going to launch soon by major players, which should attract billions in AUM. However, I believe my allocations are superior and that my picks will outperform them with lower fees. So where are we now? Recently, the optical sector has gotten slammed based in my view mainly on sentiment, institutional profit taking, and disputed rumors from a well-known research firm on delays to next-gen architecture. Photonics Is Next is down 29.6% in the last month and 16.8% in just the last week. That's why I think it's the perfect time to re-balance, add more weight to higher conviction positions, and add one brand new position I missed earlier on. This rebalance today adds Corning ($GLW) as a new 10.00% position. Down 13% in five days. Now anchored by three hyperscale relationships (a 10x-capacity NVIDIA partnership, a Meta deal worth up to $6B, and a multi billion dollar Amazon agreement). Three names get boosted: AAOI (12.30%→15.00%), LITE (14.75%→15.00%), and AEHR (4.26%→5.00%). Six positions are trimmed: TSEM (11.11%→10.00%), COHR (16.07%→15.00%), AXTI (8.58%→5.00%), CIEN (11.39%→10.00%), MRVL (11.11%→5.00%), and VIAV (10.43%→10.00%). For catalysts that could create upside, I'm watching: - Hyperscale Capex Guides In Upcoming Earnings - Earnings From All Optical Names In The Basket Particularly $COHR $LITE $AAOI - The launch of mainstream optical ETFs $LAZR and $LYTE $GLW $AAOI $LITE $AEHR $TSEM $COHR $AXTI $CIEN $MRVL $VIAV -- See link in comments to follow the portfolio using the Autopilot app. Pay attention to disclaimers on the image of this post and the Autopilot app.

Let's talk about photonics. My photonics portfolio is up roughly 100% in 6 months but down around 10% in the last month, and will be down more after today's price action is baked in. The first thing I'll say is that the last 3 months in the stock market and the rise of FinX creators + the mass proliferation of copy trading and bottleneck trades have created unrealistic expectations after truly biblical returns. The truth is that many of the investors following my photonics fund on @joinautopilot entered after it had already produced near or above triple digit returns. SEC Rule 156 exists for a reason: Past performance doesn't guarantee future results. The truth is that the natural human intuition is to believe that past performance DOES, which makes that disclosure very important. In terms of photonics, when a sector explodes this fast, it's inevitable that the trade will contract/consolidate especially in the absence of major earnings reports that can compress multiples and in light of bearish macro news that drags anything high beta with it. AI is getting hit across the board today, but photonics being some of the highest beta infra stocks are particularly bloody. $LITE -9% (down 33% from ATH) $COHR -9% (down 24% from ATH) $AAOI -16% (down 50% from ATH) $CIEN -8% (down 31% from ATH) However, nothing has changed about the thesis. I went through every earnings call across the entire optical supply chain last quarter. Every layer told the same story. $LITE is rationing customers. Every laser it makes is SOLD through 2027. $COHR is booked into 2028. $AAOI is scaling capacity nearly 10x and STILL says it won't be enough. Goldman Sachs projects the optical networking and silicon photonics total addressable market (TAM) to 9x from roughly $15 billion to $154 billion. That's the thesis around photonics in a nutshell and why I have conviction in it. Remember to never over index on one specific sector. I own photonics in addition to non AI like gaming, defense, water tech, and space plus other AI infra sectors like neoclouds and memory, some of which are up big even today, like defense. Disclaimer: Since this is investing, Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Gross performance shown, includes fees from Autopilot.

Buy stocks run by RELENTLESS people. Just meet K.R. Sridhar from $BE. After record Q1 earnings today, $BE is up 1100% in the past year. Sridhar's "overnight success story" was 25 years of pain and suffering before he was proven right, much like Jensen Huang. > He started as a NASA rocket scientist devising life support gear for a colony on Mars. The Mars mission got cancelled in 2001. > So Sridhar took the tech, ran it in reverse, and built a fuel cell that could power buildings on earth with minimal emissions. Spends half a decade in stealth. > At first he was hailed a genius with a product that could solve climate change with clean energy. But demand just wasn't there. Cash burn. Mockery. Investor anger. The stock fell ~85% from its 2018 IPO at one point. > Then AI happened. Hyperscalers needed reliable power yesterday. Bloom's solid oxide fuel cells drop on-site, run on natural gas, and turn on in months. > The product no one wanted became the only thing that can keep AI data centers from going dark. Backlog sits near $20B. Brookfield backing $5B for AI infrastructure. $ORCL signed up for 2.8 GW of fuel cells. 130% year over year revenue growth. EPS growing, profitability. Buy stocks run by RELENTLESS people.