I don't spend my time looking for the next 10% trade. I'm looking for the next Carvana, like when I got into it at $15 in May 2023. The next stock the market has written off that could become worth 10, 20, even 100 times more. But finding one means doing the work most people skip. Reading the filings. Understanding the debt. Studying the management and board. Figuring out what the market is missing — and what would prove the thesis wrong. I share my broader thinking publicly. My X subscribers get the deeper research, ongoing thesis updates, the evidence I'm tracking, and a private AMA Space with me every week. Not every idea works. Not every stock deserves to be bought. And sometimes the right answer is to do nothing. If you want to understand the work behind the conviction, that's what my subscriber community is for. Subscribe through my X profile.

Everyone wants to know if $OPEN goes up after earnings on November 5. I'm investigating something more fundamental. What do Opendoor's actual September home sales in Maricopa County tell us about its path to profitability? We're tracing property purchases and resales through public records, looking at margins, holding periods and estimated costs. I'll share what the data reveals — bullish or bearish — with my X subscribers before earnings. Not predictions. Receipts. (long)

One of the biggest misconceptions in the music business: An artist receiving millions in royalties doesn't automatically mean they own their masters. Master ownership. Royalty participation. Publishing. Distribution. Licensing. Five different economic rights. When someone says an artist "owns their music," my first question is always: WHICH RIGHTS?

**SOMETHING VERY STRANGE IS HAPPENING IN THE MARKETS.** Since mid-August: Bitcoin: +27.5% Gold: -7% HUT: -21% IREN: -38% NBIS: -38% CRWV: -44% CIFR: -53% Bitcoin is beating gold by 34.5 percentage points. And outperforming some of the biggest AI infrastructure stocks by as much as 80.5 points. Think about that. For years, investors bought Bitcoin miners as leveraged bets on BTC. Then those miners began reinventing themselves as AI infrastructure companies. Bitcoin rallied. The AI infrastructure stocks collapsed. Even gold went backward. **Is Bitcoin becoming the cleaner way to own digital scarcity while AI infrastructure equities get repriced for debt, dilution and capital intensity?** Or is this the beginning of an extraordinary buying opportunity in the neoclouds? Two completely different interpretations of the same numbers. I'm studying both. And I just published a deeper analysis for my X subscribers on the economics behind this divergence.

Drake just turned 40. Jay-Z is 56. At 40, Drake is still competing for chart dominance. At 56, Jay is preparing to headline the Super Bowl after helping shape its halftime entertainment for years. One built a career around being the biggest artist. The other built a business around becoming an institution. Which legacy will matter more 20 years from now?

**ELON MUSK JUST SAID SOMETHING THAT SHOULD MAKE EVERY AI INFRASTRUCTURE INVESTOR PAY ATTENTION.** Last week, Musk said AI compute demand was so strong that customers were struggling to find capacity. Then he warned that financing was drying up for certain AI data-center companies. And predicted brutal consolidation among neocloud operators. How can both things be true? Because **explosive AI demand does NOT guarantee explosive returns for the shareholders financing it.** That's the part I think Wall Street is underestimating. I've been studying the economics of AI infrastructure, including HUT, IREN, CIFR, CRWV and NBIS. And Musk's comments raise a much bigger question than whether AI demand is peaking. Who actually captures the profits? The hyperscaler buying compute? The infrastructure operator building the data center? The lender financing the GPUs? Or the common shareholder taking the dilution and depreciation risk? Those are four very different economic positions. I just wrote a subscriber-only deep dive into Musk's warning, the capital structures behind the AI buildout, and the six questions I'm using to separate infrastructure growth from actual shareholder value creation. **The next great AI infrastructure investment won't necessarily be the company announcing the most megawatts.** It may be the company that retains the most economic value after financing those megawatts. Full research for my X subscribers. Subscribe through my profile to read it.

A celebrity with 100 million followers can be worth less than an entrepreneur with 1 million customers. Followers are attention. Customers are revenue. Ownership determines how much of that revenue you keep. The biggest cultural fortunes won't necessarily belong to the most famous people. They'll belong to the people who figure out how to turn cultural influence into assets they actually OWN.

The first AI trade was about COMPUTE. The second may be about BOTTLENECKS. Power. Grid connections. Cooling. Land. Financing. The third will be about which companies turn AI into actual productivity and recurring cash flow. Wall Street loves extrapolating the first winner. I spend more time looking for where the economic value moves NEXT.

Slim Thug understood something about music in 2017 that Wall Street now wants.

HUT and NBIS both up almost identically in the last year: 32% IREN and CIFR both down almost identically in the last year: 58/59%

Just published a detailed analysis for my X subscribers on what I believe Wall Street is missing about the AI infrastructure trade. $HUT vs $IREN vs $CIFR vs $CRWV vs $NBIS. Who owns the GPUs? Who owns the buildings? Who carries the debt? And who actually captures the upside? AI can change the world while AI infrastructure investors lose money. I break down why I currently own $HUT, what could change my mind, and the key catalysts I'm watching. Full research note is for subscribers only. Subscribe in my bio.

Two companies can sign multibillion-dollar AI contracts and deliver completely different shareholder returns. $HUT. $CIFR. $IREN. The difference isn't just demand. It's who owns the GPUs, who owns the buildings, who owes the debt—and how many new shares get issued before investors see the cash. I'm increasingly convinced the biggest AI infrastructure winners won't necessarily be the companies announcing the biggest contracts. They'll be the ones that retain the most value PER SHARE. (long HUT)

Quick update for my X subscribers: I won't be able to host our subscriber-only Space today at 4pm ET. We'll pick it back up next week. In the meantime, I've been doing a deep dive into $HUT and the broader AI data center opportunity — power, financing, triple-net leases, equity returns and where the real value may accrue. I'll be sharing more subscriber-only research and longer-form analysis throughout this week. That's what you voted you wanted, so that's what I'm giving you. Appreciate all of you who support this work. First post - subs-only - just went up. We're just getting started. SEE WHAT'S NEXT.