$BGDE will release its Q3 2026 financial results after market close on Thursday, November 5, 2026. Management will host a conference call and webcast on Thursday, November 5 at 5:00 p.m. ET to discuss the results. Register here: edge.media-server.com/mmc/p/…

Nebius $NBIS has now recovered and quickly bounced back to $200+. It will face a challenge to get past $229-260. I don't expect to see a new ATH anytime soon, in fact I see it form a lower high and you'll be able to buy this near or lower than $150 again in the next few months

$IREN vs $CIFR have two very different but also similar technical structures. Both have endured substantial corrections amid the broader weakness in AI infrastructure, but an important distinction in where each sits relative to its long-term technical structure. $IREN hit its macro 1.272 fib at $69 before this correction. A correction of this magnitude isn't particularly unusual, especially following the first test of an important macro extension. $CIFR fell short of its 1.272 extension at $42 and has now retraced to its 0.887 fib which converges with a significant historical demand zone and the vicinity of its longer-term ascending trendline. From a purely technical perspective, CIFR's is already testing, and marginally undercutting, an area of support that IREN has yet to revisit on a comparable basis. For IREN, that equivalent 0.887 retracement sits near $19.40, roughly 30% below current levels, and coincides with the broader trendline structure I've drawn. That doesn't mean IREN needs to trade there. But it illustrates why I see a more immediately identifiable technical risk/reward setup developing in CIFR. Sentiment across AI infrastructure has deteriorated considerably, and we're seeing the kind of fear and volatility that historically accompanies important inflection points. But the indicators I track aren't yet suggesting that the selling is conclusively over. Both of these have lost important monthly EMAs like the 21m EMA which in my experience ends a trend. IREN would need to reclaim $34 by month-end and CIFR $13. Until that happens, one needs to remain open to further weakness in months ahead, even if we experience a sharp relief rally. And yet, when I consider what these businesses are building, their expanding contractual commitments, and the earnings potential emerging over the next 12-18 months, it's difficult not to be interested at these prices. It reminds me of April 2025, when several names across the sector lost important technical levels, sentiment collapsed, and what appeared to be a breakdown ultimately developed into one of the more attractive entry opportunities of the cycle. I've followed this sector long enough to recognize that the greatest asymmetries come when the prevailing narrative becomes overwhelmingly negative and price begins discounting outcomes considerably worse than what the underlying fundamentals are showing. It's not supposed to be comfortable. But I do think we're in an area where the longer-term risk/reward is becoming increasingly compelling, particularly for investors who can look beyond the next several months. Just be disciplined in your accumulation, position sizing, and be patient.

$NUAI | Understanding the technical structure and where we go from here. A few observations, particularly the extraordinary selling pressure we've seen over the past month. But first, there's an important limitation worth acknowledging. Unlike companies such as $GOOGL , $AMZN, or even $IREN , we don't have the benefit of decades of trading history to evaluate NUAI's long-term technical structure. With <2 years of meaningful price history, we have few reference points to work with. It simply means we need to be more measured in the conclusions we draw. BUT from the price history we do have, the market has been communicating something fairly consistently. For much of the past year, $NUAI has traded within a broad range between approximately $3 and $6, repeatedly struggling to sustain advances beyond the 0.786 fib near $5.64. I've highlighted the descending resistance line that has rejected price on multiple occasions. Post-PPA we briefly broke above that resistance, even registering a weekly close above it, but there was no sustained follow-through. Instead, price reversed sharply and ultimately surrendered the entire breakout. This is why confirmation matters. A breakout isn't validated simply because price moves above resistance. You want to see buyers sustain that move, establish acceptance above the previous range, and ideally defend that level on a subsequent retest. We didn't get any of that. And importantly, this happened despite positive fundamental developments at the company. Use this as a useful reminder that a bullish catalyst and bullish price action aren't necessarily the same thing. The market can acknowledge operational progress while simultaneously reducing the valuation it's willing to assign to that progress. So where does that leave us today? Following nearly a month of relentless selling, we're now seeing the first signs of potential stabilization around $3.06, corresponding to the 0.618 fib. This is an important technical area, particularly given the magnitude of the correction and the substantial increase in trading volume accompanying the decline. But I wouldn't suggest the bottom has been confirmed. The broader blue-shaded region between approximately $2 and $3.50 represents an area of historical price activity where buyers have previously demonstrated interest. It's the region for accumulation. Could we still revisit the mid-$2s, or even the 0.5 fib at $1.99? Possible. But I suspect a considerable amount of fear has already been reflected in the stock price. The momentum indicators I track haven't yet demonstrated the kind of bullish divergence or sustained recovery that would give me greater confidence the corrective process is complete. And after a decline of this magnitude, some additional consolidation wouldn't surprise me. I overlaid a fractal from $IREN's 2025 correction to illustrate one possible recovery trajectory. It's not a forecast, nor am I suggesting NUAI must replicate that move. It's simply a useful illustration of how a stock can experience a sharp breakdown, retest a historical demand region, and eventually recover into its former trading range. For now, I'd be watching three areas: - $3.06: Immediate support and the first area where I'd want to see stabilization. - $2–$2.50: A deeper demand region if the corrective process extends. - $5.64: A resistance level that needs to be reclaimed and sustained to improve the broader technical outlook. Until this is convincingly reclaimed, remain open to further consolidation and volatility. Now, here's where I think the longer-term perspective becomes important. NUAI has made meaningful progress building its development platform, including its 207 MW power agreement at TCDC, securing the associated letter of credit, and assembling a team with substantial hyperscale infrastructure experience. But the equity is still being valued against significant commercial, financing, and execution milestones that remain ahead. I believe the opportunity for companies controlling strategically located power and capable of developing AI infrastructure remains substantial. But the market is currently placing a much greater emphasis on how these projects will ultimately be commercialized and financed. A strong LT thesis doesn't eliminate near-term technical risk, just as a deteriorating technical structure doesn't automatically invalidate the underlying business opportunity. For investors approaching the opportunity with a multiyear horizon, you should be increasingly interested in the risk/reward developing at $3. But I'm also comfortable allowing the bottoming process to unfold. There's no requirement that the stock immediately recover simply because it has corrected substantially. The objective isn't to predict a bottoms but to recognize where a potentially attractive opportunity is developing, understand what could invalidate that thesis, and position accordingly.

except that “smart money” as a broad category is an illusion