Shorting a small $SNAP position into print @ $7.4

Longed $COHR @ $134.73 on $LITE readthrough

Trimmed 40% of $FIVE short @ $160.25 for -10.5% loss.

Seems like a high probability Supreme Court is going to rule against Trump’s tariffs. Also there’s many other better short candidates, $FIVE might benefit from trade-down if pressures on consumer spend worsen. I still think the biz model is crap though.

Out of short btw, took a -20% cut on a mini position.

Perplexity deal is nuts, EBITDA flow-through on that deal amount for a $12bn eqv company is material — also not discounting the fact that there may be more on the way.

China is subsidizing up to 50% of electricity costs for data centers using domestic chips

Added more $600089.SEHK @ $25.5 RMB

We called this a month ago. Cheap power is China’s competitive advantage, and one of the few ways for them to level the playing field with their domestic chips.

Added $2722.HK @ $2.09 HKD and $3393.HK @ $14.57 HKD.

Similar thesis as $600089.SEHK

$SNDK with a clean beat and raise alongside clear margin expansion driven by volume/mix/price.

Q2’26 guidance was raised +11% and +76% higher than Street’s expectations for rev and non-GAAP EPS respectively.

While client/consumer supports the near term strength, there are already 2 hyperscalers in qualification and 5 others in active engagement, pointing to an enterprise ramp next year as another driver of returns. A beautiful print all around!

Added back shorts across $HOOD @ $139 and $PLTR @ $186, after HOOD’s print. Think HOOD is a great hedge for market downturn given that it’s levered to retail volumes.

$INTC moving after Elon’s comments at $TSLA shareholders’ meeting. Won’t put too much hope on this given his flakiness, but Tesla is also moving heavily into their own custom silicon.

> be $DKNG CEO Jason Robins on the call
> misses revenue
> back to adj EBITDA losses
> cuts FY guidance
> PolyMarket about to eat its lunch

> “This is the most bullish I have ever felt about our future"

Sucks to have a CEO that’s so arrogantly wrong

Very high expectations going into the call but thankfully SanDisk delivered. Gm% guided to 42% for Q2.. 900 bps higher q/q. Also noteworthy that most memory suppliers are not intending to increase capacity per their latest earning calls.

Inflection in memory demand from AI + unwillingness of suppliers to expand supply from previous cycles’ PTSD is thus causing memory spot prices to go nuts. SanDisk’s earning power has already 5x and should probably be 2x higher.. that’s what has been driving stock performance so far but what will drive the name further from here is the market’s view of its normalised earnings after this memory upcycle.

$SNDK

https://www.digitimes.com/news/a20251107PD227/memory-memory-module-sandisk-nand-revenue.html

Also closed 15% of $DKNG and $COIN shorts @ $28.8 & $288 respectively.

Think the recent market sell-off is a little too extreme so hopefully we get to reshort these higher on a bounce.

Remaining names in our short basket as above with their respective entry prices.

$SHAK $FIVE $DKNG $CRCL $HOOD $CVNA $COIN $PLTR

Trump to distribute $2000 stimmies to lower income Americans from tariffs collected. High income earners excluded 😅

Tells us 2 things: 1) trying to win public opinion and support from his voter base for tariffs as it goes through the court, 2) retail-favourite stocks likely to benefit disproportionately given the distribution

Closed some of our shorts at the right time. Crypto already moving on the news. May look to scale out more later depending on the open

Closed shorts $HOOD @ $135.2 and 60% of $COIN @ ~$320.1

Added new China position $2050.HK (Sanhua) @ $37.73 HKD

One of the key suppliers of robotics components. My base case is China will win in the humanoids race given their manufacturing edge. However, I can’t be sure of that and I also don’t want to try and pick winners in volatile Chinese names, so the next easiest way to be exposed to this trend is to bet on robotics component suppliers.

Not sized large and have a longer timeframe to this trade as I think we’re still at least 3-5 years away from useful robotics.

Should be a fantastic day for you if you’ve been following the channel

Added $COHR @ $159