$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

Added $MU @ $253.5

That’s probably the last time I’m adding to memory, for awhile

Also added $SNDK @ $229 after the print

Added new $DELL short @ $142.8

For the past 2 years, Dell has been selling AI servers at 0% margins in the hopes of selling after-sales storage & services attach at higher margins. Mgmt has repeatedly sold the narrative that for every $1 of server spend, there’s $2 of storage and services attach.

With memory/storage prices exploding, and it being a large % of the BOM of said attach, Dell’s narrative is shot. The enterprises that Dell mainly sells to also lack the ability to take price like the hyperscalers.

Lastly, Michael Dell has also been fervently selling his shares. This guy is actually a maniac at timing tops and bottoms in his company.

$600089.SEHK $2722.HK $3393.HK

🤷‍♀️

https://www.reuters.com/business/energy/china-step-up-policy-support-private-investment-energy-sector-2025-11-11/

Will scale into $PSTG short at open, aiming for >$92 entry.

Spent some time thinking about it. If storage component prices keep rising, players like $PSTG are nuked.

$PSTG provides storage-as-a-service to enterprises, and their contracts are renewed between an annual to a five years timeframe. Pricing is mostly fixed for their subscription contracts during the active period, except for inflation clauses - as enterprises want stability in their budget planning.

Basically, via this contract structure, PSTG is short memory spot price for the time period of the contract (excluding hedges). This has historically worked out fine as storage has been a commodity in which $/TB has always trended down due to technological node advances.

Furthermore, PSTG has historically been able to double-dip as their contracts with suppliers like Micron/SK Hynix are renegotiated on a quarterly basis given the volatility in memory spot prices.

The effective scenario for PSTG has thus been: lock in high price with customers via fixed price long term contracts -> renegotiate lower price with suppliers every quarter through short term contracts -> earn the carry spread

However, now the tables have turned and memory spot prices are suddenly inflecting upwards violently. Now, PSTG’s annual fixed price contracts with customers lock them into a short position against a commodity that is rising rapidly, while their contracts with suppliers are being renegotiated quarterly (and even monthly) at a higher price.

At 42x NTM p/e, r/r seems right for a short, and it fits well as a hedge position against our longs.

Reshorted back to original position for $COIN @ $314.4. I think this name is too heavy and probably won’t benefit as much from speculative retail flows vs smth like $HOOD

Got in $PSTG short yesterday @ $89.66

Added $HY9H SK Hynix German Depository Receipt @ $369 EUR

One of the few ways to get long SK Hynix as a foreigner that can’t buy Korean stocks. Have been putting this off for awhile because the liquidity is so low but finally pushed myself to do so as I think SK Hynix will (and has already) benefit greatly from this upcycle.

Closed $CORZ @ $17.5 for 14% loss

Loss of faith in the mgmt’s ability to execute; sounds like CRWV’s delay was caused by CORZ. Also trying to move away from small/mid caps which I think are more susceptible to corrections if the AI bubble pops

Closed $TGEN long @ $7.75 for -16% loss

Cutting more low caps. Just a small moonshot so the loss only stings

$CRCL short finally working, -8% after print. Haven’t looked at the ER but there’s really no point when the name is so far removed from fundamentals

Anyway, closed 20% of the short here @ $89 for +30% gain