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13:30
Jun 02
Jun 02
Bankless
1d
DELL 1ST
▾
HIGH
Dell is a prime AI infrastructure play.
Dell is executing a successful pivot from a legacy server/PC company to a leading AI infrastructure provider. It assembles NVIDIA GPU racks and cooling systems, turning raw chips into functional AI data centers. The company reported record revenue with AI server sales up 800% year over year, has over 5,000 major customers, and was the first to deploy NVIDIA's Vera Rubin rack. The partnership with NVIDIA and the US onshoring push by the Trump administration provide strong demand tailwinds. Despite a massive stock rally, the fundamentals back the growth.
DELL LONG
HIGH
14:30
May 28
May 28
Bankless
6d
ALAB
NVDA
MU 1ST
CBRS 1ST
U 1ST
▾
HIGH
Astera Labs solves AI connectivity bottleneck
Astera Labs provides the critical connectivity plumbing between GPUs in large-scale AI clusters. As data centers scale to hundreds of thousands of chips, the bottleneck shifts from GPUs to data transfer, and Astera Labs' solutions solve that, making it a key infrastructure play.
ALAB LONG
NVIDIA long, path to $10T
NVIDIA will maintain its high profit margins and strong demand as the AI supercycle unfolds, with a clear path to a $10 trillion market cap given its dominant GPU position and the insatiable demand from hyperscalers for training and inference compute.
NVDA LONG
Micron benefits from AI memory bottleneck
Micron is a leading memory manufacturer essential for AI workloads. Given the massive demand for memory chips from AI training and inference, and the company's recent 10x market cap growth to over $1 trillion, the memory bottleneck creates a huge opportunity for Micron.
MU LONG
Cerebras captures inference compute growth
Cerebras designs specialized inference chips that are crucial as the AI industry shifts from pre-training to post-training and reasoning. Inference compute demand is estimated to be 5–10x larger than pre-training, and Cerebras is positioned to capture that growth alongside other inference-focused companies.
CBRS LONG
Unity powers AI world model training
Unity Software is a world model builder with deep physics and 3D rendering capabilities. As AI moves toward AGI and humanoid robots, simulated environments for training become critical, and Unity's engine is one of the best platforms for creating these virtual datasets, making it a unique AI play.
U LONG
Bearish on broad market via QQQ puts
Gavin holds a large put position on QQQ (the Nasdaq 100 ETF) as a hedge against broad market downside. While he is bullish on specific AI infrastructure companies, he is bearish on the general market, believing the QQQ index may decline, and uses puts to express that view and protect against systemic risk.
QQQ SHORT
HIGH
13:00
May 22
May 22
Bankless
12d
NVDA
SPACEX 1ST
▾
HIGH
Nvidia losing China GPU market
Nvidia has conceded China's AI chip market to Huawei after the US ban forced China to develop domestic alternatives. China now mandates that all superintelligent AI labs use Chinese GPUs, eliminating Nvidia's 20% profit contribution from China. This is a significant negative for Nvidia's revenue and competitive position, making the stock unattractive.
NVDA AVOID
Retail can buy SpaceX IPO shares
SpaceX is offering 30% of its share float to retail investors in its upcoming IPO, which is unprecedented and gives retail a rare opportunity to participate in the largest IPO in history. The company has strong revenue visibility from the Anthropic compute deal, and the valuation of $1.75 trillion is supported by future growth prospects including AI data centers in space.
SPACEX LONG
HIGH
16:53
May 18
May 18
Bankless
16d
BE
▾
MED
Long Bloom Energy for AI power bottleneck
Ejaaz is bullish on Bloom Energy because it provides portable gas turbines that can be deployed to data centers to solve the critical energy bottleneck. He aligns with Leopold's view that power infrastructure is the next big AI investment theme and expresses personal interest in investing in Bloom Energy and similar neocloud providers.
BE LONG
MED
14:09
May 13
May 13
Bankless
21d
DRAM 1ST
MU
▾
HIGH
Memory ETF DRAM has huge upside.
AI inference and agent demand is creating an insatiable need for high-bandwidth memory (HBM). Supply is physically constrained with lead times out to 2027; customers are paying upfront for future capacity. Forward P/E ratios for memory companies remain low (under 10x for Micron, 5-6x for SK Hynix), indicating the run-up is not a bubble. The DRAM ETF provides a convenient US-accessible basket of the top three memory manufacturers (SK Hynix, Samsung, Micron) plus storage plays (SanDisk, Seagate). Both hosts explicitly endorse the ETF as a set-and-forget investment for long-term AI memory exposure.
DRAM LONG
Micron is key American memory bet.
Micron is the primary American memory manufacturer and benefits from Western investors' need for domestic exposure to the AI memory trade. It produces high-quality HBM and has strong forward bookings. Despite an 864% rise over the last year, its forward P/E is under 10x, far below historical bubble levels (30-50x). The company is receiving upfront payments from hyperscalers (e.g., Google paying 40% up front for TPU memory). This combination of accessibility, legitimate demand, and low relative valuation makes Micron a compelling direct play.
MU LONG
HIGH
13:45
May 12
May 12
Bankless
22d
Cerebras 1ST
▾
HIGH
Bullish on Cerebras IPO long-term.
Cerebras' unique wafer-scale architecture with SRAM memory enables dramatically faster AI inference compared to NVIDIA GPUs, which is critical as inference demand grows. The company has strong backing from OpenAI (both corporate and personal investments from Sam Altman and Greg Brockman), distribution through AWS Bedrock, and is the first major AI hardware IPO in a frothy market. Despite a high valuation (51x revenue) and risks like OpenAI potentially building its own silicon, the long-term demand for faster token generation and the proven technology make Cerebras a compelling long-term investment. I plan to buy after the initial pop and hold for months.
Cerebras LONG
HIGH
13:53
May 08
May 08
Bankless
26d
META
▾
MED
Meta compute resale bullish for stock
Meta has built massive compute capacity for its AI efforts but may not generate enough demand for its own AI products. If Meta's AI products underperform, it can resell that compute to other AI labs needing capacity, similar to the SpaceX/Anthropic deal. This potential monetization of excess compute could be bullish for META stock.
META LONG
MED
14:11
May 07
May 07
Bankless
27d
Vinova 1ST
005930.KS 1ST
AMD 1ST
GE 1ST
GLW 1ST
▾
HIGH
AI infrastructure power next layer.
The next wave of AI spending will shift from chips to power generation and infrastructure because data centers cannot utilize existing GPU clusters fully (e.g., xAI only 11% utilization). Companies providing power supply, regulation, cooling, and optics (Bloom Energy, GE, Vinova, Constellation Energy, CEG, and Corning) will see rising demand as hyperscalers and AI labs build out facilities.
Vinova LONG
GE LONG
GLW LONG
BE LONG
CEG LONG
Memory supply constrained until 2028.
Memory is the critical choke point in the AI stack, making up 50% of a GPU's bill of materials. High-bandwidth memory (HBM) is supplied by only three companies (Micron, SK Hynix, Samsung) and NAND flash by SanDisk. Supply is sold out until 2028, and demand continues to rise due to AI agents and Jevons paradox (efficiency gains increase total memory consumption). These companies have pricing power and long-term contracts.
005930.KS LONG
000660.KS LONG
MU LONG
SNDK LONG
CPU demand driven by AI agents.
Agentic AI requires CPUs for orchestrating multiple AI agents, reversing the historical GPU-only focus. The CPU-to-GPU ratio is now moving from near zero to one-to-one and will soon flip, with CPUs outnumbering GPUs. Intel and AMD, dominant CPU manufacturers, are direct beneficiaries of this structural demand shift from AI inference and agent orchestration.
AMD LONG
INTC LONG
HIGH
14:00
May 01
May 01
Bankless
1mo
WDC
BE
AMZN 1ST
GOOGL 1ST
META 1ST
▾
HIGH
Memory supply constraint from AI demand.
SanDisk is a memory supplier that has seen a 30x return over two years because memory is a critical supply constraint in AI infrastructure. The increased capex from Big Tech is flowing into memory components, and companies like SanDisk are absorbing those costs, making them direct beneficiaries.
WDC WATCH
Data center energy demand drives growth.
Bloom Energy benefits from hyperscaler capital expenditure on data centers. The stock is up 1400% and had a 24% jump after earnings. The cash flow from Big Tech is flowing into energy infrastructure, and Bloom is a key beneficiary. The speaker notes they haven't filled large enough bags yet, implying further upside.
BE WATCH
AWS growth 28%, profit margins up 50%.
Amazon's AWS is growing at 28%, its fastest in 15 quarters, with a $150 billion run rate. Profit margins expanded 50% as AI compute demand is insatiable. Amazon is also becoming the main distributor for OpenAI models, further strengthening its enterprise cloud position. The stock hit a new all-time high.
AMZN LONG
Cloud demand exceeds supply, margins expanding.
Google's cloud business is experiencing surging demand, with $462 billion in locked-in orders, and they are compute-constrained, meaning revenue could be even higher. Profit margins are expanding 50%, and capital expenditure is being deployed to meet demand, proving AI investment is paying off.
GOOGL LONG
AI advertising revenue up 33%, oversold.
Meta reported revenue up 33% year-over-year, beating EPS by 53%, driven by AI-powered advertising. The stock dropped 9% on the day, which is an overreaction. Meta's AI integration is proving successful, and the advertising business is more variable but the growth is real. As a meta investor, I would add to my position.
META LONG
HIGH
14:52
Apr 27
Apr 27
Bankless
1mo
USVC 1ST
VCX 1ST
▾
MED
Long USVC for private tech access
USVC is a registered fund that allows non-accredited investors to invest in private technology companies like SpaceX, OpenAI, and Anthropic with a $500 minimum. The NAV is directly tied to underlying company valuations, unlike ETFs that trade at premiums. The fund charges no carry, a 1% management fee, and a total expense ratio of 2.5% (subsidized initially). This offers a long-term, illiquid venture allocation that can outperform public markets with low correlation.
USVC LONG
Avoid VCX due to premium risk
ETFs like the Fundrise ticker VCX trade at prices divorced from the underlying NAV (currently about 4x NAV). This means investors can lose money even if the companies perform well, especially in down markets. The product is better suited for trading sentiment on these names rather than as a direct venture investment.
VCX AVOID
MED
13:45
Apr 24
Apr 24
Bankless
1mo
AMZN FLIP
▾
MED
Bullish on Amazon stock.
Amazon is a phenomenal company, the largest shareholder in Anthropic, and its investment in Anthropic gives it a significant stake in a leading AI lab, reinforcing its cloud and AI competitive position. Ejaaz explicitly states he is holding Amazon stock, indicating a bullish view.
AMZN LONG
MED
13:45
Apr 23
Apr 23
Bankless
1mo
NVDA 1ST
▾
HIGH
NVIDIA hardware ensures AGI and demand growth
NVIDIA's chip roadmap (Blackwell, Vera Rubin, Rubin Ultra, Feynman) provides massive compute multiples without requiring new breakthroughs, making AGI inevitable and driving sustained demand for NVIDIA's hardware. The trajectory of hardware improvements combined with software efficiency gains means NVIDIA is positioned to dominate the AI compute market for years.
NVDA LONG
HIGH
16:58
Apr 21
Apr 21
Bankless
1mo
AAPL 1ST
▾
HIGH
Bullish on Apple due to hardware-focused CEO.
Apple's new CEO John Ternus is a hardware expert who can leverage Apple's hardware moat, installed base, and custom silicon to win the AI era by focusing on new AI devices and local AI execution, making Apple well-positioned for the next stage.
AAPL LONG
HIGH
14:01
Apr 15
Apr 15
Bankless
1mo
RKLB
PL 1ST
Blue Origin
SATL 1ST
AMZN
▾
HIGH
Rocket Lab is a cheaper SpaceX alternative.
Rocket Lab is the second most active launch provider globally, valued at $40 billion, with a reusable rocket (Neutron) in development. It has grown 7x since IPO and is a viable, focused alternative to SpaceX for investors who find SpaceX's valuation too high.
RKLB WATCH
Satellite imagery companies have real revenue.
Satellite imagery is a real business with recurring revenue from governments, militaries, insurers, and commercial clients. Planet Labs is the largest Earth observation satellite fleet, providing daily images of the entire land mass of Earth, and is joined by Satellogic and Black Sky Technology as the big three in this space.
PL LONG
SATL LONG
BKSY LONG
Blue Origin is a private space leader.
Blue Origin is Jeff Bezos' private space company, which is the second farthest along in developing large spacecraft (New Glenn rocket) and has access to Amazon's infrastructure and Bezos' capital. It is a key player to watch in the space race.
Blue Origin WATCH
Amazon expands into space with Global Star.
Amazon is more than an e-commerce company; it is expanding into space by acquiring Global Star for $11.6 billion and has signed a deal with Apple to become the primary satellite provider for iPhone and Apple Watch. This move complements Jeff Bezos' Blue Origin and positions Amazon in the satellite broadband race, though it lags behind Starlink in scale.
AMZN WATCH
GSAT WATCH
ARK Space ETF diversifies space investments.
The ARK Space Exploration ETF by Cathie Wood provides diversified exposure to space companies, including defense systems, Rocket Lab, and communications. It is a good option for investors who don't want to pick individual stocks and want a basket of top companies across various space categories.
ARKX WATCH
Intuitive Machines leads lunar infrastructure.
Intuitive Machines (ticker LUNR) is the first private company to land on the moon and has a $5 billion contract to build space communications between Earth and the Moon for future settlements. It is a frontrunner in lunar infrastructure as NASA commits $20 billion to a permanent moon base.
LUNR LONG
SpaceX IPO is largest ever, a must-watch.
SpaceX has filed a confidential IPO at a $1.75 trillion valuation, the largest IPO ever, expected around June. Elon Musk has made strategic moves to merge X, XAI, and NX to make this a necessity, and the company is raising $75 billion to fund future launches.
SPACEX WATCH
HIGH
14:00
Apr 14
Apr 14
Bankless
1mo
GOOG
META FLIP
AAPL
▾
HIGH
Google's Android and partnerships position it to win.
Google, through its Android investment and new approach (Android XR, partnerships with Samsung, etc.), is one of the two players (along with Apple) that can win the AI glasses platform war. Its glasses look sleeker and slimmer than competitors', and it has the software expertise to potentially build an AI-first operating system, positioning it as a strong contender.
GOOG WATCH
Meta's hardware and software limitations make it a likely loser.
Meta is currently the market leader in smart glasses (Ray-Ban partnership, 10M+ units sold) but is likely to fail in the long-term platform war because it lacks a software ecosystem/operating system and its hardware is unrefined, with public demo failures. As a social media company, it is at odds with its core competency, and its hardware does not match the design and UX prowess of Apple.
META AVOID
Apple's supply chain and ecosystem give it an AI glasses edge.
Apple has the best shot at building the best AI hardware and winning in the AI glasses market due to its in-house manufacturing, supply chain dominance (including securing components and TSMC capacity), distribution moat (3 billion devices), ecosystem integration, and a three-pronged AI hardware strategy (glasses, AirPods with cameras, and a pendant/puck). This integrated approach and hardware expertise will allow Apple to 'cook meta' and deliver a superior product.
AAPL WATCH
HIGH
14:19
Apr 10
Apr 10
Bankless
1mo
META
XLK 1ST
OPENAI
ANTHROPIC 1ST
INTC
▾
Meta's Muse Spark AI model has a unique distribution advantage to over 3B users and excels in visual reasoning/multimodality, while a parallel project (Tribe V2) researches brain scan data for engagement prediction. This combination of unprecedented personal data access and potential neurological insight could enable a dominant "Personal AGI" or hyper-optimized content algorithm that competitors cannot replicate. WATCH due to high strategic potential and first-mover data advantage, but model currently underperforms key benchmarks and the ethical/practical merger of these technologies is unproven. Regulatory backlash, failure to successfully integrate the technologies, or user rejection of hyper-personalized AI.
META WATCH
long-term
Building large-scale AI data centers is facing significant hurdles: Project Stargate stalled, and there is rising public opposition (e.g., violence against planners) and regulatory/energy challenges. These headwinds increase costs, create delays, and add uncertainty to the infrastructure buildout required for the next generation of AI models, impacting companies reliant on massive new data center capacity. AVOID or be cautious of businesses with models predicated on the rapid, unconstrained expansion of domestic and international data center capacity. Technological breakthroughs in efficient compute or energy mitigate these constraints, or public sentiment shifts.
XLK AVOID
medium-term
OpenAI is rumored to be preparing a new, highly capable model ("Spud") potentially focused on cybersecurity, following Anthropic's pattern of limiting release for powerful models. If true, this indicates OpenAI is close to or at parity with Anthropic's top-tier capabilities (Mythos), and the decision to withhold release raises questions about centralized control and the pacing of dangerous capability rollouts. WATCH for the official model release and its specified capabilities, as it will recalibrate the competitive landscape and the policy debate around AGI-level model deployment. The rumor is inaccurate, or the model's release is significantly delayed or its capabilities are overstated.
OPENAI WATCH
short-term
Anthropic's reported $30B ARR uses GAAP-compliant accounting that books 100% of cloud partner resale revenue and marks the ~80% partner share as a marketing expense, unlike OpenAI's method. This makes Anthropic's topline revenue appear artificially inflated and not directly comparable to peers, misleading investors and observers about its true scale and efficiency. AVOID making investment or competitive assessments based on the headline ARR number, as it presents a distorted view of the company's underlying business. Increased scrutiny leads to accounting standard changes or the market corrects its valuation perception.
ANTHROPIC AVOID
short-term to medium-term
SpaceX AI partnered with Intel for its TerraFab chip manufacturing project, citing Intel's US-based fabrication and capability with radiation-hardening materials like gallium nitride. TerraFab is an ambitious project for space-based compute, and Intel is strategically positioned as the key American supplier for geopolitically sensitive, space-grade AI chips, securing a major high-profile contract. LONG due to strategic positioning in a critical, forward-looking supply chain for AI and space technology, moving beyond traditional PC/CPU markets. TerraFab project faces delays, technical failures, or SpaceX alters its manufacturing strategy.
INTC WATCH
long-term
14:40
Apr 07
Apr 07
Bankless
1mo
OPENAI
ANTHROPIC
▾
The speaker argues OpenAI's pivot (killing Sora, focusing compute on Spud, building a super app) is working and will reverse negative narratives. He is "bullish on OpenAI as a company, bullish on the roadmap" and believes doubters will be "sadly mistaken." The upcoming "Spud" model represents two years of research, with leaked image-generation capabilities showing a massive quality leap. Successful launch would demonstrate OpenAI's technical edge, especially against Anthropic's lack of multimodal capabilities, and validate its strategy and IPO potential. The implied direction is LONG based on the expectation of a fundamental turnaround, product superiority, and a catalytic model release that could drive sentiment and valuation. Spud fails to meet expectations, execution issues (data center buildouts, capital deployment) persist, or internal leadership turmoil derails the strategy.
OPENAI WATCH
Medium-term (weeks to months, around model launch and IPO).
The speaker states Anthropic has taken a 73% market dominance in first-time enterprise usage and leads in retail user growth (~1M signups/day), flipping the previous dynamic where OpenAI was dominant. Anthropic's success in enterprise and coding (Claude Opus 4.6) and its cohesive "super app" experience have made it OpenAI's primary competitor, puncturing the perception that "ChatGPT was AI." The direction is WATCH because Anthropic represents the key competitive threat and benchmark for OpenAI. Its current momentum and product strengths make it a critical factor in evaluating the AI landscape, especially ahead of its own potential IPO. OpenAI's Spud model is a major leap that negates Anthropic's advantages, or Anthropic fails to expand beyond its text/chat strengths into multimodal AI.
ANTHROPIC WATCH
Medium-term.
17:03
Apr 02
Apr 02
Bankless
2mo
SPACEX
▾
Speaker stated "this entire mission should just have been handled and managed by SpaceX" and that future lunar landings and settlement "is going to be enabled by SpaceX." SpaceX's Starship rocket is presented as dramatically superior in cost ($10M vs. $4.1B per launch), size, payload capacity, reusability, and modern design. This efficiency is deemed critical for sustainable lunar colonization. SpaceX possesses the technological and economic edge to dominate the next phase of space exploration and lunar settlement, making it the primary beneficiary of renewed space ambitions. Catastrophic failure of Starship development or launch; significant delays in achieving reliable reusability.
SPACEX WATCH
Long-term
10:30
Mar 31
Mar 31
Bankless
2mo
PANW 1ST
CRWD 1ST
▾
The speaker explicitly stated that CrowdStrike and Palo Alto Networks stock prices dropped ("were down a couple billion") on the news of Anthropic's Claude Mythos leak and its advanced cybersecurity capabilities. Advanced AI models like Claude Mythos represent an existential technological threat to traditional cybersecurity firms by automating the discovery and exploitation of vulnerabilities at a superhuman scale and speed, potentially disrupting their core value proposition. The market's negative reaction and the recurring pattern ("happening seemingly on a monthly basis") suggest these stocks are vulnerable to de-risking as AI capabilities advance, making them an area to avoid in the near term. The immediate commercial rollout of such powerful, compute-intensive AI models may be slow, giving incumbents time to adapt or integrate the technology themselves.
PANW AVOID
CRWD AVOID
short-term
10:30
Mar 27
Mar 27
Bankless
2mo
GOOG 1ST
SPACEX
OPENAI
▾
Ejaaz stated that Google's TurboQuant algorithm is "very bullish Google stock" and he "bought a bunch more when this came out." TurboQuant enhances AI efficiency, reducing memory needs and costs, which may accelerate AI adoption and solidify Google's leadership in AI research and infrastructure. LONG because Google's innovation drives AI growth and positions it for long-term gains. Delays in scaling the technology or competitive responses from other tech giants.
GOOG LONG
medium-term
Josh said he "currently own[s] SpaceX, the only private company I own" and is "ready to buy more" in the upcoming IPO. SpaceX is rumored to file for a massive IPO soon, with a potential $2+ trillion valuation and ambitious projects like AI chip factories in space, indicating high growth potential. LONG due to SpaceX's dominant position in space technology and expected market expansion. IPO delays, regulatory hurdles, or execution challenges in new projects.
SPACEX WATCH
short-term
Ejaaz said he is "bullish OpenAI after all of this" following the pivot to AGI deployment and world models. OpenAI is refocusing on core areas like LLMs, coding AI, and robotics after shutting down distractions like Sora, which could improve execution and competitiveness. LONG because strategic focus may lead to breakthrough products and market leadership in AGI. Continued lack of focus, cash burn, or strong competition from focused rivals like Anthropic.
OPENAI WATCH
medium-term
13:00
Mar 20
Mar 20
Bankless
2mo
TSLA FLIP
RIVN 1ST
▾
The speaker states, "My chips are still with Tesla," citing Tesla's vertical integration and execution ability as superior to the partnership model of Uber, Rivian, and Nvidia. In the context of autonomous EV taxis, a single, vertically integrated company with control over its supply chain and software is presented as a more competitive and scalable model than a consortium of separate partners. Tesla is positioned as the favored incumbent in the autonomy/EV space due to its integrated approach and proven scaling capability, which contrasts with the challenged execution of rivals like Rivian. Competitors may successfully execute their partnership model, or Tesla may face its own operational or regulatory setbacks.
TSLA LONG
long-term
Rivian lost $3.6B last year on 42,000 deliveries, equating to $86,000 of value destroyed per vehicle. Its new partnership with Uber for 50,000 robotaxis by 2031 lacks a vehicle design, factory, autonomy software, or clear timeline. The company's fundamental economics are unsound, and its ambitious autonomy partnership appears strategically unrealistic given its lack of scale, expertise, and comparable inefficiency versus focused competitors. Rivian's business model is unsustainable without continuous external subsidization, and its new strategic initiative highlights execution risk rather than a viable path to profitability. A new major investor or partner could provide a longer lifeline, or technology breakthroughs could unexpectedly accelerate its timeline.
RIVN SHORT
medium-term
18:25
Mar 17
Mar 17
Bankless
2mo
NVDA
TSLA FLIP
▾
The speaker opened by stating Jensen Huang revealed a $1 trillion expected order book through 2027, doubling the prior forecast, and spent the presentation arguing this figure is conservative. This massive order growth is underpinned by a 10x performance-per-watt leap with the Vera Rubin platform, a clear 18-month roadmap (Feynman already teased), and expansion into new verticals like full self-driving and space data centers, which collectively lock in continued exponential spending. The technological lead is widening, the addressable market is expanding, and the financial forecast is accelerating, creating a powerful bullish thesis for the core business. Execution risk in manufacturing and deploying radically new chip architectures (Vera Rubin) at scale, or a macroeconomic downturn that curtails capital expenditure from cloud and AI companies.
NVDA LONG
long-term
The speaker stated that NVIDIA's FSD partnership with major automakers like BYD is "real competition against Tesla," but also argued that NVIDIA's model has "a lot more friction" as it's an add-on solution versus Tesla's integrated stack. While acknowledging the competitive threat, the speaker implies Tesla's integrated approach (owning manufacturing, software, and having a massive deployed fleet) presents a significant moat and execution advantage that makes NVIDIA's non-integrated partner model less directly threatening in the near term. For Tesla investors, the NVIDIA news is not a primary reason to be nervous; the more significant risks remain in Tesla's own execution on the "march of nines" for FSD reliability and legislation. The inference is that capital is better deployed elsewhere amidst this competitive dynamic. Tesla fails to achieve its own FSD software milestones or loses its manufacturing/vertical integration cost advantage, making partner-based solutions more attractive.
TSLA AVOID
medium-term
18:14
Mar 16
Mar 16
Bankless
2mo
FVRR
TSLA
UPWK
MSFT
GOOGL
▾
Graphic designers, data scientists... customer service reps... general office clerks. It largely involves computer-based tasks, but ones that are very repetitious and most likely to be automated, kind of like low-hanging fruit. Freelance marketplaces generate the vast majority of their revenue by taking a cut from gig workers performing digital tasks like logo design, basic coding, copywriting, and transcription. Because these specific entry-level digital skills have the highest AI exposure scores, enterprise and retail buyers will increasingly use free or cheap AI agents to do this work instantly, structurally shrinking the Total Addressable Market for human freelancers. SHORT. The core supply-side product of these digital gig platforms is being rapidly commoditized to zero by LLMs. These platforms could successfully pivot into AI agent marketplaces or integrate proprietary AI tools that make their top-tier freelancers exponentially more productive, driving higher project volume that offsets the lower cost per task.
FVRR WATCH
UPWK WATCH
medium-term
Once AI breaks out of its box, once there are physical robots kind of moving around... into the Elon-based world... where the AI breaks out of the box. It is becoming physically manifested through these robots. While software jobs are currently highly exposed to AI, physical labor is safe only because robotics is a younger industry. The next multi-trillion dollar opportunity is applying AI "brains" to physical hardware to automate manual labor. Companies with massive manufacturing scale, proprietary real-world vision data, and active humanoid robot programs are uniquely positioned to solve the physical labor shortage. LONG. Tesla's valuation will increasingly be driven by its positioning as an AI and robotics company (via Optimus) capable of automating the physical world, rather than just an automotive manufacturer. Humanoid robotics is incredibly capital intensive and technologically difficult. Timelines for viable commercial deployment may be delayed by decades, or specialized robotics startups could solve the hardware challenges faster.
TSLA LONG
long-term
These models are so powerful now, and they're so capable, that it's no longer a matter of increased intelligence. It's more a matter of diffusion... getting the AI into these systems and automating them because it exists today. Frontier AI labs (OpenAI, Anthropic) have already solved the intelligence required to automate cognitive labor. The remaining hurdle is distribution. The mega-cap tech companies that own the cloud infrastructure, enterprise software suites, and direct investments in these frontier labs are the ones who will distribute these AI agents to Fortune 500 companies. They will capture the massive financial upside of this diffusion phase. LONG. They are the ultimate toll collectors for the enterprise adoption and integration of AI. Open-source models could commoditize the foundational AI layer, or strict antitrust regulations could prevent these tech giants from bundling new AI agents with their existing enterprise software monopolies.
MSFT LONG
GOOGL LONG
AMZN LONG
long-term
Customer service reps, 2.8 million jobs, nine out of 10... back office work, like moving files around, basic analyst stuff. Business Process Outsourcing (BPO) companies rely on human-in-the-loop models to provide outsourced customer service, call centers, and back-office data entry to large corporations. With conversational AI and voice agents now capable of handling these tasks autonomously 24/7 at a fraction of the cost, enterprise clients will aggressively churn from traditional human BPO contracts in favor of AI software solutions. SHORT. The traditional human-centric outsourced customer service business model is fundamentally broken by the new economics of AI voice and text agents. BPOs might successfully license enterprise AI technology themselves, transitioning from human labor providers to managed AI service providers, thereby protecting their enterprise contracts and profit margins.
TTEC WATCH
medium-term
11:11
Mar 13
Mar 13
Bankless
2mo
TSLA
GOOGL
NVDA
MSFT
▾
Tesla claims they are able to run this on their AI4 chip which is $650, so that is a very cheap chip for inference relative to what other data centers are using. The biggest bottleneck for AI agents is the exorbitant cost of compute in traditional data centers. Because Tesla already has millions of cheap, inference-capable AI4 chips deployed in their global fleet of vehicles, they possess a unique, highly scalable, and low-cost decentralized compute network that competitors cannot easily replicate. LONG. Tesla's hardware edge in cheap inference allows them to run complex AI agents (like Digital Optimus) at a fraction of the cost of traditional software companies. The collaboration between xAI and Tesla may face corporate governance hurdles, or the AI4 chip may struggle to handle the complex reasoning required for enterprise-grade digital agents.
TSLA LONG
medium-term
Google Maps integrates Gemini into Google Maps... it's based on 500 million reviews from 300 million real people. Google Maps has 2 billion monthly users. By shifting the platform from a simple navigation tool to an AI-driven lifestyle and itinerary planner, Google captures high-intent consumer queries at the exact moment of decision-making. This allows them to introduce highly targeted, premium ad placements, effectively owning the entire funnel from discovery to physical transaction. LONG. The multimodal integration of Gemini into Maps unlocks a massive, previously untapped advertising and lead-generation revenue stream for Alphabet. Regulatory scrutiny over monopolistic practices in search and local advertising could prevent Google from fully monetizing the AI-driven Maps funnel.
GOOGL WATCH
medium-term
NVIDIA announced they are going to invest $26 billion over the next five years into open source agents, specifically NemoClaw. By vertically integrating and owning the application layer (AI agents) in addition to the hardware layer (GPUs), NVIDIA creates a closed-loop ecosystem. Building the agents directly stimulates further demand for the underlying compute required to run them, expanding their total addressable market and cementing their monopoly. LONG. NVIDIA's expansion into consumer and enterprise software creates a new massive revenue vertical while simultaneously driving more demand for their core hardware business. Open-source competitors or existing agent frameworks (like OpenAI or Claude) could out-innovate NemoClaw, rendering the $26B software investment a sunk cost.
NVDA WATCH
long-term
A bunch of Fortune 500 companies pay Microsoft tens of billions of dollars a year to access Copilot, but I have never known anyone in my circle that uses it. Microsoft is currently generating massive revenue from forced enterprise bundling of Copilot, but actual daily active usage and utility among employees appears shockingly low. If end-users aren't getting value, enterprise churn will spike upon contract renewals, exposing Microsoft's AI revenue as a temporary mirage rather than a sticky product. WATCH. Microsoft's AI software moat is vulnerable to low user retention and emerging threats from custom agent generators like xAI's "Macro Hard". Microsoft's enterprise lock-in is notoriously strong; companies may continue paying for Copilot simply because it is bundled with Office 365, regardless of actual employee usage.
MSFT WATCH
short-term
11:13
Mar 12
Mar 12
Bankless
2mo
AMZN
DDOG
MSFT
NVDA
CRWD
▾
Last week, Amazon's entire platform crashed for six hours. No one could shop, buy anything... The reason was because a junior developer had submitted an AI-generated piece of code which crashed the entire platform, and it cost them millions and millions of dollars. Amazon's aggressive push to automate its codebase has backfired, causing direct revenue loss from storefront and AWS downtime. By reverting to a policy that requires human managers to approve AI-generated code, Amazon has introduced a severe human bottleneck that will drastically slow down their shipping velocity and product development compared to their previous automated trajectory. SHORT. The combination of lost revenue from outages, technical debt, and a sudden deceleration in engineering velocity presents a strong short-term headwind for the stock. Amazon's core e-commerce and cloud businesses are highly resilient, and they may quickly develop internal automated testing tools to resolve the human bottleneck.
AMZN WATCH
short-term
Junior developers that come in that don't understand Amazon's code base, just kind of use AI to run like code to run autonomously... and then they just submit it without actually reviewing and understanding it. And if this goes unguarded, it creates and results in issues like this. AI agents are generating code at a velocity that vastly outpaces human review capabilities, leading to catastrophic bugs and security vulnerabilities. Enterprises cannot stop using AI coding due to competitive pressure, so they will be forced to heavily invest in automated cybersecurity, AppSec, and observability platforms to monitor and secure this massive influx of machine-generated code. LONG. The explosion of AI-generated code creates an exponentially larger attack surface, directly driving enterprise spending into top-tier security and monitoring vendors. AI labs might successfully build native, flawless code-review agents (like OpenAI's Codex Review) that are deeply integrated into the IDE, undercutting third-party security vendors.
DDOG WATCH
CRWD WATCH
PANW WATCH
medium-term
By March 31st, there's a very clear divide that has happened over the last six to eight weeks in OpenAI having an 85% chance of having the best model. Currently they're at 5.4, which is fantastic. I think everyone is kind of unanimously decided that it's the best for coding. Anthropic is suffering from daily outages, compute throttling, and is charging high fees for code review. Meanwhile, OpenAI's Codex 5.4 is taking the definitive lead in performance and offering cheap/free code review. Microsoft, as the primary backer of OpenAI and owner of GitHub (Copilot), will capture the lion's share of enterprise developer migration as users flee Anthropic's unstable ecosystem. LONG. Microsoft's developer ecosystem is perfectly positioned to monopolize the AI coding market as competitors stumble on infrastructure and model quality. Anthropic could secure emergency compute funding and release a superior Opus model, or open-source models could commoditize the coding layer.
MSFT LONG
medium-term
They can't over order because if they're off by just a small percentage, the incremental cost of those GPUs will far outweigh the growth... since that episode was recorded and now they have gone fully vertical, like that curve has steepened significantly more and they're going to have to figure out a way to solve this. Frontier AI labs like Anthropic severely underestimated user demand and the compute required for new autonomous, self-improving AI loops. Because they under-ordered GPUs to avoid debt, they are now facing existential compute shortages. To survive and scale, these labs will be forced to place massive, unanticipated emergency orders for GPUs. LONG. The bottleneck for the entire AI industry is purely compute, and the steepening adoption curve guarantees sustained, desperate demand for NVIDIA's hardware. Supply chain constraints at TSMC could limit NVIDIA's ability to fulfill these massive orders, or labs could successfully pivot to custom in-house silicon.
NVDA LONG
long-term
10:59
Mar 11
Mar 11
Bankless
2mo
VZ
TMUS
QCOM 1ST
T
▾
These traditional cell providers like Verizon, AT&T, T-Mobile, they have a serious problem on their hands... Starlink bought a chunk of this spectrum... it enables them to act as a standalone carrier. Legacy telecom companies rely on ground-based infrastructure that inherently leaves dead zones and requires massive capital expenditure to maintain. Because SpaceX now owns its own spectrum and the entire hardware stack (satellites and launch vehicles), it can offer a globally ubiquitous cellular service directly to consumers. This turns traditional carriers into obsolete middlemen or forces them into a price war against a technologically superior, borderless network. SHORT legacy telecom providers as Starlink transitions from a rural niche to a mainstream, standalone global cellular provider. High-density urban areas will still require ground-based 5G Ultra Wideband infrastructure due to satellite bandwidth constraints; regulatory hurdles or Starship launch delays could slow Starlink's rollout.
VZ SHORT
TMUS SHORT
T SHORT
long-term
In order to get 5G beamed down from these new Starlink V2 satellites, Qualcomm actually is making a chip that works direct to cell. So it's rumored to be included in the next iPhone 18 and Samsung Galaxy phones. For consumers to access Starlink's V2 satellite network natively, smartphones require updated internal hardware. Qualcomm is positioned as the primary silicon provider for this direct-to-cell architecture. As global OEMs integrate satellite connectivity into their flagship devices to keep up with the new standard of "zero dead zones," Qualcomm will capture the hardware upgrade supercycle. LONG Qualcomm as a primary hardware derivative play on the satellite-to-cellular revolution. Apple or Samsung could eventually develop their own in-house direct-to-cell modems to bypass Qualcomm; delays in the Starship program could push back the timeline for the V2 network, delaying the hardware upgrade cycle.
QCOM LONG
medium-term
12:05
Mar 10
Mar 10
Bankless
2mo
NVDA
AMZN
CEG
VST
XLU 1ST
▾
What's the roundup of this episode? NVIDIA still wins. Silicon-based intelligence is still the frontier and Jensen's going to make a lot more money. While biological computing is incredibly energy-efficient, it is currently a fragile, lab-bound science experiment. Meanwhile, top AI labs like Anthropic are actively throttling their models because they are signing up 1 million users a day and running out of compute. This immediate, desperate need for processing power guarantees that silicon GPUs will remain the undisputed bottleneck and profit center for the foreseeable future. Long NVDA as the primary beneficiary of the ongoing, unquenchable demand for silicon-based AI compute. Biological computing or quantum computing makes an unexpected, rapid leap to commercial viability, or AI scaling laws hit a wall, reducing the need for massive GPU clusters.
NVDA WATCH
medium-term
Amazon needs to come in and give them some more AWS access or something because they don't really have the advantage. They need more GPUs. Anthropic's Claude is experiencing explosive growth, leading to server outages and model throttling. Because Amazon is a massive backer of Anthropic and their primary cloud provider, Anthropic's desperate need to scale compute directly translates to increased AWS utilization and revenue. Long AMZN as AWS captures the massive infrastructure spend required to keep top-tier foundational models online during hyper-growth phases. Anthropic diversifies its cloud providers, or AWS struggles to procure enough GPUs to meet the demand, leading to lost revenue opportunities.
AMZN WATCH
medium-term
Clearly, the energy efficiency is the biggest threshold. We just don't have enough energy to power these chips... fully pivoting from chips to energy. That is the biggest thing in the world. A single GPU rack uses massive amounts of power, and the current grid cannot support the exponential growth of AI data centers. Because biological computing (which runs on a fraction of the power) is decades away from replacing silicon, the immediate second-order effect of the AI boom is a massive supply-demand imbalance in electricity. Utility companies and independent power producers will command massive premiums to supply baseload power to tech giants. Long the energy and utility sector as the physical bottleneck to AI expansion shifts from silicon chips to raw electricity generation. Regulatory hurdles block new power plant construction, or AI models become drastically more efficient on silicon, reducing projected power demand.
CEG LONG
VST LONG
XLU LONG
long-term
11:31
Mar 06
Mar 06
Bankless
2mo
META
GOOGL
MSFT
AMZN
BABA
▾
"They're actually shipping 30 to 40 million more units this year alone... millions of people that are wearing these glasses." Despite the negative press regarding privacy and data scraping (SAMA workers in Kenya), the unit volume (30-40M) indicates massive consumer adoption. Meta is successfully transitioning from a social media app company to a dominant hardware/wearable OS platform. The market values user growth and hardware penetration over privacy concerns. Long META on successful hardware scaling. Regulatory crackdowns on data privacy (GDPR/US Congress) could stifle hardware usage.
META WATCH
long-term
"Anthropic broke records all week. They reached $20 billion in annual recurring revenue... They crushed OpenAI, dethroning them from the number one spot... beat out all enterprise customers." Anthropic is a private company, so you cannot buy it directly. However, Amazon (AMZN) and Google (GOOGL) are its primary backers and cloud infrastructure providers. As Anthropic captures enterprise market share from OpenAI (Microsoft), the compute revenue and investment equity value accrue directly to Amazon and Google. Long the cloud proxies for Anthropic's dominance. OpenAI releases a superior model (GPT-5.4) that reverses the churn trend.
GOOGL WATCH
AMZN WATCH
medium-term
"OpenAI's unsubscription... has surged to 300%... OpenAI is earning around $25 billion... but they're actually burning around $20 billion a year." Microsoft is the primary underwriter of OpenAI. If OpenAI is losing the "war" to Anthropic while burning cash at an unsustainable rate ($115B cumulative burn projected), Microsoft's massive capital expenditure into OpenAI looks increasingly risky. The "dethroning" narrative is a direct hit to the Azure/Copilot thesis. Avoid or Short MSFT as a hedge against OpenAI's performance degradation. OpenAI successfully launches new hardware or model 5.4 that recaptures the market.
MSFT WATCH
medium-term
"Alibaba CEO said, I kind of don't want you guys to open source the models anymore. I want to take this under my wing." Alibaba is restructuring its AI division ("Quen") to move from open-source research to closed-source monetization. While bad for the open-source community (leading to staff exodus), this is bullish for the stock as it signals a shift toward profitability and proprietary product protection. Long BABA on the pivot to AI monetization. Brain drain from the research team could degrade product quality.
BABA WATCH
medium-term
"An Nvidia powered farming machine uses AI vision and precision lasers to eliminate weeds... reduces the cost of spending on herbicides by 90%." This represents the expansion of AI from "Training Clusters" (Data Centers) to "Edge Inference" (Industrial Robotics). Nvidia chips are now essential in heavy machinery. John Deere (DE) is the logical industrial proxy for high-tech combines adopting this laser/vision tech to justify high equipment prices. Long NVDA (chip demand) and DE (industrial application/pricing power). High upfront hardware costs for farmers could slow adoption rates.
DE WATCH
NVDA WATCH
long-term
"Block... 40%, 4,000 people got laid off... The stock was up 20%. The stock market loved it." Jack Dorsey is explicitly proving the "AI replaces Opex" thesis. By cutting 40% of staff and citing "intelligence tools" as the replacement, Block is drastically improving its margins. The market's positive reaction (+20%) validates this strategy, suggesting further upside as earnings reports reflect lower costs. Long SQ as a margin-expansion play. Service quality degradation if AI tools cannot actually replace human output.
XYZ LONG
short-term
13:51
Mar 05
Mar 05
Bankless
3mo
AAPL
MSFT
GOOGL
AMZN 1ST
NVDA
▾
Apple released the M5 chip (4x faster than M4) and $600 entry-level devices (MacBook Neo, iPhone 17e) capable of running LLMs locally. Mac Minis and Studios are currently "sold out everywhere" due to demand for local AI compute. Apple is "accidentally" winning the AI hardware race by controlling the edge. While Hyperscalers spend billions on CapEx, Apple is selling the "shovels" for local inference. The "sold out" status indicates a massive hardware supercycle is underway, driven by privacy and local compute needs rather than just device upgrades. LONG. Apple is becoming the dominant platform for "Personalized Intelligence," justifying a valuation expansion comparable to Nvidia's rise. Failure to deliver a cohesive software experience (Siri AI delayed); Google or others capturing the software layer despite Apple's hardware lead.
AAPL WATCH
medium-term
New local models on Apple M5 chips allow users to run frontier intelligence on-device without paying subscription fees. Ejaaz asks, "Why would you pay $200 a month on a Claude subscription... if you could get frontier intelligence... on your mobile phone?" The rise of capable local inference (Edge AI) commoditizes the subscription models of OpenAI (Microsoft) and Anthropic (Amazon). If users can run "OpenClaw" or Llama locally for free with better privacy, the Total Addressable Market (TAM) for cloud-based AI subscriptions ($20/mo) collapses. AVOID. The "Edge Compute" thesis is a direct deflationary force on Cloud AI revenue and SaaS pricing power for the major hyperscalers backing these labs. Local models may hit a performance ceiling compared to massive cloud clusters (GPT-6/7); consumers may prefer the convenience of cloud despite the cost.
MSFT AVOID
AMZN AVOID
long-term
Apple is spending very little on AI CapEx ($1.4B) compared to peers ($630B combined) and instead pays Google ~$1B/year to license Gemini for the operating system. Apple's strategy is to own the distribution (3 billion devices) while outsourcing the model costs to Google. This partnership cements Google as the default "intelligence engine" for the world's largest consumer hardware base, guaranteeing usage volume that Microsoft/OpenAI cannot access natively on the OS level. LONG. Google benefits from Apple's distribution monopoly without having to win the hardware war itself. Apple eventually replaces Gemini with a proprietary in-house model; regulatory scrutiny on the Apple/Google search and AI deal.
GOOGL WATCH
medium-term
A hacker demonstrated that the M-series chip architecture is "80 times more efficient" for inference and training than an Nvidia A100 GPU for specific transformer tasks. Apple is the "only real threat to Nvidia's hardware moat." While Nvidia dominates data center training, Apple is cornering the market on inference (running the models). If the world shifts to local inference to save costs/energy, demand for data center inference GPUs could soften. WATCH. This is a long-tail risk to Nvidia's absolute dominance, specifically in the inference segment of their revenue. Nvidia's Blackwell/Rubin chips may vastly outperform Apple's silicon in raw power, maintaining the need for cloud compute for advanced tasks.
NVDA WATCH
long-term
19:29
Mar 03
Mar 03
Bankless
3mo
INFY 1ST
BE
CORZ
AVGO 1ST
MU 1ST
▾
Leopold has taken out a "massive short" on Infosys, a company specializing in IT outsourcing. Infosys's business model relies on labor arbitrage (cheaper human engineers). New AI agents (like Claude Code and GPT Codex) are becoming capable enough to automate menial IT and coding tasks. This technological deflation destroys the value proposition of human-heavy outsourcing firms. SHORT. A bet on AI displacing entry-level and mid-level coding labor. AI adoption in enterprise environments may be slower than anticipated; Infosys could pivot to integrating these tools (though this cannibalizes their billing model).
INFY SHORT
medium-term
Leopold has built a massive position in Bloom Energy to the tune of "\$855 million" (approx. 20% of the portfolio). AI data centers face a power crisis; the public grid is too slow and congested to meet demand. Bloom Energy manufactures solid oxide fuel cells that convert natural gas to electricity *on-site*, allowing data centers to bypass the electrical grid entirely. LONG. This is the "NVIDIA of Energy" play—betting on the hardware required to generate power locally for hyperscalers. Manufacturing execution risk (can they build enough turbines to meet the \$20B backlog?) and reliance on natural gas prices.
BE WATCH
medium-term
Leopold owns around "10% of a company called Core Scientific" and is buying Bitcoin miners because "they own the two critical pieces of infrastructure required for AI buildouts... real estate and power." Building new power infrastructure takes years due to permitting. Bitcoin miners (like Core Scientific) already possess high-capacity power interconnects and grid rights. The play is an arbitrage: repurposing crypto-mining facilities into AI data centers (hosting for CoreWeave) to skip the multi-year regulatory wait times. LONG. A play on "power arbitrage"—buying the rights to electricity access rather than the crypto asset itself. Bitcoin price volatility affecting the stock's beta; execution risk in pivoting infrastructure from mining to HPC (High Performance Computing).
CORZ WATCH
medium-term
The fund has "dumped NVIDIA... dumped Broadcom... dumped TSMC... dumped Micron." He sold \$300M in NVIDIA puts (profit taking) and exited the equity. The "easy money" in the hardware layer has been made. The market has fully priced in GPU production. The capital cycle is moving from the *processor* (chips) to the *enabler* (energy/hosting). Holding these names now offers lower risk-adjusted returns compared to the infrastructure layer. AVOID (Rotation). This is a sector rotation call: Sell Chips, Buy Power. The AI capex boom could continue to surprise to the upside for chipmakers; NVIDIA remains the monopoly supplier.
AVGO AVOID
MU AVOID
TSM AVOID
NVDA AVOID
medium-term
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