Joshua Lim

Ethereum is recovering from a hangover of DAD buying and is now gaining narrative traction as a platform for DeFi and RWA tokens, while Solana's narrative around meme coins and speculation is fading, leading to relative outperformance of Ethereum over Solana.

Major capital allocators, including sovereign nations (China) and crypto-native giants (Tether), are actively "stacking" gold reserves while bypassing Bitcoin. Liquidity is flowing into traditional hard assets as a defensive measure. The divergence between Gold (ripping) and Bitcoin (lagging) indicates that Gold is currently winning the "store of value" bid in this specific macro cycle. LONG (Follow the sovereign and smart money flows). A sudden "risk-on" rotation back into high-beta assets could see capital rotate out of defensive commodities.

Hyperliquid is generating ~$4M/day in revenue (top 3 in crypto alongside Tether/Circle) and conducting token buybacks. Volumes are hitting $3-4B/day. While crypto prices dump, volatility in *Real World Assets* (Gold/Silver) is driving traders to on-chain perps. Hyperliquid is capturing the fees from the Gold/Silver mania, making it a "safe haven" for liquid crypto funds that are mandated to hold tokens but want exposure to a revenue-generating asset. It is one of the few assets decoupling from the broader crypto dump due to real yield from non-crypto asset trading. Regulatory crackdown on decentralized perp exchanges; a drop in Gold/Silver volatility reducing trading fees.

Preference stated for Alphabet (over Microsoft) and Amazon (over Walmart). Despite the "SaaS derating" mentioned elsewhere, the hyperscalers (Google/Amazon) are viewed as the superior long-term holds, likely due to their entrenched infrastructure moats and AI optionality compared to peers. LONG. Antitrust breakup actions or loss of search dominance (for Google).

Preference stated for Alphabet (over Microsoft) and Amazon (over Walmart). Despite the "SaaS derating" mentioned elsewhere, the hyperscalers (Google/Amazon) are viewed as the superior long-term holds, likely due to their entrenched infrastructure moats and AI optionality compared to peers. LONG. Antitrust breakup actions or loss of search dominance (for Google).

When comparing financial assets, the preference is explicitly for Visa (over Mastercard and Silver) and JPMorgan (over Mastercard and Avalanche). In a volatile, "violent" market environment, capital prefers the dominant, entrenched financial rails (Visa) and the "Fortress Balance Sheet" banking leader (JPM) over secondary players or volatile commodities like Silver. LONG (Flight to quality in financials). Regulatory caps on interchange fees or credit deterioration in a recession.

In a direct comparison between Nvidia and AMD, the choice is Nvidia. The market is currently driven by a "dilution of attention" where capital concentrates in the primary winners of the dominant narrative (AI). Nvidia remains the undisputed leader in this infrastructure build-out. LONG. AI capex spending slows down or competition from custom silicon erodes margins.

When forced to choose between Apple and Tesla, the preference is Tesla. The "Addressable Market" for Tesla (robotics, AI, energy, transport) offers significantly higher convexity and growth potential compared to the mature hardware cycle of Apple. LONG. Execution risk on FSD/Robotaxi timelines; continued EV margin compression.

When comparing financial assets, the preference is explicitly for Visa (over Mastercard and Silver) and JPMorgan (over Mastercard and Avalanche). In a volatile, "violent" market environment, capital prefers the dominant, entrenched financial rails (Visa) and the "Fortress Balance Sheet" banking leader (JPM) over secondary players or volatile commodities like Silver. LONG (Flight to quality in financials). Regulatory caps on interchange fees or credit deterioration in a recession.