John Wu

Wu notes that while "OG" investors have sold, the "incremental buyer... have frankly been ETFs." He adds that wirehouses (like Morgan Stanley) are just starting to allow advisors to recommend these products, a cycle that "takes 6 months to 9 months." The selling pressure from early adopters is temporary, while the wall of institutional money is structurally delayed but inevitable. Additionally, Wu takes the "over" on Fed rate cuts, implying a favorable liquidity environment for hard assets. LONG. Institutional adoption is in the early innings of a multi-month ramp-up. Continued rotation of capital into AI stocks; Fed staying hawkish if inflation persists.

Intel is good at making CPUs and there is scarcity in CPUs due to the agentic AI world coming. Beyond government support, the CPU demand from AI agents provides a fundamental reason to own Intel.

Micron is a perfect example of a cyclical memory business that looks cheap on a PE basis, trading at less than 10 times next year's earnings. Despite uncertainty about how long the cycle lasts, the stock is undervalued relative to its earnings power.

TSMC is historically a low-volatility, steady, high-quality company. Its valuation is fair relative to itself but cheap relative to other AI stocks considering its growth rate. There is also a discount due to its Taiwan location and less publicity than US companies. He would allocate a higher weighting to TSMC in his portfolio.

Wu states, "Avalanche has always been a technology company... creating real utility." He cites partnerships with KKR (tokenizing funds) and FIFA (loyalty programs) and mentions, "There is an ETF for Avalanche." As the market matures from speculation to utility, capital will concentrate on chains with enterprise revenue and real-world use cases. The existence of an ETF provides the structural rail for the institutional capital mentioned in his macro thesis to flow specifically into AVAX. LONG. Positioned as the "enterprise utility" winner in a market shifting away from pure meme speculation. Regulatory headwinds; failure to capture market share from Ethereum or Solana.

Wu highlights that "Stable coins definitely is product market fit" with volumes hitting $10 trillion. He mentions JP Morgan has "JPM Coin" for internal settlement and that regulation (Clarity Act) is coming to set rules for "Coinbase and for others." The "Genius Act" and regulatory clarity will legitimize stablecoins as mainstream banking infrastructure. Incumbents (JPM) and regulated crypto-natives (COIN) are the only entities positioned to capture the yield and transaction fees from this $10T market once rules are set. LONG. A play on the convergence of traditional banking and stablecoin infrastructure. Strict regulations that ban non-bank stablecoin issuers; continued high interest rates compressing transaction volume.

Wu highlights that "Stable coins definitely is product market fit" with volumes hitting $10 trillion. He mentions JP Morgan has "JPM Coin" for internal settlement and that regulation (Clarity Act) is coming to set rules for "Coinbase and for others." The "Genius Act" and regulatory clarity will legitimize stablecoins as mainstream banking infrastructure. Incumbents (JPM) and regulated crypto-natives (COIN) are the only entities positioned to capture the yield and transaction fees from this $10T market once rules are set. LONG. A play on the convergence of traditional banking and stablecoin infrastructure. Strict regulations that ban non-bank stablecoin issuers; continued high interest rates compressing transaction volume.