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I haven't posted on these positions before because I consider them high-risk, high-reward and I don't want to convince someone on something that could very well blow up.
But my intention is to always openly journal about my positions
A short overview on what they are and why I hold them (alongside my positions):
# FRMI
FRMI - the stock is down -62% since IPO to $8. FRMI is a massive bet on AI energy infrastructure with one of the most extreme risk/reward profiles. Fermi America is building next-generation behind-the-meter grids at gigawatt scale specifically to power AI workloads.
Their flagship initiative, Project Matador, targets 11 GW of behind-the-meter power that combines natural gas, advanced nuclear, solar, and battery storage on a private campus designed for hyperscale AI computing.
**Risk**: Pre-revenue, the gravity of those words cannot be overstated. Multiple securities class action lawsuits have been filed revolving around a cancelled $150M agreement with a future FRMI customer that investors think FRMI leadership should have been more prudent about
**Why its high reward:** The upside case is that the AI energy shortage is real, and Fermi is positioned exactly at the bottleneck. Low end target of analysts is $20. Fermi's stated intention is to deliver 1 GW of online power by end of 2026.
>Chief Nuclear Construction Officer, Uzman: "Korea's leading nuclear industrial champions Hyundai E&C and Doosan Enerbility have entered into formal contractual relationships with Fermi America and have designated Project Matador as a top priority within their U.S. nuclear portfolios, bringing decades of proven reactor construction expertise to America's most advanced nuclear build."
**Add to that the macro backdrop:** South Korea's parliament just passed a special bill to give Seoul the legal framework to carry out its $350 billion U.S. investment commitment, with nuclear energy explicitly named as one of the priority areas in the bilateral agreements between Washington and Seoul. The earnings call on March 30 is likely the clearest near-term signal on when the first MW actually goes live
I hold about 2% of my port (sadly this subreddit doesn't allow images) in FRMI.
# Next up UNH
UNH is my small bet on a blue chip in crisis. UnitedHealth Group is the largest private healthcare company on the planet, running >$400 billion in annual revenue and covering about 50 million people. The bear case says it is a damaged insurer and will be sued to oblivion.
The bull case says you are buying the world's most powerful healthcare data ecosystem and if the fine by DOJ isn't as hurtful as it sounds, then this stock rebounds fast and hard.
**Risk**: The DOJ is running both criminal and civil investigations into whether UNH inflated patient diagnoses to trigger higher Medicare Advantage reimbursements.
**Why it is high reward:** The company guided to at least 8.6% adjusted EPS growth in 2026 despite the revenue decline, and nearly $1 billion in cost reductions are already flowing through the business. Also, considering how lenient the US is on companies (they do not sue to bankruptcy) then I'm thinking this may play out well
1% of port in $400 strike calls expiring Jan 2027
# Finally RXRX and ABSI
Recursion and Absci are my combined bet to replace the trial-and-error guesswork that makes traditional drug development slow and expensive.
Recursion runs an AI-native end-to-end platform integrating biology, chemistry, and clinical development into a unified intelligence system powered by proprietary multimodal data. In other words, they run a giant AI operating system that maps biology at industrial scale, feeding millions of experiments into machine learning models to find drug candidates that humans may not spot on their own.
Absci uses generative AI to design drugs from scratch, targeting biological mechanisms that traditional pharma has never been able to reach. Together, RXRX and ABSI are two different paths to the same destination: AI makes drug development faster and cheaper.
**Risk**: The risk is that the AI platform story has not been clinically validated yet. ABSI carries similar fragility at a smaller market cap, making it even more sensitive to macro risk-off moves (especially any negative sentiment by the MAHA admin) and binary clinical outcomes.
**Why it is high reward:** Roche, Sanofi, and Merck have already paid Recursion over $100 million in partnership milestones, and two of its cancer drug programs are due to report clinical trial results in 2026. Absci claims its platform cuts development time by 14 months and costs by 75%, with real human trial data on a hair regrowth drug expected by mid-2026.
RXRX: Ended 2025 with $754M cash equivalents. Runway extends into early 2028
ABSI: Similar runway to H1 2028
About 2% of my port in both of these through shares and calls.