$SNDK 0.30 Weak

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• @amitisinvesting mixed 2706 eng

  Long post, but some thoughts on what happened in the market today… Today was a particularly weird storm of price action because the logic going into the open was as follows: - $MU crushed, saved the AI trade - AI stocks should go higher due to MU proving its not cyclical, this should help the broader market get a lift Instead, what we got right before the open… - $AAPL announces massive price hikes and effectively uses MU earnings to be like, “See! It’s not us, but if memory gets 86% margins, then we have to raise prices!” - This happens right after the hottest PCE in 3 years is reported, even with oil (the biggest proponent of inflation the past few months) still coming down - Microsoft then joins the party and raises prices across all XBOX products, once again citing memory costs Market then proceeds to take a nasty dip in every sector…except Memory. I think what is happening here will be studied for a long time. The hyperscalers, the companies that are RESPONSIBLE for $MU and $SNDK being multibaggers, are getting destroyed because…well they can’t buy back stock, they can’t get FCF positive, and they don’t have memory’s pricing power. In fact, this is what Melius Research came out today and said: “Why bother owning a hyperscaler who can't buy back stock any time soon? Micron can start buying over $25B/quarter in stock during CY27. Memory will go down as THE BOTTLENECK of ALL BOTTLENECKS for this AI era. MU said that current conditions last after calendar 2027, basically guaranteeing buybacks of epic proportions, especially next calendar year.” We are at the point where the sell-side is saying that owning the best companies in the world makes no sense when you can own the bottleneck of all bottlenecks. Here’s the thing: I don’t know if Melius is actually wrong. My gut tells me that 86% gross margins will not last forever, but as long as the hyperscalers are willing to pay, then the structural logic for market participants comes down to a simple question: why own the companies paying the capex over the companies benefiting from it? The problem is obvious: if memory inflation continues to be intense, it will affect every part of the market. From automotive to datacenters to PCs. $NVDA gets to have a tax because it’s building very IP-heavy products. Will the market allow something like memory, that is not IP-heavy, to force consumers globally to pay significantly more for the products? Also, do the memory makers even care because as long as they control supply, they can control pricing? I’d imagine the big tech companies either lower capex to stop paying the cost, keep paying the cost, or try to innovate. They likely won’t lower capex and will most likely continue paying the cost, so there probably are some elements of them trying to focus on innovating in this area…but if there won’t be any menaingful cutoff in capex, the memory story continues. The market fell today because higher inflation means more of a chance for rate hikes. I mean, NVDA went below 200 as MU hit all time highs. NVDA’s suppliers are more valuable than NVDA’s biggest customers. As a result, it’s creating a type of AI-flation that basically led the market to sell off everything else. Not sure how this plays out, retail continues to buy the dip and today’s red probably gets bought…especially as earnings continue to grow…but we are in a new paradigm for how this market gives a premium to a stock and if you have pricing power over a component that matters to build AI vs being a companies that actually uses AI, you get a premium.

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• @amitisinvesting bullish 2296 eng

  WHY ARE THE SEMIS UP THIS MORNING? Well…a hyperscaler called $META just reminded the market how much they are willing to spend on capex: - Meta plans to double its AI computing capacity to 14GW in 2027 and begin manufacturing its in-house Iris AI chip in September, according to Reuters citing an internal memo. - The Iris chip, part of Meta’s MTIA program, is designed with $AVGO Broadcom and manufactured by $TSM TSMC, with the goal of reducing reliance on $NVDA Nvidia and $AMD GPUs. - Meta has also secured long-term supply agreements with Samsung (memory), $SNDK SanDisk (flash storage), and Sumitomo Electric (fiber-optic equipment). Once again, the market remembers how much Big Tech is willing to spend and how serious they are about creating their own custom silicon. Trump saying that Iran wants a deal last night + META getting ready to spend even more on capex is likely why the semis are starting to recover.

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• @amitisinvesting bullish 2142 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here’s a full recap: $NVDA CEO Jensen Huang pushed back on the recent stock market selloff, saying NVIDIA is still at the beginning of the AI supercycle and that market weakness should be viewed as a buying opportunity. He said investors “should be very happy” because they can now buy at a discount, adding that everyone should be excited about where AI is heading. Jensen also said it is a “foregone conclusion” that AI will become global infrastructure, similar to how the internet became core infrastructure for the world. 2. Google and $NVDA are reportedly exploring $INTC as a backup chip manufacturing partner as TSMC capacity remains constrained, according to The Information. Google has reportedly already placed an order with Intel to manufacture more than 3 million TPUs in 2028 after testing Intel’s advanced packaging technology. Nvidia has not placed an order yet, but is reportedly testing Intel’s tech for its 2028 Feynman-series processor, which is expected to combine four graphics chips into a single unit. For Intel, the near-term opportunity appears to be in advanced packaging, with SK Hynix also testing whether its HBM can work reliably with Intel’s packaging technology. 3. $AAPL unveiled “Siri AI” at WWDC 2026, transforming Siri into a more conversational AI assistant with current world knowledge, on-device context, screen awareness, and its own dedicated Siri app. A beta version is expected later this year, with Apple planning deeper integration across iPhone, Mac, Apple Watch, and Vision Pro. 4. Global investors are selling South Korean stocks at a record pace, with foreign investors offloading -$801 million of Kospi-listed shares on Monday after pulling -$10 billion from the market last week. Foreign investors have now sold South Korean equities in every trading session over the past month, bringing year-to-date outflows to -$75 billion, according to Goldman Sachs. Meanwhile, domestic retail and institutional investors have been on the other side of the trade, buying roughly +$69 billion over the same period. 5. The top 10 most active options today by contracts traded were $TSLA with 3.6M contracts, $NVDA with 3.2M contracts, $AAPL with 2.1M contracts, $MSFT with 831K contracts, $AMZN with 710K contracts, $INTC with 696K contracts, $MU with 601K contracts, $GOOGL with 587K contracts, $META with 568K contracts, and $NOK with 444K contracts. Tesla led the market with more than 3.6M options contracts traded, followed by Nvidia at 3.2M and Apple at 2.1M. 6. Robinhood’s Top 10 most-held investments were updated for June, and the list stayed largely the same with one major change: $AMD replaced $NFLX, which had been in the top 10 for the past few months. AMD has surged 118% YTD, becoming a major retail winner for investors who backed Lisa Su and the company’s AI/chip comeback story. The other most-held names on $HOOD remain major retail favorites: $META, $GOOGL, $AMZN, $MSFT, $NVDA, $PLTR, $F, $MSFT, and $TSLA. 7. OpenAI said it has confidentially submitted an S-1 to the SEC, giving the company the option to go public, though no IPO timing has been decided yet. The company said it announced the filing because it expected the news to leak, but noted that it “may be a while” before any public listing because there are still things it wants to do that may be easier as a private company. OpenAI added that the decision involves a complicated set of tradeoffs, but filing now gives it flexibility to move toward an IPO sooner if that becomes the best path. 8. $AAPL Apple is teaming up with $GOOGL Google and $NVDA NVIDIA to bring more compute power to Apple Intelligence. At WWDC, Apple said it worked with Google and NVIDIA to bring its Private Cloud Compute approach to Google Cloud infrastructure, with Apple’s largest AI model, AFM Cloud Pro, set to run on Google Cloud. Apple said many Apple Intelligence requests will still be handled on-device, while more complex requests will be routed through its own Private Cloud Compute platform, including a new world knowledge service built inside that system. Apple also emphasized that it is not using Google Search as the foundation of the product and said it is now on the third generation of Apple Foundation Models. 9. Margin debt in China is surging to record levels, with stock market margin debt now reaching roughly $431 billion, more than doubling over the past two years. That total is now 22% above the 2015 Chinese stock market bubble peak of about $354 billion. At the same time, margin trading activity has also accelerated sharply, with volume on the Shanghai Stock Exchange averaging around $22 billion per day over the last two weeks, near record highs. Margin trading volume has now tripled over the past 12 months and is back in line with the levels seen during the 2015 peak. 10. $AMZN $GLW Amazon announced a multibillion-dollar agreement with Corning to supply optical fiber, cable, and connectivity solutions for Amazon’s U.S. data center infrastructure. The deal is expected to create 1,000 advanced manufacturing jobs at Corning’s North Carolina facilities and support hundreds of additional construction jobs. Amazon said the agreement will help strengthen the U.S. fiber optics supply chain as demand for AI data centers continues to accelerate. 11. SpaceX’s IPO is reportedly seeing overwhelming demand, with the offering said to be well oversubscribed and institutional orders expected to close Wednesday at 4pm ET, according to Bloomberg. At a reported $135 per share, SpaceX would raise roughly $75 billion at an estimated $1.8 trillion valuation, which could make it the largest IPO in history. The deal is expected to price on June 11 and begin trading on June 12 under the ticker $SPCX. 12. Retail investors piled into semis and AI names in May, with the largest single-stock net inflows led by $MU at +$6.5B, followed by $NVDA at +$5.9B, $TSLA at +$4.9B, $SNDK at +$3.5B, and $AMD at +$1.9B. The data shows retail buyers aggressively adding exposure to the AI/chip trade, with memory, GPUs, EVs, and semiconductor names dominating the month’s biggest inflow leaders. WALL STREET IS THE GREATEST SHOW ON EARTH.

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• @StockSavvyShay neutral 1956 eng

  SEMICONDUCTOR STOCKS BY PEG RATIO PEG < 1 usually means mispriced growth PEG > 2 starts to push into the danger zone Here’s how they stack up: • $ALAB ~2.9x • $ARM ~2.4x • $INTC ~2.2x • $LRCX ~2.2x • $KLAC ~2.0x • $AMAT ~1.7x • $ASML ~1.7x • $ANET ~1.7x • $TSM ~1.2x • $LITE ~1.1x • $COHR ~1.0x • $CRDO ~0.9x • $NVDA ~0.8x • $AMD ~0.7x • $AAOI ~0.7x • $MRVL ~0.6x • $ON ~0.6x • $AVGO ~0.6x • $SNDK ~0.4x • $MU ~0.4x

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• @amitisinvesting bullish 1779 eng

  Did a stock draft with some friends and these are the 12 picks I have to hold until June 2027… 1. $NVDA 2. $AMD 3. $GEV 4. $TXN 5. $RKLB 6. $RDDT 7. $GOOGL 8. $FIX 9. $AAPL 10. $GLXY 11. $SNDK 12. $BE Am I cooked?

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• @StockSavvyShay neutral 1698 eng

  Leopold Aschenbrenner's Situational Awareness exited its entire public-equities book through a single-buyer transaction just as its former holdings are ripping today: • $BE +26% • $NBIS +25% • $SHAZ +26% • $IREN +25% • $SNDK +20% • $CRWV +20% • $TE +14% • $AMD +13% https://t.co/zxiMPBq2b9

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• @StockSavvyShay neutral 1695 eng

  Leopold Aschenbrenner is up nearly 700% on $SNDK since disclosing a $12.9M stake. He first revealed the position in November 2025 at around $250/share. https://t.co/uLSfoL6VVH

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• @amitisinvesting bullish 1589 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. The Fed held rates steady, as expected, but the decision came with 3 dissents in favor of a 25 bps hike from Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan. Fed Chair Warsh said the move should not be viewed as a “pause,” arguing that markets have already made their judgment and the Fed now has 7–8 weeks of incoming data to assess. He said the June core CPI print did not materially change the decision, with the broader inflation trend now mattering more. Warsh also said the Fed is doing well on the employment mandate, though the AI-driven capex surge makes it harder to judge aggregate supply and demand. 2. Meta $META reported Q2 2026 revenue of $60.8B, up 28% YoY, with advertising revenue rising 27% YoY to $59.4B. EPS fell 13% YoY to $6.18, while Reality Labs posted an operating loss of $4.62B. Daily active people increased 3% YoY to 3.60B, and Meta guided Q3 revenue to $61B–$64B. The stock is under pressure as investors focus on the EPS miss and continued AI infrastructure spending, with FY26 capex now expected at $130B–$145B. CEO Mark Zuckerberg said AI is already accelerating Meta’s core business, powering new products, and opening up new enterprise opportunities. 3. Robinhood $HOOD delivered an exceptional Q2 2026, with revenue up 32% YoY to $1.31B, net income up 48% YoY to $573M, and adjusted EBITDA up 35% YoY to $741M. Transaction-based revenue grew 44% YoY to $776M, while total platform assets rose 32% YoY to $369B. Net deposits hit an all-time high of $21.7B, with $3B already in Robinhood Banking. Gold subscribers increased 39% YoY to 4.8M, with a record 17% attach rate, while ARPU rose 24% YoY to $187. Robinhood also bought back 4.4M shares in the quarter, lowered expense guidance, now has 13 business lines doing $100M+ ARR, and its Gold Card has reached 1M holders with $17B of annualized spend. 4. Retail investors sold a net $243M of single stocks yesterday, marking the largest one-day outflow since the COVID crash, according to Vanda Research. 5. Microsoft $MSFT reported Q2 2026 revenue of $90.0B, adjusted EPS of $4.74, and operating income of $40.6B. Azure and other cloud revenue grew 43% YoY, while Microsoft Cloud revenue reached $59.3B and Intelligent Cloud revenue came in at $39.3B. Capex was $35.8B, reflecting continued AI infrastructure investment. CEO Satya Nadella said Azure revenue surpassed $100B for the first time this year, while Microsoft 365 Copilot reached more than 30M paid seats, showing growing enterprise adoption of Microsoft’s AI stack. 6. OpenAI CFO Sarah Friar and board chair Bret Taylor reportedly addressed employees in an internal meeting on Wednesday, with Friar telling staff that July annualized recurring revenue was already higher than the entire Q2 level. The update appears aimed at reassuring employees that OpenAI’s business remains healthy as competition intensifies from Anthropic and a growing wave of open-source AI players. 7. SpaceX $SPCX is reportedly weighing acquisitions or a bid in the FCC’s July 2027 Upper C-band auction to secure terrestrial spectrum, per Semafor. The company is looking for airwaves that perform better in cities and dense areas, which could help Starlink compete more directly with $T AT&T, $VZ Verizon, and $TMUS T-Mobile. SpaceX has already bought $17B of EchoStar spectrum licenses, though its latest spectrum strategy remains fluid. 8. The top 10 most active options today by contracts traded were $NVDA with 3.8M contracts, $TSLA with 2.3M contracts, $AAPL with 1.7M contracts, $MU with 1.2M contracts, $INTC with 905K contracts, $SOFI with 802K contracts, $AMD with 654K contracts, $AMZN with 631K contracts, $SPCX with 615K contracts, and $GOOGL with 582K contracts. 9. JPMorgan says Korea’s equity market has gone through an intense deleveraging phase since mid-June, with the KOSPI now down nearly 40% from its June 22 peak. The firm says the selloff was amplified by leveraged ETF flows and hedge fund positioning unwind, but now believes the leveraged ETF unwind is complete and hedge funds are roughly 90% done deleveraging. While some residual selling may continue and investors remain cautious ahead of the FOMC and hyperscaler earnings, JPMorgan says Korea’s positioning setup now looks attractive on balance, supported by cheap valuations and earnings momentum. 10. U.S. senators are warning Apple $AAPL against using Chinese memory chips from CXMT or YMTC, even for devices sold only in China. Lawmakers led by Jim Banks and Chuck Schumer urged Apple to abandon the talks, noting both chipmakers are on a Pentagon list of Chinese military companies, while YMTC is also on the Commerce Department’s Entity List. Senators warned that Apple qualifying the chips could pave the way for broader use later, and asked Apple to commit by August 21 not to use them while disclosing any technical information already shared. The pressure comes as the global memory market remains tight, with potential read-throughs for $MU, $SNDK, and $SKHY. 11. Meta $META is not giving specific 2027 CapEx guidance, saying infrastructure planning remains highly dynamic as it builds for maximum capacity in 2026 and 2027, while keeping room to expand in 2028 and beyond. On AI, Meta said it is optimistic about meaningful growth across its AI businesses and expects to share more soon. The company also said it has received multiple offers to monetize its compute at a meaningful premium to cost, but believes selling intelligence will carry significantly higher margins than selling compute directly. 12. Korea’s government announced an emergency market meeting after the recent equity-market selloff, with the finance ministry also launching a 24-hour market monitoring system. The measures include new restrictions on leveraged ETF trading and caps on retail exposure to these products. Korean stocks have bounced on the news as policymakers move to stabilize markets. I know it's very ugly out there. We all are going through it. It is the greatest show on earth for the reason: you just don't know what's going to happen next. Earnings are amazing so the selloff feels more structural and rooted in deleveraging/bad sentiment around AI vs the entire AI trade itself not being real or having strong fundamentals. Some valuations really got aggressive and the unwind has taken everything down along with the war being a really ugly headwind for the entire market. Stay strong, make sure you aren't too levered, and remember that the broader markets have seen worse and will persist through this. WALL STREET IS THE GREATEST SHOW ON EARTH.

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