Investments

We are short shares of BitMine Immersion (BMNR), an $18 billion Ethereum-focused digital-asset treasury (DAT) chasing a model that is on its way to extinction. The playbook is lifted straight from Strategy (MSTR) and copied by dozens of DAT wannabes: sell stock at a premium to…

We are short shares of CoreWeave, a so-called neocloud that has rallied 30% in just the past week and trades nearly 200% above its IPO price five months ago. It is the poster child of the AI infrastructure bubble. In three years…

We are short shares of Pure Storage (PSTG), a $27 billion market cap enterprise storage company. After riding the all-flash array adoption wave in the enterprise market, Pure finds itself with a plummeting growth rate, declining competitive differentiation, and a product portfolio poorly positioned to…

We are short shares of Aurora Innovation, an autonomous trucking company we expect will never become a viable commercial operation. Aurora projects a vision of an autonomous utopia in which….

We are short shares of D-Wave, a $2 billion quantum annealing company whose stock has surged more than 600% since investors began chasing anything remotely associated with next-gen computing last year. While the broader market looks…

We are short shares of IonQ, a $5 billion quantum computing company whose stock has tripled in recent months as retail investors, chasing the “next AI” trade, piled into an industry that has long been plagued by overpromises and…

We are short shares of Red Cat Holdings, a $1 billion drone manufacturer that’s added more than $900 million in market capitalization over the last 9 months mostly in anticipation of an award for the production of the US Army’s short range…

We are short shares of Oklo Inc., a $3bn nuclear energy company that went public via SPAC six months ago – with no regulator-approved design, no revenue for years, and no proven commercial viability for its planned 15-50 MWe microreactors. A story stock which….

We are short shares of Lumen Technologies, a $26bn telecommunications company trying to spin how AI will fuel the dramatic turnaround of a secularly declining business saddled with $19bn of debt. In recent weeks, a mixture of buzzy headlines, misplaced retail…

We are short shares of Riot Platforms, a $3bn bitcoin miner that does a far better job playing energy arbitrage games and issuing stock than generating shareholder value by mining crypto. Bitcoin mining is easily among the worst business models…

We are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value. Shares of MicroStrategy have soared amid a…

We are short shares of Altimmune Inc, a pharmaceutical company developing a GLP-1 agonist, hoping to field a competitive drug that might grab a slice of the booming weight-loss-drug market. In December…