New account, so here’s the short version. I started at JPM. Built a company. Sold it for $100M+. Served in places where risk was not theoretical. Now I spend my time looking for public companies sitting at the intersection of capital, technology, and strategic necessity. Defense tech. AI infrastructure. Space. Bitcoin. Critical infrastructure. I am not here to post 50 tickers and celebrate the ones that work. I am here to find the few names where the market is using the wrong frame. Old category. New asset. Messy transition. Right team. Massive demand pull. That is where the asymmetry usually lives.

The older I get, the less impressed I am by someone knowing more facts than everyone else. Information is cheap and getting cheaper. The hard part is knowing what matters, what to ignore, when to change your mind, when/how to put size and actually when to do absolutely nothing. AI is going to make everyone better informed. It won't make anyone better at any of the above. Which means the gap doesn't close, it widens. When everyone has the same analysis in 10 seconds, the only thing left to compete on is what you're willing to do with it. That part has never gotten easier and it isn't about to.

Northland’s $12 PT for $NUAI is also almost exactly where my math landed for a full 757 MW lease. Who will the tenant be?

Increased my $NUAI position to 103,138 shares. Added 40,400. I'm also long Jan27 $7.50 calls. It's still the smallest position in my book - for now. Some folks have asked about my thesis. Here you go. What $NUAI is: A small co building a DC campus in Odessa, Texas. 493 acres in the Permian. 757 MW planned across 2 phases, with a longer path to ~1.4 GW. Phase 1: 207 MW, powered by @VistraCorp gas plant next door. Power starts Q3 2027. Phase 2: 550 MW of $NUAI 's own on site gas generation. What's already done: Land is owned. Construction permits are in hand. The plat was approved last week. On Monday they signed a 20 yr Power Purchase Agreement (PPA) with @VistraCorp up to 207 MW. Power is the hardest thing to get in this market. $NUAI secured that and now controls it in its own name. Why behind-the-meter matters (BTM): Both phases are BTM. The power is made on or next to the site and fed straight in. That means no waiting in the Texas grid queue, which is 474 GW deep and under audit. No load on the public grid. And the grid is still there as a backup if a plant goes down, with excess power able to flow back to it. They own power first and have grid as optionality. That's the setup HSs want. The thesis: HSs need powered, permitted land. Texas just made that scarcer. The governor paused new DC permits until a grid audit is finished. Projects that depend on the grid are now in a queue. $NUAI 's campus runs on its own power. It was built for the rules Texas is now writing. Demand isn't the q. Neoclouds are raising GPU prices, not cutting them ($NBIS is great eg.). The q is whether $NUAI signs a tenant, and for how much of the site. The math: After today's $100M ATM dilution, my rough ranges: - Phase 1 lease only: ~$8 - Full 757 MW lease: ~$10-12 - Full 757 MW at strong terms: ~$15+ - No tenant: well under $1 Most of a Phase 1 deal is already in the price. The real upside is the full site. The risks: 1. No tenant - everything depends on getting a lease/s signed. 2. Execution - small team. Today's filing says they expect to sign directly with the tenant. Better economics, maybe more execution risk. 3. Dilution - the $100M ATM is ~13% more shares, and ATM selling will cap rallies near term. 4. Phase 2's air permit is frozen until the Texas audit ends. Phase 1 doesn't need it. 5. Timing - deals like this can be delayed What I'm watching: A lease announcement, and how much of the 757 MW it covers. Who builds and operates the campus. The TCEQ update to the governor on Oct 19. The Q3 filing for how much of the ATM they've used. How I'm managing it: PPA was big tick for me. Now I'm sized for the lease event. I'll hold through a lease and reassess after it. If nothing is signed by the Q3 filing, I reassess again. Not advice or instruction. Just my book.

Today: Sold another 142 $IREN Mar27 $35P @ $4.85, collecting ~$68.9k in prem. Bought 40,400 $NUAI, taking me to ~103k shares. That’s all.

Let me tell you my goal on X. Access. When I go back to building my next (and last) startup, having a large following makes it much easier to reach ppl who would otherwise be hard to access. Is that critical for me? Probably not. But it’s worth a shot. Now why is that good for you? Well bc I genuinely dgaf what happens on here. I’m already rich. I’m not selling you a course, a Discord or some bullshit subscription. I’m trading my time via my content, which I genuinely hope helps ppl, for future access to ppl I otherwise wouldn’t have access to. That’s the entire transaction. Now you know exactly what I may get out of this.

Being early isn’t free. The market charges rent on every thesis. Opportunity cost, dilution, funding risk, theta. Your own patience. You can be completely right about what a co becomes and still lose money bc you got the timing or structure wrong. “I was right eventually” is not the same thing as a good investment.

There are a lot of finfluencers on X and it can be hard to discern who’s legit and who isn’t. @babyfolio is one of my favorite accounts. Genuinely good dude. Smart, humble, curious and more importantly has actually built a portfolio from basically nothing to ~$7m+. Ticks all the boxes. Obvious follow.

Everyone keeps trying to decide whether AI is 1999, the internet, oil, electricity or railroads. There isn’t a clean comparison. We’ve never had a technology that can write code, create media, reason across domains, operate machines and improve the tools used to build itself, all at once. History is useful for capital cycles and human behavior. Those don’t change. AI will still produce bubbles, fraud, overbuilding and spectacular failures. But history can tell you how people will behave. It can’t tell you what happens when intelligence itself becomes abundant. Every prior revolution scaled something humans could already do. AI scales cognition itself. This time is different. Not bc people changed. Bc we’ve never had anything remotely like this before.

Success will not find you.

Today mattered for $NUAI. The PPA was the gating item. 200-207MW locked for 20 yrs w Vistra. Land secured, permits in hand. Phase 1 now has contracted power and a path to expand beyond it. That changes the conversation. My expectation from here is pretty simple. JV next, then a hyperscaler tenant. When those 2 print, this stops trading like a speculative powered land story and starts trading like an actual AI infra asset w contracted demand behind it. That’s when I think $15+ becomes very realistic. I’ve said for a while this was my smallest position bc the outcome was still too binary. Today removed 1 of the biggest binaries. Now we wait for the next 2.

There were many attempts on here to put $NUAI in front of you all. PPA signed. 1 catalyst down. Hyperscaler deal next.

I was once told mistakes are fine, as long as you only make them once. Learn quickly, friends.

Getting a lot of feedback for selling $IREN CCs. As you all know, I’m an $IREN bull. I’m just not convinced fundamentals get to dictate the path every day. This tape has made that pretty clear. You can be wildly bullish LT and still monetize violent spikes when macro keeps suppressing real value. Thesis and path are 2 very different things. Worst case, $IREN rips through my strikes (40%+ from here) and I leave upside on the table on half my position. If we get there gradually or with some retraces, I’ll roll. Relax.

Wise words.

In poker you play the man, not the hand. Ofc it certainly helps to have a good hand. In this market I try and play the tape, not my names. People ask why I sell CCs on my highest conviction positions. Bc conviction doesn’t mean ignoring macro. I can be right on the co and still think the tape suppresses the inevitable run. I’ve collected roughly $1m in option prem through this chop doing exactly that. If I’m going to wait, I'd prefer to get paid.

Sold CCs on half my $IREN position today. 235 Jan27 contracts @ $65 strike paying $4.10. $96,350 collected. Happy to let half the position go at effectively $69.10. The other half has my permission to run.

FinX is obsessed w finding the next name. Most people need the opposite. Fewer names, more work on each and enough size that being right actually changes something. Owning 20+ “high conviction” stocks is just an ETF with anxiety. You take single name risk for index like returns.

Information is basically free now. Same X feed, same co filings / transcripts and same AI. Yet people can look at the exact same facts and make completely different decisions. Access was never the hard part. Judgment is. Knowing what matters, deciding, then having the balls to follow through is.

Retail has one enormous edge over professional money and most people throw it away. No LPs, no restrictions, no benchmarks, no redemptions. Nobody forcing you to act. You can sit in cash for 6 mths or own a co for 10 yrs. Then people voluntarily stare at 1 min candles all day and manufacture urgency that doesn’t exist. Incredible.

My friend @BlackPantherCap was the first FinX account to shout me out when basically nobody knew who I was. He now wants 100k followers for reasons I don’t fully understand bc follower counts are mostly irrelevant. Help the man out anyway.