Rates will have little impact on this bull market. People seem to have forgotten that during the biggest bull market in US history (1995-2000), the 10 year averaged 6.1% with spikes over 7%. In ~1999 alone, as the Fed was hiking rates 175 basis points, Nasdaq had its best year ever, posting gains of 135%. In our view, nothing will stop the move higher that’s coming.

The Fed is hiking rates, yet $SOFI is still growing 40% in revenues! If this momentum continues into next year, the stock could trade at less than 20x earnings. At some point, the stock has to move

Your friendly reminder that the Fed hiked 3 times in 1999 and NDX did +51% *after* the first hike Oh and the 10-year went from 4.7% to 6.5% that same calendar year

Make America Produce Again America’s resurgence is being driven by the private sector, not by a larger federal bureaucracy. Since January 2025, the economy has created more than one million private-sector jobs while the federal workforce has fallen to its lowest level since the 1960s. More than 1.3 million additional native-born Americans are working. That is the signature of a stronger growth model: investment over bureaucracy, opportunity over dependency, and productive work over government expansion. President Trump’s approach is distinctly Hamiltonian, with a touch of Clay, Jackson and Mckinley. It prioritizes productive capital, energy, domestic manufacturing, infrastructure, and the capacity to make real goods. Rather than relying on public hiring, deficit-funded consumption, or monetary stimulus to inflate demand, it seeks to expand the supply side of the economy. That is how America achieves durable, non-inflationary growth. More investment raises productivity, expands output, eases supply constraints, and supports wages through genuine demand for labor. This is also how America grow out of the fiscal crisis Trump inherited. The Federal Reserve and Wall Street should not reflexively attack this recovery. This is non-inflationary growth. Private-sector job creation, a smaller federal workforce, and more Americans in productive employment are not warning signs. They are evidence that pro-investment, pro-production, and pro-worker policies are working.

Legacy media REFUSED to show you a SINGLE SECOND of President Trump's speech and historic state dinner with Xi Jinping tonight at the White House So here's the ENTIRE thing, from start to finish, with translations for Xi's speech DO NOT LET LEGACY MEDIA KEEP YOU IN THE DARK

🚨 WOW! Donald Trump is now presenting Xi with a BEAUTIFUL Bald Eagle art piece to bring back to China "We hope it'll find a wonderful place in BEIJING!" Trump motions Xi to stand as the rooms claps 🇺🇸🇨🇳 "Melania and I want to thank you for making your journey to America during our 250th year. I'd like to raise a glass and propose a toast to President Xi, Madame Peng, and the long relationship between China and America!" Pure class from Trump tonight. Masterclass. They'll be meeting up AGAIN tomorrow before Xi returns

🚨MAJOR WIN FOR THE UNITED STATES! 🇨🇳🇺🇸 President Trump considers ALLOWING Chinese automakers to BUILD electric vehicles in the US. 👀 CHINA 🤝 AMERICA 🔥

I've seen some $SOFI controversies and frustrations in the ether, and I have some thoughts on the company after observing it since SPAC IPO. The only issue I've perceived with the Sofi narrative is that it's been billed as something more than it is. It's not the AWS of FinTech. It's not transcending banking. It's mostly a boring digital bank that owns a lot of the tech stack needed to run a digital bank (which does create efficiencies that can be worth noting). I have learned myself the hard way that there's just not that much innovation that can unfold in banking. At the end of the day, you're lending money to people and hoping they pay you back, and, when the recession hits, a portion of them will struggle to, hence your multiple will always be constrained, which is really the central factor holding SOFI down in recent years. That's really it. There's a ton of banks that do this on regional and national level. Sofi is one of them, albeit an extremely well executed one.

🔥🍋Hay un potencial ENORME en $LMND que no se habla y se va a empezar a materializar: Solo el 5-6% de sus clientes tiene más de una póliza. La prima media por cliente es de apenas 433$, mientras un estadounidense puede gastarse tranquilamente 4.000-5.000$ al año en seguros. Y @Lemonade_Inc ya tiene Renters, Home, Pet y Car. Pet y Car creciendo +50%… 👩🏽‍💼Estamos hablando de 3,3 MILLONES de clientes a los que todavía prácticamente no les han hecho cross-selling. No hace falta ninguna película rara. ☝🏽Con que una parte de esos clientes pase de tener UNA póliza a tener 2 o 3, el crecimiento puede ser una auténtica barbaridad. 🔥Pero por si fuera poco de momento: IFP +32% Revenue +79% EBITDA ajustado positivo previsto para Q4. 💰Muchísimo dinerete todavía por sacar de una base de clientes que YA tienes dentro de casa. 🍋

This is going to drive some people crazy but I’ll say it: $CRWV is a better bet right now than $NBIS. I own both but I shifted a large part of my $NBIS position to $CRWV after a 9x return. Here is why: I previously made the case that $NBIS’s lower leverage was just an illusion and it would leverage up with scale. We are seeing this as $NBIS quarterly average interest rate on its debt has been increasing, while $CRWV’s has been coming down since it’s getting increasingly derisked as the revenue scales. Exactly because of that scale, its capex per total revenue is substantially lower than both $IREN and $NBIS. Meanwhile, it’s trading at 2x 2027 revenue while $NBIS is at 6x. As I said, I own both, but my $NBIS average is around $30. If I were considering an entry now, I would definitely go with $CRWV.

Nobody has patience anymore. Not in life. Not in business. And certainly not in the stock market. Have a thesis? have conviction? Then give it time to play out. If it doesn’t happen in a day, a week, a month, or even a year - but your thesis hasn’t changed… LET. IT. PLAY. OUT. The market will eventually recognize reality. It just rarely does it on your timeline. If you want outsized returns, learn to do what almost everyone else refuses to do: BE PATIENT.

"Nebius is unquestionably an industry leader with strong offerings in every category." SemiAnalysis just gave Nebius a Platinum rating, its highest tier for AI clouds. Less infrastructure firefighting, more building. Full results: newsletter.semianalysis.com/…

Kudos @anthonynoto! Buried inside @SoFi 's own press release on the Mastercard stablecoin launch is a bigger reveal than the launch itself. @marketswithmay @Tim_Sweeney_TAR @Futurenvesting @DataDInvesting

🚨JUST IN: $NBIS is now apart of the Platinum ranking for Clustermax done by SemiAnalysis Its now $NBIS and $CRWV in the platinum tier

If this doesn’t wake you up You’re dead inside 👀

I hear people say, "The Trump economy is killing us!" as if that has any basis in reality. The Trump economy is firing on all cylinders. GDP 5.1% Record real wages Record low poverty. Strong retail sales growth. Manufacturing exploding. Below average food inflation. Record stock market. 401ks exploding. Record low crime. Closed borders.

The U.S. 10-Year just hit 5.1% for the first time since 2007 which is an obvious headwind because $SOFI still trades like a lender when rates move higher. But the business really is starting to look more like a platform as member growth and product adoption continue to scale. Just yesterday SoFi became first U.S. national bank to go live with stablecoin settlement across $MA network with $25B+ in annual volume expected through SoFiUSD.

🚨 $SOFI: THE BIGGER OPPORTUNITY ISN'T THE STABLECOIN. IT'S WHO ENDS UP USING IT. So I've been thinking about SoFi's latest Mastercard deal. We are focusing too much on the stablecoin itself and not enough on the distribution it could eventually unlock. Think about how many businesses still rely on traditional banking hours, multiple intermediaries and expensive cross border payment systems just to move money between countries. $SoFi now has a bank issued stablecoin, Galileo's existing fintech infrastructure and a live settlement relationship with Mastercard. I think that's a pretty interesting combination. What I'm particularly interested in is Latin America. If you see, Galileo already has relationships with banks and fintechs there, so $SoFi wouldn't necessarily have to convince every merchant to adopt a completely new payment system. It could introduce stablecoin settlement through financial institutions and payment services those businesses already use. Imagine a retailer buying inventory from a U.S. supplier and being able to settle payments faster without having to understand anything about blockchain. Then there's Visa. It already has its own stablecoin infrastructure and established relationships with companies like $CRCL, so I wouldn't expect it to suddenly abandon USDC for SoFiUSD. But I also don't think SoFi needs that to happen. If Galileo can eventually support interoperability across different payment networks and stablecoins, SoFi could participate in more transactions without becoming the preferred settlement currency of every network. Any $V integration would still need to be negotiated and confirmed. The next thing to watch is how many businesses actually start using SoFiUSD, how much payment volume moves through it and whether SoFi can turn that activity into meaningful revenue. I'm so interested in the possibility of SoFi becoming part of the infrastructure businesses already use to move money. Mastercard gives it a way to demonstrate that model. I feel that broader merchant adoption and additional payment network integrations would be the next tests. $SOFI DOESN'T NEED EVERYONE TO USE ITS APP. IT NEEDS MORE BUSINESSES TO USE ITS INFRASTRUCTURE. The Mastercard announcement provides the factual basis for this post. The Latin American expansion and Visa interoperability ideas are potential opportunities. @anthonynoto @SoFi

I have no problem with someone disagreeing with me about $SOFI. If you think I’m missing something, tell me what it is. I put my opinions out publicly, and I’m comfortable having them challenged. But you tagged me, called @anthonynoto a conman, and threw in a bunch of vulgar comments about @amitisinvesting @Futurenvesting becasue of the interviews we conducted. Somewhere in there I would have liked to see an actual argument about the company. What did he misrepresent? Which disclosure do you disagree with? What question should we have asked, and why would the answer change the investment thesis? Give me something we can discuss. I enjoyed our conversation with Anthony on @basispointpod, and I stand behind it. We covered valuation, interest rates, the technology business, SoFiUSD, customer economics, and the cash revenue disclosures. If you wanted us to push harder on a particular answer, that’s fair criticism. I’m willing to hear it. When we interview a CEO, I want people to leave with a better understanding of the business. That includes giving management room to explain its decisions so investors can judge whether those explanations make sense. When I look at what SoFi has built, I see plenty of reasons to be bullish. Start with the members. SoFi finished 2022 with roughly 5.2 million. By Q2 2026, it had 15.8 million. That’s approximately three times the membership base in three and a half years. The company added about 1.1 million members in the latest quarter alone, and membership grew 35% year over year. Total products reached 24.4 million, up 42%. What stands out to me is that existing members opened 51% of the new products, compared with 35% a year earlier. People who already have a relationship with SoFi are giving it more of their business. That matters. Think about your own finances. You might have your paycheck going into one bank, investments somewhere else, and a loan with another institution. SoFi wants to earn more of those relationships. If it can do that, the money spent acquiring a member can support several sources of revenue over time. That’s a big part of what I find attractive about the business. You can also see the progress in the financials. Annual adjusted net revenue went from approximately $1.54 billion in 2022 to $3.59 billion in 2025. Annual adjusted EBITDA increased from about $143 million to $1.05 billion over that period. Revenue more than doubled, while adjusted EBITDA grew more than sevenfold. In Q2 2026, adjusted net revenue reached $1.206 billion which was an increase of 40% year over year. Adjusted EBITDA increased 44% to $357.8 million, with an approximately 30% adjusted EBITDA margin. Those are meaningful results for a business already generating over a billion dollars in quarterly revenue.I also understand the criticism of adjusted metrics. Stock-based compensation matters, dilution matters, and shareholders should care about what’s left for them. This is why investors should also look at the GAAP results. SoFi generated $156.6 million in net income, up 61% year over year. GAAP diluted EPS reached $0.12, compared with $0.08 in Q2 2025. That’s 50% growth in earnings per share. Then there’s the business itself. SoFi has brought together a bank, deposit funding, lending, investing, and technology infrastructure. Galileo and Technisys give it capabilities in payment processing and core banking that support its own operations and can be sold to other companies. That’s why I view SoFi as a vertically integrated financial institution. One of the parts of our interview I found useful was Noto explaining how outside technology providers had slowed product development. Owning more of that infrastructure gives SoFi greater control over what it builds and when it launches. I think that can be valuable over time, provided management executes. The bank charter has also changed the economics. SoFi ended Q2 with approximately $45.5 billion in deposits. During the quarter, its annualized average rate on interest-bearing deposits was 3.07%, compared with 4.63% on warehouse facilities. Access to cheaper funding has a direct effect on the economics of lending. Financial Services revenue grew 29% to $466.3 million in the quarter. Companywide fee-based revenue reached $472.3 million, or approximately 39% of adjusted net revenue. The Loan Platform Business gives SoFi another way to earn fees by originating loans for outside partners without keeping every loan on its balance sheet. I like having those different ways to generate revenue. This doesn’t mean that there aren’t areas for improvement. For instance Technology Platform revenue fell 23% year over year in Q2, including the impact of a large client that had fully transitioned off the platform before December 31, 2025. I want to see sustained growth there. Owning the infrastructure is one thing; producing the financial results investors expect from it is another. I also care about credit losses, loan valuations, dilution, and what price investors pay for the stock. Strong growth doesn’t make a company immune to problems, and it certainly doesn’t put its CEO above scrutiny. My bullish view comes from looking at the business, the results, and where I think it can go. I could be wrong. That’s true of every investment thesis, including yours. So if you have a substantive criticism, let’s hear it. Explain what we missed. Show me why these results deserve a different interpretation. You wanted to talk about facts. I’m happy to have that conversation.