Oct 30, 2026
Yesterday, Reddit released its Q3 earnings report. The report contained an interesting perspective on Reddit
that I will elaborate further on in this post.
Thesis Busted?
Reddit is changing its strategy. It has opted to go "closed garden" with its communities and force users to log in.
This is a fundamental philosophy change by Reddit. Instead of opening its site to users and harvesting
from Google traffic, it is seeking hone in and monetize logged in users. This is a surprising shift, but
I can see the strategy angle from Reddit's perspective.
Position Management
I once owned up to 26 Reddit shares in early 2025. Since then, I've been winding down the position by taking profits.
Heading into this earnings report, I held 7 shares at a cost basis average near $105. My lowest buys were under $90.
I listened to the earnings call yesterday. The word that comes to mind to describe when listening was "fluffy".
Reddit understands what it means to its communities very well.
Much of the problem seems to stem from Reddit's relationship with Google. Google was a more reliable source before
they introduced "AI overviews", which Reddit's CEO has noted has not helped their traffic.
Reddit is a great app that I love to visit daily. Now, I will need to decide if I want to log in and join a closed community to continue
consuming it.
After considering the business, the situation and all of the information, I decided to reduce the position more.
As the earnings broke yesterday, I sold 5 shares at $106, cashing a bit more profit in the after hours trading session.
With only $300 invested, I'd watch how Reddit traded today. With 2 shares remaining, I watched Reddit drop as the market opened today.
I sold the final 2 Reddit shares at $91. After letting it stew overnight, I couldn't justify keeping money in the stock.
Bye RDDT, Thanks for the Gains
I'll stick to the marginal RDDT exposure in my S&P 500 index fund. I didn't think I would be closing out my Reddit position this week, but I no longer view Reddit with the same conviction. The story changed. In my opinion, the old Reddit thesis is "busted". Easy to say when the stock is down 30%, but in this case the fundamentals changed. Now Reddit needs to refocus as a private community. Wow at the single day selloff. I was lucky to have sold this stock as high as $240. It's a reminder of what can happen when you invest in single stock companies.
There are worse decisions than taking chips off the table by taking profits to hedge against these kind of crashes. This stock is a good example. I knew that Reddit stock was "risky" to hold. However, I held it for almost 2 years with moderate volatility and not a lot of stress. That's also because I bought the dip on shares shortly after tariffs "liberation day" in 2025 and since then. I bought lower and sold higher. It's not always that I can achieve that on a stock. Too often I do the opposite, buying the top or buying more at the wrong time.
I didn't see this strategy change coming. Had I bought and held Reddit and never sold, I'd be pretty distraught right now. My consolation is that I took profits and ran after making $1,200 in less than 2 years on the trade. The position is now closed out in favor of more promising opportunities.
Oct 09, 2026
I am a long term Tesla investor. I've held the stock for over 7 years. I've added to my position and taken profits at different times.
It recently occurred to me that I might hedge my Tesla stake against a SpaceX buyout. I reasoned that if the two merge, divesting some of Tesla stake
to play the other side could be a hedge against a transaction that seems feasible to occur. I did not invest in SpaceX solely because of this logic, but it was a benefit I considered when assessing SpaceX. For example, I like owning SpaceX's Starlink business also.
I began accumulating SpaceX on July 1st. Since then I've added more shares. I've brought my SpaceX stake to 14% vs. 86% for my Tesla to SpaceX ratio.
My SpaceX position was funded from underperforming stocks and cash position since July. I also sold one share of Tesla and directly reinvested into SpaceX. I now feel some form of insurance against the looming Tesla-SpaceX buyout deal. Sentiment seems to point to this happening sometime in the future.
Oct 07, 2026
The stock market has remained resilient in 2026. Despite headlines raising investor fear, the S&P 500 has hovered steadily near all-time highs.
With 75% of 2026 in the books, it is time to reflect on themes and trends I've noticed as the year has played out.
REITs and High Rates Don't Mix
I remarked in February how strong REITs were performing. That momentum has evaporated. Higher interest rates have been the trend.
That is bad for the REIT business model.
Magnificent 7 Regains Its Strength
After stumbling earlier this year, most of the Magnificent 7 rebounded in Q2 or Q3. Tesla has been a noticeable laggard. Microsoft had been as well until its recent hot streak in July, August and September.
META Stock Bounces Back With Muse
Meta sentiment was in the gutter because their capex was swelling with time. Additionally, investors wondered, "how this outrageous capex would translate into profits?" Then Meta dropped Muse, an AI agent that investors now believe answers the question, at least partially. The stock was down for most 2026. Then in September, Muse revived it.
Robotaxis Are Inevitable
Waymo, Robotaxi and Zoox, oh my! Las Vegas, Austin, Miami and more are the proving grounds for the tech I only thought I'd see in sci-fi movies, not in my lifetime. Expansion continues for all of these companies. Google's Waymo seems to have achieved the most scale so far, thanks to their first mover advantage. The only thing that stands in the way of these trailblazers are resistance from people and their slow government regulations.
SpaceX Launches Successful IPO
SpaceX appears to have bucked the IPO tankathon trend that seems to happen to so many stocks making their public debut.
So far it has evaded that fate and made the transition to public markets smoothly. The business is humming and impressively
hitting objectives so far.
Korean Tech Heats Up
SK Hynix and Samsung became mainstream stocks for US investors in 2026. I've never heard more chatter online about Korean stocks.
SK Hynix is up 164% YTD. Samsung is up 124%. EWY, the MSCI KOREA 25/50 INDEX is up 89%. South Korea has some of the hottest stocks
on the planet right now.
Coca-Cola Stock Claims Cola Superiority
Coca-Cola stock went up this year by 24% as of Oct. 7th. Pepsi is -13% in the same time period.
Oil and War Fatigue Slams Markets With Minor Effect
The war with Iran continues on. The USA is now 223 days into its conflict with Iran.
It's been unexpected how it hasn't really seemed to change much, aside from adding a bit more volatility in stock prices.
Oil and the strait of Hormuz were all you heard about months ago. They are still important, but haven't seemed to move the needle after 7 months.
Jul 17, 2026
I feel like it's easy to deceive yourself into believing a story about a stock when things are going good. But at some point in almost any stock, your conviction to hold on will be tested.
I have now inversed Netflix stock several times since I invested. First, I bought in 6 years ago. Then after holding for two years, I started to get nervous when the stock entered a steep drawdown in 2022. I sold out at the bottom, near $375 with my remaining stake.
Predictably, the stock went on a torrid run to over $1000 after I exited. I became frustrated and eventually convinced myself that this was a business I should have held onto. I rebought confidently, believing in the story.
Since I bought back in 2 years ago at $911/share ($91/share post split), the stock had enjoyed a period of relatively stable performance. It was seen as tariff resistant in nature. It stayed relatively higher while tariffs weighed on other businesses.
But now in 2026, the stock entered a new narrative. That narrative says that they are having trouble retaining their subscribers. Netflix content draws in but does not hold recurring viewers according to new data.
All of a sudden, I'm down 24% on my shares, with the stock hitting $650/share ($65/share) in pre-split terms at trading lows this morning. This stock has turned into my personal kryptonite. I get bullish and the stock enters a sizeable drawdown. I turn bearish and the stock goes up 3x.
I'm not sure whether I'll keep holding, but the recent performance of the stock has me somewhat concerned. But I also feel this one will recover.
I'm not in a with a large stake. Now the temptation to sell out at breakeven and move to better opportunities is palpable. So it is with single stock investing. I tell myself I am bullish, but when a stock enters a correction, any cracks in your conviction might cause capitulation.
I trimmed 25% of my remaining stake (5 shares post split) at breakeven around $91/share. Now I'm underwater again on the rest of my shares. Thankfully I only have 15 shares.
The industry seems less attractive than ever. Netflix grew by disrupting legacy media. Now it is running up against its own lofty status as a media giant seeking to grow in the tiktok and YouTube filled arena. Maybe they'll always be a solid business. Do I really want to pin my hopes on mediocre Netflix content and a catalog of classics to keep people watching and subscribing?
I've found Netflix to be my own personal stock kryptonite.
Now I'm wondering if I should just move on because it seems to be teasing me for buying back in again. Then again, the stock price might bounce back. We'll see. I guess I'll keep holding the shares. However, the kryptonite might to get kicked out of my porfolio again if this story stock doesn't get its story straight. Or maybe it's 2022 all over again and I just need to ride it out as a long term investor. Time will tell.
Jun 03, 2026
You shouldn't time the market. This is one of the wisdoms investors repeat to themselves over and over again.
Yet, by investing in single stocks, you accept a certain degree of required market timing, the entry and the exit.
Market timing matters. However, if your holding period is for many years, it will likely be irrelevant.
You can have the right stock, but you buy or sell at the worst time. It's happened to me many times.
This is the reality of stock picking. You need to get the timing right, or you'll lose money.
A stock that has worked for you in the past can turn suddenly, luring you to continue buying at high prices.
This is probably the mistake I'm most guilty of. When a stock suddenly rises, my instinct is not to sell. It's to buy more.
This is greed manifested.
I say the toughest scenarios to deal with are either:
- stock went up a lot really fast
- stock went down really fast or over a longer time period, now I'm bagholding and need triple the gains just to break even
Both are problematic scenarios for investors. If a stock goes up, then roundtrips the gains, it's hard to be sitting with the bag. Emotionally, we tend to experience frustration and grow impacient with a stock when this happens. It's difficult to
not kick yourself when you could have locked in profits. Avoid this "shoulda woulda coulda" error. Don't let poor timing
cloud your investment judgement. Easier said than done.
If you find yourself easily upset in these situations, a heavier allocation to index funds makes the most sense.
Don't beat yourself up playing "shoulda woulda coulda". It's easy to buy the right stock at the wrong time. Don't let it compound into further mistakes.
May 29, 2026
This post details the stocks I bought that went multibagger. They went up at least 100% and sometimes more.
In eacg position, I continued buying shares. This states the maximum multiple achieved from my lowest entry price lot.
At current time, I'm currently holding 8 stocks that have gone multibagger (3x or better). I also included 4 stocks and 1 ETF that have doubled (2-baggers).
Here are the current multibaggers I'm holding in unrealized gains. They are listed in order of highest multiplier to lowest. I've included 6 points for each investment:
- company name
- year bought
- lowest price paid
- price today
- % return
- multiplier on investment
The Multibaggers
TSLA
- Company: Tesla
- Year: 2019
- Lowest Entry Price: $17.65
- Price Today: $435
- Return: 2,369%
- Multiplier: 24.6x
NVDA
- Company: Nvidia
- Year: 2020
- Lowest Entry Price: $12.11
- Price Today: $211
- Return: 1,643%
- Multiplier: 17.4x
DFTX
- Company: Definium Therapeutics
- Year: 2023 (FKA "MNMD")
- Lowest Entry Price: $2.46
- Price Today: $24.19
- Return: 885%
- Multiplier: 9.8x
CRWD
- Company: Crowdstrike
- Year: 2023
- Lowest Entry Price: $99.26
- Price Today: $730
- Return: 636%
- Multiplier: 7.3x
SPOT
- Company: Spotify
- Year: 2022
- Lowest Entry Price: $74.15
- Price Today: $510
- Return: 571%
- Multiplier: 6.7x
NET
- Company: Cloudflare
- Year: 2022
- Lowest Entry Price: $39.63
- Return: 510%
- Multiplier: 6x
GOOG
- Company: Google
- Year: 2022
- Lowest Entry Price: $91.71
- Price Today: $380
- Return: 310%
- Multiplier: 4x
COIN
- Company: Coinbase
- Year: 2023
- Lowest Entry Price: $57.04
- Price Today: $173
- Return: 205%
- Multiplier: 3x
The Doubles Club
MSFT
- Company: Microsoft
- Year: 2020
- Lowest Entry Price: $174.36
- Price Today: $450
- Return: 158%
- Multiplier: 2.5x
EWY
- Company: South Korea ETF (Primarily Samsung + SK Hynix)
- Year: 2025
- Lowest Entry Price: $89.36
- Price Today: $205
- Return: 130%
- Multiplier: 2.3x
SPCE
- Company: Virgin Galactic
- Year: 2025
- Lowest Entry Price: $2.87
- Price Today: $6.18
- Return: 115%
- Multiplier: 2x
RDDT
- Company: Reddit
- Year: 2025
- Lowest Entry Price: $87.69
- Price Today: $176
- Return: 100%
- Multiplier: 2x
Conclusion
Past performance is no indication of future results. I consider myself lucky to have hit a few multibaggers in my investing career. This data is presented for educational purposes only and is not financial advice. Multibagger gains can disappear, or they can continue growing. I occasionally take profits to de-risk and have done so with nearly all these positions. I think when I consider what has worked in the past, it helps to find the same or similar patterns in the future. Of course, we can never know which stocks will "work" and which stocks will lose us money. Single stockpicking can create market beating returns, but it is not an easy feat to achieve. Google is a great example of how sentiment can sour and create feelings of doubt in an investor. Staying the course isn't easy. Great rewards come to those who don't give up when the going gets tough.
May 27, 2026
I've held Nintendo ADRs (NTDOY) for 5 years and 3 months at current time. Over time, I have realized about $400 of after tax gains. I feel the stock has been kneecapped due to the ongoing memory chip shortage. Nintendo needs chips to make its consoles.
In retrospect, I managed the position well. Even though I ended up buying the top above $24/ADR, equivalent to 0.25 shares on the Japanese exchange. Today those same ADRs hover around $11.
After scaling up the position into the Switch 2 launch last year, I realized Nintendo might be considered vulnerable to memory draught or cost hikes. As the memory price increase trend became apparent, I noted that Nintendo shares were underperforming. I sold off some shares on the way down from $22, sold again at $16. With the story around Nintendo continuing to sour, I finally cleared my lowest cost $10 and $12 lots at a small profit recently. I asked myself, "how bad can this get for Nintendo?" In terms of supply chain and pricing, Nintendo couldn't have forseen the memory demand AI trend.
They sold more than 17 million Switch 2 consoles in 2025. It beat its initial projection of 15 million consoles. Yet, the stock hasn't reflected this momentum.
I am still long $3122 invested and down 41% on my remaining shares, in the hole $1,288. Therefore, I now need a 69% gain to break even. This is what happens when you buy into the hype of a big launch and then get blindsided by the memory supply chain. I haven't incurred any losses yet on the shares I sold. At the top, I held 300 ADRs. Today I'm holding 165. Nearly half of my peak position has been moved into other investments. Long term, I might tax loss harvest from the position if it doesn't turn around for Nintendo. Fundamentally, I think they are executing well at a high level but have found themselves on the wrong side of memory chip macro.
In the end, I underperformed the market with Nintendo. I'm planning to keep the rest of my shares and continue collecting dividend income. I needed to take more off the table in the months following the Switch 2 launch last year. Instead, I realized my error as the memory impacts began to show in the stock price. I took action to reduce my cost basis from approximately $4,800 to $3,122 by taking profits as things played out the past year.
At its peak, my Nintendo shares reached a market value of $6,500 in 2025. I didn't know it then, but the bottom was destined to fall out of the stock. In the midst of raging bull market. This is why stings a bit more. I could have just bought an index and been coasting. Yet another example of how stockpickers tend to underperform. I could have bought more SK Hynix or Samsung instead. Instead I bought Nintendo. Stockpicking isn't easy. With better active management, I might feel differently about the stock. The opportunity costs make it hard to stick with the plan. But why should I stay with it if I feel other stocks are better. That's why I sold 35% of my investment cost basis. Nintendo's share price is -35% year to date.
There is a lesson here, but I'm not done holding Nintendo. I guess the lesson is don't only look at the company level execution to assess fundamentals. Don't only look at the end product. Consider how the product is sourced. In this case, macro factors and tariffs KO'd the stock. The narrative became "Nintendo is a memory loser". The outlook shifted in an unexpected and novel way. Nintendo relies on a commodity, memory chips, to make its Switch consoles. AI ate the memory supply. Did the market overestimate the impact on Nintendo? Will they rebound? The Switch 2 launch fundamentals seem to be going with a new popular Pokemon game launching recently and generating sales. The Nintendo IP is deep and should not be underestimated. I'm keeping my bet that they will weather the storm.
In spite of the perplexing way the stock reacted as the Switch 2 launch unfolded, I've decided not to sell it all. I guess that makes me a Nintendo bull and bagholder. The rest of my remaining shares are underwater. When the market is moving the other way, you've got to assess why you didn't benefit like other companies.
My conviction has been shaken by the raw realities of procurement. Nintendo's place in the supply chain had never entered my mind when I bought my first ADRs in February 2021. With my conviction tested, reducing position size seemed sensible. Active approach seems to have been the right move for this one. I now feel 35% less pain letting this stock ride, because that's how much I reduced my investment before it got to this point. Is this the bottom? Or will I be in Nintendo stock purgatory until I die? I was told stocks go up, buy and hold, right? We'll see.
May 23, 2026
Cash Flow
The best businesses have a free cash flow that allows them to invest in the business, buy back shares, pay a dividend, pay down debt or build cash reserves. Likewise, you will be in a stronger position with a cash flowing job or business.
Investments
Nvidia is the top dog in the AI boom. However, it is still investing into other companies in related supply chain.
They are growing their business by making partnerships with the hyperscalers. They are allocating their capital. Last week,
in their Q1 2026 earnings report, they raised the dividend 25x from $0.01 to $0.25 per share. This is another example of the levers available to companies to allocate capital in addition to buybacks. We should also be tactical investors in order to grow our capital. Money invested in the stock market will tend to appreciate over time. Nvidia knows this and so should we.
Real Estate
A business needs an office, storefront or equipment to run. In the average person's case, we need a place to live and sometimes a car as well. We all need to live somewhere.
Operating Costs
Your lifestyle is unique to you. The things you like to do. The places you like to go. How you get there.
It all adds up. Rent or mortgage payment or if you've already own your house. Food. Cutting your costs is usually a good idea. A business spends with expected return on investment. We should do the same. However some costs of living are incurred with depreciating value, like a car. I personally haven't owned a car for 4+ years. I saved significant sums by living in a city and using public transportation or bicycle. All these tradeoffs in life impact your operating costs each month, the costs incurred while you live your life.
Solvency
A rule in business and in life is that we must remain solvent. We can't afford to overspend and deplete our resources.
Live well, but within your means. Businesses are responsible to its shareholders to reap the benefits of its capital.
It must not go bankrupt. Neither can we. We must live in a balanced way to preserve solvency.
Pivot
You don't need to always do the same thing. You can shift your job, your relationships, your location or any other part of your life. Businesses must also know when to pivot from mail-in DVDs to streaming, for example at Netflix. Ford stock is bouncing recently on their announcment to pivot into the energy business with their batteries to service growing data center demand. It's an unexpected shift from the automaker.
Differentiate and Out-Execute
Skate where the puck is going to be. Easier said than done. In your life, you should try to differentiate yourself in skillset and the kind of person you are in general. Don't paint yourself as one of the herd. Once you decide what you're aiming for, strive to execute better than everyone else. Someone else could imitate you, but not achieve your quality. Brands like Apple, Ikea and Costco. They all approach their business with top execution of their high-level strategy. Customers love them.
Take Moonshots
Take some chances on opportunities with possiblity for outsized gain. The moonshots aka "other bets" division at Google is an example of how they allocated to longshot bets outside their core competency at the time. Waymo is one of those "other bets". Its valuation continues to swell as it grows with time. Make sure you're allocating at least a little capital to moonshots.
Be Careful With Debt
Going into debt is a tactical move when done in the right conditions. However, going into debt to buy a car, for example, is highly questionable unless it enables your source of income. Businesses sometimes use debt to run and invest in their business. However, the best type of business is one with healthy free cash flow that can fund operations rather than via debt. On a personal finance level, stay disciplined with your credit cards.
Diversify If Possible
Companies with multiple sources of revenue are more durable. Disney has its theme parks cash cow, but its also reaping at the box office. It's also profitable in streaming. That's 3 ways they are winning. Similarly, we should diversify our streams of income. Having a job is great, but what about a side hustle? That's how you get ahead and build resiliency.
Strategically Build Cash Position
Sometimes it makes sense to hold more cash for the extra optionality. Ideally, we want to be fully deployed. Sometimes we should be like Berkshire Hathaway, who has accumulated an excessively large cash position in recent years. In our case, holding cash ensures we are able to pay the bills or use it for repairs on our house. It has the same function for businesses. They can pay bills, pay their shareholders or invest in the business. This is why as investors, we want to err on the side of full deployment. However, we can't ignore the function of cash in facilitating our day to day life.
May 15, 2026
I have written in the past about my failed Solar investments, First Solar (FSLR), Sunrun (RUN) and Enphase Energy (ENPH).
When I followed these companies, I felt myself a bit out of my comfort zone for a stock pick. I sold all my shares of these 3 stocks in 2025. I justified it by saying I couldn't convict myself to buy more and saw it as an error to buy at high valuations. So I reallocated the funds elsewhere seeking better opportunities after approximately 3 years holding.
Though I believed in our long term solar future, I lacked conviction at the individual company level.
It seemed that external forces could strip profits away easily. One swift legislative change could dramatically impact a company's operations at any given time.
I believed in the long term solar trend and still do. Today, I've moved to express that in my stock portfolio with TAN ETF.
TAN is the Invesco Solar ETF. It contains First Solar as its largest holding, followed by other companies I've held in the past like Enphase Energy and Sunrun. I didn't have faith in any of these companies to reap the ever growing solar total addressable market. In this case, I am happy to hold the ETF and let someone else manage the allocations after my own mishaps trying to ride individual solar companies.
In my experience, it was tough to decipher the unique industry macro in the short to mid-term for any given solar operator. I bought the dip in 2022, but it kept dipping in Enphase Energy and Sunrun. I ended up down big with substantial capital loss. I sold both for tax loss harvesting. So far I haven't regretted it. This is my warning for anyone who dares to buy individual solar stocks, beware. I have opted to go with a solar ETF instead after my stockpicking struggles.
TAN has an expense ratio of 0.70%, which is relatively high. However, I am ok with paying this in order to satisfy my demand
to ride the projected increase in solar usage in our future. I believe the future will be solar. Energy generation is highly important to our future and we'll need diversified sources to keep up with the growing demand. This is why I'm intending to own a basket of solar companies for the long run.
May 04, 2026
Recently, I've contemplated my exposure to the artificial intelligence (AI) boom. I feel pretty aggressively allocated to the AI theme.
Nvidia is a core long term holding. EWY ETF is also a core holding, adding exposure to the memory part of the AI supply chain
via SK Hynix, Samsung, SK Square and the rest of the Korean index. I started to "buy the bottlenecks" at the beginning of this year by making EWY a core position. So far it has rewarded me with great returns.
I've also continued to own the hyperscalers. Microsoft is a core position. I own Google in a smaller but rapiidly growing in size position. Oracle, Alibaba and Meta are also in this basket for me in smaller allocations. These are interesting companies due to their vertical integration up and down the AI stack. Their position to deliver AI to customers and provide infrastructure for its customers to enable AI, plus leverage AI in its own products makes them strategically advantaged. Investors don't like to hear about the rising capex numbers, but this is a bet the hyperscalers must make. Spend to scale at all costs and figure out the ROI later! Joking aside, I'm sure there will be ROI.
Playing the application layer, I have a small position in Soundhound AI. Companies like Spotify and Duolingo have also commented on their continuing AI efforts.
Additionally, industrial companies like Caterpillar have seen orders for products like their data center generators jump to satiate data center demand. What we've seen so far is that any company wants to eat a piece of the AI pie by supplying critical components. It makes sense to own those companies and ride the AI wave. I opened a position in VIS Industrials ETF to align with the data center buildout. The momentum in industrials taking a slice of the pie is palpable.
It seems I have a lot of AI exposure, but I wanted a 2nd opinion. So I asked Google Gemini if my portfolio is sufficiently allocated to AI. Gemini responded with some interesting ideas where I may be missing out.
The first idea from Gemini: owning a Semiconductors ETF like SOXX gives additional exposure to different parts of the AI supply chain. Gemini suggested that even though I had a strong Nvidia/semiconductors exposure, I can also own the networking and equipment parts of the supply chain by buying the SOXX ETF. I know that Nvidia is the largest position in the ETF. In this case, I'm ok with the overlapping. It makes sense to me to own more of the "bottlenecks" and key components involved in the delivery of AI. From data center construction to the model used, delivered back to us in chat form.
The second idea that came from Gemini was to "buy the grid". To deliver AI, you need to deliver the power it will consume.
The power grid will become or already is, an AI bottleneck. To get exposure to the companies in position to own this bottleneck, I chose to buy XLU, the utilities sector. Utilities will be a winner if the "grid bottleneck" thesis plays out.
I've decided to continue "buying the AI bottlenecks". I believe this is a good medium to long term strategy, especially if the AI buildout keeps on its hectic growth trajectory. It will probably pay to own the chipmakers, the hyperscalers delivering the AI via cloud computing, the application layer to deliver AI to real people and then the power grid to provide the necessary energy. Why shouldn't we own the whole supply chain? Own the AI bottlenecks and prosper.