In partnership with
In today’s post:
🎬 The Big Short 2.0 Is Here
😬 Zuck Said the Quiet Part
🤑 Trump made HOW much?!
The Government just pulled an AI Offline. What does it mean for investors?
For the first time in history, the U.S. government forced a leading AI company to pull its most powerful model offline. No court. No warning. One letter on a Friday afternoon, and the most advanced AI on Earth went dark within hours.
It happened in a single weekend. And it happened just as the most hyped AI IPO wave of the decade was taking shape.
That timing is not a coincidence worth ignoring. When Washington can switch off a frontier model overnight, it changes who wins, who loses, and what every one of these filings is really worth.
Most investors will chase the hype and find out the hard way. Our free briefing breaks down what the shutdown signals and the risk buried in the filings — before pricing is announced, not after.
🎬 The Big Short 2.0 Is Here
The man who called the 2008 housing crash has a new target: Micron. $MU ( ▼ 5.5% )
Michael Burry just revealed he's shorting MU at $1,051.87 a share. His reasoning? The rally is pure FOMO, greater fool theory, and public commitment bias.
He thinks everyone's buying because everyone's buying.
Why Micron?
Burry calls it the most cyclical stock in the game. His receipts:
34 drawdowns of 30%+ over the last 42 years
The stock is now more stretched above its 200-day moving average than at any point since 1984
Yes, that includes the dot-com bubble.
Micron is up 240% since January. It's also down 10% in the last month. That's not a dip, says Burry. That's a warning shot.
The Put Problem
Burry wanted to buy puts but found them "expensive." He's waiting for the stock to calm down and volatility to drop before loading up.
Even the bears are queuing for a discount. Respect.
What he's buying instead
While shorting silicon, Burry added to five longs:
PayPal $PYPL ( ▲ 3.18% )
Sprouts Farmers Market $SFM ( ▲ 3.74% )
Zoetis $ZTS ( ▲ 3.24% )
Fannie Mae $FNMA ( ▼ 2.39% )
Freddie Mac $FMCC ( ▼ 3.24% )
Grocery stores, pet meds, and mortgage giants. Not exactly a man betting on the AI revolution.
And this isn't a one-off. Earlier this week Burry disclosed shorts on Nvidia, Applied Materials, and the SOXX semiconductor ETF.
He's not shorting a stock. He's shorting the entire AI chip trade.
Last time Burry bet against the crowd this hard, they made a movie about it. 🍿
Michael Burry has shorted the market. What does this mean?
TL;DR
Michael Burry shorted Micron at $1,051.87, calling the rally FOMO-fuelled froth
MU has had 34 drawdowns of 30%+ in 42 years and is more extended than at the dot-com peak
He wants puts but is waiting for volatility to cool before buying
He added to longs in PayPal, Sprouts, Zoetis, Fannie Mae, and Freddie Mac
He's also short Nvidia, AMAT, and SOXX, betting on a full AI chip correction
Want the usual package with this one? I can spin up the ≤30-char headlines, emoji pairing, reader poll, and portfolio idea.
Free email without sacrificing your privacy
Gmail tracks you. Proton doesn’t. Get private email that puts your data — and your privacy — first.
Everyone's arguing about whether AI is a bubble.
But one company just showed investors a $627 billion pile of contractually locked-in revenue. On the record. In writing.
Not pipeline. Not projections. Signed deals.
Around $157 billion of it converts to cold, hard revenue in the next 12 months. For context, that's more than most S&P 500 companies are worth.
Here’s the juicy part. The stock is down 21% this year. The market is punishing it for spending big while ignoring the largest revenue backlog in corporate history.
That gap between what the market sees and what the contracts say? That's where money gets made.
There's an earnings report landing soon. If the backlog converts on schedule, this repricing could happen fast. And you'll either be positioned or watching.
In today's Premium deep dive, we break down:
Why a 99% backlog surge changes the entire bull case
The chip strategy that could rebuild its margins
The $190 billion risk that could sink the thesis
The exact numbers to watch in the upcoming print
😬 Zuck Said the Quiet Part
Mark Zuckerberg just told his own employees the quiet part out loud.
AI agents? Not accelerating like Meta expected. His words, at Thursday's internal town hall (per Reuters).
He also admitted the recent reorg and layoffs weren't as "clean" as he wanted. And the results from the shiny new structure? "Haven't come to fruition yet."
What’s he really saying? We fired people, shuffled the deck, and the magic hasn't happened.
Quick recap of the shuffle:
May 20: Meta cut 10% of its global workforce
~7,000 employees got reassigned to AI projects
Zuck's logic: compute and people are the two big cost centers. More GPUs = fewer humans.
Think of it like remortgaging your house to buy a racehorse. Bold. Exciting. Now the horse needs to actually win something.
Here's where it gets spicy.
On Wednesday, news broke that Meta plans to lease out its excess AI compute as a cloud business. The stock jumped 10%.
Wall Street loved it. But read between the lines: excess compute means Meta built more AI horsepower than its own products need.
That's like buying a party-size pizza and then listing slices on Facebook Marketplace. Great hustle. Also, why did you buy the party-size pizza?
Meta isn't alone.
SpaceX (now merged with xAI) built its massive Colossus data centers to power Grok. A big chunk of that compute sat idle.
The fix? Leasing it to Google and Anthropic. The competition, essentially.
And then Palantir's CEO grabbed the mic.
Alex Karp went after the entire token pricing model, with Palantir posting a nine-point manifesto on X slamming what it calls "tokenmaxxing."
The gist: charging by token usage rewards bloated, disposable AI output instead of actual value. Palantir's jab: token sellers refuse to price based on value, and there's a reason for that.
Burn.
So what's the big picture?
The AI giants overbuilt for a consumer AI boom that's arriving slower than the hype promised. Now they're quietly renting out the leftovers.
Doesn't mean AI is dead. It means the timeline just got real.
TL;DR
Zuckerberg admitted internally that AI agent progress is slower than Meta expected
Meta's 10% layoffs and reorg haven't delivered results yet, by Zuck's own admission
Meta plans to lease excess AI compute as a cloud business; stock popped 10%, but "excess" is the key word
SpaceX/xAI is doing the same, renting idle Colossus compute to Google and Anthropic
Palantir's Karp torched token-based pricing, saying it rewards usage over value
Big tech may have overbuilt for a consumer AI boom that's behind schedule
🤑 Trump made HOW much?!
Imagine making $1.4 billion in a year and genuinely not noticing.
That's the claim from Trump this week, after financial disclosures revealed his family's crypto ventures pulled in at least $1.4B in 2025.
His response when CNBC asked if he knew about the family crypto empire?
"I could know about it. I didn't."
Schrödinger's portfolio: simultaneously enormous and invisible.
So where did the money come from?
The disclosure breaks down like this:
$594M from World Liberty Financial (co-founded with his sons)
$636M from his memecoin business
$197M from an equity sale tied to Stablecoin Holdco
For context, that's more than most S&P 500 companies earned in profit last quarter. From memecoins.
Trump was a crypto skeptic. Then came the 2024 campaign, a full conversion, and a stack of crypto-friendly policies since returning to office.
Critics say the math writes itself: he sets the rules, his family profits from the rules, and he never divested.
Trump's counter? Nothing illegal, nothing wrong, and the real mission is making America "number one in crypto."
Mission accomplished, at least for one household.
Trump made $1.4B from crypto while in office. Your take?
The rest of the 927 pages
Yes, the disclosure was 927 pages long. War and Peace, but with more ticker symbols.
It showed hundreds of trades in names like Amazon, Apple, Nvidia, Microsoft, Netflix and Exxon.
Trump says he has zero involvement: "I let people invest it. I don't even know who they are."
Billions under management, managers unknown. Bold strategy.
On his Nvidia stake, he shrugged it off as "very small." The White House insists there's no conflict of interest here whatsoever.
Nothing to see. Just a sitting president casually out-earning most hedge funds via memecoins.
TL;DR
Trump disclosed $1.4B+ in 2025 crypto income, then claimed he wasn't aware of the extent of it
The haul: $594M from World Liberty Financial, $636M from memecoins, $197M from a Stablecoin Holdco equity sale
Critics say it's a conflict of interest since he never divested and backs crypto-friendly policy
Trump's defence: nothing illegal, big firms manage his money, and he wants the US to lead crypto
The 927-page disclosure also showed heavy trading in AMZN, AAPL, NVDA, MSFT, NFLX and XOM