Today I was at Robinhood’s Q2 earnings call and I got to ask @vladtenev and @ShivVerma what they think about the path to $1 Trillion Market Cap. Peter Thiel once said in regards to facebook he thought every 10x to $100B was about equal difficulty, but $100B to $1T would be significantly harder. In hindsight, that may have been Facebook’s easiest 10x since it already had scale. So as $HOOD approaches a $100B market cap: could the next 10x actually be the easiest one? Their answers were the most bullish part of the entire call. Vlad: “I don’t think a financial company has ever hit a trillion market cap. But I think it can be done… I see multiple axes that the company could 10X, and I think we’re gonna pursue all of them.” CFO Shiv Verma: “We believe we can 10X the business over the next 10 years.” Nearly $400B in customer assets today vs. competitors at tens of trillions — and unlike most companies, every adjacent market (retirement, banking, crypto, international, B2B) has a larger TAM than the last. Agentic finance. Robinhood Chain. Ventures Fund 2. The roadmap isn’t 1 year it’s 10. Full exchange below.👇 Long $HOOD @RobinhoodApp

🦔It's a bit of a late night post, but I wanted to get this out to explain what's going on in South Korea. South Korea's stock market triggered another emergency trading halt today, the second day in a row. Yesterday the KOSPI crashed 10.84% and tripped a full circuit breaker. Today it dropped another 8.17% and the exchange froze program trading again. The index is down 41% from its record high in about 28 trading days. SK Hynix fell below its US IPO price 18 days after a $26.5 billion debut. Jensen Huang called it "the golden age for Korea" four days ago. My Take SK Hynix reported record revenue and profit today. The stock bounced early and then the broader market sold off anyway. Record numbers and the market still ran for the exits. Korean retail investors borrowed heavily to ride the AI chip rally, and now brokerages are liquidating their accounts as prices drop, which drives prices lower and triggers more liquidations. Korea has seen 1.2 million margin calls this month with 360,000 accounts wiped out. On top of that, a Chinese memory company called ChangXin raised $8.6 billion in a Shanghai IPO and briefly hit a $443 billion valuation on its first day. If China can produce cheap DRAM at scale, the premium SK Hynix and Samsung charge gets a lot harder to hold. I've been covering the AI buildout for months now, the debt, the circular deals, the capex nobody can fund from cash. This is what it looks like when the doubt starts to price in... Hedgie🤗

This is turning into of the worst days for Semis all year. Market seems to be reacting to a few things: - A Chinese state-backed company has started mass-producing its own DUV lithography machines. The market is worried that the development could reduce China’s dependence on Western suppliers like ASML and weigh on future equipment demand - NVDA backstopping OpenAI’s new datacenter buildout with $250B is making the market think that things are getting a bit too circular - NVDA investing $5B into a new AI startup once again is creating fears of circular financing - China just had their second largest IPO ever and it was a memory company which is now making the market think that oversupply of memory and a peak in prices is underway Trump tried to calm down markets by saying that the US and Iran are talking, which got Oil down 7%, but isn’t really helping the chip stocks. Usually, a drop on oil that big would explode high beta names like semis but the market seems to be taking the China buildout threat seriously. Effectively, the market is saying that China supply coming through means the constraints that create the pricing/earnings power for the semis is diminishing. I’m not sure if this is actually true, especially given how new these reports are, but it goes to show how fragile the entire semi trade is if a headline like this can wipe out $500B+ from the entire sector today. As always, if semis go down hard, the software names go up which is why software is rallying heavy today. Are you buying the semi dip or is this a legitimate concern? $MU $SNDK $INTC $NVDA $AMD

While SPY has been flat this month, the FLP Equity Pool has delivered ~7.8% in passive returns, driven by its structured basket of assets and pool PnL ⚡️ If you’re still not using FLP to diversify your portfolio across multiple assets, then what are you even doing?

nobody gives a fuck about your tech if you don’t tweet about it well hiding in a cave for weeks to build the thing is negligent. you’re only doing half the job. and it’s the half that makes the money.

NEW: Preconfirmations See transactions the moment a validator commits to executing them That's 5-50 milliseconds BEFORE transactions are turned into shreds, and the earliest a tx can be observed on Solana All delivered via one new WebSocket subscription: preconfSubscribe

Five playbooks to still make money in crypto: 1. Invest in revenue generating tokens Probably the simplest to execute: just buy tokens where value distribution to token holders (relative to MC) matters most. Some plays: $HYPE, $TRX, $SKY, $JUP. Simple but not easy as $PUMP despite huge buybacks failed to rally. 2. Narrative trading In previous cycles yielded great returns as crypto was experimental and traded mostly on hype and story telling Now, the market demands revenue and clear PMF but opportunities still exist: $ZEC is the biggest win this cycle. I'd put memecoins in this section too as they trade purely on attention e.g., Robinhood memes 3. Yield Farming Yields are compressed and risks due to AI hacking have increased. Still, more sophisticated players can be tradfi returns and emergence of 'vault managers' and Risk Curators make it easy for retail to participate too. 4. Bet on institutional adoption. I believe it's still a trade that takes time to play out as current upside is absorb by equity holders that retail can't access: Circle's IPO is a clear example where retail was left behind. Securitized SPAC is another. Tokens like $STABLE (scam) or Canton's $CC shows appetite for the narrative. $TEMPO & $ARC TGEs will be the ones to watch. Also, $FLUID just announced partnership with Kinetic to build a permissioned, KYC'd instance of Fluid for institutions is unique as Kinetic will acquire 10% of $FLUID on the open market. Tokenization is big part of institutional adoption and I like Backpack's $BP here despite the recent pump. Need more ideas for institutional adoption. 5. Airdrop farming... ... has become industrialized for a while now. Still, I bet on successful TGE of Variational's $VAR Major catalyst for airdrop revival would be Polymarket. Their TGE could spread beyond CT and juicy airdrops could bring a new retail wave to crypto. --- Any other strategies I missed?

JUST IN: Intel beats Q2 expectations ▸ Adjusted EPS: $0.42 vs $0.22 expected ▸ Revenue: $16.1B vs $14.4B expected $INTC +7.62% after hours

We're fully back online. Trading, deposits, and withdrawals have all resumed as normal. The exploited amount has been fully replenished, and as promised, no user was affected. All funds are safu. Thank you for your patience and trust throughout this. We're coming out of this stronger, with hardened systems and lessons learned. Back to building.

Not sure if you saw this (and I'm biased of course), but I would argue @Backpack Securities is an extremely important milestone and hugely substantive. It's the first time in history where you can build native onchain @solana DeFi stock markets that can arb and keep prices in line with Nasdaq at the speed of a token. The first time where you have a real, genuine, 1:1 redeemable mapping between a token and a security entitlement--and you see the consequence of this directly in the liquidity on the network 24/7. No other tokenized stock or network has this right now. xitter.cf/armaniferrante/status/…

after trading on JTX for more than a week in private, i think it's important to highlight some of its amazing features; JTX; from building solana infrastructure layer to market layer brought to you by jito. 🧵, 1/8

The most interesting thing to watch this cycle will be Jupter's GUM vs Jito's JTX vs the field. Both are trying to be the everything app for trading. One has chosen multichain, the other has chosen Solana. Or will both get beat out by a plethora of specific non-everything apps?