Citron Research

$CEPT The NYSE Tokenization announcement isn't a threat—it’s the ultimate validation. While the market thinks the "big boys" are building in-house, they’re actually building on the plumbing Securitize already owns. 🧵businesswire.com/news/home/2026…. .

$CACC maintain $714 fair value. Critics keep asking if Credit Acceptance is the next goeasy. They have it completely backwards. goeasy just handed us the best proof yet of why CACC is the only non-prime lender worth owning. Waiting for 8k that discloses settlement Goeasy 330 million in quarterly charge-offs, emergency restructuring, merchant channel collapse that’s what non-prime lending looks like without CACC’s dealer-first structure, 30-year collections infrastructure, and pool-level loss pricing built in from day one. CACC doesn’t chase volume. It doesn’t need to. While goeasy was busy expanding into powersports dealerships, CACC was quietly doing what it’s done through every credit cycle since 1972, getting paid and BUYING BACK STOCK.

$CACC Yesterday Citron published full report on site with $714 fair value. but who likes to read this days? While Citrini publishes fantasy reports Citron publishes facts Consider this. $CACC reported short interest is ~19% of float. But strip out the decade-long holders who haven't sold through any of it, NYAG, CFPB, Covid, none of it , and short interest against real tradable shares is north of 30%. Tightest securitization spreads ever. Lowest equity multiple in years. Same business. One of these markets is wrong. It won't be the bond market! February 13, 2026 — NYAG and CFPB resolved simultaneously. The discount that suppressed this multiple for 3 years is gone. The market hasn't noticed yet. 61% of the float retired since 2011. 12.6% in 2025 alone. The buyback math at this pace is almost violent. Tech-focused new CEO sitting on 30 years of loan-level data. Deployment speed up 70%. Dealer approvals under 2 seconds. Market is pricing a lender. Should be pricing a platform. 2021 vintage dragged earnings. It's aging off the book in real time. The earnings recovery isn't a forecast , it's published data. 13x earnings. History says 18-20x. The gap is the entire thesis.

$CACC acknowledge when the story has changed! Citron reverses course on $CACC. $714 fair value on historical multiple Citron has been publishing for decades. The first major reversal dates back over 20 years to MySpace—followed famously by Tesla and Nvidia. After revisiting Credit Acceptance and with key regulatory issues now largely resolved, what was long viewed as a short story now stands out as a compelling long-term compounder. The numbers just don't lie. Full report below. READ THIS ONE citronresearch.com/wp-content/upl…

Citron is Short $SNDK — They Don't Ring a Bell at the Top We don't need Anthropic to announce they're making NAND. Samsung is already the 800-pound gorilla, and they've been running this playbook for 30 years. While TV pundits pound the table herding retail into cattle cars, Western Digital, the long time investor, sold a significant portion of its holdings days ago, 25% lower. Ask yourself why. Because they know the cycle is approaching a peak, and they're not waiting for the bell. The market is pricing SanDisk like it's $NVDA. There's one problem: NVIDIA has a moat. SanDisk sells a commodity. We've seen this movie before 2008, 2012, 2018. It's never different this time. Memory is a cycle, and cycles peak. Samsung has a 30-year history of choosing market share over margins. They wait for pure-plays like SanDisk to get comfortable at 50% gross margins, then flip the switch. But this time it's worse. Every $SNDK bull should read attached article Samsung just told the world they won't sell anything under 50% margins and they're moving their best chips into the same premium SSD market SanDisk calls home. They're not just the capacity gorilla anymore. They're going after SanDisk's best customers with cheaper, newer technology. And the only thing keeping supply tight right now? Samsung's temporary yield problems in another product line. That bottleneck has an expiration date. With double the capacity of the 2018 peak waiting in the wings, this "shortage" is a supply mirage that can vanish in a single earnings call. Hockey shout-out: Shorting $SNDK is skating to where the puck is going. By the time the cycle normalizes, this stock will already be much lower. technetbooks.com/2026/02/samsun…

$CEPT $COIN Yesterday’s Coinbase call confirmed it: the "Everything Exchange" is their #1 priority for 2026. This isn't a theory; Brian Armstrong is explicitly pivoting to tokenized equities. Tokenization more important than $BTC This is a direct validation for Securitize ($SECZ / $CEPT). The risk/reward here is notably asymmetric: Institutional "Kingmakers" are in: Goldman Sachs just filed a 13G (January 30, 2026) disclosing a 5.9% stakein the Cantor SPAC ($CEPT) taking Securitize public. They join BlackRock, which already uses Securitize as the infrastructure for its $2B+ BUIDL fund. Coinbase just told the market where the puck is going. Securitize is the one already holding the puck. Long $CEPT haven't sold a share

$APP literally 6 weeks ago!!! The good short calls make up for the face made for radio.

$CCCX $RGTI $IONQ $QBTS How quickly things will change soon once Infleqtion changes name merger complete and analyst coverage. Today asked Claude: “If you had no knowledge of their current market caps or stock prices, and could only evaluate these four quantum computing companies on their technology, contracts, team, revenue, and competitive positioning how would you rank them from most valuable to least valuable: Rigetti, IonQ, D-Wave, and Infleqtion?” Answer: 1. Infleqtion — DARPA-validated, multi-modality, real defense revenue, NVIDIA partnership, 230+ patents, strongest competitive moat 2. IonQ — Legitimate trapped-ion tech, cloud partnerships, best gate fidelity, credible roadmap 3. D-Wave — First mover in quantum annealing, ~$24M revenue, but niche approach with limited scalability to general-purpose quantum computing 4. Rigetti — Superconducting qubits competing against Google and IBM with a fraction of the resources, weakest positioning of the four. Yet today's market caps:

Calling the top in software wasn’t easy, but every cycle has low-hanging fruit. The same analysts who marched investors into $DUOL with a $500 price target eight months ago were crying foul that I was pounding the table on the short , even using a government case against me as ammo instead of debating the numbers.Don’t blame “AI disruption” or terminal value resets. That wasn’t bad luck. It was lazy analysis , with zero accountability...you know who are. gurufocus.com/news/3045614/m…

Added to position $CCCX. Remain long Infleqtion and short $RGTI. Voted ALL my shares!! Why? Because Infleqtion just secured a $6.2M ARPA-E contract with the U.S. DOE to apply quantum computing to real U.S. energy-grid optimization, alongside Argonne National Lab, EPRI, and ComEd. That’s government validation, real partners, and an actual use case, not a slide deck. Meanwhile, Rigetti Computing delayed its 108-qubit system again in January, still working through hardware complexities, while trading like it’s already won the quantum race. One company is deploying quantum into national infrastructure. The other is just nonsene Long execution and short hype thequantuminsider.com/2026/02/10/inf…

Today's the day. $CCCX redemption deadline: 5:00 PM ET. Anyone redeeming would be walking away from what might be the most fundamentally sound quantum company in the public markets. Merger vote Feb 12. Close expected shortly after, then trades as $INFQ on NYSE mid-to-late Feb. Neutral atoms, real government contracts, sensing and actual revenue - not just PowerPoint qubits. Expect volatility. SPACs always get choppy around redemption/close. That's the game. I'm holding shares and warrants through it.

How did this one age? I admit when I heard it I thought maybe I am ignorant and don't understand, turns out the more jargon the more nonsense. youtube.com/watch?v=Fztho2…

What software platform has a $300 billion market cap, has been in development for a decade, no large customers, actively traded, and generates less revenue than a mid-tier SaaS company?

Now, did I make these go lower, or the truth? 1 mos ago Andrew Left on FOX discussing shorts in $PLTR $APP $RGTI and the challenges of $CRM and $WDAY foxbusiness.com/video/63802887…

$IBM conference call gives visbility into $RGTI going back to single digits and $CCCX going much higher.- During the Q4 2025 earnings call yesterday, IBM CEO Arvind Krishna didn't mince words about where the industry is going which should make every Rigetti bull fold their hands while the still have them. "Quantum advantage will require high-performing hardware, and in December, we deployed our first 120-qubit IBM Quantum Nighthawk-based system for use by our clients." The Citron Takeaway: IBM just told you that the "standalone" quantum computer is a dinosaur. If you’re Rigetti, sitting there at a $7.2 billion market cap with a hardware-only play, you’re basically a flip-phone in a world where IBM and AMD just announced the iPhone. Meanwhile, Infleqtion is sitting pretty because they’ve been preaching this "modular" gospel for years. While Rigetti is trying to build the whole car, Infleqtion is building the engine components that actually fit into the garage IBM is building. 2026 is the year the hype dies and the "crossing of the caps" begins—$7.2B for a research project vs. $1.8B for a real business. You do the math.

$S SentinelOne is time to pound the table. Clawdbot is the tell- Autonomous Agents, the conversation has just begun, and $S has the lead in protecting the house The market is still arguing about chatbots. The real shift is Autonomous Agents and Clawdbot shows exactly where security breaks. Clawdbot uses the Model Context Protocol (MCP) to take real-world actions on your computer reading files, executing commands, moving data. That creates a massive blind spot. Traditional antivirus can’t see inside an AI conversation. It has no idea when an agent has been hijacked by a malicious prompt until after damage is done. That’s the new threat. SentinelOne ($S) is being priced like a dead legacy endpoint vendor. But its acquisition of Prompt Security quietly turned it into a critical infrastructure play for this exact problem. Prompt Security’s MCP Gateway acts as a real-time command filter. Every action Clawdbot tries to execute gets inspected. If a phishing email tricks an agent into leaking files or credentials, SentinelOne stops the action before it runs. This isn’t “antivirus.” It’s the governance layer for the agentic ecosystem. If the threat comes from a malicious file sitting on your desktop that Clawdbot reads, Cloudflare never sees it. SentinelOne does. The Clawdbot era is an endpoint war. That’s the technical edge. Prompt Security sits at the point of interaction: · Redacts sensitive data (PII) before it ever reaches the model · Blocks “Shadow AI” apps employees use without permission · Enforces policy at the moment of action, not after Now look at the valuation. · Cloudflare ($NET): ~18x P/S, priced for perfect AI execution · SentinelOne ($S): ~4.9x P/S, despite owning the agent-security choke point This is a coiled spring!!!

Been doing this for 25 years. The edge is conviction plus timing. Knowing when to walk away, and when to press. And always checking whether the narrative has shifted before Wall Street notices. One of those moments just showed up!!!!!

$QBTS — When an ~$8B “quantum” company moves from Palo Alto to Boca Raton and suddenly doubles revenue via a deal with local FAU… maybe there’s a valuation disconnect worth examining. I love Boca — it’s home. Great golf, beaches, and a solid place to do business. FAU is a fine local university with real regional achievements. Just… not exactly quantum central. Maybe $RGTI will move here also. (Geez I am getting too nice these days)

$CEPT — Besides Greenland, tokenization was THE buzzword at Davos and there's only one pure-play way to invest in it. Securitize. Larry Fink isn't a stock promoter, he's a client. BUIDL 7x'd in a year. BitGo just IPO'd at $2.2B for custody, a commodity business with margins going one direction: down. Securitize owns the picks and shovels. Can't even put a price target on a TAM this big and a market this blue sky. LFG