Jochem Verzijl - AAIG

A snapchot of the performance of my portfolio for Q1 2026, generated by ai (in merely 5 seconds). $ALCO $DBO.TO $MIAX $EVC $SOFW.TA $GPW.WA $CPH.TO $IGIC. Due to specific weighting and closing some winners that missed my hurdle rate due to share price appreciation, I managed to achieve 16.40% YTD so far.

@GyujinAAIG Props to you for making it understandable for a newby like me 👍👍

I spent a lot of time putting together a deep dive on one of the most misunderstood themes in AI hardware today: glass core substrates and glass interposers. Link in the comments below.👇 This is one part of what we’re building at AAIG: system-level research across the AI and memory stack, focused on where supply chain themes overlap and what is actually investable today. The market seems increasingly interested in the idea that glass could be the next step in advanced packaging. That may well be true. But there’s a big difference between a technology that matters in the long run and one that is investable today. In this piece, I break down: * Why glass core substrates and glass interposers are fundamentally different theses * Why the physics is compelling, but yield, reliability, and manufacturing scalability still matter * How incumbents like ABF substrates are responding * What signals would suggest this theme is moving from expectation to reality I tried to keep this readable even without a deep semiconductor background.

@DrJebaim Good Job man. Just remember us at the top ;)

Can't believe we're 2 weeks later and this number almost doubling. It's not much, you may think, but having discussions (even when people disagree) is all I want from twitter, and I noticed engagement to my posts skyrocketed in last 3-4 weeks. I do not: - sell anything, - give ambitious price targets - or claim to be early on top names today What I do is: - try to share updates on interesting names, mostly smaller caps - discuss about various topics: energy, dc infrastructure, software, semis, mining with a lot of focus on high growth - I sometimes comment on politics, while I try to avoid as it brings no good - share feedback/critics about certain companies or accounts on this platform Thank you all for all of your replies, I truly appreciate them all (even those calling me names) 🫶

@Daniel___Gordon Sold at the wrong price and time amigo

👀

Spot-on x.com/JonCukierwar/s…

@evfcfaddict His wording in full capitals make it quite confincing though ;)

In today`s markets, that`s good for 1.300 DAX points up in less than 15 minutes...

@DmitriTrades Stock did absolutely nothing 🤣

This is huge for $PPIH. One of the main catalysts for a re-rate of this name. Next: waiting for earnings calls!

$LB and $NUAI arevery different bets on the same thesis, at opposite ends of the risk spectrum. Both companies are trying to solve the same structural problem. I have provided you with a full breakdown of where each Co stands, what they have in the pipeline, and what still needs to happen for either to work and unlock shareholder value. THE SHARED PROBLEM The AI infrastructure buildout has exposed a single constraint: firm, dispatchable power at scale. Traditional data center hubs, like Northern Virginia, Dallas, and Phoenix, are increasingly power constrained, with ERCOT interconnection studies running 5 to 7 years. Oncor alone has disclosed approximately 200 GW of large load interconnection requests in its territory. West Texas offers something those markets cannot easily replicate: the Waha Gas Hub in Pecos County, which regularly trades at a steep discount to Henry Hub and has periodically gone negative. A dedicated combined cycle gas plant running on Waha priced supply can theoretically deliver power at $30 to 45/MWh, compared to $60/80+ MWh in capacity constrained markets. For large scale AI inference workloads where power is the primary operating cost, that differential is a decisive siting advantage. Both $LB and $NUAI are positioning themselves as the infrastructure layer that makes West Texas workable for hyperscalers. The difference is the approach, the stage of execution, and who bears the risk. LANDBRIDGE $LB: THE ROYALTY LANDLORD LandBridge owns 315,000+ contiguous surface acres in the Delaware Basin. It does not build data centers, neither does it operate power plants. It owns the ground and collects fees from whoever does. Q4 2025 Report of financials (reported March 19th : * Revenues of $56.8 million, up 56% YOY and 12% QOQ; * Net income of $18.2 million; * Net income marginof 32%; * Adjusted EBITDA of $51.1 million, up 61%YOY and 14% QOQ; * Adjusted EBITDA Margin of 90%; * Cash flows from operating activities of $38.1 million * Free Cash Flow of $36.4 million; * Operating cash flow margin of 67%; * Free Cash Flow Margin of 64%. As we see this is a highly profitable, cash generating business independent of any digital outcome. Capital light with low capex. Let's dive into their digital infrastructure pipeline: 1. Data center ground lease, Reeves County: signed, cash generating today. Unnamed counterparty paid $8M non refundable deposit for a 2 year exclusive site selection period over approximately 2,000 acres. If built: approximately $8M/year in lease payments plus on site power and cooling water revenue participation. 2. NRG Energy: option agreement for a 1,100 MW grid connected natural gas power plant in Reeves County. Air permit applications and ERCOT interconnection requests already filed (September 2025). Earliest in service: year end 2029. Contingent on NRG securing an anchor hyperscaler PPA. Estimated $25–45M/year to LandBridge if built. 3. Unnamed IPP: a second, separate CCGT lease option with a large public independent power producer, disclosed in the Q2 2025 10Q. Size and milestones not public. Running a competitive process with at least two power partners simultaneously. 4. Samsung C&T Renewables: 350 MW BESS, two option to lease agreements signed December 2025, Pecos and Loving Counties. Target commercial operation: year end 2028. First BESS projects on LB acreage. Grid stability infrastructure required for hyperscale uptime guarantees. 5. PowerBridge: Five Point Infrastructure committed up to $1B of equity to develop gigawatt scale data center campuses on LandBridge land. Led by Alex Hernandez (founded Cumulus Data, sold to Amazon; former CEO of Talen Energy; former CFO of TerraForm Power; former MD at Goldman Sachs). Development stage. No campus publicly announced yet. 6. Strategic power solutions partnership: a third undisclosed power generation relationship, disclosed alongside the IPP option in the Q2 2025 10Q. Path forward for $LB: Near term (2026): the 54 acre LOI equivalent for LB is watching the unnamed data center counterparty move toward exercising its option. The 2 year exclusivity period is active now. Q1 2026 earnings (expected May 2026) will be the first read on whether the 2026 EBITDA guidance trajectory is on track. Any formal announcement of a named hyperscaler or power plant FID would be a significant catalyst. Medium term (2027–2028): Samsung BESS targeting commercial operations year end 2028. If built, this meaningfully raises the attractiveness of adjacent land for data center development by improving grid reliability. WaterBridge Speedway Phase II pipeline (up to 500 mbpd incremental, currently in open season) adds further produced water capacity on LB surface; a critical cooling resource. Long term (2029+): NRG plant earliest in-service year-end 2029 if PPA is signed in time. PowerBridge first campus timeline undisclosed. A hyperscale campus at full buildout on LB land could generate $50–100M/year in ground rent and participation royalties from a single site. The honest critique: every power generation deal is conditional on a hyperscaler anchor PPA that does not yet exist. Without it, the NRG plant and the IPP CCGT remain permits in a filing cabinet. The digital thesis is well constructed optionality. It is not yet contracted revenue. Valuation: approximately 28x 2026E EV/EBITDA on a $5.1B market cap. Texas Pacific Land $TPL, the most direct surface royalty comparable, trades at 35–40x EBITDA with lower margins and lower growth. The discount reflects LandBridge's short public history (IPO June 2024), the LLC structure (K-1 forms, UBTI issues for tax-exempt investors), and the absence of an obvious institutional peer group. NEW ERA ENERGY & DIGITAL $NUAI: THE DEVELOPER NUAI is a development stage company formerly known as New Era Helium, renamed in August 2025 after pivoting from helium E&P to AI data center development in the second half of 2025. Its flagship asset is Texas Critical Data Centers (TCDC), a 438-acre campus in Ector County outside Odessa, Texas, master-planned for 1+ GW of capacity. The company also owns approximately 137,000 acres in Southeast New Mexico from its prior helium operations. FY2025 financials: * Revenue: $885,400 (no typo) * Net loss: $29.6M Well, let's just skip its financials for now. Going concern qualification in the 10K: management's own assessment is that current cash is insufficient to fund planned operations for the next 12 months What NUAI has accomplished recently: * Acquired 100% of TCDC from joint venture partner Sharon AI (January 16, 2026), simplifying the ownership structure; * Partnered with Primary Digital Infrastructure to co-develop the 1+ GW campus (January 16, 2026); * Phase Two engineering underway (detailed site planning, land clearing, infrastructure integration, subsurface soil sampling); * Announced 450 MW behind-the-meter generation plan with Thunderhead Energy and TURBINE-X Energy (February 27, 2026); * Entered LOI for 54 additional acres adjacent to TCDC (February 26, 2026), explicitly stated to be a milestone in active lease negotiations with a leading hyperscale tenant). $NUAI recently hired a new CFO in its management, which is something the market is significantly underestimating imo. Ted Warner, CFO (effective March 16, 2026): Warner spent the past several years as Managing Director for Energy, Power and Digital Infrastructure Investment Banking at Northland Capital Markets. During his tenure, Northland structured and sole-managed more than $7 billion in financing solutions for large-scale data center development, with a specific focus on bespoke capital structures for early-stage digital infrastructure platforms, which is exactly NUAI's situation. He has also participated in additional billions in HPC infrastructure financing and advisory transactions across the capital stack. Earlier in his career he worked in upstream oil and gas and oilfield services capital markets and served as CFO of a private equity-backed oilfield services company in Dallas, giving him operational CFO experience alongside banking. What Warner actually brings is not accounting or reporting capability. Those are table stakes for any CFO. What he brings is a pre existing institutional network of lenders, infrastructure funds, and project finance desks that have already written checks for large data center builds. He knows which institutions are actively deploying capital into this sector, what structures they require, and what conditions need to be in place before they will commit. For a company with a going concern qualification and no project financing in place, that network is the entire value-add. His PSU compensation structure is unusually revealing about the company's near term priority list. This is the precise, sequenced roadmap: * Tranche 1 (203,476 PSUs): vests upon entering a binding commercial agreement with a hyperscaler for minimum 200 MW at the Ector County site. * Tranche 2 (203,476 PSUs): vests upon achieving final financial closing on that hyperscaler lease. * Tranche 3 (203,720 PSUs): vests upon commercial operation of the site and a 90-day VWAP stock price of at least $15. * Tranche 4 (610,673 PSUs): vests upon completing a material credit facility with a major financial institution by June 30, 2026. The sequence matters. The company is telling investors in compensation contract form that the order of operations is: close a credit facility first (June 30 deadline), then sign a hyperscaler, then close project financing on that deal, then build it. Warner's most financially significant tranche , Tranche 4, the largest single block, is tied to the credit facility deadline. That is the immediate problem he was hired to solve. The 54-acre LOI also deserves closer reading. NUAI's press release stated explicitly that the land acquisition was undertaken as part of "ongoing lease negotiations with a leading hyperscale tenant," and that "securing the additional acreage emerged as a key milestone in advancing discussions." This is a direct disclosure that a hyperscaler negotiation is live. Companies do not typically spend money acquiring land adjacent to their flagship site unless the counterparty has made it a condition of moving forward. The LOI for 54 additional acres is a response to a specific ask from a specific customer. Putting this together: Warner's hire, his network, his PSU structure, and the 54-acre LOI are all pointing in the same direction. NUAI appears to be in advanced enough negotiations with at least one hyperscaler that it needed to (a) acquire adjacent land as a precondition and (b) bring in a CFO with the specific institutional relationships to structure the project financing that would follow a signed lease. None of this is confirmed. The hyperscaler deal could still fall apart. But the signals are more coordinated than a casual read of the press releases suggests. Path forward for $NUAI: Immediate (Q2 2026): close a material credit facility by June 30, 2026, the hard deadline in Warner's own compensation. Without this, the going concern risk becomes acute and development momentum stalls. Near term (H2 2026): sign a binding commercial agreement with a hyperscaler for at least 200 MW at TCDC. The 54 acre LOI suggests active negotiations. If this happens before Warner's credit facility deadline, the sequencing of financing becomes much easier, lenders are more willing to commit when the off-take is already contracted. Medium term (2027): achieve final financial closing on the hyperscaler lease. This is the point at which the project becomes fully capitalized and construction can begin in earnest. Phase Two engineering is already underway, which reduces the time between financial close and shovel-in-ground. Long term (2028–2029): commercial operation. 450 MW behind-the-meter generation from Thunderhead/TURBINE-X partnership provides the first phase of power. If the 1+ GW master plan is executed in phases, initial operations could begin before full buildout is complete. The honest critique of NUAI: the above is a coherent plan if every step executes. The company was running a helium business 18 months ago. The going concern qualification is real. Short interest at 18.8% of float reflects genuine institutional skepticism about execution. Warner's June 30 credit facility deadline is 102 days away. If that milestone is missed, the stock likely re-prices sharply downward and the development timeline extends materially. The PSU structure gives investors a precise, time-bound indicator to watch. BOTTOM LINE Both companies are addressing a genuine, large, structural opportunity. The differentiation is margin of safety. $LB has a profitable, high margin royalty business generating $122M in free cash flow regardless of whether a single hyperscaler ever signs a deal on its land. The digital stack is a call option that investors are currently not paying for. The downside is bounded by the underlying business. $NUAI is almost entirely the option. There is no underlying profitable business to cushion a miss. The Warner hire and the 54-acre LOI suggest the company may be closer to a hyperscaler signing than the stock price reflects. But investors are buying execution risk from a management team that pivoted out of helium 18 months ago, with a going concern qualification, a securities class action, and a hard June 30 financing deadline. That is a different risk profile and should be sized accordingly. $LB is a way to own West Texas powered land with a margin of safety. $NUAI is a higher variance bet on a specific development executing on a specific timeline. Not investment advice. Do your own due diligence. $LB $NUAI #Permian #DataCenters #AIInfrastructure #EnergyInfrastructure #PoweredLand

@DrJebaim Don’t forget you still have to pay taxes on it

What should I spend this on? I need ideas. $WDC $MU $SNDK $SMSN $SIMO

What would come to my mind is $CPH.TO. 437mil market cap. Outstanding lt-debt $5.0mil; total FY25 repayments of $35.0 million toward its credit facility, including final payment of $8.0 million in Q4. Cash balance of $7.5 million. Minimal capex. Strong cashflow yield. Their transition toward the direct sales model in US and the established market share of products in Canada provide a high level of revenue reliability (defensive?).

A very difficult challenge for fintwit community. Share a defensive company (not defense): - Under 500m MC - No/little debt - Growing A challenge because on fintwit defensive companies are almost never mentioned, as they're not attractive enough. Any recommendations? I'm preparing for hard reality during and after the current conflict.

@evfcfaddict What are you thinking about competition? Market is getting more and more saturated in this industry.

Just doubled my $FTLF position, 31% Cash left

@Premski_SGP 2-4 sessions, so I expect you to come back here later.

@JochemAAIG lol i dont think it works straight away? the key is that you dont look like a Frankenstein after the procedure

Bought 2% of $SOFW.TA just now. And on Monday i will be testing out their equipment on myself lol ; - ) was lurking with limit orders for a while and couldnt get a proper fill.

Sale of pulses at 46% right now for $SOFW.TA. EBITmargin at 14%. Revenue came in at $28.9 million, 58% yoy growth. Stunning. x.com/JochemAAIG/sta…

@Daniel___Gordon Still a lot of market share to capture 🤝

Excelente resultado $CPH muy feliz por los resultados de ayer

@DrJebaim @GrumpierBTDay Should just put them all in a screener and filter them out based on metrics

@GrumpierBTDay Indeed! Need to wait for the weekend to check them one by one.

Here's the summary (if we can trust grok, who needed around 10 attempts to complete it) Sorted by amount of mentions: $BOSC: 5 $ZDGE: 3 $OSS: 2 $HAIVF: 2 $MAMA: 2 $LGCY: 2 $CTZ.V: 2 $AXL.V: 2 $MPTI: 2 $KUYA: 2 $CBR: 2 $ZOMD: 2 $IQE: 2 $VELO: 2 $EGAN: 2 $QBAK: 2 $BUDA: 2 $KMDA: 2 $DBOXF: 2 $BOF: 2 $PRG: 1 $HVT: 1 $HG: 1 $ASTI: 1 $BQE.V: 1 $HME.V: 1 $KITS: 1 $PTRN: 1 $WULF: 1 $DCTH: 1 $PNG.V: 1 $PPSI: 1 $OCC: 1 $TSSI: 1 $MVST: 1 $IMUX: 1 $TSTL.L: 1 $FWT.L: 1 $NCI.V: 1 $SWVL: 1 $DGXX: 1 $LPTX: 1 $OPTX: 1 $CODA: 1 $CURI: 1 $CXDO: 1 $XLY.TO: 1

@DmitriTrades @DrJebaim Jup, same. You can read more about the current situation here: open.substack.com/pub/aaig/p/one…

Good info there, I did not know the exact steps. Bottom line with $ZOMD for me - if results are going to be materially affected - retail will not react well even though in a perfect market this should all be priced in. Also there is always the threat of audited financials. Looking like a Q1/Q2 entry for me if it will still make sense at that time.

Please share your hidden gems ideas: - under 500m - no or very small debt - profitable, and growing - not spammed the hell out on twitter Any ideas? 🧐

Don’t know why it takes so long, but it moves in phases: - Integration + set-up new MMP - Pilot + validation + testing - Gradual scaling Scaling quickly takes 2+ months, because during that time they have to collect performance data again to optimize the algorithms. So before you know it you are on 4+ months. But I am not sure how all of that works out in practice and reality.

@JochemAAIG @DrJebaim Just a little unusual - if these companies changed their MMP why would it take them so long to fully ramp up? Aren’t they actively losing market share by ramping up so slowly? I would believe Amit but with some misinformation he created previously I can’t trust him the same.

Still interesting to follow this name though. Q4 2025 and Q1 2026 will be impacted due to the MMP changes. I expect Q2 to be impacted as well but to start showing signs of normalization (scaling up again) and then back to normal run rates in Q3. This will likely be a hot topic during the next couple of earnings calls, so management commentary and tone of voice is key. The world cup Soccer takes place from 11th of June till 19th of July 2026. This should result in a big revenue boost for Q3 2026. Albeit the headwinds, they should continue to grow revenues from here on. Better to focus on QoQ changes then YoY. $ZOMD.V

@DmitriTrades @JochemAAIG I heard about MMP issue and I jumped in after that dip, but it seemed the price drop had no end, and I thought it was unjustified but got out to focus on other companies. Thanks for this context, fully aligned with your take.

@markcboon @MarkosAAIG Haha luckily to me it doesn’t. I know Markos personally so I know that it is not meant like that. Don’t worry 😉

@MarkosAAIG To me such labeling of your co-worker comes across as condescending.

The junior posted his first article. And it is a good one🙂. Go check it out.