Operation🅰️TM

Anthropic just hit an implied $1.4 trillion. Not in a funding round. On Jupiter's tokenized pre-IPO market. The chart is a weekly candlestick of a private company's price. Each candle is the bid/ask on PreStocks, the synthetic tokens that give 1:1 SPV-backed exposure to actual Anthropic shares. October: $122 per token. Today: $1,408. Tenfold in seven months. 40% in the last 24 days. The wild part is what this number means. Anthropic's last primary round closed in February at $380 billion. Series G, $30 billion in, led by GIC and Coatue. The next round being negotiated right now is reportedly $850 to $900 billion. Forge Global, the regulated US secondary marketplace, has shares changing hands at roughly $1 trillion. Hiive sits at $851 billion. Jupiter is at $1.4 trillion. Four different prices for one private company, running 3-4x apart. The Jupiter pricing matters because PreStocks tokens are backed 1:1 by SPV exposure to actual shares. This isn't a meme coin. It's leverage and live bid/ask from people who can read a cap table. Now look at what this kills. Pre-IPO price discovery used to be a quarterly tender pegged to a 409A. Founders and employees lived with stale marks until the next auditor cycle. Secondary windows were rare and thin. Nobody knew what their equity was actually worth between rounds. A Solana DEX and a regulated US secondary marketplace are now pricing the same private company within 18% of each other. Both update every block. Both feed back into the next primary round Anthropic raises. Kalshi has Anthropic's 2026 IPO at 59%. Polymarket has it at 68% to list before OpenAI. The listing event itself is now a tradable instrument. In February, Anthropic was a $380 billion private company. In May, the market is pricing it as a quasi-mega-cap before it files an S-1. The 409A is dead. The order book is the valuation.

$ASTS reports tomorrow after close. This could add an insane amount of fuel to the momentum $RKLB catalyzed. Pretty certain the market's already priced in another EPS miss... they've missed by ~80% on average over the last 4 quarters. Luckily, EPS isn't what matters for $ASTS (or the sector to be honest) for now. Operational guidance/updates is what'll facilitate the rally even more. A few scenarios could happen: > EPS hit + solid operational updates = adds to momentum, continued sector rally. > EPS miss + solid operational updates = very short-lived volatility, similar to what we saw with $SNDK and $AMD, followed by a continued sector rally. > EPS miss + operational delays would be brutal for $ASTS… (unlikely scenario). Rest of the sector should still be fine IMO, but there'll be turbulence. Technicals are starting to build up and fundamentals might start to align. We'll find out soon. Many opportunities loading... Stay ready.

Episil-Precision. A Taiwanese pure-play supplier of epitaxial processes inside the global power bottleneck. At less than $500M market cap?! $TSM rely on them for high yields... Even NASA engineers rely on them for GaN devices... Episil-Precision are recognized as the only player in Taiwan able to mass-produce both SiC & GaN epitaxial wafers simultaneously. Acting as a highly convenient one-stop-shop for foundries. The AI power constraint ----- Data centers need gigawatt-scale loads. But modern compute clusters throw up power swings that destabilize traditional grids. EVs demand semis that handle high voltages and temps without performance loss. Traditional silicon has hit its physical threshold. The solution lies in wide-bandgap (WBG) materials: > Silicon Carbide (SiC) > Gallium Nitride (GaN) These operate at 600V-1,200V+ with minimal energy loss. However, their adoption is restricted by manufacturing complexities in the initial growth phase, known as epitaxy. This is where Episil-Precision operates as a mission-critical asset. Episil’s position in the supply chain ----- Episil-Precision is a pure-play supplier of epitaxial processes. It acts as the bridge between raw material substrate vendors and device fabricators. Instead of logic design or volume foundries, Episil handles the front-end material engineering that transforms raw wafers into active electronic platforms. By depositing a crystal layer on a substrate, Episil defines a chip's thickness, resistivity, and dopant profiles. Companies like $NVDA and even NASA engineers rely on Episil to de-risk their operations since this layer determines the final yield of subsequent fab steps. Filling the epitaxial bottleneck ----- The transition to WBG materials has created a huge supply chain bottleneck. Growing GaN or SiC on supporting substrates produces intense mechanical stress due to lattice mismatches. At temperatures >1,000°C, this stress causes the wafer to warp, creating cracks or current collapse. Episil-Precision fills this bottleneck via patented nitride structures that grow alternating buffer layers to absorb mechanical stress. Engineers track structural stress second-by-second in real-time. This ensures that after cooling, the wafer returns to a flat state free from bowing. Without these material capabilities, downstream foundries like $TSM would face sh!t yields, stalling global electrification. Their technological moat ----- Episil's competitive moat is built on 25+ years of institutional process knowledge. Epitaxy is not a commodity; recipes for gas flows and temperature gradients require years of trial and error to perfect. The relationship with clients features high switching costs. In sectors like automotive, qualification cycles take over a year. Once Episil achieves IATF 16949 certification, clients are locked into the supply chain to avoid liability risks. Episil is also the only player in Taiwan capable of mass-producing SiC and GaN epitaxial wafers simultaneously. Competitive dynamics ----- The market features a tier of conglomerates focused on high-volume 300mm bulk silicon for logic (e.g. SUMCO, Shin-Etsu Handotai, GlobalWafers). However, power electronics require a high-mix, lower-volume batch profile on 150mm/200mm lines. The massive capital structures of mega-suppliers are not geared toward mastering the localized stress bottlenecks of WBG processing. Also vertically integrated leaders like $WOLF and STMicroelectronics are overwhelmed by AI demand. To meet backlogs without waiting for new fab construction, these IDMs are outsourcing to independent foundries like Episil. There are some Chinese competitors, but they have consistent defects. Not ideal when some end-clients are EVs. Vanguard alliance is a scaling catalyst ----- Historically, Episil’s growth was capped by capital constraints. This changed when Vanguard International Semiconductor acquired a 13% stake in Episil for approximately $77.1M. Vanguard provides the manufacturing scale for power management chips. Episil provides the WBG expertise. This alliance ultimately grants Episil the gravity to secure volume contracts from Japanese giants like Renesas Electronics and Denso. ----- Episil-Precision is a critical solution provider inside the global power bottleneck. Power systems simply cannot rely on legacy silicon platforms. The transition to WBG materials is non-negotiable. Because the growth of GaN and SiC on supporting substrates produces severe mechanical stress that ruins processing yields, third-party foundries and IDMs are forced to rely heavily on advanced epitaxy specialists. Episil-Precision directly fills this bottleneck by applying its process knowledge,designs, and real-time curvature tracking systems to produce ultra-high-yield starting materials.

The biggest IPO so far in 2026 launches in 4 days. $25B $CBRS brands itself an $NVDA killer. It claims its huge, ultra fast AI chips are 21x faster than B200s. But it's a parlay trade. $CBRS depends on a $20B OpenAI contract. For $CBRS to win, OpenAI must win as well.

Thanks, we might not see a InP substrate bottleneck yet, but we’ll likely see it when hyperscaler ASICs (TPU, Trainium, Maia, etc.) ramp up -> supply strains like memory mid-2026. That doesn’t quite mean material providers should be valued like $LITE, but the fact that the entire future AI buildout has a single point of failure that comes from a small $600m company like $AXTI is amusing.