Emily

PORTFOLIO (and transparency) UPDATE✍️ For Q1 2026 Year-to-date: -3% S&P 500: -3.6% Outperformed by 0.7%. This number fluctuates violently because of my position sizing, sometimes I'm green, sometimes I'm worse off. New/Increased Positions: $COIN $TOST $HIMS $CMC $CRSR $FRMI + some 1-2% positions like $RXRX and $ABSI Trimmed/Exited positions: $DOCS trimmed down to fund more Coinbase ----- Holdings Update $NBIS: 45% of account (inc. calls) and effectively holding my portfolio up. My dedicated position. Be warned: too many short-sighted posts and "analyses" about Nebius on X. People, including influential X investors, are focused on nonsensical 2026 price targets, which will be critically wrong, just like their 2025 price targets the year before. If you want to understand the end-game as someone whose been invested in them since 2021 (Yandex days) then you can read about it in my X article. $VTI: 19% of account. Continued steady monthly deposits. Nothing fancy but contributed to me under performing this year (ironically) $COIN: Increased to ~10% of account. Newest add of 2026. I expanded on the bull, bear and current state of Coinbase in my X article. I'm still critical of Brian for being too late on stock trading. But anything <$200 is a well-adjusted risk to reward entry. $TOST: 6% of account. My one of two SaaS bets. Vertically integrated software with a sticky platform and high-switching costs. There are positive signs that the economy (measured as spending power vs debt) is improving, a tailwind for Toast. $DOCS: 3% of account. My other SaaS bet. This one is strengthened by $500M buybacks (12% of MC) and a regulatory moat (FDA/Health) $HIMS: 3% of account. Personalized distribution platform with incredible product marketing. Litigation with NVO turned to partnership and the only overhang now is DOJ, which I'm not worried about. People love to hate on HIMS, and at the prices it was at previously, $70, I wouldn't blame them, but at my entry of $16? I'm totally relaxed. $CMC: 2.6% of account. Steel manufacturing company whose niche is focused on foundations and kickstarting projects. Trades lower P/E compared to Nucor and has a massive backlog of data center build-outs. Also something I covered as a deep-dive separately $FRMI: 1.3% of account, down -37%! High risk, high reward. I give them one full year, until 2027 to execute and deliver their 1GW promised capacity (eventual 11GW!). If nothing, then I'm out

Always good to hear from you MP As of Q1'26 they had 5.4B cash on hand, and in 2026 they expect to have about $8B from new investments and milestone based payouts. Of that 8B, 1B from VW has already been received and $300M from Uber is also set to clear. They're losing about 700M a quarter (going back to Q1'25) which gives them a few years of runway, depending on if FCF stays steady or not. In my opinion, my invalidation criteria is Q4'26, if as I predicted unit-economics does not flip the automotive loss (-62M in Q1'26) to positive by Q4, then this means either of the following: -BOM and non-BOM COGS reductions did not materialize as they stated in the shareholder letter -Demand came in lower than expected, without R2 demand, all that revolving credit and facilities are running at full throttle and burning cash Any of those spells doom for the company, which is the most valid bear thesis comes in. But, If automotive does flip to positive in Q4'26 (I estimate ~20-25M gross profitability) resulting from pent-up demand ($RIVN scored 85% on customer satisfaction) and from actual savings from BOM/non-BOM COGS, then the street is going to materially re-rate this company higher because you now have: -High demand, matched by high output capacity -Tempered costs and meaningful supply chain improvements -Amazon as 2nd largest shareholder and largest customer likely has pent-up cash they are waiting to deploy to enable the success of their Supply Chain initiative (Logistics as a service) which they couldn't order more because there is no capacity -As production scales, Rivian has the opportunity to sign more deals with other Retailers

Final post of the series unpacking $DOCS. I've narrowed down the bull and bear thesis and I look forward to thoughts/comments. BEAR🐻 Doximity management blames short-term revenue weakness on pharma clients delaying budgets and deals due to uncertainty from Most Favored Nation agreements. Most Favored Nation (MFN) policy requires drug makers to sell medicines in the US at prices matching the lowest offered in other developed countries to "ensure Americans pay prices aligned with the lowest in other developed nations, ending decades of overpayment and delivering immediate relief." - President Trump By early 2026, the administration announced 16 deals with major pharmaceutical manufacturers to provide substantial price relief on numerous products. Companies commit to MFN pricing to avoid tariffs and increase US manufacturing investments. Ok, let's answer in plain english: So what? MFN policies lower pharma revenues by forcing US drug prices to match the lowest in other developed countries. Pharma companies respond by signing agreements to avoid tariffs, which creates short-term budget uncertainty and delays in marketing spend. For Doximity, this means reduced upfront commitments from top pharma clients, as seen in their Q3 2025 earnings where 16 of 20 major pharma firms delayed deals amid MFN negotiations. Long-term, lower pharma profits could cut overall ad budgets but favor cost-effective digital platforms like Doximity over traditional channels. Pharma might optimize spend toward targeted physician networks to maintain sales amid price squeezes. Final note, growing revenue in a segment where you already capture 85% of physicians, is going to be a non-starter. Too difficult to grow revenue when you’re this dominant already You need to materially evolve your product offering or launch into a new segment, which then gives us our bull case. BULL🐂 Doximity divides its AI components into DoxGPT, Doximity Scribe, and PeerCheck. DoxGPT serves as the core clinical AI assistant. Physicians use it for evidence-based answers to questions, drug references, guideline access, full journal PDFs, drafting letters, and patient education materials. "Doximity GPT is a powerful AI tool that excels in clinical support. It understands clinical queries, provides contextual responses, and summarizes relevant information." Over 300,000 prescribers used it in recent quarters, often preferring it over competitors. Doximity Scribe acts as the administrative documentation tool. This ambient AI generates real-time notes from patient visits or calls, capturing key details while integrating with tools like Dialer. "Scribe is a HIPAA-compliant, AI-powered clinical documentation tool that automatically generates notes during patient visits." PeerCheck provides the trust and validation layer. Over 10,000 physician experts review and verify AI outputs, embedding peer-reviewed accuracy directly into DoxGPT responses. This AI implementation is so compelling for me that I decided to initiate a position. The data that $DOCS has is a goldmine for Frontier AI labs like Anthropic or OpenAI and a prime acquisition target even if revenue doesn't grow at a fast pace. And if an acquisition doesn’t work out, then there is big upside to commercializing DoxGPT to regular users This isn't financial advice, do your own research.

The crypto market structure bill has PASSED the Senate Banking Committee with a bi-partisan vote! Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority. I'm proud we stood up for our customers in that moment, and the bill is better because of it. Looking forward to a bipartisan law that cements the US as the world's crypto capital. Let's get CLARITY done.

$UNH Jan'27 calls doing well. Likely trimming half before earnings next week.

BREAKING: SpaceX and Google considering to launch data centers in orbit