Jon Ma

.@Citrini7 2028 piece missed the launch of @tempo and what AI looks like for investors... Today we walk through what 2030 looks like for a high agency investor. Please meet Steven, the high agency investor who consistently beats SPY in 2030. Brought to you by the world class analysts at @artemis. We share the winners and losers of digital finance.

Winners and losers of 2026 Themes: #1 winner is Memory and Storage at 39.6% YTD #1 loser is Enterprise SaaS at -32.9% YTD Best hedgefunds are long memory, short SaaS. It would be HIGHY contrarian to be long SaaS, short memory rn if you think market is overreacting to Claude killing SaaS.

@NikoLeMieux @Kacper_PK_CH @tleilax___ 😭 i wish you shared the alpha with me at the solana building

@jonbma @Kacper_PK_CH @tleilax___ If we still worked out of the Solana building I’d just walk over and give you all these resources and a rundown of LNG markets and their derivatives if you wanted it. This’ll have to do I guess 🤷🏼‍♂️

MIDDLE EAST OIL & GAS RECONSTRUCTION WATCHLIST Who rebuilds when this war ends? Ranked by reconstruction relevance, not pre-war backlog, assembled by AI assistant, hopefully 95% accurate. PHASE 1: Emergency restart and damage repair (months 1 to 12 post ceasefire) 1. $SLB (NYSE) | SLB N.V. | Largest installed base of wellhead systems and production equipment across every damaged facility. Well restart, integrity assessment, corrosion monitoring after prolonged shut ins. Recently won $1.5B Kuwait Oil Company contract plus Oman contracts. Biggest regional footprint of any OFS company. 2. $HAL (NYSE) | Halliburton | Well intervention, cementing, completions restart. Holds the $2.5B Jafurah EPIC contract with Aramco. Dual HQ in Houston and Dubai. Critical for restarting shut in wells across Saudi and UAE. 3. $BKR (NASDAQ) | Baker Hughes | Gas turbine inspection, compressor recertification, gas processing equipment stress testing. Every gas plant shut down (Habshan, Shah, Ras Laffan) needs their turbomachinery services before restart. PHASE 2: Full reconstruction (years 1 to 5) 4. $TE (Euronext Paris) / $THNPY (OTC) | Technip Energies | Built most of Qatar's LNG infrastructure. 59% of revenue from Africa and Middle East. The Ras Laffan rebuild alone could be their largest contract in history. 5. $KBR (NYSE) | KBR Inc. | Brownfield EPCM specialists. Already supporting Aramco's Shaybah (attacked), Majnoon in Iraq, and Kuwait Oil Company. Damage assessment to design to reconstruction. 6. $FLR (NYSE) | Fluor Corporation | Major refinery rebuild expertise. Ras Tanura, SAMREF are historical Fluor client base. Also positioned for new bypass infrastructure EPC. 7. $SPM (Borsa Italiana) / $SAPMY (OTC) | Saipem | Deep Gulf NOC relationships. Merging with Subsea 7 to form Saipem7 with EUR 43B combined backlog. Offshore and pipeline repair in the Gulf runs through them. PHASE 3: New infrastructure that didn't exist before 8. $TS (NYSE) | Tenaris | World's largest steel pipe manufacturer for oil and gas. Post war bypass pipeline expansion means potentially hundreds of km of new pipeline. Massive pipe orders. 9. $WFRD (NASDAQ) | Weatherford International | Production restart, artificial lift, well services. Major contracts with PDO, KOC, Bapco. Positioned for the activity surge when operations resume. 10. $FTI (NYSE) | TechnipFMC | Subsea and surface wellhead systems. Essential for offshore Gulf infrastructure repair and new subsea pipeline connections. 11. $HP (NYSE) | Helmerich and Payne | Was scaling to 24 rigs in Saudi Arabia by mid 2026. Rigs are likely idle now. When drilling resumes expect a massive catch up surge. Rigs already in country. 12. $PTEN (NASDAQ) | Patterson UTI Energy | 15% stake in JV with ADNOC Drilling and SLB to drill 144 unconventional wells in UAE. That program restarts post war with urgency. 13. $NOV (NYSE) | NOV Inc. | Rig systems, drilling equipment, pipeline components. Equipment supplier to every company above. Picks and shovels play on the entire rebuild. Map by meforum.org

@NikoLeMieux @Kacper_PK_CH @tleilax___ lmao this is better than Grok 🤣

@Kacper_PK_CH @tleilax___ .@jonbma some more for you. Kacper’s expertise beats Grok’s 10 times out of 10 😎

@mcagney @Figure What do we think @x0wes Mr. Onchain Lending King?

Re: the RWA / looping narrative - people are missing the forest through the trees - RWA won't work as collateral unless it's liquid, and to be liquid it needs to be homogenous participation to the assets, not the assets themselves. @Figure Forge makes this possible. If you are originating loans and want to aceess DeFi using Figure Forge / build your blockchain strategy, DM me.

@anthonyyim 🫶

In the US, only ~half of all households own equities. Global average is more abysmal, around 10%. Yet, in a post-AI world, ownership in value-creating enterprises will be ✨more important than EVER✨ for socioeconomic mobility. With this much volatility, there's never been a better time to invest, but it's dangerous to go alone. From Day 1, @jonbma and my mission has been to create @artemis to help everyone be a world-class investor. We'll be here by your side.

@balajis @grok what should I invest in based on what Balaji is saying above

I'm going to make some obvious points. (1) Blowing up all the oil infrastructure in the Middle East is an insane idea, and may well result in a global economic crash and humanitarian crisis unrivaled in the lives of those now living. We're talking about the price of everything everywhere rising, from food to gas, at a moment when inflation was already high. All of that will be laid at the feet of the authors of this war. (2) The antebellum status quo of Feb 27, 2026 was just not that bad, but we're unlikely to return to it. Expect indefinite, long-term, ongoing disruptions to everything out of the Middle East. (3) Also assume tech financing crashes for the indefinite future. The genius plan to get the Gulf states caught in the crossfire has incinerated much of the funding for LPs, for datacenters, and for IPOs. Anyone in tech who supported this war may soon learn the meaning of "force majeure" as funding gets yanked. (4) Many capital allocators will instead be allocating much further down Maslow's hierarchy of needs, towards useful basic things like food and energy. (5) It's fortunate that all those progressives yelled about the "climate crisis." Yes, their reasoning about timelines was wrong, and much of the money was wasted in graft, but the result was right: we all need energy independence from the Middle East, pronto. It's also fortunate that Elon and China autistically took climate seriously. Now they're going to need to ship a billion solar panels, electric vehicles, batteries, nuclear power plants, and the like to get everyone off oil, immediately. (6) It's not just an oil and gas problem, of course. It's also a fertilizer problem, and a chemical precursor problem. Maybe some new sources will come online at the new prices, but it takes time to dial stuff up, particularly at this scale, so shortages are almost a certainty. That said, China has actually scaled up coal-to-chemicals[a,c] (C2C), and there's also something more sci-fi called Power-to-X[b] which turns arbitrary power + water + air into hydrocarbons. But all of that will need to get accelerated. I have a background in chemical engineering so may start funding things in this area. (7) Ultimately, this war is going to result in tremendous blame for anyone associated with it. It's a no-win scenario to blow up this much infrastructure for so many people. Simply not worth it for whatever objective they thought they were going to attain. But unless you're actually in a position to stop the madness, the pragmatic thing to do is: scramble to mitigate the fallout to yourself, your business, and your people. [a]: reuters.com/business/energ… [b]: alfalaval.com/industries/ene… [c]: reuters.com/sustainability…

@malleshpai @anirudhnarayan @tempo @p0 @gakonst @matthuang 🤣 preach sir!

@jonbma @anirudhnarayan @tempo @p0 @gakonst @matthuang Nothing else left to do. Agent does stuff, mpp used to pay, I looksmax and legdaymax

Anddd made my first transaction on @tempo! Searched using Parallel (@p0) to search top mentions of Artemis Analytics. It worked. Cost me $0.03. Set up took <1 min. Agentic payments is here and just beginning. Kudos @gakonst @matthuang and team ❤️

@anirudhnarayan @tempo @p0 @gakonst @matthuang I think i told @malleshpai once and he was judging us for not doing leg day. guess we'll all need to do it 😭

@jonbma @tempo @p0 @gakonst @matthuang Don’t think @gakonst would approve

@anirudhnarayan @tempo @p0 @gakonst @matthuang haha. can i use our agent to do leg day for me :P

@jonbma @tempo @p0 @gakonst @matthuang Let the agents pay while we hit leg day

@anirudhnarayan @tempo @p0 @gakonst @matthuang shout out to big Ani

@jonbma @tempo @p0 @gakonst @matthuang 🤝

@mansourtarek_ @Alfred_Lin @matthuang @aleximm @luanalopeslara @_charlienoyes @abhishekm1636 My money is always on Alfred

This is how Kalshi Q1 board meeting ended. cc @Alfred_Lin @matthuang @aleximm @luanalopeslara @_charlienoyes @abhishekm1636

@tempo @mpp @stripe Nothing makes me happier to see @gakonst work on passkeys / porto live on via Tempo. Awesome to see in the Tempo wallet set up. Congrats man.

Agent payments will soon overtake human payments on the internet. The Machine Payments Protocol (@mpp) is a new open standard co-authored by @stripe and @tempo. It’s designed to be extensible and payment-method agnostic, already supporting stablecoins, cards, and more.

Tempo Mainnet is live! Starting today, anyone can build on Tempo through our public RPC endpoints. Alongside mainnet, we’re introducing the Machine Payments Protocol, an open standard for machine payments.

@JaredKubin The Kubins! Lets go. Love the interview with your pops!

Larry Kubin played for two of the greatest coaches in Football history. Here's what he learned LIQN Ep 1 | Larry Kubin From adoption to 2 Super Bowls … overcoming challenges, a life of faith, and life lessons from Joe Gibbs that most people will never hear (18m) 00:19 : Redskins 0-8 going into Bye week 05:32 : Early life and adoption 07:47 : All American to Injured (+) Redskins v PSU feud 09:46 : Being a Pro ... Life Lessons from Joe Gibbs 14:48 : Faith & Living a purposeful Life

@artemis DePin @dylangbane was right all along. DePin is a core enduring asset that matters in crypto.

DePIN fees begin to pick back up

@eric_turner Wishing you all the best Eric. What an epic era. Excited for what's next!

Today, I stepped down as CEO of Messari and handed the reins to Diran. This wasn’t an easy decision, but it’s the right one for the company’s next phase, and he has my full support. It’s also a difficult day for the team as we say goodbye to many people who helped build Messari. I’m incredibly grateful to everyone who has been part of this journey. It’s been the privilege of a lifetime to work with such an extraordinary group of people over the last eight years. I’ll continue supporting the team as an advisor and am rooting for what comes next.

@coatuemgmt Hi @LucasSwisher1

AI labs are out scaling the most iconic SaaS businesses in history. The core driver: A fundamental shift from Selling Software (per-seat) to Selling Work (per-output). The Market Shift: Legacy: Tool-based subscriptions ($0.2T TAM). New Paradigm: Direct monetization of work ($5.5T TAM). By shifting the unit of value from the tool to the output, the addressable market potential expands by 25x. @LucasSwisher1 breaks down the data in our latest C:\Take

@jaypatel I'd imagine they'll figure something out with CPN or Arc -- hard to believe if USDC grows and rates goes down, their business is toast. Bullish @jerallaire and their team's ability to win from agentic payments. Business models change and evolve.

@jonbma but if they can't derive increasing revenues from supply growth...

Circle at $50/share was obvious. Stablecoin supply was $73B +25% YoY. Agentic payments was mentioned by Citrini as a winner in 2028. Look at stablecoin data vs equities in one place at Artemis.