pACMan Investments

Who cares about interest rate cuts? “The goal of media is to make every problem, your problem.” @naval. The news is focused on fear about whether there will be rate cuts and how many. What you will not hear is that the market actual does BETTER during the rate pause phase of the cycle than in the rate cut phase: Even if this were not true, no one will perfectly time the next leg up, and I for one do not want to be left on the sidelines when it gets here. It is my goal to own the best companies, in the fastest growing industries, being led by founders that are stars in their industry, and to hold on to them for the long haul. I tweet about my favorite holdings so join me on the ride if you’re curious. #fintwit

Software companies are going to start seeing big moves next And yes $IGV has bottomed This is a tweet everyone will look back at in 12-18 months and regret not using the opportunity. When the opportunity comes, you will hesitate to pull the trigger. This is the reality of the Stock Markets.

GOAT Foods is a holding company behind some of the most recognizable domain-based food brands on the internet. Co-founder Jonathan Packer already had a good paid media mix, but at the end of 2024, he heard about AppLovin from his peers and decided to give it a shot. The setup was easy, the early results were strong, and Jonathan kept increasing the budget. As he put it: "We went to the moon." Since then, GOAT Foods has launched a Discovery campaign on Axon. Now they reach both new customers and new site visitors, opening up the top of the funnel in ways they couldn’t before. For DTC brands looking to diversify their media mix, scale ecommerce revenue, and find new customer acquisition channels that actually perform, Jonathan puts it simply: "easy to get started and worth a shot."

$APP is the most efficient company I’ve ever seen… might do $5.5B of FCF this year… SBC is only 4.1% of FCF and 0.15% of market cap… capex is only 0.25% of revenues… they generate $8M of ebitda per employee. Compare that to most tech companies where SBC is 30-130% of FCF… and ebitda is usually under $500k per employee with many under $250k per employee and some under $100k per employee… and none of them have the combination of growth and margins that $APP has. I think $CRWD is a great company but they do $150k of ebitda per employee per year… I think $SNOW is a great company but their SBC is 135% of FCF… $APP is truly one of one.

$DOCN Huge; this will soon be seen as a sort of hyper scaler light very soon. Market cap $10B could reach $50B+. Has third most customers of ay cloud in the US. • Raised full year 2027 revenue growth to 50% from 30% • Record $62 million in incremental organic ARR • Million+ Dollar Customer ARR grew 179% YoY to $183 million •AI Customer ARR grew 221% YoY to $170 million

$DOCN @digitalocean Top Pick DigitalOcean (DOCN) reported earnings on 5-5-2026 before the market opened and we review it now. We came in to last quarter (three-months ago) already leaning bullish. Q4 2025 did not just confirm that. It escalated it. Since the last earning report we shared news of a cash raise: 3-25-2026: DOCN – Big News; Big Cash Raise When that news hit, I wrote this: And with a 10% dilution what is the stock doing?It’s up on the day. Yep. The market is paying attention now. Ah, but the quarter at hand is the new information. This quarter was a sort of mind bending build on what happened last quarter and the stock is up 40% off of the news. • The company posted record organic ARR expansion. But that’s not the story. • RPO at $243M is up an order of magnitude year over year. That is not noise. That isdemand locking in. That is customers committing. But that’s not the story. • The growth mix is shifting decisively toward larger customers. ARR from customers spending $100,000-plus grew 73%, $500,000-plus customer ARR grew 132%, and $1 million-plus customer ARR reached $183 million, up 179% year-over-year, accelerating from 123% growth last quarter. But that’s not the story. • AI is now the center of the growth story. AI customer ARR reached $170 million, up 221% year-over-year. More importantly, over 80% of AI customer ARR now comes from inference services and core cloud, But that’s not the story. • Management said Artificial Analysis ranked DigitalOcean number one in output speed for leading open-source models, which it said was 3.9x faster than one leading hyperscaler. But that’s not the story. • I will leave the full write up for CML Pro members (which you can try for $10/monthly trial), but just as a taste for what is to come... DOCN has raised FY 2027 revenue guidance from 30%, which was already a huge number coming from a company that was growing about 10% a year two years ago, to “exceeding 50%.” And that growth is now being driven almost entirely by customers that matter. Large customers. Scaling customers. Customers that are not leaving. This is what we have been waiting years to see. Not just acquisition. Retention. Expansion. Compounding. All of this points in one direction. The platform is working. This growth is happening now. The next leg has already been funded. • DOCN may be the next hyperscaler. And that's a really big story. We have another meeting with the CEO, as we do every quarter, 5-15-2026 and will try to get that dossier out in a timely manner.

“If you're brave enough to say goodbye, life will reward you with a new hello.” — Paulo Coelho

Season 3 Ep6: Homecoming Rewind to #TheWire 24th anniversary “Makes me sick, motherfucker, how far we done fell.” -The Bunk

Paul Tudor Jones made $7 billion from trading. this is his daily routine.

Wild $NBIS is still just a $43B company. In my mind, $NBIS is a nexus point for the AI revolution. Focused purely on AI and AI workflows. From the ground up to the Application Layer to the Physical AI layer

Had a fun chat with @nakul. Topics: 1. You go AI or die 2. Nobody knows anything about the future 3. State of intellect vs state of will 4. Product market fit is dead And more…..

Nice day for shareholders of $NBIS $IREN $MU $HYNIX $CRCL 💪🏼

I see lots of people saying $NBIS "had a good run". Just a quick reminder, last October, it reached $140 from $20. That's when it had a good run that's when it was stretched a bit. Since then, the stock is up less than 25% and fundamentals caught up massively. We'll see what happens with their ARR guidance this quarter, but I wouldn't be surprised to see if they were trading at still 4x 2026 ARR. I feel like a lot of people are having recency bias with the stock price. They think it will pull back, just because it always pulled back the last 6 months. Sure it can happen again, but the moment it doesn't happen, people will suddenly think, the opposite cannot happen. That's why it's extremely hard to time the market and why I prefer to base my decisions on fundamentals and long-term outlook.

$APP CEO just said on a podcast that some of their stock comp is tied to a $1T valuation. 👀👀

With all the winning by $NBIS this week, we also know Anthropic is desperately looking for compute, and $NBIS has reportedly been in talks for an Asia / Australia data center. I’m not implying anything, and I haven’t tracked this closely. How much can anyone really track with a company moving this fast anyway? Just saying: the number of potential and realistic catalysts over the coming months is insane. I haven’t seen anything like this before. AI wants to go vertical, and $NBIS is rewriting how fast it gets there.

One thing I think is underappreciated is building the field: covering the market, being proactive with customers, and giving both AEs and Customers Facing Engineers (CSAs, FDEs) more time with customers. This is extremely important if we want to build a diversified cloud business. @marcboroditsky @waqasmakhdum and the rest of the large team are doing a great job

Bill Ackman literally gave a 44-minute masterclass that explains money better than any business school:

I’ve got a feeling that if $NBIS were a private company preparing for an IPO today, with everything they have now, it could go public at $200B+, about 5x the current valuation. A 20x 2026 ARR multiple is not crazy for a company growing this fast, which gets you to $160B. Add some minimal IPO premium and you get to $200B+ quite easily. Investors can count their blessings the company was already listed on Nasdaq in 2024, essentially at the very beginning of its token factory buildout, allowing them to reap the full upside.

People on X have been digging through the $NBIS 20-F and what they found is hard to overlook. Great find from @zen_tropy The Microsoft deal details are more bullish than the headline number suggested. Microsoft committed $17.39 billion irrespective of actual GPU utilization. That is a take-or-pay structure. They pay whether they use it or not. The upfront prepayment alone is $6.96 billion. Morgan Stanley called that significantly higher than expected and well above CoreWeave’s referenced 15 to 25% prepayment range. Two tranches already delivered on a nine tranche schedule running through October 2031. Then there is the spot market angle that most people are sleeping on. $NBIS has roughly $550 million in ARR outside of Microsoft and Meta. Most of those contracts are short duration under one year. CoreWeave has 98% of its business locked into multi-year take-or-pay committed contracts. That sounds safer but it means CoreWeave cannot reprice. $NBIS can. Morgan Stanley flagged this directly. Short term contracts in a supply constrained market reprice at current rates. GPU pricing is going up not down. $NBIS could continue outperforming specifically because of this exposure. Then look at the data center footprint they quietly disclosed. 16 plus locations across the US and Europe. Finland greenfield owned facility. Missouri and Alabama owned sites secured February 2026. Israel two new sites February 2026. France two new sites February 2026. UK new site February 2026. Minnesota and Oklahoma co-locations February 2026. 2 gigawatts of contracted power as of February 2026. They added more data center sites in February 2026 alone than most companies announce in a full year. RPO sitting at $21.3 billion before the second Meta deal even closed. Earnings are coming. The 20-F already told you what to expect. $NBIS

Pretty interesting that @davidsenra and @HarryStebbings both interviewed the CEO of @AppLovin (Adam) within a week and each of them said Adam is one of the most impressive founders they’ve ever talked to. Obviously I would agree. Whether you’re an $APP shareholder or not, these interviews are both great listens. The market continues to underestimate Adam and his team… I expect them to keep crushing it… over the past few months they’d started to ramp up their push into ecommerce and performance marketing where they still have less than 1% market share… lots of opportunity for them over the next few years. I think $APP does another 50-55% revenue growth this year with 72-73% net income margins… which means the stock is currently trading at less than 24x NTM EPS… way too cheap with these fundamentals… $APP is probably 50% undervalued (because I think their P/E multiple should be mid 30s or higher) and I think they’ll prove it over the next few earnings reports. Adam is the type I founder I love to bet on. NFA. DYOR. *I own $APP personally and so does @FirstWaveFund

🇺🇸NEW: The IRS may owe REFUNDS to tens of millions of American taxpayers from the COVID-19 era. A court ruled that the entire 3.5-year COVID-19 disaster period (Jan 2020 – May 2023) automatically postponed all federal tax filing and payment deadlines. Every penalty and interest charge assessed during that window may have been improper. Americans will need to manually request relief using Form 843 before the July 10, 2026 deadline.