OPTION PREMIUM

Even the Mag 7 have come way down in terms of valuation, following their 17% drawdown since last October’s high. The cohort is now trading at a modest 25x forward P/E.

Taking a longer look, we can see below that the S&P 500 equal-weighted index is right on its rising trendline, while the forward P/E ratio is at 18.2x. It’s hard to accuse the market of being over-extended, at least in equal-weighted terms.

As an Iranian who stayed connected through Starlink during the total internet blackout, I want to wholeheartedly confirm what President Trump just said: "The Iranian people want to be free. They have lived in a world that you know NOTHING about." For 47 years, my people have endured systematic torture, rape, murder, humiliation, anxiety, suppression, and grief under the Islamic Republic. It’s been a long, grinding suffering — punctuated by brutal spikes like the January protests, mass executions, and now war. The world has no idea of the scale or depth of these horrors. Only when this evil regime finally falls will the full truth pour out — in quality and quantity that will shock humanity. We have now reached a point where almost no cost is too great if it rids us of this regime. Because the cost of it staying in power is infinitely higher. If you’re reading this and you can’t understand how any Iranian could feel relief at their own country losing a war and getting bombed… I envy you. You have never lived what we have lived. You have never watched your people, friends, family, and loved ones get tortured, raped, or killed almost daily and over half a century. You have never seen an entire nation slowly but brutally suffocated like this. We tried every alternative imaginable: massive protests, dissent, peaceful reform, negotiations — everything. None of it worked. The regime’s answer has always been bullets, gallows, and more terror. Now, less than 24 hours before Trump’s deadline, I write this with a heavy heart from inside Iran: Whatever happens next — if there is still an Iran left to save and this regime is gone — the Iranian people will be happy with the result. No matter the cost. Because the cost of the regime remaining is higher, and for many of us, death itself is preferable to another day under this nightmare. This is the true sentiment of the majority of Iranians — the voice of a people who often have no internet, no platform, and no way to be heard. The world will soon understand why we say: Anything to be free. Anything to end this evil. #IranMassacre‌ #IranRevolution2026‌

President Trump talking to kids at the 2026 White House Easter Egg Roll: "I could sign autographs for you guys, and then tonight, you could sell them for $25,000 on eBay." Trump is too funny. 😂 😂

@BSmile I believe he was the 1st designated hitter.

1973 Topps Ron Blomberg Baseball Card #DH #MLB #Yankees #RepBX

@HawkEmDownChris Bob Gibson!

Who’s your favorite MLB pitcher of all time? A) Pedro Martinez B) Randy Johnson C) Clayton Kershaw D) Nolan Ryan E) Sandy Koufax F) Greg Maddux G) Roger Clemens H) Justin Verlander I) Mariano Rivera J) Shohei Ohtani K) Comment another pitcher ✍️

The entire tech sector is about to get a verdict. Two companies are preparing to go public and most people think it is good news but Chamath Palihapitiya just explained why it is the opposite. OpenAI is eyeing a $1 trillion valuation at its IPO while Anthropic is planning to raise over $60 billion at its own listing. Both are targeting late 2026 and nobody in history has ever seen two companies like this come to market at the same time. Here is what the mainstream narrative gets completely wrong. These IPOs are not just about raising money but it shows something far more dangerous for the rest of the tech world. Chamath's warning is simple. When OpenAI, Anthropic, and SpaceX hit public markets, the money to buy them has to come from somewhere. Investors will not print new money and they will rotate out of existing tech stocks to buy the new ones. But that is only the first half of the problem. The second half is worse. These three companies are building AI that is designed to eat the exact business models that justify every major software company's premium valuation. Think about what that means, companies like Salesforce, ServiceNow, SAP, and every SaaS platform in existence trade at high multiples because the market believes their moats are durable. Chamath is saying those moats are already being dug up from the inside. The market right now prices tech companies as if the next ten to fifteen years belong to them and that repricing assumption is about to collide with reality. Prediction markets currently put a 53% chance that OpenAI officially announces its IPO before January 2027. Anthropic is reportedly targeting October 2026 specifically and the clock is already running. When these companies go public, retail investors will rush in, institutions will reallocate and the old tech giants will feel the gravity shift in real time. Most investors are preparing for the AI boom but very few are preparing for what the AI boom does to everything they already own.

> Injured US pilot in Iranian territory > Pilot escapes, hides in a mountain > Hunted by Iran's military for 2 days > CIA throws IRGC off with fake intel > US sets up remote base inside Iran > Special Forces locate & extract him > 0 US casualties, heavy IRGC losses

Too many young people are resenting Boomers, claiming that Boomers had it " easy " financially in their youth. Here are a few fun facts about growing up Boomer. 1. Almost everyone grew up with one bathroom. Mom, Dad and all 3-6 siblings. 2. If you did get to take a vacation, you drove. With no air conditioning. No cup holders. No iPads. Just black vinyl seats and bologna sandwiches. 3. There were no club sports. No Parks and Rec activities. Summer camp was for rich kids. Get yourself a bike, a stick and a few friends. If you were bored, you laid in the grass and looked at clouds. 4. You ate what was served. Even if it was chicken livers. No DoorDash, no backup Totino's rolls. 5. No AP classes, no PSEO, no "fun" elective. They assigned you to a class. You went. You did what they asked. Or else. 6. Unless you had rich parents, you had a nice VFW wedding. Maybe rent a room at a modest hotel. 7. Most Boomers got their first pedi and mani in their 50s (when their feet got farther away). We didn't even know people got massages in real life, only in Hollywood. 8. You packed your own lunch for decades. 9. No one knew what red light therapy was, a facial, a spa day, or a cold plunge. Your gym was the YMCA. Usually in a rather old building. 10. We grew up with 18 percent inflation, 14 percent mortgage rates, 3 million continuing unemployment claims, and 200 other applicants competing for the same job. Now, this is not to say Millenials and Gen Z have it easy or don't face problems. It's just to say, nobody has it easy or doesn't face problems. My only hope, as my mom would say, is I live long enough to see my kids' kids complain about how easy they had it!

BREAKING: Elon Musk is days away from filing the largest IPO in human history. $75 billion. One raise. Bigger than Saudi Aramco. If it prices where he wants, he becomes the first person ever worth $1 TRILLION. And he just told Wall Street he's rewriting their rules... Here's what's actually happening and why it affects every investor in America: According to The Information and Reuters, SpaceX is aiming to file its S-1 prospectus with the SEC as soon as this week. More than 21 banks are working on the deal, with roles split by investor channel and region. Target valuation: $1.75 trillion. That would instantly make SpaceX one of the ten most valuable companies on earth. Bigger than Walmart. Bigger than Exxon. Bigger than Meta. On day one. For context, Saudi Aramco held the record for the largest IPO ever at over $29 billion in 2019. SpaceX is reportedly looking to raise more than $75 billion. That's not beating the record. That's more than doubling it. And it could be more money than every single US company raised through IPOs in 2024 and 2025 combined. Now here's the part that has Wall Street losing its mind. Elon Musk wants to allocate up to 30% of the IPO shares to retail investors. Normal IPOs give retail 5% to 10%. The rest goes to hedge funds, pension funds, and institutional investors who get first pick at the best prices. That's how Wall Street has worked for decades. Musk said no. He wants everyday investors to get three times the normal allocation. SpaceX's CFO Bret Johnsen has reportedly already shared the proposal with the investment banks. Each bank is getting a narrowly defined role based on regional strengths rather than the usual broad competition for the same institutional clients. Why would Musk do this? Because Tesla investors made him. Tesla has consistently been one of the most purchased stocks on Robinhood for years. Retail investors believed in Tesla when Wall Street was betting against it. They held through the short seller attacks. Through the production hell. Through the skeptics calling it a bubble. Musk remembers that. Now he's returning the favor with SpaceX. He wants retail investors in early. Not after the institutions have already taken their profits on the first day pop. Let's talk about what SpaceX actually IS right now. Because the company filing this IPO is not the same SpaceX from five years ago. In February 2026, Musk merged xAI into SpaceX in a deal that valued the combined entity at $1.25 trillion. So the company going public now spans three major businesses: SpaceX: the rocket and satellite company that has dominated global launch activity in recent years. Starlink: the satellite internet network that has become SpaceX's largest revenue driver, with millions of subscribers worldwide. xAI: the artificial intelligence company behind Grok, now being integrated into SpaceX operations and Starlink network management. Six weeks after the merger, the IPO target jumped to $1.75 trillion. That's a $500 billion increase in six weeks. Here's the financial picture as we know it. SpaceX reportedly generated roughly $15 to $16 billion in revenue last year. About $8 billion in profit, according to Reuters, driven primarily by Starlink. At a $1.75 trillion valuation, that puts the price to sales ratio somewhere between 90x and 110x depending on the revenue figure used. For comparison: Apple trades at about 9x sales. Microsoft at about 13x. Even Nvidia at the peak of AI mania traded around 40x. SpaceX is asking for roughly 100x. That is an extraordinary number. But here's the thing about Musk. People have been saying his companies are overvalued for 15 years. They said Tesla was overvalued at $50 billion. Then at $100 billion. Then at $500 billion. Tesla hit $1.5 trillion. The people who bet against Musk's valuations have lost more money than almost any other trade in market history. SpaceX has dominated global rocket launches in recent years, with a cadence no competitor comes close to matching. Starlink is by far the largest satellite internet provider operating at global scale. The company holds billions of dollars in government contracts, including work with NASA and the Pentagon. And Starship, the most powerful rocket ever built, is getting closer to full operational status with every test. No other company on earth can do what SpaceX does at this scale. Not Boeing. Not Lockheed. Not Blue Origin. Not anyone. That kind of dominance is what justifies paying a premium...

Picked up a pizza order. As I walked out, an elderly couple was getting out of their new Tesla Model Y. I said, “Beautiful car.” He said, “Thank you. It’s the best car I’ve ever owned.” I said, “Why?” He said, “You see me—I’m 78 and can barely walk, let alone drive. I’m taking my wife out for date night again after 52 years of marriage. We couldn’t do this with our old car. I didn’t buy this to save the planet. I bought it to save me.” 😢 All choked up, I said, “Thank you for sharing. You two go enjoy your dinner!” I see and hear this so often from elderly people buying Teslas, but it never gets old. Tesla is freedom🫶🏻

Chamath exposed the biggest accounting illusion in Silicon Valley history. The two most powerful AI companies on earth are reporting revenue in completely different ways and almost nobody in the media has bothered to check the math. OpenAI says it has $25 billion in annual revenue while Anthropic says $19 billion. Every headline screams that Anthropic is closing the gap at breathtaking speed but those two numbers are not measuring the same thing. OpenAI counts only the money it actually keeps, when Microsoft resells its AI through Azure, OpenAI deducts Microsoft's cut before reporting a single dollar as revenue. Anthropic does the opposite, when Amazon Web Services resells Claude, Anthropic books the full gross amount including the portion it immediately hands back to Amazon. Bank of America analysts estimated Anthropic could owe hyperscale cloud partners as much as $6.6 billion in revenue sharing in 2026 alone. That money flows in and flows straight back out the door but anthropic still counts it as revenue. Strip that out, and the competitive gap between these two companies looks nothing like the headlines. Here is what the actual businesses look like underneath. OpenAI is a consumer company, roughly 75% of its revenue comes from people paying monthly for ChatGPT. Anthropic is almost entirely enterprise API, embedded inside tools like GitHub Copilot and Cursor. These are structurally different businesses on different growth curves with different margin profiles. Both businesses are genuinely historic. Anthropic grew from $1 billion to $14 billion in annual revenue in roughly twelve months while OpenAI crossed $20 billion in ARR and is adding roughly $1 billion in new API revenue every single month. But the next time a headline tells you one is overtaking the other, remember what Chamath just said. The scoreboard is broken and when the IPO filings land, the whole race gets run again with real numbers.

@TradingWarz Question. Why would you sell Leap Puts to generate $$? Why not use the $$ you will need as collateral for the LEAP puts to buy the LEAPS. Just trying to understand.

$GOOGL ONCE IN A LIFETIME Fibonacci Pyramid LEAPS Buy: 244 to 270 Target: 600🎯 I bought LEAPS last year that hit 400% TIME TO RELOAD I will be LOADING HEAVY 6 figures looking leaps for 2028+ Also SELLING leap puts to generate income to pay for LEAPS I will alert NEXT BIG BREAKOUT on X NO CHARGE All I ask drop a "LIKE"

@OleTimeHardball Top 5 for sure.

Where does Roberto Clemente rank all-time among RF Top 5? Top 10?

The math every CFO just ran this morning makes me physically sick US senior engineer: $280k total comp, equity, benefits, PTO, healthcare, 401k match Offshore team lead plus three junior devs plus enterprise Claude API: $35k total Same output. Same quality. Half the timeline because the AI doesn't take coffee breaks or have opinions about code reviews CFO pulls up the spreadsheet: 847 US engineers at average $240k = $203M annually Replace with 200 offshore leads managing AI workflows = $7M annually $196M saved. Stock price jumps 8% on the earnings call when they announce "operational efficiency gains" The kicker: they're keeping 50 US engineers as "AI orchestration specialists" at $320k each because someone needs to manage the offshore teams Those 50 get promoted. LinkedIn posts about "evolving with technology" and "embracing the AI revolution" The other 797 get managed out over 18 months through stack ranking and performance improvement plans Board calls it "rightsizing for the AI era" Wall Street calls it "margin expansion" Your manager calls it "an exciting opportunity to transition your career" You call it Tuesday morning when your badge stops working

@TJTheWheelDeal Bought $V, $GOOGL, $BA leaps today. I guess I am a moron also.

Just remember when the market rips and you were afraid to add. I got called a moron for buying $Sofi leaps today. It’s hard to buy the dip. People will always talk their shit. You will feel like an idiot for trying to catch a falling knife. This game is not easy. BTFD though. Your future self will thank you :)

@Ashton_1nvests $AAPL

What’s your highest conviction stock right now?

The Tech sector's forward 12m P/E is now definitively thru its Liberation Day low and at the lowest since January 2023 ... it has gone from 31.7 to 20.2 in just five months

I said this in 2018, 2020 (below), 2022 and 2025. There is a lot of money to be made on the recovery side of this pullback. Big pullbacks lead to bigger recoveries. Hold extra cash, don't overtrade, let stops do their jobs, don't try to find the bottom every day. Those who manage risk correctly and hold extra cash will be well rewarded on the other side.

talks are again "hopeful" at tariff low VWAP $SPY