Solren

@phongle @Strategy Mentions they have “$8.5B STRC preferred equity, $5.0B other preferred equities” as if it’s a positive, when it’s just a perpetual $1.5B annual obligation (and quickly growing)

Most companies have cash, equity, and debt. @Strategy has more optionality: $2.3B USD reserve, $62.3B MSTR common equity, $8.5B STRC preferred equity, $5.0B in 4 more preferred equities, $8.3B debt, and $64.8B BTC.

@saylor Wow issuing new shares of $STRC to pay off existing debt. And then issuing new $MSTR to pay off those $STRC dividends. What a beautiful long term strategy, omega bullish.

Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. $MSTR $STRC strategy.com/press/strategy…

@betirement And have your dividends paid by the next people entering $STRC. Good luck with your retirement savings.

I retired at age 51, and replaced ALL my bonds with $STRC. I have filled my Cash and Income buckets with STRC and the other Strategy preferred stocks. In this week's video, I walk through how I'm managing my bitcoin-powered 4 Bucket strategy...

@FenestratorD @PeterSchiff @apyx_fi Just FYI, MSTR’s ARR over its 6 years of buying has been under 1%

@PeterSchiff @apyx_fi So, BTC with about a 30% CAGR is less attractive than a 11.5% dividend? BTC is for people who can stomach the risk and STRC is for people who are more risk averse. Two different segments.

Another 400,000 $STRC acquired today. ✅ Apyx now holds $180 MILLION of $STRC, and we’re not even done buying yet. Onchain digital credit yield is taking over crypto. 🚀

@dampedspring People who don’t want a million Bitcoin owed by a man funding his purchases by issuing his shares to create debt, and paying that debt by issuing more shares. It’s a massive risk to Bitcoin.

This is seriously genuinely NOT a shit post. With saylor buying gobs of BTC, financed by MSTR and STRC buying which appears additive and not swaps, and ETF flow fine, and Clarity Act wins, who the heck is selling all the coins at 35% below ATH's? Its such a mystery to me.

@SchwartzFinance @InTheAssembly All depends on your stance. Big gap between p/e and forward p/e is due to the massive growth in the last year. All boils down to, if you believe this growth can continue into the future, invest based on forward p/e. If not, use p/e.

@solren5 @InTheAssembly $TSM 24x Forward p/e $AVGO 27x forward p/e $NVDA 24x forward p/e $MU 8x forward p/e Idk doesn’t sound too bad to me

The semi sector is now trading at the most stretched valuations in 24 YEARS. – SNDK is down 10% today – AMD down 6% – NVIDIA in the red Here’s what the data actually shows: Semiconductor stocks are now trading at a 60x price-to-earnings ratio. That’s the highest valuation the sector has reached since the peak of the dot com bubble in 2000. The Philadelphia Semiconductor Index recently hit an RSI above 82. That’s a level of overbought intensity not seen since June 2000. The SOX is also trading more than 40% above its 200-day moving average. The last time that happened was right before the dot com top. Even Michael Burry has loaded up on puts against the SOXX ETF, Nvidia, Palantir, and Oracle expiring in January 2027. He’s publicly drawing comparisons to the 1999 to 2000 setup. None of this means the rally is over. Overvalued markets can stay overvalued for a long time. But it does mean the risk-reward has shifted drastically. On Friday May 15, the SEC forces every fund over $100M to reveal their hand. Burry. Druckenmiller. Aschenbrenner. Einhorn. All of them. We will be breaking it down HERE. Follow us with notifications so you don’t miss our alerts, this is VERY important. If you don’t, you might regret it.

@SchwartzFinance @InTheAssembly Valuation is just earnings times P/E ratio. So his statement that semiconductors are trading at 60x P/E directly translates to company valuations are at record highs relative to their earnings.

@InTheAssembly You make it sound like we are going to see a dot com bubble pop here, look at the valuations of these companies and suddenly the prices don’t even seem too overstretched

@qcapital2020 It’s 35x PE, not 7

It's different this time bro, Micron is not cyclical anymore bro, look at the backlog bro, HBM HBM HBM HBM HBM bro, it's 7x P/E bro

@STMPortfolio @qcapital2020 Micron isn’t 7x PE, it’s 35 PE. 7x is forward PE, and thats based on pegging Micron’s future growth at this ridiculous 3x a year pace (which admittedly in the past year it has due to the shortage).

lol the "this time is different" energy is real. But the actual question is whether the AI demand structurally extends the cycle from 18 months to 36-48 months, not whether memory becomes permanently non-cyclical. 7x P/E only stays cheap if the earnings hold through 2027-2028. If hyperscalers cut capex by even 20% in 2027, that 7x becomes 12x fast. The trade still works imo, just don't argue it's "different forever." Argue it's "different for 2-3 more years." @STMPortfolio for the running scoreboard.

Whales have been consistently dumping, which is why Bitcoin is still a long way from its ATH despite Saylor with his massively weekly buys and literally everything hitting highs nowadays. Nobody wants to be holding when MSTR releases a million Bitcoin into the open market because they’ve run out of liquidity to sell more STRC and MSTR to pay off their ever increasing dividend obligations.

🚨 BREAKING SATOSHI ERA WHALE JUST DUMPED $1,250,000,000.00 IN BITCOIN AFTER 15 YEARS OF HODLING. HE SURVIVED THE MT. GOX HACK, COVID CRASH, LUNA & FTX COLLAPSES, BUT SOLD ALL 15,600 $BTC TODAY. LOOKS LIKE HE KNOWS SOME REALLY BAD NEWS IS COMING SOON...

No, the viability of the strategy has nothing to do with Bitcoin outrunning the cost of debt. They are paying their debt by issuing new shares of STRC and MSTR to pay off existing dividend obligations. This has nothing to do with Bitcoin appreciation. It has everything to do with their ability to lure in more investors with more financial shenanigans (creating more preferreds, convertible bonds, raising dividend rates, increasing dividend payout frequencies, etc). The strategy only works if their financial shenanigans can bring in enough money to perpetually cover the costs of their debt. Regarding covering debt using actual Bitcoin gains, their annual ARR over 6 years is 1%. If they were to retire all their debt and preferreds (22 billion total) by selling Bitcoin, they’d need to sell 1/3 of their entire stack at current prices. With the slippage that selling this much Bitcoin into the market will cause, it’d likely be a lot more. Suffice it to say that this option is not feasible. So the REAL part that bulls ignore is that the entire strategy is only viable if they can attract in new capital faster than their debt grows.

@PeterSchiff @saylor The entire strategy works only if Bitcoin keeps outrunning the cost of debt. That’s the part bulls ignore.

.@Saylor walked back his admission that $MSTR may sell Bitcoin to cover $STRC payments by claiming he meant that he would only sell Bitcoin if he were a net buyer at the same time. But to pull that off, he must consistently sell Bitcoin at higher prices than he pays to buy it.

If they sell 1 Bitcoin to pay $STRC dividends and then issue new $STRC to buy 20 Bitcoin, that’s equivalent to issuing 20 Bitcoin worth of $STRC, using 1/20 to pay dividends, and then buying 19 Bitcoin. It’s just paying off $STRC dividends by issuing more $STRC, just with extra steps.

JUST IN: Michael Saylor says if Strategy sells bitcoin, they will buy multiples more BTC than they sold: "Even if we were to sell 1 bitcoin, we'd be buying 10-20 more bitcoin." 🚀

If they sell 1 Bitcoin to pay $STRC dividends and then issue new $STRC to buy 20 Bitcoin, that’s equivalent to issuing 20 Bitcoin worth of $STRC, using 1/20 to pay dividends, and then buying 19 Bitcoin. It’s just paying off $STRC dividends by issuing more $STRC, just with extra steps.

"How do you sell 1 Bitcoin and buy 10?" Saylor’s answer in simple terms: Strategyᴮ raises billions through STRC, buys Bitcoin with it, then only sells a tiny appreciated portion to cover dividends. Example: Raise $3.2B Buy $3.2B BTC Dividend cost = ~$80–90M So they’re effectively buying ~30 BTC for every 1 BTC sold. As long as BTC appreciates faster than ~2.3% annually, the engine keeps compounding.

Just to put the numbers out there, if they retire all their obligations (debt + preferreds), that’s $22 billion which is 1/3 of what they have. That’s 273,000 Bitcoin being released into the open market. And that’s assuming that entire sell causes not a cent of slippage. In actuality, there’d be a lot of slippage so they’d have to sell more than 1/3 of their holdings. And of course there’d be a cascade of panic sells from other holders also. I don’t think this scenario is realistic without being devastating to Bitcoin.

This may come as a surprise to many of you but $MSTR could easily sell a portion of the Bitcoin at any point in time and buyback the entirety of the $STRC issuance and retire all of the prefs and convertible bonds Retiring every obligation they have and making the nonsense statement that they will fail in the future from over leverage as pure delusion In fact, they could sell some Bitcoin and start buying up all the STRC shares reducing the float today As Bitcoin moves up, they sell off different cost basis tranches in a tax efficient way to “make a profit” or “capture the gain” satisfying the people who can’t see a company operating any other way within their rigid definitions

The thing is forward PE is based on past growth. Of course it’ll be low because these companies have grown like crazy (some 3x in the past year). If it continues and does another 9x in 2 years, yes forward PE makes sense as a metric. But the insane growth is largely due to the current shortage. As these companies work to increase their mass production of memory, costs will go down, and growth will slow down. Obviously MU is still a majorly profitable company. The only danger comes in when the market prices in today’s growth well into the future.

THIS IS THE S&P 500 FORWARD P/E RATIO • $MU is sitting as the 7th cheapest in the whole list • $INTC is among the highest • $AMD is pretty high too So ask yourself: Did you really miss the rally, or is Micron Technology still mispriced?

AI will be huge, and yes, it will be profitable. But when the market starts pricing in today’s growth well into the future, that’s when things can get frothy. These memory companies have grown 2x or more in the past year due to the severe memory shortage. As they ramp up production, memory will get cheaper and the shortage won’t last forever. Can’t say whether it’s a “bubble” yet, but dismissing the concerns that people aren’t pricing in this insane growth well into the future is equally foolish.

These fear-mongering tweets are pure engagement farming. There’s a huge fundamental difference between today’s AI dominance and previous bubbles. The so-called “AI bubble” consists of established companies with massive profits and cash flow. Most of them have business models that would still work without AI. AI is more of an additional growth/margin multiplier. Yes, that creates a certain premium, but comparing it to the dot-com bubble makes absolutely no sense.

Everyone touting the low forward PE, but fails to see that forward PE is based on past growth. Of course it’ll be low because these companies have grown like crazy. But that’s due to the current shortage. People aren’t going to be exponentially increasing their usage of AI every year (it will increase, but not exponential). When the growth slows and it becomes evident that you can’t use today’s growth to model the future, that’s when the crash happens.

MEMORY STOCKS ARE HAVING A DOT COM ERA RUN. Micron is up 12x in the last 13 months. Sandisk is up 54x in the same period. AI data centers are driving massive demand for memory chips and the market cannot get enough supply.

@ryandcrypto $MSTR scaring away individual investors. Nobody wants to risk a million Bitcoin being released into the market when they fail to pay back their ever increasing pile of debt by selling new shares.

stocks? all time highs bitcoin? -40% what went wrong

🫧 In 2000 $INTC reported $12.1B on $34B revenue…it fell >80% from there …in 2025 they reported negative net income on $53B revenue

@calvinfroedge Not sure how tongue in cheek this is, but looking at open interest for calls across the board is near record highs, lots of people are truly betting it all on this “explosion of wealth and productivity” so let’s hope this new paradigm sticks.

The Nasdaq will never crash Any day it is up less than 1% is an opportunity to buy the dip We are in a new paradigm AI is a Cambrian explosion of wealth and productivity All previous economic regimes and measuring systems are now irrelevant and outdated