Citrini

Thematic, Cross-Asset Investment Research

[Citrini @citrini]

Never really got to explain my reasoning for my $SIVB short - but suffice it to say now if you marked their holdings to market their book value would be negative

[Citrini @citrini]

AI is super exciting, but there’s still a whole market out there that’s getting less attention because of it.

We took a detour from bottlenecks and data centers to find the best setups that have nothing to do with artificial intelligence:

https://t.co/TdXJYQ6dDF

[Citrini @citrini]

@0xKNL__ Eloquent

[Matt Dratch @DratchCap]

I watched an interview recently where someone asked an investor the best advice he’d ever been given professionally.

For me, the answer that came to mind was something a new friend told me last spring.

I met an veteran HF manager a few months ago at an idea dinner. Our friendship was born out of a heated argument (which I lost in the end, obviously). We chat ideas frequently now (though,coincidentally, I think he’s gotten some of my lemons… sorry 🫣)

Anyway, one day in the spring of ’25, I was pretty down.

For context, I have an existential crisis at least a few times a year where I become wholeheartedly convinced that I’m terrible at my job and my career is for sure over. Imposter syndrome ^ 2, if you will.

So during one of these moments I was lamenting to my friend and he goes:

“Do you want to know the secret to success on Wall Street?”

I said, “Ha, buy low, sell high?”

He laughed.

“No. Show up every day.”

That was it. Simple, but it has stuck with me.

Markets have a way of making you feel like the last bad stretch is permanent and the last bad call defines you. But it usually doesn’t. Things change. Opportunity comes back around.

So, no matter what… just show up, 🫣

[Citrini @citrini]

For every SOTA model release going forward, it’s likely the government will decide which companies have access to them.

Below is from OpenAI to a company that was early access for GPT 5.6 Sol

[Citrini @citrini]

AI is super exciting, but there’s still a whole market out there that’s getting less attention because of it.

We took a detour from bottlenecks and data centers to find the best setups that have nothing to do with artificial intelligence:

https://t.co/TdXJYQ6dDF

[Citrini @citrini]

@jnconkle Goose was not valued.

[Citrini @citrini]

@Rafa_Satori I think SYNA shareholders got bent over a barrel so yeah

[Citrini @citrini]

@jukan05 I got you bro

[Gavin Baker @GavinSBaker]

Retail, Substack, Reddit and most of all @X accounts are increasingly the most important forces in the stock market and yet there is no way for them to connect directly with the management teams of the companies they are writing about and investing in. And they have almost no visibility into the late-stage private companies that are ever more important.

The @TomorrowXSummit aims to change this. Hosted by @antoniogracias and Valor Equity Partners, @iconnections_io and @rbiscardi and @atreidesmgmt, we are going to have our own version of the superb Morgan Stanley or Goldman Sachs TMT conference with an epic line-up of both public and private companies. Instead of having sell-side analysts interview management teams, we are going to have X accounts like @citrini and buysiders do the fireside chats. We expect thousands of  attendees at the Moody Center in Austin, November 17-18 and please note that security will be extremely tight given some of the CEOs that are going to speak.

Attendance will be free for X accounts that contribute positively to the discourse and affordable for retail accounts. Happy that this means friends like @DanielSLoeb1 , @altcap ,  @plaffont , @patrick_oshag and the @theallinpod crew will be able to afford the price of admittance should their schedules permit. And perhaps we can even get them on a panel or have them interview some management teams. I am sad to say there will be a different price for institutional investors who are not on X unless they are willing to reveal their anonymous handle, but I think this is going to be awesome for all. And everything will eventually be posted here on X for all to see. Open source for the win.

Link to the website to sign up in the next post:

[Muhammad Zuhair @mzuhair123]

Here's my deep dive on the $INTC 18A-P process, and I call it America's 'Crown Jewel'.

There's a lot that I talked about, but here are the main sections of the report:

- When exactly did 18A-P become a thing?
- What’s behind the extra “-P” and why derivatives matter
- 18A-P under the hood: PowerVia, Power Boost, and dual-contact architecture
- Apple, customer TAM, WPM figures, and CapEx implications
- Why Intel is operating one step at a time under Lip-Bu Tan

The 18A-P is the process to watch; it's none other. And as always, there's a visualizer as well, showing you how big an improvement the process brings over the base 18A process.

Link: https://t.co/GCJd0IjDTh

[Citrini @citrini]

@KeyPaganRush Korea’s financial news is so ridiculously lit

[Citrini @citrini]

Gonna have to try the USDJPY short. Can’t resist anymore.

[Citrini @citrini]

Hard lesson about timing. Back in 2023, we wrote a thesis about how AI generated images would harm companies like Shutterstock but something like Getty with their library of historical images that had intrinsic value would fare better.

Eventually right, trade didn’t work.

[Wall St Engine @wallstengine]

Getty Images signed a multi-year display agreement with OpenAI to bring Getty’s licensed content libraries into ChatGPT search and discovery experiences.

$GETY content will appear in visual responses inside ChatGPT.

Financial terms were not disclosed.

[Citrini @citrini]

@algoflows A what in a what

[Citrini @citrini]

Wow

[Citrini @citrini]

This logic just keeps working it’s crazy.

[Citrini @citrini]

@OnodaCapital That person sounds smart

[Citrini @citrini]

I believe hyperscalers will issue more than double current issuance expectations for 27-28. Beyond the potential for IG spreads to widen, I don’t really know what the implications will be.

[Citrini @citrini]

@togocouch data center? I barely know her

[Citrini @citrini]

@notrickflair @jukan05 256kb/hr

[Citrini @citrini]

So @jukan05 has been saying how glad he is that his income is in USD because KRW keeps going down, seems like a good opportunity to test his conviction on memory.

[Citrini @citrini]

@LeoAdberg I am down to play. I’ll pay realized SDH100RT index performance and receive compounded SOFR, with monthly resets/net settlement, on $1mm notional.