Immutable Edge 🧵

[Immutable Edge 🧵 @ImmutableSOL]

Wait 1hr before next FMOC and buy, not before.

[Immutable Edge 🧵 @ImmutableSOL]

Similar to crypto infra for payments, the biggest winner of perpetuals might not be the native crypto player.

That doesn´t mean the niche player can´t make a lot of money but dont put on base case Hyperliquid displacing CME.

[Immutable Edge 🧵 @ImmutableSOL]

@drews888

[Immutable Edge 🧵 @ImmutableSOL]

@drews888 Long Hood/IBKR - Short Coin has been always the trade.

[Immutable Edge 🧵 @ImmutableSOL]

@CFCRaf2 Change Inacio to Ruben Neves. 4-4-2 defending, 3-5-2 atack

[Immutable Edge 🧵 @ImmutableSOL]

QQQ outperform BTC during almost a decade.

[Immutable Edge 🧵 @ImmutableSOL]

BTC is flat vs QQQ since 2017.

9 years with insane vol.

way worst quality of returns.

[Immutable Edge 🧵 @ImmutableSOL]

Like a clock 🕜

[Immutable Edge 🧵 @ImmutableSOL]

Single Stock opt are so strech vs Market vol that this googl dillution might be the trigger for maket to question AI spending again.

Then space x, then first fmoc, market makers need rebalance etc.

[Immutable Edge 🧵 @ImmutableSOL]

took the chance just in case.

[Immutable Edge 🧵 @ImmutableSOL]

Coinbase spent 100 M+ to lobby on clarity act so they can pay yield on stables

Most likely didn´t work

So now they bought $ena and are using them to build their rewards product using a Legal Arb.

Imagine this happens, look at ena chart, always worth a bet. (speculation ofc)

[Immutable Edge 🧵 @ImmutableSOL]

@sadvalueinvestr @Larryjamieson_ If currently is expensive vs compliance risk, you can make that the case.

I was just giving an example of an exchange that recently listed and wasn´t that overpriced, multiple wise

Even after 30x, Hyperliquid runs at a shareholder yield of like 3%, while CME runs at like 4.5%?

[Immutable Edge 🧵 @ImmutableSOL]

@sadvalueinvestr @Larryjamieson_ hyperliquid works diferently than Sol-Eth, the token is finite, there is no perpetual inflation.

38% of supply is attributed to supply that stakes *2%, very similar to stock based compensation on CBOE-CME etc. If you want add these 30 B, you need also add to CBOE, CME etc.

[Immutable Edge 🧵 @ImmutableSOL]

.@ChrisCamillo kinda of trade, was clear like water.
https://t.co/jcWHFHoRm8

[Wall St Engine @wallstengine]

$VSXY / $VSCO | Victoria Secret Q1’26 Earnings Highlight

🔹 Revenue: $1.560B (Est. $1.5B) 🟢; +15% YoY
🔹 Adj. EPS: $0.60 (Est. $0.3) 🟢
🔹 Comparable Sales: +13%
🔹 Adj Operating Income: $80M, above prior guide of $32M-$42M

Raised FY Guide:
🔹 Revenue: $7.030B-$7.130B, up from prior $6.85B-$6.95B 🟢
🔹 Adjusted Operating Income: $550M-$580M, up from prior 🟢$430M-$460M
🔹 Adjusted EPS: $4.35-$4.60

Q2 Guide:
🔹 Revenue: $1.590B-$1.615B 🟢
🔹 Operating Income: $90M-$100M

Segment Performance:
🔹 North America Stores Revenue: $802.8M; +11.3% YoY
🔹 Direct Revenue: $469.4M; +8.4% YoY
🔹 International Revenue: $287.4M; +44.9% YoY

Other Metrics:
🔹 Stores & Direct Comps: +13%
🔹 Stores-Only Comps: +10%
🔹 Total Stores: 1,423
🔹 Victoria’s Secret, PINK, and Beauty: Double-digit sales growth
🔹 New Customer Acquisition: Double-digit growth

Financials:
🔹 Operating Income: $76M vs $20M YoY
🔹 Adjusted Operating Income: $80M vs $32M YoY
🔹 Net Income: $48M
🔹 Adjusted Net Income: $51M
🔹 Gross Profit: $584.9M

Capital Return:
🔹 Buybacks: 2.2M shares for $100M
🔹 Average Repurchase Price: $45.27/share
🔹 Remaining Authorization: $150M

Commentary:
🔸 “We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year.”

🔸 “We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps.”

🔸 “Given our strong first quarter performance and continued momentum in the business, we are raising our fiscal 2026 outlook and remain confident in our ability to drive profitable growth.”

[Immutable Edge 🧵 @ImmutableSOL]

Up 44% after earnings, even on a bad sector

[Immutable Edge 🧵 @ImmutableSOL]

@RHouseResearch @DCryptDeezNutz .last year @fabknowledge pitched this as non obv play on ai.

[Immutable Edge 🧵 @ImmutableSOL]

@satoshituga @CapitalFlowss Ruben neves fazia sentido porque baixa mais para os centrais e os alas abrem mais?

[Immutable Edge 🧵 @ImmutableSOL]

Single Stock opt are so strech vs Market vol that this googl dillution might be the trigger for maket to question AI spending again.

Then space x, then first fmoc, market makers need rebalance etc.

[Immutable Edge 🧵 @ImmutableSOL]

@Merridew__ Did a variant of this early today 🫡

[Immutable Edge 🧵 @ImmutableSOL]

@origoinvest negative 9$ a share to positive 20$ a share from Quantum, while also becoming couple pure plays on automation and aerospace is very atractive, why the market hasnt priced $hon higher?

[Immutable Edge 🧵 @ImmutableSOL]

Random guys going to places no wants and exploring mining with robots is the 2040 thing ?

[Terry Lynch @terrybali]

More millionaires will be made in mining and commodities over the next 5 years than in AI.

I know that sounds wild. Hear me out.

AI runs on copper, nickel, lithium, uranium. Every datacenter, every robot, every EV.

The catch: we haven't sanctioned a major copper mine in over a decade. Discovery curves are flat. Discovery to production takes 15+ years.

Exploding demand meeting structurally constrained supply. Textbook setup for a generational commodities bull run.

AI gets the headlines.
The shovels get the returns.

Full conversation: https://t.co/icf4kdliTS