유현

[유현 @ASICKHJ]

$QS

I'm done treating rumors, partnership press releases, and phrases like "multi-year agreement" as signals.

Given QS chose a licensing model, there are really only two things that matter:

1️⃣ Actual yield numbers from the Eagle Line
2️⃣ A real supply contract to mass-produce product through the Eagle Line

Until both show up as hard numbers and signatures, everything else is noise.

JRAs, JDAs, "technology evaluation completed," "multi-year joint agreement" — these are all pre-contract stages, not revenue or production commitments. The two undisclosed JDAs are especially weak signals: a JDA by definition is a cost-sharing R&D structure, so there's no guarantee any money flows to QS from them at all.

The competitive landscape makes this even clearer.

LFP belongs to China (CATL, BYD). CATL alone holds 54,538 patents worldwide (issued + pending, as of end-2025)

Lithium-ion (NCM) belongs to Korea (LG Energy Solution, Samsung SDI, SK On). The three Korean makers combined hold 70,000+ IP filings; LG Energy Solution alone has 28,382 issued patents.

Oxide-based solid-state is where QS has built a real patent moat (400+ issued/pending patents worldwide as of end-2025, with expirations starting in 2033)

But zoom into solid-state specifically and QS's number isn't dominant. Toyota leads cumulative solid-state patent filings (2,337), LG Energy Solution is #2 (2,136), with Samsung Electronics, Samsung SDI, and Hyundai also in the global top 10. Over the last 3 years, Samsung SDI (+51.7%) and LG Energy Solution (+50.8%) posted the fastest patent filing growth rates in the world — #1 and #2 globally.

QS's 400 is its entire portfolio, and the real moat only holds within the narrow oxide-chemistry lithium-metal niche.

That patent moat is QS's only real weapon. But owning patents doesn't mean you can manufacture at scale.

Samsung SDI has been running a pilot line since March 2022 — four years of production data. In April 2026 it reassigned over half its R&D staff to production. Executives keep reaffirming H2 2027 mass production. They've published a concrete number: 900 Wh/L.

QS only finished installing the Eagle Line in Q1 2026. And QS's original 2024 commercialization promise already came and went. Since then, the company hasn't re-committed to any specific year.

So the rule is simple.

Yield data and a real production contract might come. Nobody knows when. Waiting for it is the investor's job.

But until they arrive, every partnership announcement, executive interview, and promo video is not evidence — it's just noise.

Watching Q2'26 earnings (7/22) for whether either of these two things finally shows up as a number. If not, I keep waiting.

[Marco Foster @MarcoFoster_]

Kyle Kulinski on Trump: “The world’s dumbest man is marching us straight off a cliff. This fat pedophile rapist con man terrorist is only gonna be with us for like another 5 years maximum if everything goes right and I think it’s way less than that. That guy is dragging down humanity with him”

[Marco Foster @MarcoFoster_]

Bernie Sanders on Trump: “We have a president who is mentally unstable. He is very dangerously an authoritarian who does not believe in democracy or the rule of law. He is a president who is a narcissist. He is a pathological liar. He may not know the difference between truth and fiction. He is a kleptocrat who has increased his family’s wealth by billions of dollars. He is a president who has gone to war against the working families of this country”

[Trump Lie Tracker (Commentary Account) @MAGALieTracker]

BREAKING: This account, which is dedicated to holding Trump and MAGA accountable for their lies, now has over 172,000 followers! Thank you for being part of this fast-growing online community. Can you retweet and follow to help us get to 175,000 followers?

[J Keynes @JKeynesAlpha]

No one believes any of these statements anymore from Trump or Iran. Totally predicable middle east quagmire! Now we are stuck. Good luck. Where’s George W. Bush? Maybe he knows how to fix it!

[J Keynes @JKeynesAlpha]

$SPY $QQQ ☠️☠️☠️📉📉📉

[유현 @ASICKHJ]

@choehyesug14251 병원좀 가보세요

[🇾🇪🇵🇸الدعم والاسناد @AlymnyAlsq81595]

🚨عاجـــــــــــــــل

صرح الممثل الأمريكي ميل جيبسون بأنه إذا كان العالم يسعى حقاً إلى السلام، فعليه أن يتحد ضد إسرائيل.

[Morgan J. Freeman @mjfree]

Who���s with Eminem?

"Donald Trump is a narcissist who uses his power only to spread hate and racism, and could drag the country into a nuclear disaster; you either stand on his side or mine, because both are not possible."

[J Keynes @JKeynesAlpha]

The “Trump market” last 9 months: random tariffs chaos, turned on and off constantly, only brought to a sort of end by the Supreme Court; a very long government shutdown; never-ending on-again/off-again war with Iran; bad inflation prints right after victory declared on inflation; Greenland invasion threats; more threats against Canada and Mexico; Fed governors openly talking rate hikes, and a literal historic hawk installed at the Fed while energy inflation surges because of Hormuz.

A lot of the time, macro and geopolitics do not matter much to individual stocks or even the market as much as people think. That is clearly untrue here. The instability, chaos, and constant uncertainty around rates, monetary policy, and political direction have crushed a lot of long-duration and high-beta growth stocks quite hard.

The indexes still hit ATHs through a narrow mini-bubble in semis, AI bottlenecks, and “Serenity” stocks. Unless you owned memory, semis, “Serenity” names, or the index, you probably made little no money as a high-beta growth investor. All the while, a never ending “AI bubble” narrative never goes away, despite no evidence of a broad market bubble in the majority of stocks.

Terrible year. “The Trump market.” Thanks, President Trump.

At some point, it is okay to sit back and stop worrying about every daily move. Use the weakness to rotate into higher-conviction names, cut positions you no longer believe in, and improve the portfolio. We may still have to sit on our hands for months and wait. I have lowered my expectations for the rest of this year to zero. The market cannot perform broadly through this much chaos, policy whiplash, rate/energy uncertainty, and geopolitical instability. It is what it is. Unfortunately.

In “Ecce Homo,” Nietzsche describes “Russian fatalism”: the exhausted soldier, unable to endure an elongated campaign, lies down in the snow and accepts that death may come. There is no productive move left, only the refusal to waste more strength fighting what cannot presently be changed.

That feels like the proper metaphor for this prolonged political and macro market cycle. Lie down in the snow, stop reacting to every new shock, conserve your strength, and wait for the campaign to end.

[Canada Hates Trump @AntiTrumpCanada]

“You can’t let lunatics have nuclear weapons.”
— Donald Trump, a raving fucking lunatic with nuclear weapons.

[Republicans against Trump @RpsAgainstTrump]

BREAKING: Trump says Greenland “should be controlled by the United States, not by Denmark,” before warning Europe: “We could remove all our soldiers out of Europe. They better be careful.”

Trump is a threat to the free world.

[Mr. Asubío @MrAsubio]

❌️ ¡¡¡INFANTINO DEBE DIMITIR!!!
❌️ ¡¡¡Y COLLINA DETRÁS!!!

🌎 ¡Vergüenza mundial!

[Pop Base @PopBase]

USA has been eliminated from the World Cup.

They lost 4-1 to Belgium.

[Nathalie Yamb @Nath_Yamb]

Gianni Infantino est la pire chose qui soit arrivée au football mondial.

[Appie Culé @appiecule]

This is probably the biggest scandal in World Cup history.

USA striker Folarin Balogun committed this outrageous foul against Bosnia and was shown a straight red card… but here’s where it gets crazy.

The White House publicly contacted FIFA and the tournament organizers, asking them to lift his suspension. And they actually did. Balogun is now eligible to play against Belgium.

The organizers cited something called a “probation period,” meaning the red card still stands, but instead of serving the mandatory suspension, he’ll only be punished if he commits a similar offense again.

A blatant manipulation of the rules for everyone to see, especially considering red-card suspensions are not supposed to be appealable.

When you’re expelled from school, but your dad is the Principal. 😭

[GBC @GBC_Press]

🚨 BREAKING:

U.S. world-famous author Stephen King:

“Trump is a tumor in America’s veins. A tyrant who does not hesitate to set a country on fire for his narcissistic ego. No horror story I’ve written could be as terrifying as this man.”

[유현 @ASICKHJ]

@MIRIM2395 학살을 조롱하는것은 인간으로서 할짓이 아닙니다
당신이 누리는 민주주의 그들의 희생에의해 지금 당신이 누리는것 입니다.

[짚 @Game_In_Focus]

KBO에서 드래프트 참가 제한 사유를
학교폭력에만 한정하지 않고
반사회적으로 물의를 일으킨 선수들 또한
드래프트 참가에 제한을 두는 규약을 검토하고있다네요🥹

https://t.co/bWdFS03PF4

[JTBC 뉴스 @JTBC_news]

다른 나라였다면…혐오 표현 쓰는 순간 '우승 박탈, 방출'
https://t.co/aSpBe1upz1