Venus

[goldenlabubuwatch @pandawatch88]

The last thing you see before becoming fully aware of your situation

[Venus @ctrl_alt_divine]

@Valuehunter12 Can you expand on this?

[nxthompson @nxthompson]

This is an amazing quote from Lindsey Graham about when he realized how politics works. https://t.co/sh04ahQOFq

[Jukan @jukan05]

Meta falls out of the AI race.

[Venus @ctrl_alt_divine]

@ekroth It's a bold move imo. Even if ASTS has the tech/spectrum lead and carrier partnerships, SpaceX can close the tech gap while outscaling them massively. I think it could pick up again into the 2030s. Seen some people calling for a tripling of price again - just unrealistic.

[Venus @ctrl_alt_divine]

@EkonomiPappa 0%

[Venus @ctrl_alt_divine]

@ekroth $SHMD for glass core substrates (https://t.co/jjexLTCuhI)

[burningbushcap @burningbushcap]

It's amazing how misunderstood the $SHMD cap structure is. Lets go through their balance sheet since we already went through their shares outstanding (~62mn)

Per their presentation. Pro-forma debt is EUR 38.1mn (see below. This also includes EUR 15.3mn of convertible debt that is actively being converted. So removing the convertible, gross debt is EUR 22.78mn.

And then if you look at the annual report for the pro-forma cash balance (inclusive of cash from converts), they have EUR 25.5mn.

SO YOU ACTUALLY HAVE $SHMD IN A NET-CASH POSITION of ~EUR 3mn

@pennycheck @aleabitoreddit @Mike10947310

[W. Wiz  @NlTR0_]

Follow-up on $SHT – New Press Release today (2026-06-17) (Important!)

Today, Smart High Tech announced its intention to enter into an industrial collaboration with BTR New Material Group to evaluate expanded production capacity and scalable manufacturing of graphene technology for electronic cooling.

This targets my main concern about SHT that I have been writing about, whether the company can commercially scale and execute.

The PM specifically points to:
• industrial production capacity
• technical and operational industrialization
• graphene film optimized for electronic cooling
• process and quality validation
• scalable manufacturing
• regional supply chain structure

BTR New Material Group is listed on the Beijing Stock Exchange under ticker 920185. The company generated around 17 billion CNY in revenue in 2025, has more than 8,000 employees and is the world’s leading supplier of lithium-ion battery anode materials, at the forefront of next-generation silicon-based anodes, and has realized large-scale production of high-nickel NCA cathode material in China.

BTR also appears to be connected to supply chains involving some of the largest battery and EV-related players in the world, with public sources mentioning customers such as CATL, BYD, Sunwoda, Panasonic, Samsung, LG, SK On, EVE, Gotion and REPT.

This becomes even more interesting after SHT’s GT50R® launch yesterday. As I said in my previous post, GT50R® is aimed at applications such as:
• battery cooling
• battery pack encapsulation
• power electronics
• energy storage
• EVs
• power modules

So the potential BTR collaboration does not only relate to scaling graphene film for electronic cooling. It also creates a very logical industrial fit with the markets SHT is now targeting through GT50R®.

But it is still important to stay realistic. This is not yet a volume order. It is not a confirmed customer contract. It is not a final manufacturing agreement with guaranteed capacity. The wording is still “intends to enter into” and “framework for evaluation”. So the execution risk remains.

SHT still needs to prove customer qualification, validated production processes, scalable output, consistent quality, volume orders and recurring revenue.

But this is exactly the type of step I wanted to see.
SHT now has:
- Henkel as strategic partner,
- Thermal Grizzly as a commercial/B2C channel,
- $NVDA B2B qualification track for GT-TIM®,
- and now potentially BTR as an industrial scaling and production partner.

That is a very different setup from where the company was a few years ago.

SHT has built a strong technology platform in a market where the need for better heat management is obvious across AI infrastructure, semiconductors, EVs, batteries, energy storage and power electronics. Now the company needs to prove that the platform can become industrial reality.

[RJC @RJCcapital]

send it to zero

[Rothmus 🏴 @Rothmus]

Imagine thinking this is forgivable

[Johan @semicap]

Atlas Copco's $ATCO.A Vacuum Technique segment is probably the cleanest AI-fab supercycle exposure inside a European industrial.

Atlas Copco is the dominant integrated sub-fab supplier for $ASML EUV tools. Their integrated sub-fab offering combines dry vacuum pumps, hydrogen abatement systems and recovery systems that recycles >70% of hydrogen used in EUV tools. With hydrogen as a meaningful operating-cost line item in an EUV sub-fab, it is easy to understand why this equipment is vital.

The most predictable forward indicator for Atlas VT order intake trajectory is ASML's EUV pipeline. ASML shipped 48 EUV systems in 2025 (44 low-NA and 4 high-NA). They are building capacity to ship more than 80 low-NA EUV tools in 2027. I believe 2028 shipments will reach ~90 low-NA EUV tools + perhaps 10-15 high-NA tools on top.

With 2nm and 1.4nm/A14/14A nodes approaching, vacuum content per system scales upward given larger optics chambers, higher hydrogen flows (particularly in high-NA tools), and additional abatement throughput. EUV photons transmit extremely well through hydrogen (most other gases absorb them), so the entire light path runs in a low-pressure hydrogen environment instead of pure vacuum, driving demand for VT's equipment.

Demand for Atlas Copco's sub-fab equipment will grow significantly due to more EUV tools shipped, driven by rising EUV-layer counts in Logic (from ~14 at 5nm to ~26 at 2nm to over 30 at 1.4nm/A14). And also due to more VT equipment per tool, driven by hydrogen recovery and higher source power.

Add DRAM EUV adoption (Samsung 1c, SK Hynix 1c, Micron 1γ) on top of the HBM/AI memory supercycle to the mix and you get a multi-year demand step-up that should outpace headline WFE growth.

Base case: VT order intake hits SEK 55-65bn by 2028 vs. SEK 36bn in 2025. A 50-80% uplift (15-22% CAGR), which will likely push the valuation multiple higher once the market realizes it.

[Mr.MCAP @MisterMCAP]

When I say $SHT has come as close to confirming $NVDA as a customer, as legally possible without a direct NDA breach, this is what I mean. Notice they do not say that Nvidia has bought their products. Only using the word "relationship".

For anyone with half a brain its obvious tho that they are a supplier to Nvidia. @aleabitoreddit do you still think its a shit company?

[Venus @ctrl_alt_divine]

@ZackEiseman Take care man!

[Venus @ctrl_alt_divine]

@JJJJJ_66666 On the other side CFO Widén and Vonjahf were buying in early May. The people closest to the financing and commercial catalysts adding, not leaving. One insider taking 3 MSEK off the table at the top is bad optics, not a boardroom exodus...

[Mr.MCAP @MisterMCAP]

Visste ni att vi i Europa har vårt egna Coreweave/Nebius/Iren i Nscale? Går att äga via Aker. Men du får lite olja och annat på köpet. Inväntar oljedip vid US-Iran fred. Men ett högst intressant bolag.

[W. Wiz  @NlTR0_]

🧵1/2

AGM notes from today’s $SHT meeting.

The AGM was very informative. There were many opinions raised during the meeting itself — in my view, many of them reasonable.

Several different people held their own presentations.

From Gang Wang’s presentation, he stated among other things:

“Massive orders are coming within a few months and we have the capacity.”

Their technology is completely unique, they are first with this, and are therefore pioneering this technology shift.

According to discussions during networking/mingling, the China factory is almost fully automated and development there is moving very fast. They will likely need either a larger factory or an additional factory in China as they scale significantly in order to meet demand.

According to Michael Quail’s presentation, no other company is doing what SHT is doing — no one has a comparable product. Because of this, the company can, according to him, price its products at a substantial premium since this is a “diamond product”, which should result in high profitability.

In his entire career at Henkel, he has never seen a company like SHT. He has enormous respect for Johan Liu and his knowledge.

During his presentation it was also confirmed that NVIDIA is the customer they are working toward and are approved by.

He believes SHT is heading toward commercial success:

“They are climbing Mount Everest and they are on the last push to the top.”

According to him, it is important to focus on one major customer at this stage rather than starting with several.

Beyond semiconductors / AI, there is also strong demand from automotive and electronics.

From Johan Liu’s presentation:

He stated that he has been in China for five weeks. He felt that a lot is happening and that the product has a very strong future, which is why he remained there.

Liquid metal does not work for NVIDIA — this has been tested.

All competing solutions also show weaknesses/problems, while classical solutions age far too quickly.

NVIDIA is not satisfied if SHT can only produce for CPUs — they also want solutions for entire modules including GPUs.

If they succeed in delivering, there is “nothing that can stop them”, according to Liu.

The TIM market is growing very rapidly. TAM for this market alone is tens of billions USD.

TIM 1.5 is the new technology replacing the traditional TIM 1 & TIM 2 setup — this is what they are targeting and what they believe will become the new standard.

The new chips are very large.

There are no previous solutions for these new large GPUs/CPUs.

Production is done through machines capable of producing 100,000 units per machine. They currently have 2 such machines, and achieving this would become “a gold mine”, according to Liu.

Today they have 35,000 units/month approved by NVIDIA, but capacity is higher than that.

Large shareholders were dissatisfied with how the latest directed share issue was conducted and wanted auditors and other parties to review how it was handled.

Items 12 and 13 were removed from the agenda.

As a result, they have not expanded the articles of association and do not currently have issuance mandates in that respect.

CFO:

USD 5M in prepayments from Henkel are expected during this year, but this depends on progress in commercial orders and ramping production capacity.

“This company will grow — that is one thing that is very certain.”

According to the CFO, they will become a globally leading listed company.

The goal is that customers should pay for development, not investors through equity raises.

[⚽️📡 @pennycheck]

inferred supply chain mapping based soley on AI slop with zero solid source have made many ppl fortunes --
Soon
It
Very likely will
Evaporate

[Venus @ctrl_alt_divine]

@MoodyWriter13 Unreal timing, haha.

[Kraken Robotics @KrakenRobotics]

The @RoyalNavy and @ItalianNavy are standing by with their Kraken SAS systems on REMUS UUVs to help with mine countermeasure operations in the Strait of Hormuz.

@SkyNews - https://t.co/j85uHqiuoK

@navalnewscom - https://t.co/xcs9essJDh