The Chip Nobody Built For This

After months of watching this name and hours of research, I’ve finally pulled the trigger and invested.

A processor engineered to turn raw pixels into clear vision in under 30 milliseconds… in fog…. in tunnels, in blinding sun and never fail.

Built for cars…..

No robotics division.

No robotics product.

Not a dollar spent chasing that market.

The orders came anyway…..

Two of the most watched humanoid robotics companies on earth are now shipping product built on this chip…..

Then the twist….. a global memory shortage hit right as AI data centers ate the world’s DRAM supply…..

This company had already built a chip that barely needs any…..

Backlog just crossed $7 billion.

Institutions have quietly built double digit stakes.

It still trades like a sleepy auto supplier.

Under $4 a share.

Almost nobody has priced in what could come next.

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Here are the facts…

• The average stock holding period has crashed from 7 years in the 1960s to under 1 year today…..

• Over 20 years through December 2024 the average equity investor earned 9.24% annualised vs the S&P 500’s 10.35%… a gap of 1.11 percentage points per year.

• Only about 1% of day traders stay consistently profitable over five years… most quit within two.

The best edge an investor can have is a long term orientation and it is the one almost no one possesses.

Property investing is a long game…. I look at the stock market the same way.

However….there is a key difference

The stock market plays a trick on you.

Both property and stock market are games with the same goal…. make money.

In property you buy the land, commission surveys, navigate planning, structural drawings, then spend years building the development. Progress is slow and irreversible… usually operating at your maximum debt capacity.

When a project starts you are in it…not for a week but for months and if a new shiny piece of land appears…. tough…. you can’t jump ship.

The stock market gives you the opposite… a second by second feedback on every decision you make.

You can go long or short.

You can sit in a software stock for a 3 month’s then move to the latest AI bottleneck trade for a week and make three times the return before moving back to the name you had previously sold and make another 60% return…..

The flexibility is endless.

No matter how well you’re doing even if you’re up 118% year to date someone else is up 834%.

You missed what they saw.

In a game where an answer is available every single second, that constant visibility turns every underperformance into proof that you made the wrong decision.

Within a second you can sell and jump ship after seeing the grass is greener.

In property to sell mid development in most cases would be a disaster.

I see the stock market that way.

Remember when I wrote…

I made the most money on the companies everyone told me to sell.

You’ll hear people obsess over a company’s P/E ratio and base their entire buy or sell decision on it.

Let’s say you find a stock in a compelling industry with a compelling P/E. By the way… you almost never will.

By the time that stock is “found,” its P/E has usually already swollen to 80x, 90x, 100x+. To most people that makes it an automatic sell. But that’s often the exact moment real exposure begins—institutional coverage kicks in- the story hits an inflection point and the stock goes on a multi year run.

Tesla from 2019 is the clearest example.

If you want to spend the rest of your life as an investor saying “the P/E is too high, so I’m selling,” I wish you the best. You’ll just end up in companies that aren’t leaders.

Everything good about a company adds to its valuation. Think of valuation as a tower of proof that you’re dealing with a great business

• Leadership position in the industry → valuation premium

• Potential of new and future products → another premium

No one has quantified exactly how large those premiums “should” be. You have no idea what the future cash flows will be. Neither does anyone else. People who try to project ten year cash flows for a business especially a technology business where new platforms are still being invented—are mostly just guessing. You can build the model but you’re not going to get close.

No one successfully did this with Amazon. No one successfully did this with Apple.

The only guiding principle that matters…

If you believe the company is going to win in future industries and the value of those future industries will exceed the company’s current market value, then you invest.

That’s it.

Will high valuation stocks fall harder in market corrections? Yes. Will they be more volatile day to day? Yes.

You have to accept both if you want to own the companies that actually change industries.

Technology businesses are especially uncertain because no one knows how quickly the opportunity can multiply.

That uncertainty is the price of admission.

I just bought more of one name…. an aggressive amount…

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S&P at all time highs.

Semiconductors finally catching a real bid after two weeks of stagnation.

SaaS names that got obliterated earlier this year are climbing higher from the April lows.

CoreWeave and Nebius put up numbers that forced the market to stop ignoring them…..and Jensen Huang shut down the entire circular financing narrative with a $500 billion memorandum of understanding that brings BlackRock, KKR, Apollo, Goldman Sachs and Brookfield into the game.

This was the proof.

Proof for the people who kept saying that compute demand is structural rather than cyclical….. they were not hallucinating….

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Another unbelievable week….

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What a week…

I’ve never received more phone calls in my life.

I added to almost every position I own.

Why?

Well… the real story is a weird one.

SK Hynix.

Operating profit surged 557% year over year.

Revenue jumped 257%.

Quarter over quarter revenue was up 51% and operating profit up 61%.

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What an insane opportunity this week created.

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For the first time this year outside of the short lived Iran related moves we’re seeing real pressure on semis while the broader S&P 500 remains strong.

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What an insane week

One particular company had it’s earnings and the result left me speechless…..

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It is extremely difficult to build a company that achieves 10x growth….. however as companies get bigger and more established their chances of significant further growth actually improve.

The probabilities remain low overall because venture returns follow a power law distribution ( a few companies produce the vast majority of the total results while most others contribute very little creating extreme winners (a few big winners and many failures.))

Once a company reaches unicorn status at roughly $1 billion valuation it has about an 8% chance of growing to decacorn status at $10 billion or more.

For those that make it to decacorn level the odds of advancing further to a $100 billion plus valuation are only just better sitting around 8% to 13%.

Companies that have already achieved $100 billion in valuation see stronger prospects with roughly a 31% chance of delivering another 10x growth when looking at both public and private firms.

Seed stage or early venture backed startups have only a 0.5% to 2.5% chance of ever becoming unicorns.

Why am I telling you this?

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This week I added to three names that appear to be unfairly beaten down.

Once cracks appear in memory I expect capital to rotate back into them aggressively.

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Probably the most enjoyable week I have had in a while...

This is what the tiny home garden looked like a few months ago….

And this is what it looks like today…

It’s amazing how quickly something can transform.

Seem’s like only yesterday I was slipping in the mud to get to the front door.

The crazy part is……this is just the start….

Olive tree time soon

The stock market created an unbelievable buying opportunity this week…

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What an insane week….

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Wtf happened this week…..

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On the 8th of March 2026 I sent out Newsletter 120....

I wrote

“I Just invested in two companies I swore I wasn’t interested in…..

The two companies are SanDisk Corporation (SNDK) and Micron Technology (MU).”

Since then…… MU is up +186% and SNDK is up +211%

That was only 2 months ago….

NBIS is also up +179%

In only one year RKLB is up +351%

The crazy part is….. this is just the start.

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The Art of understanding enough…..

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The 5% worked…… so I just invested in 2 new companies

The last 3 months have been unbelievable and the messages I have received is exactly why I write these newsletters.

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What an insane earnings week…..

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We all earn different amounts….

We all live on different amounts….

We all have a different reality of what is needed to ‘survive’.

But what we all share is time.

Time in the market beats timing the market and one thing people rarely explain is why it is important to keep living costs low…….

There are people who invest £1,000 into the market and then expect it to magically compound into six, seven or even eight figures without ever adding more….

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The number of messages I received this week is exactly why I write these Newsletters…

The last couple of months have been incredible

NBIS +112%

SNDK +75%

AMKR +53%

RKLB one week into my Space X proxy trade +20%

Being able to look through the noise and isolate opportunities has paid off yet again.

The messages I received were along the lines of…..

“I am up X amount” and “thanks for the newsletters”

The truth is….

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