Based Benjamin @BenjaminOnBase

The "downstream" AI stories are outperforming - $MAGS +2.2% - $IGV +1.0% This is a framework to keep in mind... bottom forming in AI/Korea, and downstream names gaining traction Get the "first word" at FSinsight.com/tlee-services @FundstratCap @FundstratDirect @BitMNR $BMNR $BMNP

I don’t want to say we bottomed But we certainly have ALOT of uncertainties lifted off the market. We now know: ✅ Hyperscaler capex ✅ why there was sooo much downward pressure v in the AI trade ✅ the fed isn’t doing a rate hike ✅lots of leverage wiped out ✅great earnings

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Citadel bought the bulk of Situational Awareness’ public-equities portfolio after the firm’s assets reportedly fell from $45B to around $10B, with the fund said to have been running roughly 4x leverage. Goldman was involved in the sale talks, while Millennium also submitted a bid. The context is brutal: Citadel itself helped fuel surprise rate-hike fears into FOMC, the market then sold off aggressively, and high-beta semiconductor names saw extreme drawdowns that compounded pressure across the space. With Situational Awareness heavily levered into that unwind, margin pressure appears to have forced the fund to unload public assets at distressed levels. Citadel then stepped in as the buyer, effectively taking the other side of the liquidation after helping spark the narrative that contributed to the selloff. The private Anthropic stake remains, and Situational Awareness will continue operating as a private investment firm with a reported $5B stake in Anthropic. Semis rebounded and had their best day in a year as the market may have interpreted the liquidation as a bottoming event to the structural deleveraging that took place. 2. Amazon $AMZN reported a strong Q2’26, with revenue up 20% YoY to $200.6B vs $196.47B expected and operating income up 43% YoY to $27.5B vs $23.53B expected. AWS revenue grew 37% YoY to $42.2B vs $40.5B expected, with AWS operating margin reaching 39.4% vs 33.8% expected. North America revenue came in at $116.2B, while International revenue rose 15% YoY to $42.2B. EPS was $5.75, helped by a $53.4B non-operating gain primarily tied to Amazon’s Anthropic investment. Q3 revenue guidance of $197B–$202B came in below the $204.07B estimate, while operating income guidance of $22.5B–$26.5B was roughly in line. Management said AWS posted its fastest growth in 18 quarters, with both AI and chips surpassing $25B run rates, while advertising grew 26% YoY. 3. Apple $AAPL reported Q3’26 revenue of $109.42B vs $108.85B expected, up 16.4% YoY, with EPS of $2.02 vs $1.89 expected, up 28.7% YoY. iPhone revenue grew 21.7% YoY to $54.25B, Mac revenue jumped 28.7% YoY to $10.35B, and Products revenue rose 18.1% YoY to $78.68B. Services missed estimates at $30.74B, while Greater China also came in below expectations at $18.82B, though still up 22.4% YoY. Operating income beat at $35.7B, net income reached $29.79B, and 9-month operating cash flow rose 43.1% YoY to $117B. Apple also declared a $0.27/share dividend and said its active device installed base hit a new all-time high across all major product categories and regions. 4. Tesla $TSLA is reportedly considering a separation of its China business ahead of a potential SpaceX $SPCX deal, per WSJ. Advisers have discussed options including a spinoff, sale, or closure, while executives have been told to prepare for a possible split, though plans remain early and could change. A standalone China unit would create a regulatory firewall between Tesla and SpaceX, a major U.S. defense contractor, helping address concerns around Chinese customer data, dual-use technology, and Beijing oversight. China represented about 18% of Tesla’s sales in the first half of 2026 and includes two major Shanghai factories, while SpaceX generated 20.9% of its 2025 business from the U.S. government. 5. The top 10 most active options today by contracts traded were $NVDA with 2.8M contracts, $MSFT with 1.9M contracts, $TSLA with 1.6M contracts, $AMZN with 1.2M contracts, $AAPL with 1.0M contracts, $META with 1.0M contracts, $MU with 984K contracts, $INTC with 753K contracts, $SPCX with 685K contracts, and $IREN with 569K contracts. 6. OpenAI reportedly cut prices for GPT-5.6, per Axios. Pricing for GPT-5.6 Luna was reduced by roughly 80% to $0.20 per million input tokens, while GPT-5.6 Terra pricing was cut by 20% to $2 per million input tokens. 7. U.S. Q2 advance GDP came in at 1.5% vs 2.0% expected, while initial jobless claims were 197K vs 200K expected and continued claims came in at 1.782M vs 1.795M expected. Inflation was largely in line, with headline PCE at 3.7% YoY and -0.1% MoM, while core PCE came in at 3.3% YoY and 0.1% MoM vs 0.2% expected. Personal spending rose 0.3% MoM vs 0.4% expected, personal income increased 0.2% vs 0.3% expected, and real personal spending matched estimates at 0.4% MoM. 8. AUM in South Korea’s leveraged ETFs has fallen by $37B, or roughly 70%, from its all-time high just over 30 days ago, bringing total assets down to about $16B, the lowest since early April. The unwind follows a massive 500% surge since the start of 2026, with domestic-listed funds driving most of the decline and making up around 70% of total leveraged ETF assets. The collapse in leveraged products comes as Korea’s KOSPI rebounded nearly 15% alongside a broader rally in global chip stocks. 9. DeepSeek is reportedly targeting a 1GW AI data center buildout, with plans for a new campus in Ulanqab, Inner Mongolia, while also leasing additional capacity, per Bloomberg. At least part of the compute is expected to come online by late 2027 or early 2028, though it remains unclear which chips will power the project. The buildout would be larger than any AI facility currently operated by a Chinese company, but still below the 3GW and 5GW AI campuses being developed in the U.S. Chinese rival Z.AI is also pursuing a 1GW project using only domestically produced chips. 10. $GOOGL Google is backing Anthropic’s planned Texas AI campus, with Nexus Data Centers reportedly in advanced talks for $15B in financing led by Morgan Stanley, per WSJ. The project would include a 1.6GW data center campus and natural-gas power plant in Hubbard, Texas. Anthropic has signed four data-center leases and related power-purchase agreements, while Google would guarantee billions of dollars in lease and power obligations if Anthropic defaults and is expected to receive roughly a 20% equity stake in the project. The campus would run on Google TPUs co-designed with Broadcom, with the chips financed separately through a vendor-financing agreement between Anthropic and Broadcom. 11. The EU opened its AI gigafactory tender, with Brussels set to choose up to 7 projects backed by as much as €10B in EU and national funding and expected to draw at least €20B in private capital. Each facility would house at least 100,000 advanced AI chips, roughly 4x the scale of current EU AI factories, supporting frontier model training, fine-tuning, and inference while giving compute access to startups, industry, researchers, and public agencies. The projects are expected to more than double Europe’s existing 19-factory AI network, while also creating demand for European-designed AI processors and eventually supporting domestic chip manufacturing. Bids close November 12, with awards expected in July 2027. 12. Amazon $AMZN said it is raising 2026 cash CapEx to $220B, up from its prior estimate of about $200B, largely because higher memory costs are pushing infrastructure spend higher. The company said that even at this level, it still will not have enough capacity to satisfy all demand in 2026, and expects the same capacity constraint to continue into 2027. Amazon added that demand already visible for 2028 is “striking,” while emphasizing that it typically buys servers and networking equipment only a few months before deployment, giving it strong visibility before committing capital. Management said if the demand is not there, it will not spend on the equipment. I know I say it everyday, but today is one of those days that reminds you... WALL STREET IS THE GREATEST SHOW ON EARTH.

#SBET We may still see pullback.... But there is a clear Break-out - and strong Momentum developing

@benionbase @Toshi $Toshi and $Beni go hard

Base memes are here to stay 🟦 Congratulations on turning 3. @Toshi

Hardly anyone thinks big enough. People see a target of $380,000 and they just laugh because they don't understand and haven't actually sat down to look at it. Gold added over $20tn to its Market between 2023 and 2025. Two years. $20tn! It did a 3x. For Bitcoin to reach $380,000 it needs to 5.5x and add $5tn. Golds total market cap at the top was like $37tn. Bitcoin would be at $6tn+ at $380,000. You just don't think its possible because it doesn't "feel" like it is. Because you have PTSD and cant fathom those kinds of prices. Based on all historical data and precedent, it is absolutely possible. The number sounding high to you is irrelevant. Again, Gold is the largest asset in the world and it pumped 3x over 2 years. During 2019 - 2021 Bitcoin pumped 23x. We are talking about a 5.5x in two years. You need to allow yourself to think bigger.

Sykodelic 🔪 @Sykodelic_

4 days ago

I estimate that Bitcoin will hit between $380,000 and $450,000 from March 2028 onwards. This will be the full cycle top that comes after this current mid cycle correction. We will not be topping in October 2029. After all of the doom and gloom of this current price action, I

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The people buying ETH at $2.50 back then wouldn't have imagined it reaching $100 (~3,900% return) let alone reaching 700,000% The pizza guy wouldnt have imagined his 10,000 BTC would be worth $1 Billion at $100k each I didnt imagine that the 30+ Cryptopunks I claimed for free would have a floor of $400,000+ one day - and hence sold for much less.. You can imagine that $ETH could easily rise 500% to $10k, even if it feels difficult to believe today, as history often proves otherwise. This is a reminder to myself as much as anyone else.

this is the kind of shit Base needs more of. one live call where the roadmap gets shared, builders get heard, and newer projects get a real shot at visibility. open to everyone. live july 31. tag one builder on @base who’s actually shipping and deserves more eyes. tell us what they’re building.

Base @base

5 days ago

We're bringing the ecosystem together. The first Base Global Community Call is coming July 31 Expect: - Updates from Base - Interviews with top builders - Spotlights with emerging projects And more 8am PT | 11am EST | 3pm GMT | 8:30pm IST

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@benionbase @coinbase @brian_armstrong Would be epic for the whole space

Just waiting for some 'Clarity' Let's get it done @coinbase @brian_armstrong 💪

For those wondering which financial institutions support the CLARITY ACT ➡️ @GoldmanSachs ➡️ @BlackRock ➡️ @Fidelity ➡️ @FTI_US Franklin Templeton ➡️ @CharlesSchwab Congress needs to act and pass this bill @coinbase @RVanGrack @FundstratDirect @FundstratCap @BitMNR $BMNR $BMNP

Ryan VanGrack @RVanGrack

5 days ago

We got our answer. @BlackRock is officially on board. The world's largest asset manager joins @CharlesSchwab, @Fidelity, @GoldmanSachs in backing Clarity. Your turn, Congress.

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Strategy could pay dividends on all prefs and convertible bonds until August of 2028 if they didn’t raise another dollar of capital or sell any Bitcoin. Yet They raised $544 Million last WEEK And hold 843,775 BTC (~$55 Billion) This is tremendous financial strength

Michael Saylor @saylor

5 days ago

Strategy has increased its USD Reserve by $525 million, achieving 2.1 years of dividend coverage. As of 7/26/2026, we hodl ₿843,775 in our BTC Reserve and $3.75 billion in our USD Reserve. $MSTR $STRC strategy.com/press/strategy…

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🧵 1/ BitMine provided its latest holdings update for July 27, 2026 $11.8 billion in total crypto + "moonshots": - 5,787,414 ETH at $1,948 per ETH per ETH (per @coinbase) - 208 Bitcoin (BTC) - $180 million stake in Beast Industries @MrBeast - $61 million stake in Eightco Holdings (NASDAQ:$ORBS) (“moonshots”) and - total cash and marketable securities of $268 million. Ticker: $BMNR common equity $BMNP perpetual preferred Chairman: Tom Lee @fundstrat Link ⛓️ prnewswire.com/news-releases/…

Strategy has increased its USD Reserve by $525 million, achieving 2.1 years of dividend coverage. As of 7/26/2026, we hodl ₿843,775 in our BTC Reserve and $3.75 billion in our USD Reserve. $MSTR $STRC strategy.com/press/strategy…

ETH/BTC breakout has happened. Send it.

Feels good to bull post $ETH again. Last cycle, I was doing the same all the way up to the ATH, and exited with you all around the top. Time for round two. Ethereum.

$ETH: For the first time ever, ETH has a larger position size than BTC in my portfolio. In previous cycles, ETH represented only around 10% of my BTC and ETH portfolio. Last week, I increased it to 20%. Today, I am raising it to 60%. Read that again: for the first time in my entire trading history, I will hold more Ethereum than Bitcoin for this cycle. For this cycle: 60% ETH and 40% BTC. The largest Ethereum bet I have ever made. Either this will become one of the greatest allocation decisions of my career or one of the craziest. I am betting on the first. The exact reason for this positioning, the report and idea will be shared in the right moment. Todays ETH Price: $1950 Fear And Greed: (26) Fear

We deserve an epic $ETH revenge rally.

ETH/BTC breakout has happened. Higher.