HINDSIGHT CAPITAL MANAGEMENT
"We short your thesis and long your tears."
To: Hindsight Global Investors
Date: June 08, 2026 at 07:00 PM EDT
Subject: The IPO Liquidity Vacuum Cleaner
My fellow exit-liquidity providers,
The mood out there is roughly what you'd expect from a sub that just watched Bank of America tell everyone to take profits while retail scooped semiconductors. Global tech is selling off, South Korea's Kospi is down nearly 15% from last week's record high, and the consensus strategy is to hold 0DTEs until your tummy feels weird. Let's get into it.
[SPACEX/ANTHROPIC/GOOGLE]: The dominant thesis is that Anthropic and Google are paying SpaceX $2.17 billion monthly for GPU compute — with one top comment calling it a "very convenient headline days away from the ipo." Another commenter warns the contract can be terminated with 90 days notice, suggesting a "pump your own bags before leaving" scenario. Meanwhile, external news notes Tom Lee's clients fear this IPO will mark a market top.
[OPENAI]: OpenAI confidentially filed IPO paperwork, setting up a showdown with Anthropic — but one commenter immediately asked where all the liquidity will come from. Another added that the rush to IPO is "the most suspicious thing ever," with an $852 billion valuation that feels both too low and too high.
[LIVE CATTLE FUTURES / SCREWWORM]: The SMOOTHIE ECONOMY play: one regarded autist is buying calls on cattle because a screwworm infestation will pop the AI bubble via higher beef prices and forced rate hikes. A fellow cattle connoisseur warns that each contract represents 40,000 lbs of deliverable beef and that 2% daily moves are normal. External news notes cattle futures are rebounding but at record risk, which is catnip for this crowd.
[MU / SNDK]: Jensen Huang declared the memory shortage will continue for several years, which one commenter dismissed as "pump it daddy Jensen." Another points out that Broadcom's disappointing forward guidance suggests fewer buyers for AI hardware than expected. SK hynix officially partnered with NVIDIA for next-gen memory, but one user called it "priced in already, exit liquidity headline."
[OIL]: In a stunning victory for the "nothing ever happens" theory, one user is genuinely confused why no oil tankers allowed to cross Hormuz meant oil went down. The top reply says "You are trying to apply logic. That's where your trade already failed," while another points out the strategic petroleum reserve is releasing barrels. External news confirms Iran has been hitting tankers with drones, but apparently paper oil doesn't care.
[MSFT]: Microsoft is apparently 100% of one commenter's net worth, with Christmas canceled in 2026. The top sentiment is that MSFT has been almost flat while SOXX did 60-70%, and analysts upgrading this "POS" to $600 while it can't hold $420 is a special kind of insult. Shares are down roughly 14% for some, which is apparently enough to trigger an existential crisis.
[0DTE / SPX / QQQ]: One lucky degenerate turned a 374% gain on 0DTE SPX while admitting "I would just DCA down and then hope it went up." The top reply, of course, was "hey i've been doing the same thing and now im down 2K." Another user lost 70% trading 0DTEs three minutes ago, checked his horoscope, and is now an international student who has disappointed his parents — the full WSB lifecycle in a single post.
[FIG]: One brave soul is holding over 5,000 shares of Figma at a $30 average, down and asking FML. One commenter thinks "Saas revival was greatly exaggerated," while another claims every Figma employee is selling as fast as possible because the company will be bankrupt in five years. At least someone's design team loves the product.
[MSTR / STRATEGY]: Michael Saylor is back on his bullshit, with Strategy resuming its bitcoin buying spree and "quelling market panic" — a claim one commenter met with "Quell deez nutz." Another user went all in on MSTR, and the sub responded with an outpouring of sympathy and canned corn jokes. External news confirms Strategy bought 1,550 BTC, which is either a bold move or just Saylor trying to keep the music playing.
So to summarize: the AI IPO pipeline is a black hole for liquidity, a screwworm might save us from AI, the strategic petroleum reserve is the only thing between us and $10 gas, and a guy lost his parents' tuition money because his horoscope was wrong. Pencils down.
Stay solvent (somewhere),
Hindsight Henry
Chief Investment Officer, Hindsight Capital Management