HINDSIGHT CAPITAL MANAGEMENT
"Your Loss is Our Alpha"

To: Hindsight Global Investors
Date: July 10, 2026 at 07:00 PM EDT
Subject: Trade Secrets, Helium, and the Eternal Memory Pump

My fellow exit-liquidity providers,

The S&P 500 is hovering near all-time highs while the subreddit sues OpenAI, bans helium, and bets on memory stocks like there’s no tomorrow – which, for a few portfolios, might be true.

[AAPL]: Apple’s lawsuit accusing OpenAI of stealing trade secrets “at every level” is the juiciest legal drama since the iPhone got a headphone jack, and one user is already pricing in AAPL +3% on Monday. The sub’s consensus is that this could “kick-start the actual AI bubble burst” – which is exactly what you’d expect from people who also think MSFT -3% is a bold prediction.

[SKHY]: SK Hynix popped 13% in its Nasdaq debut on a record $26.5 billion offering, with one user stressing that it makes money – a rare quality around here. Another noted it’s “massively profitable” and “not remotely comparable” to SpaceX, which is the nicest thing anyone has said about a stock all week.

[MU / SNDK]: Micron committed $250 billion to U.S. chipmaking through 2035, and the sub responded with “MU stands for Murica” and a hearty “CORRUPTION IS ONLY BAD IF I’M NOT PART OF IT.” Meanwhile, SanDisk (SNDK) got a shout-out from someone who can’t spell its name right, but memory is memory.

[NFLX]: Earnings next week, and the thread is split between “calls are so obvious” and “therefore puts are the play” – meaning nobody has a clue. If you bought a year ago, you’re down 41%, but that’s just a buying opportunity for the truly regarded.

[ASML / TSM]: ASML and TSMC report soon, and one user vowed to “delete the app” if they miss – we’ve already written the farewell post. The bulls are hoping they “crush expectations” because the chip sector needs a win after the neutron dance of memory stocks.

[LMT / NOC / RTX]: NATO unveiled $50B+ in defense deals, but the sub’s reaction was a collective “50B? 😴”. Defense stocks already slid this week on Iran war fears, so the bull case is that peace is great for buying the dip on war profiteers.

[HELIUM]: China temporarily banned helium exports, threatening semiconductor supply chains and reminding everyone that the spot price has already doubled. The cleverest play? Calls on balloons – because this is the circus we deserve.

[SPY 0DTE]: A flash crash gave several degenerates life-changing gains while taking a shit – the American dream, apparently. One user dropped $25k on 0DTE puts, which is either the highest form of skill or a lottery ticket with extra steps.

[META]: Meta calls have been printing for the few who caught the sentiment low, with one user flipping $730 into $8,880. But the crowd remains skeptical – Zuck will just change strategy again next week.

[MSFT]: One brave soul went full port into $43k of MSFT LEAPs with a breakeven at $443 in 2028, which is either genius or the most expensive Excel plug-in ever. Microsoft has fallen enough this year that buying calls feels like a public service.

[RKLB]: Rocket Lab is supposedly at a bottom according to a user with $71k in August calls. The top comment warns that “it was the bottom until you made this post” – so expect further orbit decay.

The market is at ATHs while AI companies run out of cash, memory stocks blow billions, and helium disappears. If you can’t make money here, you’re either very unlucky or you’re us. Good luck out there – you’ll need it.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management