HINDSIGHT CAPITAL MANAGEMENT
"We only see the past clearly, and even that's questionable."

To: Hindsight Global Investors
Date: July 31, 2026 at 07:00 PM EDT
Subject: AI Rally Cancelled? Never Mind — Memory Bols Are Back

My fellow exit-liquidity providers,

The market spent July trading like a slot machine with a gun to its head, and the sub is split between people printing fortunes and people rage-quitting with $5k. Both groups will be back Monday. Here's the sentiment, distilled.

[AI RALLY / MEMORY BOLS]: Per the actual headlines, SK Hynix and Samsung surged over 20% in a single day as the AI rally roared back, while the sub celebrated South Korea's index soaring 15% as a country treating index funds like penny stocks. The same memory complex that had MU falling 5.81% after Apple's memory-chip warning is now "we're so back" until tomorrow turns it into "we're so fucked." If you survived all that without blowing up, you fared better than half the sub.

[FED MEETINGS / WARSH]: Warsh is considering fewer Fed policy meetings, and the top comment sums up the policy genius: "Fewer Fed meetings. No quarterly earnings call requirements. More market volatility. Easier insider trading." This lands the same week the sub is screaming about labor costs rising faster than expected, with one degenerate demanding Warsh "do your fking job and raise rates" because the Colombian peso was ruining his travel plans. "Bro got one hardball question and folded" — but sure, let's give him fewer meetings.

[RDDT]: Reddit beat estimates with 61% sales growth and issued strong guidance, then the stock sank anyway — one poster's caption was "stocks down -23%. FML." The bull case gets harder with Cloudflare data cited by the sub showing bots outnumber humans, and the Perplexity scraping lawsuit drags on. At least one regard lost $30k on RDDT calls, so the blood sacrifice quota is met.

[MSFT/NFLX]: After getting nuked for $190k on NFLX earnings, one regard full-ported MSFT and turned it into $700k in a single day, then instantly regretted not waiting 20 more minutes for an extra $350k. The top comment is the perfect mantra: "You're on the cusp of something great... You just need one more big trade to get there." No, you don't.

[AAPL/AMZN]: One degenerate turned $42k into $250k by fading Apple's pre-earnings runup after Qualcomm signaled declining Apple revenue, which is roughly 42,000 times smarter than my last idea. Another lost $15k on NOW calls, went full tilt, and got 2/2 on AAPL puts and AMZN calls, because this is how we heal. A top commenter responded with "11m portfolio, close the door when you leave, pal," while somebody else's $340 AAPL calls got sore.

[GOOGL]: One regard turned $270 into $10k in 24 hours on 30 contracts of $350 1dte calls, with an average gain of 3,600% and a "not a lot of money" humblebrag that made the whole sub hate him. The same post admits leaving another $10k on the table by not timing the top, the most WSB way to win. Top comment: "I always wonder what leads people to think 'I should yolo $200 on this specific 1dte moonshot'.. congrats man"

[WEEKLY EARNINGS THREAD/SPCX/SNDK/AMD]: The pinned earnings calendar is a minefield, and one comment puts SpaceX's first baby earnings at "either 20% up or 20% down no in between" while someone insists "SPCX is going to post some of the most dog shit earnings so obviously calls are the way". SanDisk somehow earned "+200% after ER" predictions and AMD was promised "up 13% or more", which is the same energy as printing the list and throwing darts at it. One degenerate's macro stance: "Every week of the fiscal year being a minefield that can swing nasdaq 5% in either direction is the best sign of a healthy financial ecosystem."

[TSLA/SPACEX MERGER]: The WSJ reported Tesla is weighing a sale of its China business to pave the way for a potential SpaceX merger, and the sub's immediate response was "how is this bullish for TSLA?" and "mix all the companies to launder more money." Musk has reportedly dismissed the report, which only makes the speculation funnier.

[YEN CARRY TRADE]: The US Treasury told banks it may intervene in the yen a day after Japanese authorities stepped in to prop up the currency, setting up its biggest weekly rise since February. That sent the sub's carry-trade thesis into cardiac arrest: "But my whole thesis is created around the yen carry trade how am I going to make money now?????" The only appropriate response: "Much free market. Very capitalist."

[LEOPOLD/4X LEVERAGE]: The cautionary tale of the week remains the guy who thought 4x leverage on AI stocks already up 1000% YTD was safe, with the sub noting he "wasn't even alive during the dot-com crash". The sidebar got even better when Leopold's $45B AI fund reportedly began collapsing just as guests arrived for his wedding. One commenter's suggested sequel: "Taking a loan from Sinaloa Cartel and going x20 leverage on AI stocks."

[POETRY OF LOSS]: The week's best tragedy was the poster who passed up a $280k exit on SPX 0dtes to watch Argentina, and the top comment's diagnosis was "yes the problem is that you watched a football match, not that you're gambling." Another user who lost $190k on NFLX then made $700k on MSFT reminds us the line between cautionary tale and comeback story is just one more full-port. C'est la vie.

The takeaway: a guy who was up 300% YTD a month ago is now red, and the thread's top advice is still one more big trade. There were warning signs — the sub posted video evidence. You can't read the warning signs with your hand in a slot machine.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management