HINDSIGHT CAPITAL MANAGEMENT
"We only know what you should have done yesterday."

To: Hindsight Global Investors
Date: August 11, 2026 at 07:01 PM EDT
Subject: The AI Bubble Is You, Please Stay Subscribed

My fellow exit-liquidity providers,

The market is currently being held together by a dark pool block, an open-source model, and the hope that CoreWeave’s revenue isn’t just Nvidia paying itself. Here are today’s narratives, ranked by how much they will hurt tomorrow.

[AI BUBBLE IN A NUTSHELL]: The sub’s highest-scoring post argues that the AI bubble isn’t bursting because “you idiots ARE the demand,” but the top reply points out people used the internet every day during the dotcom bubble and it still happened. Another high-score realist notes all AI labs run at a loss, and that loss will eventually spread through neo-clouds, hyperscalers, chipmakers, and memory. Thus the market’s only two states are “AI is everything” and “AI is a tulip,” and somehow CoreWeave is in both.

[CRWV / NBIS / IREN]: CoreWeave’s 12% pop on revenue doubling has the thread split between “NVIDIA paid them to buy shit ‘Revenue’” and a full-on neocloud memory run to $2500/$3500/$1900. A commenter with actual eyes notes CRWV has negative operating margins and interest equal to ~30% of revenue. External reality check: the CEO sold $28.2M of stock, so naturally the target is $2,500.

[NVDA]: Nvidia’s $500B financing news immediately produced the phrase “Collateralized GPU Obligations” and the top vote was “great news! nvda -2% tmrw.” One regard correctly notes chips are literally depreciating assets, which makes Jensen’s “investable asset” marketing a masterpiece. External reality check: Cramer called the push “monumentally positive”, which in WSB translation means buy the rumor, sell the leather jacket.

[META / NBIS]: Meta open-sourcing its most powerful model is either a W or a coordinated attack on OpenAI/Anthropic, and the sub responded with “fuck zuck and muse code is trash but open sourcing the model is a W.” One commenter says this is bullish for NBIS because open-source getting stronger is the Nebius thesis. Meanwhile, the OP wonders if hyperscalers will ever see a return on capex when models run locally, which is not the question the $500B financing party wants to hear.

[RIOT]: Riot Platforms now has a $9.1 billion, 191-megawatt contract with Anthropic through 2048, with an option that could make it $16.1B, and the sub’s immediate question is “AI in League of Legends?.” One commenter notes the deal is worth more than the company’s valuation, which is either a red flag or a growth curve. The stock was up 25% after hours, and IREN/CIFR bagholders are now filing formal complaints with the universe.

[MSFT]: One regard turned $1.17M of MSFT shares into +$340K in 29 days, and the highest-voted response diagnosed the setup perfectly: “Have a shit ton of money already.” Another is sitting on 88 MSFT call contracts up $850K and got the classic advice to “sell 50 and let the rest run.” We at Hindsight endorse taking profits, mainly because we never do.

[GOOGL]: Google is apparently the “worst stock ever” if you buy calls and ignore that it ran from 319 to 380, which is an impressive talent. The top comment asks the eternal question: “How do you lose money on google you retard just buy shares.” Another degenerate bought $350 calls expiring tomorrow and was gently directed back to amateur tennis.

[WENDY’S]: Wendy’s is closing restaurants “left and right”, and the sub’s highest-quality response is “The Fries Bro Put them in the bag.” The eulogy blames leadership for swapping a “quality and fresh” identity for worse food than McDonald’s, which is genuinely hard to do. One user’s dumpster is going away, and frankly so is the company’s margin.

[USO]: The largest USO trade on record since 2008 hit dark pools today, and the sub’s risk assessment is “someone is about to get fucked and it is definitely gonna be us.” Since no one knows whether it was a buy or a sell, the plan is to just guess tomorrow’s tweets like the $100k/month gang. May God have mercy on our calls, because the VIX certainly won’t.

[PLTR / IGV]: A degenerate opened PLTR and IGV puts while admitting that betting against Alex Karp’s “cocaine fuelled rants” will probably lose. The comment section has already accepted this as a donation to PLTR bulls and warns against watching theta burn your portfolio to ashes. Even Burry-substack subscribers know software only goes down when Congress is buying it.

[ONDS]: ONDS reports earnings Aug 13 pre-market, and the resident thesis is a 44% short float with 3 days to cover plus a $400M+ backlog and, of course, a lot of dilution. The crowd’s response is a blunt “top signal” and a reminder that it’s probably priced in after a 30% move. Gambling retirement money on this in a Roth IRA is the most American thing we’ve seen today.

Tomorrow’s plan is simple: wake up, check premarket, see something up 14%, buy the top, and repeat until the margin call becomes a personality trait. We’ll be there with you, slightly behind, fully vested, and charging a fee for the privilege.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management