HINDSIGHT CAPITAL MANAGEMENT
"We make money the old-fashioned way: we get in after it happens."

To: Hindsight Global Investors
Date: August 24, 2026 at 07:01 PM EDT
Subject: NVDA Earnings, GLP-1 Lingerie, and a Million Dollars of Max Margin Faith

My fellow exit-liquidity providers,

The market is splitting time between "the 30-year is breaking" and "NVDA earnings will be fine, actually," which is the same energy as ordering a second entrée while the kitchen is on fire. Here is what the sub was screaming into the void today.

[NVDA]: Bloomberg says Nvidia customers were notified about AI-related price hikes above 15% just in time for the sacred Wednesday earnings ritual, and the comments are split between "85% margins, we need to raise prices 15%, wtf" and "calls printing Wednesday." The external reality check: Nvidia's Q2 earnings will test a resurgent AI trade, but the sub is too busy arguing over what the price hike does to the bubble.

[AI TRADE IS DEAD]: One regard sold the rest of their 401k and bought late-2027 puts across NVDA, PLTR, TQQQ, ORCL, SNDK and friends while announcing OpenAI and Anthropic can never pay back the compute. The comments immediately asked for screenshots, assumed it was $400 of puts, and declared "FUD at its peak again. Bottom is in."

[VSCO/CAKE]: A 5.4k-upvote post asks if we're too focused on AI and points at Victoria's Secret and Cheesecake Factory as the real plays, with VS earnings allegedly 9/3. Top comments have concluded it's a GLP-1 trade — people feel hot, buy lingerie — or a recession sign that gals need rich husbands. One regard added that "gentlemen, we've been analyzing the wrong curves," which is the best TA of the week.

[MSTR/SPCX]: One hero full-ported $1,000,000 into SPCX and MSTR on max margin and asked for luck; the thread replied with "homeless or homeowner" energy and a Yahoo AI Finance quote about MSTR's Jesus-take-the-wheel turnaround. Meanwhile, external news says Strategy just raised $2B selling MSTR stock and parked it in a "USD cash pot," which is somehow not a parody.

[SLS]: A nearly 10-month pre-revenue biotech hold turned $48k into $622k on SLS, with OP still holding 82,500 shares and 425 September $18 calls while screaming "$50-$100 EOY, fuck cancer." The comments are split between "the casino needs winners to keep the suckers going" and "the CEO is shady, lock it in."

[MU/SNDK]: A self-described greedy regard added 50 MU shares at $899 and now holds 1,400 long, while a commenter wholeheartedly agrees: "Long MU. Long SNDK." One guy says MU is making $500M a day and compute stays stressed into 2028-2029, so naturally he's buying puts, and another just notes MU still swings 10% at a $1T valuation.

[INTC]: Somebody's grandma is proud of a long INTC from $21.77 that's up $117,507, +303%, and the thesis is basically "insane patience through a dip that looked cooked." External news notes semis slid ahead of NVDA earnings with INTC down 5%, but the commentariat's response is "back to $30 soon."

[CRM]: Salesforce partners reportedly aren't seeing meaningful revenue from Agentforce, and the sub's resident tech workers smell enterprise license accounting tricks from a mile away. One commenter's summary: "Nobody will ever make money off AI, except the people selling the chips." External news says Salesforce also deployed Agentforce for 24/7 US Army HRC support, which is one way to generate bookings.

[SPY]: One regard was holding $26k of 1DTE SPY calls through the weekend while another celebrated that the bears "wiped out an entire generation of bulls" after SPY fell 0.29%. The market did not, in fact, end, and the comments are split between "did you not want to enjoy your weekend?" and "theta is gonna eat you alive."

[BOND MARKET]: The daily thread's real DD is that the 30-year Treasury yield hit 5.34%, highest since 2007, Bessent called a Monday press conference, and the collective response is "we're cooked." One commenter's geopolitical analysis is that the US started a trade war with Canada while the economy is on life support, and another notes the Great Depression started with trade wars and tariffs.

[EZPW/FCFS]: The highest-quality DD this week is a pawnbroker thesis: gold spikes and interest rates lift EZPW and FCFS, and both broke above their 10/20/50-day MAs on Friday volume. OP bought 100 EZPW and 20 FCFS, targeted 8%, and then trimmed half after EZPW rose 7% in 25 minutes. The comments applauded the non-AI DD and also called it a "0.08 bagger."

[BRK]: Warren Buffett in the retirement home watching Berkshire gamble the $400B cash pile is still a top meme, though one commenter reminds everyone Buffett said a large portion of the Google shares purchase was his idea. External news says the cash pile just shrank for the first time in years; whether Greg Abel is spending or Buffett is still calling shots, the bag holders are us.

None of this is advice, obviously. Hindsight Capital's model just identifies the exact moment conviction peaks and then charges 2-and-20 to watch it from the other side. We'll be watching NVDA Wednesday from the exact distance required to claim we called it either way.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management