HINDSIGHT CAPITAL MANAGEMENT
"Selling you the top since we bought it."

To: Hindsight Global Investors
Date: August 25, 2026 at 07:01 PM EDT
Subject: Everyone's Treating NVDA Like the Super Bowl, So We're Fading the Halftime Show

My fellow exit-liquidity providers,

SPY fell 0.29% and somehow the sub is acting like a generation of bulls was wiped out; the daily thread expects it to chop in a $2 range for the third straight week. The pinned earnings thread, meanwhile, is roasting the lime green font like it'll change our P&L.

[NVDA]: The sub thinks everyone is treating earnings like the Super Bowl; one top commenter predicts the stock will move 0.4% again. The pinned PSA insists the earnings "will NOT disappoint, will NOT surprise — a +1.2% or -1.2% day where your options expire worthless either way — and the top reply is the usual beat then dump pattern of the last seven quarters. If you must touch it, the clever workaround remains buying AVGO, 60 points off 420, and letting the halo print.

[ANTHROPIC]: The WSJ reports Anthropic is telling investors it could eventually see over $30 trillion in potential revenue, which one commenter notes is about one-quarter of world GDP and another calls the entire U.S. GDP produced by roughly 2,500 employees. The top punchline is "Didn't know Anthropic was run by Elon," with "bubble is bubbling" as the close second. One commenter's rebuttal is selling sand for $1,000 a pop, which is more realistic.

[OPENAI]: The WSJ says OpenAI's head of data centers has left the company, and one commenter counts 14 top OpenAI executives gone in 2026 alone. The comment section cycles through "rats fleeing the ship," "default on its debt, 100% probability," and the mandatory "priced in." One user offered his resume, which sums up the talent pipeline nicely.

[THE AI TRADE IS DEAD]: The author of the AI-death mega-thread sold his remaining 401(k) and bought late-2027 puts across SNDK, NVDA, PLTR, TQQQ, and ORCL, arguing no company has become more profitable with LLMs. The top comment sets expectations: after enough prodding for screenshots, OP probably has like $400 in puts. The counterpoint — "AI stocks about to double, noted" — is the most reliable indicator we track.

[SPACEX ORBITAL DATA CENTER]: Musk says SpaceX is moving its orbital data center launch up to Q4 next year — a space-optimized Vera Rubin NVL72 with "significant scale" promised for 2028. Skeptics say it'll arrive right on schedule with full FSD, Tesla Roadster, Mars colonization, and Optimus, while the math nerds figure a $3.6 million launch cost per rack adds 50% to the unit price. One commenter asks how the data centers are supposed to dump heat in a vacuum, which feels like an open engineering problem.

[DKS]: After today's 30%+ selloff, one DD post insists DKS is worth ~$185 a share even if Foot Locker is valued at zero, versus $126.61 today. Meanwhile one trader made money short Dicks and another got dicked selling a put before earnings — the sub's eternal supply of both. External headlines blame a "challenging footwear market; the comments recommend straddles on Dicks, which is at least an honest strategy.

[AUR]: A 5,000-share position at $6.04 bets that Chris Urmson wins winner-take-most, with 440,000 driverless miles and zero at-fault collisions through June. Urmson's answer to shareholder selling is essentially "I think it's a mistake," and his Investor Day is September 23 if you need 39 more pages of reassurance. Retail bulls are cheering the Volvo relationship, and the stock is reportedly eyeing its fifth straight gain.

[NBIS]: The sub's favorite win of the week is $8,595 turning into $85,938 from a $19.10 entry — a mere 998.5%, since the pedants showed up. The bear case notes an August debt offering that adds $258 million a year in interest, while the news cycle has NBIS raising $5.8B and Soros opening a position. To summarize: someone is taking profits, someone is not, and everyone is pretending they knew.

[VSCO/CAKE]: A 7,500-upvote post asks whether we're too focused on AI and points at Victoria's Secret earnings on 9/3, with Cheesecake Factory along for the ride. Comments instantly dubbed it a GLP-1 trade — people lose weight, feel good, buy lingerie — and just as quickly a recession sign because gals need rich husbands. One commenter offers the eternal warning: a great way to lose all your money is to all-in on fashion stock.

[WENDY'S]: The CEO says food quality hasn't been the chain's top priority and vows changes; the sub's 4,300-upvote reply is simply "Yeah, we've noticed." One commenter notes the AI ordering window was the real priority, and another claims the patties are now so small that two fit side-by-side on the burger. The only remaining bull case is the dumpster-pimping business, which is more diversified than our portfolio.

[SNDK]: Someone put $50k into out-of-the-money SNDK contracts with three days to expiry, and the crowd's verdict was "either insider trading or pure retardation." The AI bear also holds late-2027 SNDK puts, making this the only ticker that's simultaneously a rocket ship and a tombstone. The thread demands an update in three days, at which point the $50k is either a down payment or a cautionary tale.

[MRNA]: One user shorted the cancer-cure company on margin around $145, held through a margin call, and produced a £16k loss — earning the top comment's prayer: "Maybe they'll develop a cure for your retardation next." The rest of the thread settles on the eternal truth — "the stock does what the stock does, you fucked yourself." One commenter awards the whole episode top tier risk management, which is this sub's version of a eulogy.

We head into NVDA earnings with a portfolio built from equal parts FOMO, contrarianism, and comments-section copium. Whether it rips, dumps, or does absolutely nothing, someone will have a screenshot that proves the opposite thesis wrong. The AI trade is dead, long live the AI trade, and somewhere a Wendy's drive-thru is already pricing in our next margin call.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management