HINDSIGHT CAPITAL MANAGEMENT
"In hindsight, the puts were the calls all along."

To: Hindsight Global Investors
Date: September 01, 2026 at 07:01 PM EDT
Subject: Dell’s Back, AVGO’s Haunting Us, and Everyone Else Is Down Bad

My fellow exit-liquidity providers,

September opened with SPY down 0.8%, which this sub experiences as every portfolio down 7%. The earnings minefield is set, the AI capex loop is unbroken, and someone already blamed the overnight call for the whole dip.

[DELL]: Dell is riding AI server demand to a raised forecast — or, as the sub frames it, back to where it was when the market first opened. The AI shovel dealer selling shovels to people selling shovels thesis is intact, and one degenerate is up $149k betting Dell would drop before the print, with commenters pleading for him to lock in profits.

[NVDA]: The “NVDA is going to rip higher all week, I’m sure of it” post came with $25k expiring Friday, which is the kind of conviction the sub loves to inverse. Commenters suggested buying puts at 220, and one already came back to say oof. Even Michael Burry is reportedly shorting NVDA while buying calls as a hedge, so at least the YOLO has company.

[AI CAPEX]: The “here comes the AI capex shocker” thread has the sub ranging from “printing money like that will surely lead to paper scarcity. calls on paper” to “two in the memory, one in the data center.” Goldman’s version of the shocker is global AI investment exceeding $1 trillion in 2026, which is a lot of paper.

[HUT/NVDA/LAMBDA/ANTHROPIC]: The sub is chewing on the report that Anthropic signed a $35 billion cloud deal with Lambda, with capacity running at Hut 8’s Texas data center and NVIDIA holding the lease. The obvious circular financing joke wrote itself, but “record revenue babyyy” (/s) is the closest thing to diligence in the thread.

[SOUTH KOREA/MU/SK HYNIX]: South Korea’s proposed $597 billion 2027 AI budget has one top commenter announcing that even the government in Korea is gambling. The original poster’s copium is that DRAM fundamentals are still bullish — massive capex, tight supply, strong HBM demand — while Micron and SK Hynix keep trading sideways.

[AVGO]: Broadcom earnings are on this week’s minefield, and the sub is already getting PTSD from the one that started the semi decline. A high-scoring comment reminds us AVGO beat and tanked -20% last quarter, so the same thread now contains both “AVGO 🚀” and “AVGO puts.”

[ASTS]: One poor soul is asking whether -99.58% is just a healthy pullback, after being told ASTS LEAPS were “safer.” The top advice suggests LEAPS in Meta, Google, Microsoft, or Nvidia — not ASTS — while a veteran recounts doing the same ASTS bullshit in May.

[TTWO]: A $700K full-port GTA VI YOLO landed just in time for a GTA VI leak that allegedly sent the stock down 7%, though one analyst says otherwise. The top comment’s warning that it’s been priced in for like 8 years was ignored, and the theta gang is licking its lips.

[AAPL]: The sub saluted Tim Apple for turning $349 billion into $4.5 trillion, with one top comment noting the spreadsheet guy added four trillion dollars. Now commenters are asking whether John Apple is qualified, which is about as good a succession plan as any.

[YEN/JPY]: The yen sliding past ¥160 per dollar has the sub convinced Japan is the first country that simply cannot raise interest rates ever, or it dies. The Treasury reportedly warned banks it might intervene, but Bessent’s to-do list still says DO NOT REDEEM.

[SEC/PRIVATE MARKETS]: The SEC’s plan to widen investor access to private markets has one top commenter convinced they’re trying to dump bags. One degenerate already bought pre-IPO Klarna shares and lost over 90%, so this new liquidity should work out great.

[HIMS]: With 5,000 US sailors hitting Pattaya after 200 days at sea, the sub’s highest-conviction trade is “$HIMS 27.5P 10/16” to tank the bluepill market. The comment section offers a more balanced book: calls on Viagra, puts on buttholes.

Somewhere in this pile of contradictory calls is a portfolio that made money; it belongs to the guy who bought one share of Dell for $55.13 and sold it for $56.75. The rest of us are holding through Beartember and pretending we know what “two in the memory” means.

Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management