Got curious and decided to track which thesis of mine were still up 100%+ YTD after the recent drawdown: 1. $AXTI - InP substrates 2. $NBIS - Neoclouds 3. $MU - Memory 4. $INTC - Foundry 5. $LITE - Photonics 6. $IQE - Epiwafers 7. $AAOI - Photonics 8. $GDRZF - Venezuela 9. $AEHR - Machines 10. $EWY (volatility + underlying) 11. $RPI - AI orchestration 12. $SOI - SIlicon Photonics Substrates 13. $SNDK - Memory 14. $SIMO - Memory 15. $MRVL - ASICs 16. Nanya - memory 17. Unimicron - substrates 18. $ARM - CPUs 19. $SIVE - Photonics From H1 2026, around 19 names across several themes up 100%+ still from the selection of winners. Since many like $TSEM / $HPS.A / $LPK / $ALRIB fell out of the range. (obviously not all are green like Shunsin / $XFAB and disappointed by performance). Regardless, glad a lot of my ideas turned out decently, rather than just being known for one like $AXTI. To the point the Chinese community gave my investing style a name "Perilla Leaf Theory". Again not too sure if my new ideas replicate this performance again in H2 2026 or 2027... For H2, my new thesis was on $CCXI for humanoids/downstream physical AI shift and ESMT for DDR2/DDR3/legacy memory. But I'll keep sharing my core ideas and thought process for free so people can poke holes or debate it until things get validated.

$IQE is actually a quantum dot foundry leader believe it or not. Today IQE announced a purchase agreement with Quintessent (top player in the QD space). “As quantum dot lasers move to customer sampling.” Your QD bros like $ALMU, QD Laser (6613), and others might finally start to see the light of day, with broader commercialization in the next few years. Second order effects are QD machine chokepoints like $ALRIB that might capture more attention. But TAM is typically pretty small on the QD material epi side of things. (No disclosure over $ figure), but good news nevertheless.

I think something to highlight also is not all my ideas are green, especially on short term timeframes! My core three themes are Neoclouds (Energy), Memory, and Photonics. And I'm glad I chose the literal top performers for each segment from $NBIS to $EWY leaps to $SIVE. However, I still have pretty large losses following the false analyst report on CPO delays that $NVDA refuted: That nuked 3 of my TW CPO longs from Foci, Msscorp, Xintec and others. (which are heavily red). Shunsin / Win Semi are holding up much better though. Some of the other ones in Japan that I've mentioned like Towa, Harmonic Drive, NCI, etc. are performing much better following short-term volatility. As for Korea yes I have PTSD for from Auros and now Foosung that are both both red (I didn't own 093370 though, just got PTSD watching price action). Idk if I'll touch Korea again, just way too volatile. But I still think those will end up green eventually following Sk hynix/samsung qualifications + HVM, and the future japanese supply chain shutdown. I also did change some of my previous long ideas like $XLU following the Iran War nuking all chances of rate cuts from 3-4 down to 0, and that didn't play out too well. Three software names I mentioned previously like $TTD, $META ended up red. $SNAP, I also changed my thesis after noticing the endless SBC accounting methods. $RDDT idea was finally in the green from $130 -> $170 after a long time. But I think the vast majority of my ideas like $MRVL, $NBIS, $ARM, $INTC, $MU, $LITE, SK Hynix, Samsung, for larger cap. Down to $AXTI, $LITE, $AAOI, $RPI, $IQE, and others for smaller cap positions directionally play out pretty well. With random stuff like $SIMO, $HPS.A, $TSEM, $AEHR, $LPK, $SOI, $ALRIB, and so on all ended up turning out aight too. The blended average is kinda overwhelmingly green since majority of my long ideas are triple digit YTD. But I've definitely missed a few. Also entry point is really important too... I mentioned $AAOI at $30 or $AXTI at ~$13, but not everyone has the same entry point. So if someone bought AOI at $220 and it dropped to $160, I'd feel bad. But regardless, I'd prefer to judge how ideas play out on medium term timeframes over a few months rather than a few weeks.

$ALRIB general meeting notes came out today. -2nd ROSIE System expected to be delivered shortly to a leading quantum computing player” in the US. - They’re also intensifying BD for their products used for BTO/STO on photonics and recorded strong interest. Just for background, they’re the MBE duopoly with Veeco, which got re-rated heavily recently (Disclosure own Riber), with exposure to Quantum. Positive development overall.

Just as a recap, these were all my core European longs: 1. $SIVE 2. $LPK 3. $SOI 4. $RPI 5. $IQE 6. $ALRIB 7. $XFAB Sivers: As you know by now, core laser chokepoint over next generation photonics, from 1.6T pluggables to CPO. Embedded in many hyperscaler suppliers from Jabil to Ayar. Should go brrr 2027 but markets are forward looking, so ramps + qualifications should get priced in now. LPK Laser - Glass core substrate "monopoly" with LIDE. "More than 80% of major global players have selected our equipment for process validation, learning and scaling to mass production" Soitec - Silicon photonics SoI substrate pure monopoly while coming out of legacy drag segments. Raspberry Pi - Was my fun idea around Raspberry Pis being used for AI hardware deployments. Previously this thing was mainly educational or hobby boards, but now used for edge/local AI. Just thought revenue increase would be extremely material and it played out well. IQE - Critical epiwafer player for your Western photonics like Macom, Tower, Lumentum, and others. Was kinda going under, but thought their latent capacity relative to Landmark was undervalued. Also given how important it was, I thought that your downstream players + Govs wouldn't let it go under, so it was more of a moonshot idea earlier in the year. Lot more derisked now, very important. Riber - Kinda monopoly in the MBE space, exposure to Quantum / quantum dot + silicon photonics. Found out from OSINT help from a friend latentvalue that Microsoft Quantum was buying their machines, so this was direct hyperscaler validation + kinda de-risked at current MCs. XFab - SiC foundry backed by EU/US CHIPS Act with power semi upside. (152% Y/Y growth for their sic vertical). Main growth was their silicon photonics foundry past 2027 that's getting evaled by nvidia. And that they're leading Europe's value chain efforts in photonics, kinda like an early tower semi. We'll see how this plays out, thought power semi exposure + low P/B would derisk the company until they scale their photbunchonics efforts. From my own personal thoughts: Out of the maybe $SOI has already been re-rated the most? But I'm holding anyway. $LPK and $ALRIB I think are still undervalued despite their monopolies. $RPI is just kinda seeing how things go at this point, would be hilarious if they ended up like a mini nvidia for low end edge ai. $IQE probably has a long way to go given new tower long term agreement, alongside macom. And if they convert latent capacity, I still think it has a chance of rerating like landmark. $XFAB idk if im missing something or are markets missing something. you have nvidia as a direct eval of their silicon photonics foundry, and it's trading below replacement P/B. i think im right though. $SIVE I see has the highest upside out of all of them given laser company ability to vertically integrate, acquire companies downstream to make their lasers more valuable, etc. Just like coherent/lumentum. There's like 1-2 more random ones that aren't really material, but just in general. These are the ones I've liked the most.

A special thank you to the only European stock green today: $IQE. Up to $54, from when I went long at $12-13, 4 months ago. Unfortunately lot of volatility with the other ones from $LPK, $SOI, $XFAB, and $ALRIB. https://t.co/FysZyHk5OK

Just in case people are wondering about my track record with European equities: $RPI: $280 -> $800 (agentic AI hardware demand thesis). $LPK: ~$6, thesis at $13 -> $24.2 (glass cores substrates close monopoly) $SOI: $44 -> $181 (silicon photonics, monopoly over substrates) $SIVE: $4 -> $71 (CPO, critical chokepoints over lasers). $IQE: $12 -> $47 (latent epiwafer capacity, information discovery around downstream photonics companies). $ALRIB: $5 -> $15 (duopoly, synthesis around quantum buyers with photonics growth verticals). And now $XFAB at $9. I’m not always right. But every single one of my European longs thesis have been validated so far by either earnings, investments (eg. $MTSI in IQE) or market returns.

I don't post dollar amounts because they don't matter. What matters is return %. Speaking of that... YTD: 3840.39%. I'm probably the only one in the world. Who called out multiple names that 10x'd in a short timeframe. Do you remember these thesis anon? 1. $AXTI 2. $SIVE 3. $AAOI 4. $LITE 5. $IQE 6. $AEHR 7. $CRCL 8. $EWY 9. Unimicron 10. Nitto Boseki 11. $OSS 12. $GDRZF 13. $RPI 14. $SOI 15. $ALRIB 16. $SNDK 17. $SIMO 18. $VPG 19. $TSEM 20. $ARM 21. $MRVL 22. $INTC 23. $LPK 24. $NBIS 25. $MU They're all up 100-1000%+, because... 1. I post a thesis. 2. People can see how the stock performs months later. 3. They turn out right (thesis validation) because they're up hundreds of percent + hold their returns. I really dislike the traditional X influencer who shows large dollar amounts or fancy watches/cars/private jets. Then use that to get more by selling expensive subscriptions rather than through market returns. So trying to set a new trend off pure information discovery/synthesis from free thesis posts and the results that follow in terms of return percentages. TLDR: Market returns in terms of percentages matter the most to validate a thesis. Not the dollar amount made.

European quantum/optical/glass chokepoints go BRRR? $ALRIB +8.35% $LPK +3.21% $IQE +5.68% $SOI +4.98% As a side thought, it’s a nice vote of confidence to retail that the LPKF CEO bought shares off the market. More CEOs should do the same, even if it’s small. https://t.co/BwxBnd2wDm

Leopold Aschenbrenner is a legend, but I'm not quite sure he can beat 3152.77% YTD in the Serenity Awareness fund. That being said, I've hit 23 different longs this year with 100-1000%+ YTD. 1. $AXTI 2. $AAOI 3. $SIVE 4. $LITE 5. $IQE 6. $AEHR 7. $CRCL 8. $EWY 9. Unimicron 10. Nitto Boseki 11. $OSS 12. $GDRZF 13. $RPI 14. $SOI 15. $ALRIB 16. $SNDK 17. $SIMO 18. $VPG 19. $TSEM 20. $ARM 21. $MRVL 22. $INTC 23. $LPK Do you remember all of these anon?