Katie

This is one of the reasons we’re still so early in $NBIS. As Ankur Crawford pointed out yesterday on CNBC, $NBIS went public in a unique way due to its origins within Yandex — there was no IPO roadshow to attract institutional investors. The company has virtually no analyst coverage, and most shares are held by retail investors. Starting this month, with its earnings report release, I expect institutional interest to pick up, serving as a catalyst throughout 2025. I repeat — in my honest opinion, we’re still early. *Source: Simply Wall Street. The numbers may need a slight update, but I cross-checked them with the company's own resources, and they should be at least close to this.

Less than two weeks after a ~40% crash caused by DeepSeek, $NBIS is nearing a full recovery. I told you multiple times that, in my opinion, it was one of the most exaggerated reactions I’ve seen, and it’s now clear that the market is understanding. I'm glad I bought more! 🫡

$NBIS is a $60+ stock by the end of the year IMO. Thanks, DeepSeek – that was one of the easiest 'buy the dips' of my entire life. This is just the beginning.

$HIMS has just reached a new all-time high! 🔥

Earnings calendar for my positions: $HITI – 01/29 ✅ (strong quarter) $NBIS – 02/20 $HIMS – 02/24 $RKLB – 02/27 You can expect full coverage of the results and earnings calls for each. Other reports I’ll probably cover: $GRAB – 02/19 $DLO – 02/27 $REAX – 03/06 There are several other companies I’d like to review, but it will depend on my availability.

I've been receiving several positive DMs from followers thanking me for providing free content here, and I’m very grateful for your support. But this one gave me goosebumps. It truly filled my heart with joy to receive such a kind message. Thank you all for being here! 🙌🏻

Portfolio Update: $HITI — up 67% 🟢 $HIMS — up 319% 🟢 $RKLB — up 503% 🟢 $NBIS — up 12% 🟢 The strongest candidate for my 5th position: $DLO It would break my founder-led rule, but I really think Pedro Arnt is worth the shot. As always, I'll update you guys on whatever I decide to do.

JUST IN: $NBIS will release its Q4 and FY2024 results on Thursday, February 20, before the market opens. I'm looking forward to covering everything here! 🫡

JUST IN: $NBIS becomes a Reference Platform NVIDIA Cloud Partner. 👀 As a Preferred-level Cloud Partner within the $NVDA Partner Network, Nebius is now part of a new Reference Platform NVIDIA Cloud Partner Specialization. This new venture focuses on validated reference architectures and deeper collaboration with NVIDIA to provide: • Differentiated, regionally impactful services for AI computing needs worldwide. • Cloud infrastructure designed and optimized with full-stack innovation, integrating accelerated systems, enterprise-grade software, and AI models. • Access to high-performance and reliable GPUs in the cloud, supported by close collaboration with NVIDIA. • Validated clusters that align with NVIDIA Cloud Partner Reference Architectures, ensuring consistency across all hardware and software components. $NBIS is excited to continue strengthening its collaboration with NVIDIA, further enhancing its service offerings to customers globally.

4) $RKLB • Today’s space industry might be comparable to the early days of the internet, standing at a pivotal moment in its evolution, with major developments happening globally each week and the Trump administration serving as a catalyst for U.S. operators • Companies like $RKLB are at the forefront, offering essential launch services and developing new technologies that promise to advance both space exploration and commercialization • $RKLB is the undisputed leader in small launches with its Electron rocket, which played a key role in democratizing space access • Based on Electron's tremendous success, $RKLB is now developing Neutron (to be launched by mid-2025), a medium launch vehicle that will essentially break SpaceX's monopoly in this market • $RKLB develops impressive rockets at much lower program costs than its competitors, with unparalleled capital efficiency • The Space Systems segment accounted for ~80% of last quarter's revenue and increased 80%+ YoY, with a growing number of spacecraft programs in production and development • $RKLB is probably the most vertically integrated space company in the world • Besides being crucial for addressing the medium launch market, Neutron is also the key piece missing to complete $RKLB's end-to-end space ecosystem — after this, $RKLB will be able to tackle the huge market of space data and services (high margins) • Essentially, $RKLB's vision goes far beyond just launching rockets — they're building the infrastructure for a complete space ecosystem • Despite being the closest company to SpaceX in the world, its market cap is still less than 5% of SpaceX's value, and the gap should continue to close as Neutron becomes a reality

10) $GRAB • Leader in Southeast Asia's Mobility and Deliveries markets (drove $UBER out of the region a few years ago) • Southeast Asia's demographics and early stages of digitalization position $GRAB for significant user and revenue expansion • Its SuperApp model integrates Mobility, Deliveries, and Financial Services, leveraging user data to drive synergies and customer retention (flywheel effect) • $GRAB's financial services segment capitalizes on Southeast Asia's underbanked population with innovative digital banking, payments, and lending solutions • Gradually improving margins, with further operating leverage expected as the business scales its higher-margin segments • The traffic and road conditions in Southeast Asia are absolutely terrible, so it will take a very long time for autonomous vehicles to overcome those challenges • Incredibly solid balance sheet, with close to $6B in net cash

That's it! 👌🏻 A few important notes: - There's no specific order. - I don't own some of these companies because I'm highly concentrated in my four positions. - I've been following all of these stocks for quite some time. Thanks for reading!

Founder-led companies have historically outperformed the market by a wide margin — but choosing wisely is crucial. Here are 10 interesting companies where the founder remains both the CEO and the largest shareholder: 👇🏻🧵 1) $NBIS • Emerging leader in AI infrastructure, providing a full-stack AI cloud platform, high-performance computing, and advanced data center solutions • Its story begins within Yandex, but it’s now fully independent, with no ties to Russia — founder and executives relocated and changed nationalities to avoid sanctions • Positioned to benefit from the skyrocketing demand for AI computing power, offering cost-effective and energy-efficient solutions • Strong competitive edge in cost efficiency, with total GPU costs up to 25% lower than industry averages due to vertical integration and strategic partnerships • Industry-leading energy efficiency, with best-in-class Power Usage Effectiveness (PUE) of ~1.13 • Strategic partnership with NVIDIA, which recently invested in $NBIS — will be the first provider in Europe to offer NVIDIA’s new Blackwell GPUs in 2025 • Expanding aggressively, with plans to triple its Finland data center capacity and launch new facilities across Europe and the U.S., targeting 240,000 GPUs by 2027+ • Surging Annual Recurring Revenue (ARR), growing from $21M in 2023 to an estimated $170M–$190M in 2024, with projections of $750M–$1B ARR by 2025 • Strong balance sheet with over $2B in cash and no debt, but likely to raise more capital to accelerate expansion • Several non-core divisions, including Avride (autonomous driving tech with Uber partnerships), Toloka (AI data solutions), and TripleTen (edtech), adding optionality and potential future value • Trading at an attractive valuation compared to peers, with 7–8x forward EV/ARR despite expected 4–5x YoY growth in 2025 and 100%+ growth in 2026 • Potential for over 30% CAGR over the next few years IMO, with significant upside as institutional investors recognize its growth potential

2) $HIMS • Cash-pay model that bypasses the need for insurance • Provides high-quality, personalized, and affordable healthcare treatments (involved in the whole process) • Positioned to benefit from many secular trends in the huge telehealth market • Optionality to launch new categories and easily expand into new markets (several potential catalysts) • Customer-centric approach that delivers a better experience than its peers • Innovation stack combined with remarkable execution positions it for continued success • Many years of customer data make some of its competitive advantages harder to replicate, particularly the personalization of dosages to improve outcomes and reduce side effects • 2M+ subscribers growing 40%+ YoY • Percentage of personalized subscribers increasing at an incredibly fast rate • Improving retention rates, a critical factor in this sector • Highly efficient distribution network, with thousands of affiliated pharmacies • Investing in infrastructure to verticalize its supply chain • Capex-light business model with impressive margins (75%+ gross margins, 15%+ FCF) • Consistently surpassed analysts' estimates since inception • Growing revenues by 65%+ this year, and likely to compound >20%/year over the next 5 years, with further operating leverage expected • No debt and an increasing cash pile, even while executing buybacks and reinvesting in growth and optimization

3) $HITI • The company was founded in 2009 and initially focused on selling cannabis consumption accessories • After Canada announced the upcoming legalization of recreational cannabis, $HITI leveraged its existing customer base to expand into selling the plant itself • Around 2018-2020, the company entered the equity markets and used its easier access to capital to expand its store footprint aggressively • During the same period, $HITI acquired several e-commerce brands selling CBD products and consumption accessories, which had much higher margins than its core business • In 2021, $HITI launched a discount club model for its retail stores — with consolidated margins higher than any competitor due to its acquisitions, $HITI could offer cannabis at remarkably low prices, attracting loyal members and rapidly gaining market share • Its market share grew from less than 5% to over 11% in three years, and is expected to reach 15% over the next years as dozens of stores, including large corporations, are going bankrupt every month • While the company sacrificed margins to win the price war, economies of scale and other initiatives enabled it to become both FCF and net income positive, with margins trending up • After the success of its free discount model, which gathered over 1.5M members in under three years, $HITI launched ELITE, a paid membership with even better offers (members are growing 160%+ YoY) • There's still significant market potential to capture in Canada, as well as international catalysts like the expansion into the U.S. and Germany • While the previously mentioned e-commerce brands were important to sustain the initial launch of $HITI's discount model, they have recently become a hurdle — to deal with that, the company announced a global paid membership which aims to consolidate the fragmented CBD market • White-label products will play a crucial role in improving $HITI's margins over time, with the company aiming to increase their share from 2.5-3% of SKUs to 20-25% of all store offerings in the long term • The average $HITI store generates ~$2.6M in annual revenue, compared to $1.0M for peers, not only due to its proven business model but also because the company focuses on selecting the best locations • $HITI recently acquired Purecan, a Germany wholesaler of medical cannabis. This move is highly strategic given that most medical cannabis in Germany is imported from Canada, and as the largest cannabis retailer in Canada, $HITI has established relationships with every major Licensed Producer (LP) — providing a significant competitive advantage • This deal represents a transformational opportunity for $HITI to expand its TAM and experience significant operating leverage