CoreMedix (CRMD) is presented as a strong buying opportunity after a recent stock offering, with its FDA-approved product DefenCath poised for significant growth. Consider IREN (IREN) as an undervalued, long-term investment in AI infrastructure, as its assets are believed to be worth more than its current stock price. For exposure to the GLP-1 weight-loss drug market, Eli Lilly (LLY) is the preferred investment over Novo Nordisk (NVO) due to a superior drug pipeline. When choosing a Bitcoin miner, Riot Platforms (RIOT) is favored for investors who want a company that holds its mined Bitcoin on its balance sheet. View the recent volatility in Hims & Hers (HIMS) as short-term noise, focusing instead on its dominant telehealth market share for a long-term hold.

Hims & Hers Health, Inc. (HIMS)

• The stock recently rebounded after a drop caused by Novo Nordisk ending its partnership with the company. The speaker views the market's initial negative reaction as an example of impatience hurting returns.
• The speaker is bullish on HIMS, noting it has outperformed Novo Nordisk since its IPO, delivering a 31% annual return compared to Novo's 20%.
• HIMS is described as a customer-centric company with a dominant market position, holding nearly half (~47-48%) of the telehealth market share.
• Concerns about a potential lawsuit from Novo Nordisk are dismissed as speculative, with the speaker noting that such legal battles take years and have uncertain outcomes.

Takeaways

• Bullish Sentiment: The speaker has a long-term bullish outlook on HIMS, viewing it as a superior investment to traditional pharmaceutical companies like Novo Nordisk.
• Ignore Short-Term Noise: The recent partnership change with Novo Nordisk and subsequent stock volatility is considered "noise." The advice is to be patient and focus on the long-term fundamentals.
• Market Leader: Investors should consider HIMS's strong market share in the growing telehealth sector as a key part of the investment thesis.

IREN (IREN)

• The speaker owns the stock with a cost basis of around $10 and views it as a long-term holding, not something to sell for a quick 30-40% gain.
• The core investment thesis is that IREN is undervalued based on a "sum of the parts" analysis. The company's assets, including expensive transformers, access to power, and new mining equipment, are worth more than the current stock price implies.
• IREN is positioned as an AI / High-Performance Computing (HPC) play, which could lead to a re-rating of its valuation.
• A key difference from other miners like Riot Platforms (RIOT) is that IREN sells the Bitcoin it mines instead of holding it on its balance sheet. This is seen as a negative by some Bitcoin-focused investors.

Takeaways

• Bullish / Undervalued: The speaker believes IREN is fundamentally undervalued, even after its recent price increase to the $13-$14 range.
• Long-Term AI Play: Consider IREN not just as a Bitcoin miner, but as a long-term investment in the infrastructure for AI and high-performance computing.
• Risk Factor: Be aware that IREN sells its mined Bitcoin. This strategy differs from miners like RIOT that "hodl" Bitcoin, which may be a crucial factor depending on your investment goals.

CoreMedix Inc. (CRMD)

• The speaker is very bullish on CRMD, stating it is one of the cheapest stocks in its sector based on their valuation framework.
• The company's key product is DefenCath, an FDA-approved solution that prevents bloodstream infections in dialysis patients. This is highly valuable because it saves Medicare tens of thousands of dollars per prevented infection and improves patient outcomes.
• The speaker believes strong market forces will drive adoption, as dialysis centers are incentivized both ethically and financially to reduce infection rates.
• A recent stock drop was caused by the company announcing a public offering just days after releasing very positive news about customer adoption. While the timing was poor, the speaker sees this as a buying opportunity due to the stock's low valuation.
• The company is already cash-flow positive with high gross margins of 52%. The speaker expects revenue growth to "explode" as large dialysis organizations like Fresenius and DaVita ramp up adoption.

Takeaways

• Strongly Bullish: The speaker views CRMD as a compelling investment with a simple, effective, and much-needed product.
• Buying Opportunity: The recent sell-off related to the stock offering is seen as a chance to buy a fundamentally strong company at a discount.
• Clear Growth Path: The investment thesis is tied to DefenCath becoming the standard of care in dialysis centers, driven by clear financial and medical benefits. The company has a large addressable market with the potential for future applications.

KULR Technology Group, Inc. (KULR)

• This is a stock that requires patience and a high tolerance for volatility. The speaker added to their position after the recent 8-for-1 reverse stock split.
• The stock split was a necessary step for the company to meet the $5 minimum share price requirement for institutional adoption after its inclusion in the Russell 3000 index. The market's negative reaction to the split is considered irrational.
• KULR is described as a "highly misunderstood company" with a unique, two-part investment thesis:
  1. Space Business: KULR develops high-tech batteries for harsh environments (space, Mars rover). This "space hype" gives the company a high valuation. The CEO has guided for sales to double in 2025.
  2. Bitcoin Treasury: The company is using its high valuation to acquire Bitcoin. It has a $300 million At-The-Market (ATM) offering to buy BTC. Because its price-to-Net-Asset-Value (NAV) is high (2.4x), it can issue new shares to buy BTC in a way that is accretive to existing shareholders (i.e., it creates value).
• The speaker would not invest in either the space business or the Bitcoin strategy alone, but finds the combination of the two compelling. The space business provides the "hype" and high stock price needed to fund the Bitcoin acquisition strategy cheaply.

Takeaways

• Speculative Bullish: The speaker is bullish but acknowledges this is a higher-risk play. The investment thesis is complex, relying on the synergy between two very different business models.
• Unique Bitcoin Play: KULR offers a unique way to gain exposure to Bitcoin. It uses the high multiple from its promising space technology business to acquire BTC at an effective discount.
• Long-Term Horizon: This is not a short-term trade. Any investment in a Bitcoin-related strategy should be judged over a period of more than four years. Be prepared for significant price swings.

Other Mentioned Assets & Themes

• Bitcoin (BTC): The core asset behind the strategies of IREN, RIOT, and KULR. The speaker advises that any investment related to Bitcoin requires a long-term outlook of more than four years.
• Eli Lilly (LLY): Mentioned as the speaker's preferred pure-play investment in the GLP-1 weight-loss drug space, favored over Novo Nordisk (NVO). The speaker believes LLY's drugs are superior.
• Riot Platforms (RIOT): Mentioned as a preferred Bitcoin miner over IREN for one key reason: RIOT holds ("hodls") the Bitcoin it mines, whereas IREN sells it.
• Novo Nordisk (NVO): The speaker holds a bearish view, describing it as a "rent-seeking" company that is not customer-centric. They see its partnership with Weight Watchers as a logical pairing of two older, less innovative companies.
• BioStem Technologies (BSEM): Mentioned as being even cheaper than CoreMedix, but it comes with a major "binary risk": the potential to lose Medicare reimbursement in 2026, which could be catastrophic for the company.