Consider Hims & Hers Health (HIMS) as an undervalued opportunity, as the market is overly focused on its smaller weight-loss drug segment while ignoring potential catalysts like new product launches. Nebius (NBIS) is presented as an extremely cheap pure-play AI data center operator, with forecasts predicting 10x to 20x revenue growth over the next 12 months. An upcoming announcement about converting a mining site to GPU compute for AI could be a major catalyst for Bitcoin miner CleanSpark (CLSK). The long-term thesis for Tesla (TSLA) is its transformation into a high-margin subscription business through its Full Self-Driving (FSD) monthly model. Finally, consider adding Southeast Asian super-app Grab Holdings (GRAB) to your watchlist, as it becomes an attractive deep value play if the price falls towards the $3 range.

MicroStrategy (MSTR)

• The speaker refers to MicroStrategy as "strategy".
• The stock was down 4.5% on the day of the recording, underperforming Bitcoin.
• The speaker suggests the drop was influenced by a temporary dip in another holding, STRC, due to its ex-dividend date.
• Despite recent frustration, the stock is described as "rebounding a little bit lately."
• The speaker indicates a high level of conviction, stating their "bag is full" for MSTR, implying they are fully invested and not adding more at this time.

Takeaways

• MSTR's price action is closely tied to Bitcoin, but can also be influenced by the performance of other, seemingly unrelated, popular stocks among its investor base.
• The speaker has a long-term bullish view on the company, seeing recent volatility as a temporary frustration rather than a change in the fundamental thesis.

Hims & Hers Health (HIMS)

• The stock is described as being in a "slow bleed" and acting as a "punching bag" for the market.
• The speaker believes HIMS is being unfairly judged based on news related to GLP-1 weight-loss drugs, even though they are projected to be a maximum of 25% of the business over the next year.
• The stock reportedly fell in sympathy with negative news from pharmaceutical company Lilly regarding GLP-1s.

Takeaways

• Potential Catalysts: The speaker is bullish on two key rumors that could change the stock's narrative away from just weight loss:
  • New Product Launch: A potential launch of cholesterol medications (like a generic Lipitor) which would leverage their innovative business model of bundling doctor visits and prescriptions into one simple payment.
  • Super Bowl Ad: A rumored Super Bowl ad could significantly boost visibility and investor interest, as a similar ad did for the stock last year.
• Valuation: The speaker believes the stock is extremely undervalued, calling its valuation a "complete joke" and noting it's trading below a 0.1 on their custom valuation metric (EV/GP/RG).
• Long-Term Outlook: Despite significant short-term negative sentiment ("fud") and short-seller pressure, the speaker is very confident in the long-term prospects of HIMS and is comfortable holding it.

Tesla (TSLA)

• The stock's recent price action is described as "boring," trading slightly down from a recent high near $480.
• The speaker believes the market is missing the big picture, focusing on the auto business which they consider "the past."
• Key recent developments mentioned include the new lithium factory coming online and a redesign of the Cybertruck.

Takeaways

• The Future is Subscriptions: The most important insight is Tesla's shift to a fully monthly subscription model for Full Self-Driving (FSD).
  • This transforms TSLA from a car manufacturer into a high-margin subscription company.
  • The speaker believes FSD is "essentially solved" and will be adopted by millions of existing Tesla owners who did not purchase it upfront.
  • The subscription price is expected to be significant, potentially in the "hundreds of dollars a month."
• Investment Thesis: Investors should value Tesla not as a car company, but as a future software-as-a-service (SaaS) and technology company with a massive recurring revenue stream from FSD.

Grab Holdings (GRAB)

• The stock has caught the speaker's attention after falling 32% from its recent peak.
• GRAB is the leading ride-sharing and food delivery app in Southeast Asia (e.g., Indonesia, Malaysia, Thailand).
• The speaker finds it more interesting than competitors like Uber and DoorDash, which they view as having "nosebleed" valuations.

Takeaways

• Potential Entry Point: The speaker is not buying yet, considering the stock "still too expensive." However, they would become interested if the price drops "towards the three bucks range."
• Unique Position: The speaker notes that self-driving technology may not disrupt Grab's two-wheeler (motorcycle) business as quickly as the car business, giving it a unique advantage in its core markets.
• Turnaround Story: The stock has been in a "valley of despair" for three years, trading significantly below its 2021 peak of around $12. This could represent a deep value opportunity if the company continues to execute.

Nebius (NBIS)

• The speaker identifies NBIS as a pure-play AI data center operator.
• They prefer Nebius over competitor CoreWeave based on its financial numbers.
• The company is described as being in a sector that the market is struggling to value correctly.

Takeaways

• Hyper-Growth Potential: The speaker highlights an enormous growth forecast, with major contracts predicted to increase revenue by 10x to 20x over the next 12 months.
• Extreme Undervaluation: Due to this massive growth forecast, the speaker's model shows the stock as incredibly cheap, trading at a 0.05 on their custom EV/GP/RG metric, which is even cheaper than HIMS.
• Opportunity: The speaker views NBIS as a clear opportunity at its current price, noting their "bag is full" on this position.

CleanSpark (CLSK)

• CLSK is a Bitcoin mining company.
• The stock has not returned to its previous highs of over $20 (and nearly $25), a valuation the speaker believes was correct.
• The market has "loved to hate this stock," creating what the speaker sees as a disconnect between price and potential.

Takeaways

• Upcoming Catalyst: The key event to watch for is the conversion of their Sandersville mining site to GPU compute for AI applications.
  • An official announcement about this conversion is expected.
  • The speaker believes the stock is "going to pop when we get this announcement."
• Opportunity: Like Tesla, the speaker believes a stock cannot stay hated forever and that the market will eventually catch up to the company's value. They view CLSK as a significant opportunity right now.