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Continue reading →: The Bottleneck EconomyHow control of constraints becomes the new moat, and why NVIDIA behaves like an industrial planner A brief essay For most of the last twenty years, the big constraint in tech wasn’t physical. It was software and distribution. Who had the users, who had the developers, who owned the workflow,…
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Continue reading →: Notes on Nvidia’s earnings
Nvidia’s results are out and the company is trading like the equity wrapper on a new industrial buildout: power-constrained, token-producing AI factories. The stock is consolidating because investors aren’t debating whether demand is big; theire debating how durable the spend is, how smooth the Blackwell to Rubin transition will be,…
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Continue reading →: MP Materials: a miner trying to become a contracted U.S. magnet platformMP Materials is in the middle of a hard pivot: away from selling rare earth concentrate into China-linked channels and toward producing separated NdPr (the key magnet ingredient) and ultimately finished magnets in the U.S. In July 2025 the company ceased all sales to China , and in Q3 its…
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Continue reading →: Bitcoin’s Paper Market: How Futures & Options Can Push Price Down… and Then Rip It UpBitcoin’s paper market When people say “paper Bitcoin,” they usually mean financial exposure to BTC that isn’t the coin itself: futures, perpetual swaps, options, structured products, and sometimes synthetic claims inside exchanges. None of this is inherently “bad.” It’s how big markets add liquidity and let hedgers manage risk. But…
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Continue reading →: Tesla’s Q4 + FY2025 print and what it does to the investment thesisThe headline isn’t “a car company quarter.” It’s a capital allocation quarter. The most important line from this whole update is that Tesla is explicitly telling you 2026 is a “huge investment year” with CapEx expected to be in excess of $20B . And they didn’t describe it vaguely, they…
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Continue reading →: AMD Conviction ReportThis report merges fundamentals with price action in an attempt to be a clear signal at key moments. NFA CES keynote AMD just used the CES keynote to make a simple point: it’s no longer a parts vendor, it’s a platform company for AI at rack scale, client, and edge,…
Hi Fren,
Pepe Maltese
I used to trade inside the machine. Now I just raid it.
I publish two high-conviction setups daily — one momentum, one turnaround — filtered through tape structure, volume shifts, and misaligned narratives.
Some of these turn into full trades. A few evolve into deeper stories. The rest get cut.
This isn’t education. This is intelligence.
I don’t run ads. I don’t sell dreams. I track price, watch structure, and call bullshit when the story breaks.
Follow the setups. Fade the noise. Stick it to the man.
Let’s connect
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Investment Gems 