I recently connected with this guy here.

He seems legit. Cool.

Great approach to investing in terms of perspective of companies like $ONDS, but also investing in terms of; emotions, strategy, mindset.

Give the guy a follow 👊

Find him here: @ChairmansLedger

-BPThe Chairman's Ledger: New account, so here’s the short version.

I started at JPM.

Built a company.

Sold it for $100M+.

Served in places where risk was not theoretical.

Now I spend my time looking for public companies sitting at the intersection of capital, technology, and strategic necessity.

⚡️JUST IN: Now H.C. Wainwright just reiterated Buy on $ONDS.

Price target: $25.00

That’s 2 analyst Buy reiterations on $ONDS in a single day.

Needham at $23. H.C. Wainwright at $25.

Both saying the same thing.

The stock is at $10.

The market hasn’t figured this out yet.

You have.

-BP

Note: This is NOT financial advice.

Black Panther Capital: ⚡️JUST IN: Needham just reiterated their Buy on $ONDS.

Price target: $23.00
Today’s price: $10.91.

That’s not a small gap.

That’s Wall Street telling you this stock is trading at less than half its perceived fair value and they’re not backing down from the call.

The thesis

⚡️JUST IN: Needham just reiterated their Buy on $ONDS.

Price target: $23.00
Today’s price: $10.91.

That’s not a small gap.

That’s Wall Street telling you this stock is trading at less than half its perceived fair value and they’re not backing down from the call.

The thesis hasn’t changed.

Needham sees $23. The market is pricing it at $9.

One of those is wrong.

I know which side I’m on.

-BP

Note: This is NOT financial advice.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. $CBRS Cerebras opened about 75% above its expected IPO price of $185, giving the AI chip company a roughly $100B market cap despite generating $585M in revenue last year. Ark Invest also bought 105,616 shares just one day after the IPO, adding more attention to the name. The momentum is set to continue with LeverageShares launching a 2x leveraged Cerebras ETF tomorrow morning.

2. President Trump submitted his latest stock purchase and sale disclosures to the White House Office of Ethics, with the filing reportedly spanning more than 100 pages and including thousands of trades. The disclosure is notable because it shows a sitting president actively trading individual securities rather than only holding assets like corporate debt, index funds, or Treasuries. Some of the names listed as purchases include $PLTR, $HOOD, $NVDA, $SOFI, $MSFT, $AAPL, $DIS, $V, $ULTA, $JPM, $COIN, $LYFT, $AMZN, and $RKLB.

3. The U.S. has approved around 10 Chinese companies to purchase Nvidia’s $NVDA H200, the company’s second-most powerful AI chip. Nvidia hit an all time high at $240 today.

4.Figure AI has been livestreaming its humanoid robots performing real warehouse-style package sorting tasks using its Helix-02 AI system. The robots pick up, scan, rotate, and place packages onto conveyor belts autonomously while operating for extremely long periods, including a reported 24/7 run after initially targeting an 8-hour shift. The livestream is meant to prove that humanoid robots can handle repetitive labor reliably and economically, rather than just perform flashy demos. Many viewers see it as one of the first convincing demonstrations of commercially viable humanoid labor, especially for warehouses and logistics. The robot has so far dealt with 34K packages live and has reached parity with a human worker that can do 3 every second.

5. The most traded stocks in the options market today were $NVDA with 5.0M contracts, $TSLA with 2.5M, $NOK with 889K, $F with 860K, $ONDS with 849K, $INTC with 814K, $AAPL with 752K, $MSFT with 736K, $MSTR with 670K, and $MU with 644K.

6. Semiconductor leverage flows surged, with $SOXL, the 3x long semiconductor ETF, taking in a record $1.03B on Tuesday. At the same time, $SOXS, the 3x short semiconductor ETF, saw $230M of outflows, its largest daily withdrawal since late March. $TQQQ also added $161M, its biggest inflow since March 31, but $SOXL inflows were more than 6x larger as traders concentrated bullish exposure in semiconductors. Since the March 30 bottom, $SOXL is up 354%, its strongest 31-day gain since launching in 2010, while the $SOX semiconductor index is up 68%, its third-best 31-day run on record.

7. Retail investors are buying stocks at one of the fastest paces in years. Year-to-date retail equity inflows are ahead of every comparable period over the last seven years except 2021, and after slowing briefly in March, retail buying jumped sharply in April. The week ending May 1 ranked in the top 2% of weekly retail inflows since 2019, and at the current pace, individual investor purchases could surpass the 2021 record as soon as July. Retail options activity is also elevated, with average daily volume now at 1.57x January 2024 levels, the highest since the October 2025 peak.

8. SpaceX could release its IPO prospectus as soon as next week, according to CNBC, after confidentially filing in April. The company’s roadshow is expected to start June 8, with SpaceX reportedly targeting one of the largest public offerings ever following its merger with xAI at a combined $1.25T valuation. The IPO could raise around $70B-$75B, which would be more than twice the size of Saudi Aramco’s record 2019 listing.

9. AI data center demand is putting pressure on power costs across PJM, the largest U.S. grid, which serves 67M people across 13 states and Washington, D.C. Wholesale power prices averaged $136.53/MWh in Q1 2026, up 75.5% from $77.78/MWh a year ago. Capacity costs rose 398.1% year-over-year, while congestion costs increased 300.4% to $2B.

10. Tech layoffs have now passed 100,000 in 2026, with TNW reporting cuts across roughly 250 events this year. LinkedIn is reducing headcount by about 5% despite 12% revenue growth, while Cloudflare is cutting more than 1,100 roles, or about 20% of its workforce. AI is becoming a major driver of the reset, with Challenger citing it as the top reason for job cuts in both March and April and linking AI to 49,135 announced layoffs so far this year.

11. President Trump said President Xi told him China will not supply military equipment to Iran and supports a peace agreement. Trump also said Xi offered to help mediate the situation and work toward reopening the Strait of Hormuz, a critical shipping route for global oil flows.

12. The CLARITY Act advanced out of the Senate Banking Committee today in a 15-9 bipartisan vote. The bill would create clearer federal rules for crypto, including when tokens are treated as securities versus commodities. Crypto stocks rallied on the news, including Coinbase, as investors viewed it as a major step toward regulatory certainty. The bill still is not law and needs full Senate approval, House reconciliation, and final passage. The main fights now are over stablecoin rewards, anti-money-laundering rules, and ethics concerns tied to political figures profiting from crypto. $BTC Bitcoin passed $81,000.

WALL STREET IS THE GREATEST SHOW ON EARTH.

$ONDS is up 31% today. Here’s my next bet trading at a discount right now:

Most people on X missed $ONDS today.

Not because they didn’t know about it.

Because they SOLD it.

I watched people unload 50% of their position the night before earnings.

Fear of a bad print. Fear of volatility. Fear of being wrong.

And I get it. Protecting capital is wise.

If you genuinely fear the outcome, reducing risk is the right call.

But here’s what I also saw:

The investors who held through horrible $RKLB $NBIS $ONDS $IREN $CIFR chop without flinching?

They all had one thing in common.

They knew exactly what they owned.

They didn’t need the price to tell them if they were right.

They already knew from the filing. From the contract list. From the thesis they built months ago.

That’s the edge nobody talks about.

Not the scanner. Not the chart pattern.

The ability to stay calm when everyone else is making emotional decisions.

That calmness is not personality. It is PREPARATION.

The best investors I’ve met on here have sat through the hardest chops of the past year without panic selling.

Not because they’re fearless.

Because they did the work before the red day came.

Which brings me to my next bet.

I’m long $PENG.

GPU race dominates headlines. Post-purchase deployment does not.

$PENG owns the last mile: full-stack AI infrastructure for enterprises lacking internal teams.

> OriginAI: pre-validated GPU clusters + ICE ClusterWare orchestration, built on 3.3B+ GPU runtime hours.

> 30+ years memory expertise via CXL MemoryAI KV cache server.

> Up to 11TB expandable memory for inference, breaking GPU memory wall.

> End-to-end: hardware, software, memory, deployment, management/turnkey production scaling.

> 8–9 analysts: Strong Buy/Buy > 76%

> FY26 revenue guidance raised to 12% growth.

> Trades 16x forward PE (sector 23x).

> Hyperscaler build-out priced in. Deployment layer underneath is not.

-BP

Not financial advice. Do your own research.

🚨THE BEARS HAVE BEEN WRONG ABOUT THE SAME THING FOR THREE YEARS.

And they’re about to be wrong again.

Morgan Stanley just raised their S&P 500 target to 8,300.

Year-end 2026 target: 8,000.
Twelve-month target: 8,300.

Over 12% upside from current levels around 7,400.

But here’s the line that matters most:

“Our bullish index view is an earnings story, not a multiple expansion one.”

Read that again.

EARNINGS.

> 83.2% of S&P 500 companies beat Q1 estimates.

> Morgan Stanley projects $339 EPS for 2026. That’s 23% growth, followed by $380 in 2027 and $429 in 2028.

A compounding earnings machine. Not a bubble.

Now let me show you what the bears keep getting wrong.

There’s a clip making the rounds right now.

A guy pulls up two charts side by side.

> Left chart: The dot-com era. Price ripping higher. Earnings flatlined. Pure narrative. Pure multiple expansion. Pure speculation.

> Right chart: Right now, 2023-2026. Earnings are LEADING price. AI and semiconductors are driving actual profits. Price is still CATCHING UP to the gray line.

His point? We’re not in a bubble. We’re in the middle of an earnings cycle that hasn’t fully repriced yet.

He’s right.

$MU, $SNDK, SK Hynix and Samsung, 75% of the $DRAM market are proof.

These are companies printing money faster than analysts can revise targets upward.

> The memory supercycle isn’t priced in.

> The AI infrastructure buildout isn’t priced in.

The earnings are real and the multiples are still compressing INTO the growth.

The dot-com bubble was speculation in search of earnings.

This is earnings in search of a price that can catch up.

There’s a massive difference.

So where does the money go?

$SPY and $QQQ as a passive bet + into the infrastructure that’s CAUSING the earnings surge.

Here’s where I’m positioned:

→ $IREN
→ $NBIS
→ $CIFR
→ $AAOI
→ $SIVE
→ $RKLB
→ $OUST
→ $PENG
→ $ONDS
→ $KRKNF

Every single one of these names sits inside the structural AI buildout that’s driving the future earnings Morgan Stanley just upgraded their entire index outlook for.

HERE’S THE MACRO SETUP

Morgan Stanley explicitly ties their revised outlook to AI adoption enhancing operating leverage across the S&P 500 and a rolling earnings recovery that continues to progress.

This isn’t a macro call. This is a capital allocation call.

The earnings cycle is real.
The infrastructure buildout is real.
The defense spending acceleration is real.

$QQQ and $SPY tell you the tide is coming in.

The names above tell you which boats rise the most.

The dot-com bubble was price without earnings.

This is earnings without price.

The gray line hasn’t been touched yet.

We’re mid-cycle. Act accordingly.

Still long. Still adding. Still building.

-BP

Please remember: This is not financial advice. Do your own research. I hold positions in many of the names mentioned.

Micro2Macr0: Why this Is NOTHING Like the Dot-Com Bubble!!! 😡

⚡️JUST IN: $ONDS crushed all earnings with a MASSIVE revenue beat!

Waiting for EPS. I expect a double beat here.

Hate to say it. But I told you so.

$10.19 in PM. Up 15%. 🟢

-BP

Black Panther Capital: 👀 $ONDS CLOSING THE DAY IN GREEN?🟢

Earnings BEFORE pre-market tmr.

See you at $10.50 tmr.

-BP

Not financial advice.

Picture: @YoYInvestor

👀 $ONDS earnings sneak peak.

Fantastic findings from @YoYInvestor.

Sleuth 🔎: $ONDS ‘TWAS THE NIGHT BEFORE EARNINGS…. 🌙🎈👀

World ViewCEO Ryan Hartman just published a strategic article on the company website, just one day before Q1 earnings 🤔

The article discusses SkyWeaver, an edge inference platform being developed on top of $PLTR Artificial

PORTFOLIO UPDATE

If you followed me this year, your short-term portfolio is up 125%.

Your long-term book is up 55%.

I don’t use options, calls, leap, short e.g.

The $SPX has spent most of 2026 trying to figure out what it is. We have not.

WHY I SHOW UP EVERY DAY

1st January I had 1,207 followers. Today we are approaching 23,000.

No subscription. No paid community. No X payout. No product. Just showing up every day and doing the work.

I made a pact with my daughter to show up every single day. To show her what consistency actually builds. Not in theory. In real time, with a number she can watch move.

I have a good job. I don’t need to monetize this. What I need is to show her what happens when you commit to something and don’t quit.

By EOY, I want her to see 50K on that number.

I’m still far from it. I also know how FAST that can change when the content connects and the market moves. So I keep going.

@Sandeman52 is someone I think about here. He built something real without noise.

That’s the benchmark. I’m here for the stocks, the connection, and the game.

Everything else is secondary.

LONG-TERM PORTFOLIO

Eight positions. All structural. Sold $AMPX today with 30% profit. Added to my positions in $KRKNF, $OUST and $ONDS

$RKLB: +83% | 18.51% of port.
$NBIS +142% | 17.09% of port.
$IREN +55% | 13.61% of port.
$AAOI +113% | 12.11% of port.
$OUST +39% | 11.60% of port.
$CIFR +42% | 10.41% of port.
$KRKNF -17% | 9.14% of port.
$ONDS -1% | 7.52% of port.

SHORT-TERM PORTFOLIO:

$PENG +10% | 66.1% of port.
$SIVE +98% | 33.9% of port.

HOW I SEE THE REST OF 2026

Three forces are running the tape:

1. The AI tsunami is still in the first inning.

Only 1% of companies consider themselves mature AI users. Over 92% plan to increase AI investment. McKinsey estimates cumulative US data center spending alone will reach $5 trillion by 2030. That capital is already committed. The infrastructure phase is being priced. The productivity phase hasn’t arrived yet. The application phase is after that.

I don’t see a dot-com bubble. The dot-com companies burned cash on speculation. The companies in this cycle have real revenue, real backlog, and real physical constraints that large capital cannot route around.

2. Political trade has replaced free trade.

This is the structural shift most retail investors are still underweighting.
Real technology, real projects, real contracts. Political decision in Washington and repriced overnight. That is the new operating environment.

Capital allocation now has a new first-order variable: political geography. Which government wants this to succeed? The US-UAE AI Acceleration Partnership, $1.4 trillion committed, sovereign wealth choosing the US as the headquarters of the next industrial era, is the clearest current signal.

Political trade creates volatility in names exposed to the wrong jurisdiction. It creates structural advantage for names embedded in the right one.

3. The economy is shifting from consumption-driven to production-driven.

The post-WWII consumer economy ran for 80 years on demand expansion. What is building now is a production expansion cycle, driven by onshoring, defense spending, AI infrastructure, and energy security.

The companies that build, enable, or supply that production cycle are not being valued for what they are today. They are being valued for what the production economy needs them to be in 2028 and beyond.

That is what this portfolio is built on.

MY POSITIONING FROM HERE

I expect more volatile than consensus expects. Full of buying opportunities for anything with hard assets and contracted revenue. Adding on dips. Not selling on headlines.

The three forces above are not quarterly variables. They are decade-long structural shifts. Volatility between now and December is the mechanism that creates the next entry points or DCA opportunities.

YTD +55% long-term. +125% short-term.

And the cycle has barely started.

-BP

Note: This is not financial advice. I hold positions in all tickers mentioned.

RT M5IVE
Now that CISA is back in business, I thought I would share the following as it pertains to CHOO CHOO MOFO and the HOT/EOT devices on the 450 MHZ
CC $ONDS Folks. "CIRCUM CISA" for shorts

NEW PATENT ISSUED TO SIEMENS MOBILITY

TITLE: AUTOMATIC ARMING OF A HEAD-OF-TRAIN DEVICE TO AN END-OF-TRAIN DEVICE

DATE PUBLISHED: 2026-05-12

ASSIGNEE: SIEMENS MOBILITY, INC.

ABSTRACT: A SYSTEM AND METHOD FOR ENABLING AUTOMATIC ARMING BETWEEN AN END-OF-TRAIN DEVICE AND A HEAD-OF-TRAIN DEVICE ON A TRAIN IS PROVIDED. THE SYSTEM INCLUDES AT LEAST ONE SENSING UNIT CONFIGURED TO DETECT A PHYSICAL CONNECTION STATUS OF THE END-OF-TRAIN DEVICE. THE END-OF-TRAIN DEVICE IS CONFIGURED TO TRANSMIT AN ARMING REQUEST TO THE HEAD-OF-TRAIN DEVICE BASED ON THE PHYSICAL CONNECTION STATUS, WHEREIN THE ARMING REQUEST INCLUDES AT LEAST ONE OF AN IDENTIFIER AND A GEOSPATIAL LOCATION ASSOCIATED WITH THE END-OF-TRAIN DEVICE. THE HEAD-OF-TRAIN DEVICE IS CONFIGURED TO RECEIVE THE ARMING REQUEST FROM THE END-OF-TRAIN DEVICE. THE HEAD-OF-TRAIN DEVICE IS FURTHER CONFIGURED TO ARM THE HEAD-OF-TRAIN DEVICE TO THE END-OF-TRAIN DEVICE UPON VERIFICATION OF THE ARMING REQUEST, WHEREIN ARMING COMPRISES ESTABLISHING A COMMUNICATION CHANNEL BETWEEN THE HEAD-OF-TRAIN DEVICE AND THE END-OF-TRAIN DEVICE.

My wife's dad from UK is here during the weekend.

He asked me at dinner tonight what I invest in.

I listed them. All nine.

$IREN. $NBIS. $CIFR. $ONDS. $RKLB. $AAOI. $AMPX. $PNG.V. $OUST.

He waited for a name he recognised. Never came.

"None of the big ones?" he said.

I said no.

He looked at me the way people look at someone who ordered something unusual off the menu.

I didn't explain. I used to explain. I stopped.

Because by the time you can explain it at a dinner table, the ENTRY window is usually closed.

$IREN is signing $3.4B AI cloud contracts with NVIDIA.
$RKLB just posted record revenue and backlog.
$NBIS is up 110% year-to-date with $50B+ contracted.
$AAOI is capacity-constrained through mid-2027.

Nobody at that dinner table was talking about any of this.

That is not a criticism of them.

That is the whole point.

-BP

Not financial advice. Do your own research.

Colleague at lunch today going on about how he finally bought $NVDA .

Said it like he discovered fire.

I nodded. Asked how it was going. He said he was up a bit, felt good about it. Asked what I own.

I started to explain. Got one sentence into $IREN before his eyes glazed.

Tried $ONDS. He asked if that was a pharma company.

I mentioned $RKLB and he said “oh like Virgin Galactic?”

I stopped explaining. Smiled. Said “yeah, something like that.”

Here’s what I actually own:

$IREN
4.5GW secured power. $9.7B Microsoft deal. The hyperscaler for hyperscalers.

$NBIS
$50B+ contracted backlog. Goldman at $205. NVIDIA invested $2B.

$CIFR
$AMZN + $GOOG colo. AWS capacity starts July.

$ONDS
Only FAA-certified autonomous drone company in the US. 605% revenue growth.

$RKLB
$1.85B backlog. The only real commercial SpaceX alternative.

$AAOI
$200M hyperscaler transceiver order. $1B+ 2026 revenue guidance.

$AMPX
Batteries. 2.5x Q1 revenue growth.

$PNG.V
Anduril supply chain. NATO naval modernization.

$OUST
Digital lidar. Autonomous infrastructure layer.

He would not have known a single one.

That is not a criticism. That is the SIGNAL.

The names nobody recognizes at the lunch table are the names still in the entry window.

-BP

Not financial advice. Do your own research.

My wife asked me why I keep a list of numbers in my phone.

I told her: because the market needs to know where I expect to be. Not the other way around.

Here's the scoreboard.

$OUST: $28 → $42 (Oppenheimer, raised this week)
$RKLB: $82 → $120 (Bank of America Securities)
$CIFR: $17 → $25 avg (11 analysts, all Strong Buy)
$PNG.V: C$7.45 → C$10.91 avg (13 analysts)
$NBIS: $178 → $232 (TipRanks consensus)
$IREN: $58 → $125 (Cantor Fitzgerald)
$ONDS: $9.40 → $25 (HC Wainwright)

These are not my numbers.

These are the firms that read the filings, modeled the revenue, and put their NAME on the call.

I'm just in POSITION while the market catches up.

Screenshot this.

-BP

Note: This is not financial advice.