We’ve written an update on $ACMR, available at . The story has only gotten better since January, with ACMS up 50%+ in China and China’s semi capex growth being supercharged by the country’s own AI spending wave. 1/7kerr.co/acmr-2 $ACMR trades at a 72% discount to the value of its stake in ACMS, and at 16x ’26 P/E, a meagre multiple relative to the company’s massive growth opportunity. 2/7

We’re long $AIXA in 🇩🇪, report at . The dominant provider of equipment to make GaN and SiC semiconductors, Aixtron is THE massive beneficiary of Nvidia’s proposed 800V data center power architecture, targeted for 2027. 1/9kerr.co/aixa Aixtron is arguably the most underappreciated AI play in the market. GaN and SiC based power semiconductors will be critical to next-gen data center architectures to optimize power density + conversion efficiency 2/9

We’re long Buzzi SpA, the world’s best cement maker trading at one of the lowest valuations. Report at . Our fair value of $BZU based on cement comps implies stock px of ~€85, 73% higher than current level 1/9kerr.co/bzu 50%+ of EBITDA is from the U.S., where its tier 1 assets have the highest margins of any player. The U.S. assets alone, if fairly valued, cover nearly the company’s entire mkt cap 2/9

We're short $BMNR. Report at . The DAT playbook has become basic & unoriginal: as near-identical copycats overwhelm the market, premiums are collapsing and the ability to issue shares well above NAV to boost ETH-per-share is disappearing. RIP DATs🪦🥲 1/8kerr.co/bmnr Competition is exploding. $100b+ in planned capital raises by firms chasing crypto-treasury strategies has removed the scarcity that kept premiums high. Now many trade at or below parity as their reflexive loops stall and their models crumble. 2/9

We're short $CRWV. Report at . $CRWV has shot to a $75B valuation on technicals and hype, but strip away the noise and it’s just a levered GPU rental shop with lousy economics. 1/10kerr.co/crwv Stock is up 30% since last week’s $MSFT–$NBIS deal and $ORCL’s all OpenAI backlog surprise. Bulls are missing the full story: $CRWV anchor customers are signing bigger deals elsewhere bc it has no moat amid rising competition. 2/10

We’re short $PSTG. Report available at . Pure Storage has gone from disruptor to disrupted. We believe its hyperscaler strategy will disappoint, while its core enterprise storage products face declining differentiation (1/10)kerr.co/pstg Pure insults investors by suggesting leading hyperscalers such as Google and Amazon would adopt its products if they only looked at total cost of ownership. These companies are arguably the most sophisticated IT buyers on the planet, and they aren’t buying $PSTG’s products (2/10)

We're short $AUR. Report available at . Aurora doesn’t have a viable business model. The market for hub-and-spoke-based autonomous trucking is far too small and the profit pool avail to $AUR from it is puny. (1/n)kerr.co/aur It starts with the software: $AUR's classic self-driving architecture will never enable point-to-point shipping. Best case scenario is a hub-and-spoke network with autonomous trucking doing the hub-to-hub highway miles and manned drayage doing the first/last mile. (2/n)

We're long $STX, our largest position. Report at . An AI & data center play, operating in a duopoly, growing 30%+, a technological generation ahead of its rival, trading at 11x ‘26 P/E. $STX is a double or triple from here 1/7kerr.co/stx Seagate’s HAMR transition is a game changer, and its next-gen 40TB drive in 2026 will translate into gross margin expansion and mkt share gains that will shock analysts 2/7

We're short $QBTS. Report at . D-Wave is not true quantum computing, its core tech – quantum annealing – is a commercial dead end abandoned by rest of industry. 20 yrs of ops & financials are pathetic, only massive share dilution has kept it afloat 1/9kerr.co/qbts $QBTS strategy relies on so-called “hybrid solvers” for optimization problems – which sounds like a combination of quantum and classical but according to former insiders is “almost entirely classical” with quantum little more than a marketing gimmick 2/9

We're short $IONQ. Report at . Massive scaling challenges & reliance on photonic interconnects means the co is nowhere close to producing a commercially viable product. As reality sets in on the quantum computing bubble, $IONQ remains wildly inflated 1/7kerr.co/ionq 4Q results included an unexpected management change, dilutive capital raise, and looming overhauls to the tech roadmap and benchmarks – obv signs of problems at $IONQ and that’s before the CEO cashed out $37m in stock at only $18 bucks 2/7

We're short $RCAT. Report available at . RCAT stock is up 800% and $900M over nine months on excitement for the supposedly HUGE SRR contract. Red Cat says it's a sole-source contract worth hundreds of millions of $ over 5 years and $80M next year (1/9)kerr.co/rcat But the SRR contract is much smaller: $20-25M/year at most according to Army budget docs. Army officials also say that the replacement cycle will be every 2-3 years and product specs require open system compatibility with new vendors, which will be reconsidered each cycle (2/9)

We're short $OKLO. Report at . $OKLO’s claimed unit economics are nonsensical, its mgmt are academics with weak real world commercialization experience, its tech / engineering team dramatically trails peers and its projected timelines are laughable 1/7kerr.co/oklo News that an $OKLO board member may be appointed Energy Secretary have caused shares to rebound 25% after a disappointing 3Q biz update, but nothing has changed $OKLO’s fundamental lack of design readiness and commercially nonviable unproven reactors. 2/7

We're short $LUMN. Report at . Despite 400% stock rise in recent weeks, AI can't save this dying, overlevered legacy telecom. The newly announced deals won't reverse worsening sales and margin trends amid a staggering debt burden. Equity is worthless. 1/8kerr.co/lumn Building AI-driven “Custom Networks” for $MSFT and other large tech cos is just marketing spin for a massive construction project that only nets $LUMN ~$800m in cash over ~3 yrs and does little to solve its fundamental lack of growth and $19b in debt. 2/8

Today, we launch a war against bitcoin miners, an industry of snake oil salesmen that are incinerating both investor capital and the environment and should be banished from America much like the Chinese RTO frauds that we helped kick out a decade ago (1/10) We begin by issuing two letters to Texas state officials:

Letter to Navarro city commission:
Letter to Texas state senators:

We’re short $RIOT: report avail at (and long bitcoin as a hedge)
(2/10)kerr.co/riot-navarro
kerr.co/texas-senators
kerr.co/riot

GM. We're short $MSTR and long bitcoin. Report avail at . Crypto trades often get carried away and $MSTR is no exception. The BTC price implied in $MSTR shares is now over $177k, an unjustifiable 2.6x the spot price of BTC. (1/6)kerr.co/mstr No fundamental reason for this level of premium exists. $MSTR doesn’t provide unique access to bitcoin. Buying BTC in the equity markets is easy and cheap through an ever-growing number of low fee ETPs and ETFs like $IBIT and $FBTC. (2/6)

We're short $CVNA post the 30%+ spike last Friday, report avail at . Valuation was stretched before, now at 42x '24E EV/EBITDA, it’s plain ridiculous. CVNA is a severely levered, growth-challenged auto dealer trading like it’s an AI darling (1/9)kerr.co/cvna2 Last week the company may have guided to better 1Q24 EBITDA, but consensus revenue estimates actually declined post earnings. $CVNA can’t be a one-trick pony on profits forever, it needs to deliver on substantial growth in volumes (2/9)

We're short $ALT. Report available at . Altimmune's only asset is pemvidutide, a dual GLP-1/glucagon with no chance of commercial success. The drug has awful tolerability and underwhelming weight-loss activity. It's going to bomb in phase-3. (1/8)kerr.co/alt In ph2, pemvidutide led to 15.6% weight loss at 48 weeks. On an apples-to-apples basis, that's a bit less than semaglutide and much less than tirzepatide. Considering pemvidutide does nothing to control blood sugar, that's already enough for the drug to be a dud. (2/8)

We're short $JOBY. Report avail at . The Joby pipe dream is a combination of an aerospace science project & air taxi delusion. In its path to almost certain failure, it's going to incinerate billions of investor capital or just go bust. Probably both 1/9kerr.co/joby Joby promises 100-mile range, 10k battery cycle life, and low cost. Investors will find out that's IMPOSSIBLE. Accounting for reserve requirements, cutting edge Li batteries will enable 35 miles of range and a couple thousand charge cycles, at best. 2/9

We're short $TLRY. Report avail at . Tilray is a $2.4b mkt cap structurally unprofitable Canadian cannabis player diluting shareholders into oblivion (1/9)kerr.co/tlry Shares have spiked over the past two weeks on misplaced hope over marijuana rescheduling despite $TLRY having no plant-touching ops in the U.S. Rescheduling would not legalize the sale of weed for anything except FDA-approved drugs. (2/9)

We are short $CVNA. Report avail at kerr.co/cvna. Carvana is insolvent, its equity is worthless. Nothing more than a poorly run auto retailer, the company will never generate sustainable positive cash flow until its debt is equitized (1/9) $CVNA has never produced profitable growth. Even during the pandemic when demand soared, interest rates were low and used car prices were mooning, $CVNA couldn’t generate consistent profits – now none of those conditions exist (2/9)

We're short $UEC. Report at kerr.co/uec1. A classic junior mining promotion from our hometown, $UEC acquires uneconomic uranium assets to trick retail investors into thinking it’s a legit miner. But it’s just a long-running scam that issues shares, enriches insiders 1/ We go through each asset in our report & explain why these assets will, assuming uranium prices spike, still remain uneconomic, too small, low quality and/or unlikely to be developed. Altogether, $UEC’s assets are fundamentally worth a small fraction of the current market cap 2/