RIGHT TAIL RISK IS STILL MISPRICED

Beyond the Beats

Most of this week had me sitting on my hands, but yesterday was when my "Summer of Rippy" thesis finally started to fire on all cylinders.

MSFT and META both absolutely demolished earnings. META's ripping +12.3% this morning, printing fresh all-time highs. I've been massively overweight this name since we were grinding around the low $90s back in '22, and I haven't really touched it.

MSFT - another core overweight for me. just delivered one of the cleanest quarters I've seen in ages. Azure growth actually accelerated to +39% year-over-year (consensus was looking for 35%), and those 8/15 540 calls I grabbed at 3.3? They're opening ~14 today (for now).

GOOGL keeps doing what GOOGL does since its own beat last week. Still holding those 8/1 185 calls, but I'm looking to book most of those gains today.

My QQQ 8/15 540 calls that I layered in at 12 as part of the core "Summer of Rippy" setup… I am still riding those. More details on these later for paid subscribers.

Quick note on a curveball I threw yesterday, I put on a new SPX trade that had some of you asking questions. I'll write on this at the weekend.

My Phase 2 basket continues to work. CRDO and VST are standout performers. I actually cut half of CRDO recently (still holding 1.5% from that 46.5 entry), but this strength just validates what I've been saying about Phase 2 AI momentum.