Michael Saylor Under Pressure as Strategy mNAV Dips Negative

Chart of the Day — What does Q1 revenue growth reveal?
Trade of the Day — AMZN in the short zone.
Alpha Leaks — Samsung and SK Hynix AI plans.
News Roundup — Strategy mNAV, OpenAI IPO, and Polymarket hacked.

Chart of the Day: Revenue Growth Shows an Uneven Market

This chart from Themes ETFs is a good snapshot of what is actually driving equity markets right now, as Q1 revenue growth was not evenly spread across tech, or across the wider market. Instead, it was concentrated around the companies tied most directly to AI infrastructure, memory, and data center demand.

The standout is IonQ for its YoY revenue growth (although this is from a smaller base than some of its competitors), while SanDisk, Super Micro, NVIDIA, and Palantir also sit firmly to the right side of the chart.

A key point here is that AI has been rewarding specific elements of the stack, and you can see a split outside tech too, with Alphabet and Meta still growing, while several other names across sectors have remained flat.

Trade of the Day: Shorts Open on Amazon

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Strategy Loses Premium

With the MSTR share price falling as low as below $82 after hours on Friday, the enterprise mNAV for Strategy–the world’s largest BTC treasury company–has fallen below 1.

Enterprise mNAV takes the value of the company’s BTC holdings and other assets (not only the BTC holdings), and compares that to the company’s market cap. If the value is below 1, then the company’s market cap is below the value of its holdings, or in other words, the market is not currently placing a premium on Strategy’s BTC holdings.

Also, this comes as the price of Strategy’s perpetual preferred product, STRC, has now dropped below $75, while its par value is $100.

On the one hand, it shouldn’t come as a surprise that Strategy appears pressured during a BTC bear market, since it has always traded as a leveraged bitcoin bet, but at the same time, Strategy Executive Chairman Michael Saylor is taking heavy criticism, with Ripple CEO Brad Garlinghouse stating in a CNBC interview,

“Team Michael Saylor wasn't focused on the right stuff and that has hurt the overall market”.

OpenAI May Delay IPO

It’s been reported that executives at OpenAI are putting pressure on CEO Sam Altman to push back the company’s IPO until 2027.

That’s according to the New York Times, and it seems that the reasons for a delay are concerns about a possible lack of appetite among retail investors, especially at a $1 trillion valuation while the market is volatile.

This is understandable as investors may be fatigued after the hype around the SpaceX mega-IPO, particularly after watching SPCX move from an opening price of $150 up to $225, and then back down to around $150 in the space of about a week.

In further OpenAI news, the company’s new model, GPT-5.6, is to be given a staggered release–so not all users will gain immediate access–following a request from the US government.

As the US authorities also recently ordered Anthropic to limit access to its newest model, amid concerns about cyber security, it appears that this process may become the standard for new AI releases.

Polymarket Hacked for $3 Million

Leading prediction market platform Polymarket was exploited last Thursday, with around $3 million in user assets stolen.

The breach happened when a 3rd party data provider was compromised, allowing malicious code to be injected into the platform’s frontend. However, losses all came from only around fifteen accounts, with hackers draining pUSD (Polymarket’s stablecoin), which was then swapped for ETH.

Polymarket has stated that it will fully refund all affected users, but this is a warning that even the biggest platforms are vulnerable, and in fact, there was another Polymarket hack just over a month ago, although in that case it targeted an internal wallet and users were not affected.

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