ATGE Reddit Mentions | ChartExchange

# Kerrisdale Capital (Sahm Adrangi)
Still very active, with a strong 2025 performance driven partly by shorts in AI/crypto-related names.
* **BitMine Immersion (BMNR)**: Short on this Ethereum-focused digital asset treasury company. Kerrisdale called its share-for-Ether strategy a “relic on the verge of extinction,” criticizing the business model as unsustainable and lacking transparency.
* **CoreWeave (CRWV)**: Short on the AI infrastructure/GPU rental company, arguing it’s a debt-fueled business with no real moat, overhyped as innovation.
* **Pure Storage (PSTG)** and other AI/storage names: Part of broader skepticism toward AI infrastructure bubble.
* **Affirm (AFRM)**: Short on the “Buy Now, Pay Later” lender, comparing it to subprime lending risks.
* **Telephone and Data Systems (TDS)**: Detailed report on wireline revenue weakness.
Kerrisdale often targets overhyped tech, crypto, and AI plays.
J Capital Research
Focuses heavily on Chinese companies and U.S.-listed names with China exposure; still issuing reports.
* **Super X AI Technology (SUPX)**: September 2025 short — accused the design/fit-out company of pretending to be in AI with photoshopped logos, copied specs, empty announcements, and undisclosed related-party issues (backed by Chinese property developers).
* **Marqeta (MQ)**: May 2025 short — called it a “house of cards” facing potential loss of up to 70% of business due to an FBI investigation; described it as a weak “dinosaur” in payments processing.
J Capital uses on-the-ground/field research, especially on China-related stories.
Wolfpack Research
Active in forensic accounting and government/contract-related scrutiny.
* **IonQ**: February 2026 short — alleged the quantum computing company misled investors by relying heavily (up to 86% of booked revenue in prior years) on now-canceled Pentagon “backdoor earmarks” that were not true commercial revenue.
* **SES AI (SES)**: December 2025 short — criticized the battery company for “phantom deals,” pivoting into questionable AI products (called a “ChatGPT wrapper”), and concerns around a Chinese acquisition.
* Other recent: Shorts on Babcock & Wilcox (BW), HIFS (regional bank with alleged bad loans), and Japanese names involving questionable subsidies.
Wolfpack often targets hype in emerging tech like quantum or AI.
White Diamond Research
Primarily small-cap focused; publishes both long and short research, with occasional aggressive shorts.
* Recent shorts/critical pieces include **Pulse Biosciences (PLSE)** (raised doubts on product efficacy in thyroid ablation and high executive turnover) and concerns around names like **ZJK Industrial** (questioned claimed Nvidia collaboration).
* Historically known for deep small-cap takedowns, but less frequent high-profile shorts in the latest data compared to others.
Prescience Point Capital Management
Aggressive style; continues releasing several reports per year.
* **Sigma Lithium (SGML)**: February 2026 short — alleged undisclosed regulatory actions, creditor lawsuits, safety issues (steep pit walls risking “loss of human life”), and deviations from approved mine plans in Brazil.
* the fund focuses on digs into mining, resources, and healthcare.
# Viceroy Research (Fraser Perring)
UK-based, very active globally with forensic reports.
* **Close Brothers Group (CBG, LSE)**: March 2026 short — alleged the UK lender misrepresented exposure to motor finance redress scheme; warned of potential equity wipeout due to insufficient provisions and capital risks.
* **Vedanta Resources / related entities (VRL, etc.)**: Ongoing heavy coverage (dozens of reports) alleging debt issues, tax evasion claims, liquidity problems, and default risks at subsidiaries like KCM/ESL. Multiple updates through late 2025 into 2026.
* **Arbor Realty (ABR)**: Multiple updates on CLOs, delinquent loans, and financial shenanigans.
# Safkhet Capital (Fahmi Quadir, “The Assassin”)
Short-only fund focused purely on fraud and predatory practices. Still regarded as a top remaining player, but no major **new public short reports** prominently released in 2025–early 2026 in available data. Her most notable recent high-profile short was **Adtalem Global Education (ATGE)** in early 2024 (for-profit education, criticizing heavy reliance on federal student aid and poor outcomes). The firm continues deep forensic work but has been lower-profile on new public campaigns amid industry pressures.
Viceroy is known for sharp, multi-part series on complex debt and regulatory exposures.
# Muddy Waters Research (Carson Block) & Spruce Point Capital (Ben Axler)
(From your earlier note)
* **Muddy Waters**: Very active. Recent short on **SoFi Technologies (SOFI)** (March 2026: called it a “financial engineering treadmill” with accounting and dilution concerns). Also targeted AppLovin and others.
* Spruce Point: Highly active in U.S. small/mid-caps. Recent shorts include Bunge Global (BG), Nova Minerals (NVA), Super Group (SGHC), Resideo Technologies, and follow-ups like IperionX.