C
Citigroup Inc.
stock NYSE

Spent time going through both the investor deck and the two-pager for AIAI Holdings. Here's an honest breakdown of what the numbers actually say versus what's being implied.
**What's disclosed:**
* Combined 2025 revenues: $272M across six portfolio companies
* Combined 2025 EBITDA: \~$15M
* Implied margin: \~5.5%
That margin sits right at the floor of their own acquisition criteria, which targets >5% EBITDA. That's not a red flag by itself — construction and print media are structurally low-margin businesses and appear to make up a meaningful portion of the portfolio. But it does mean the current blended financials don't reflect a high-margin AI-native business. They reflect a mixed industrial portfolio with AI tooling layered on top.
**The portfolio mix problem:** Individual revenue breakdowns by company aren't disclosed. C.C. Carlton (construction) and Bond Street (print media) likely carry lower margins than the defense-focused AI research segment. Without the split, you can't tell where the $15M EBITDA is actually coming from or which segments are dragging.
**The acquisition currency structure:** Deals are planned primarily using equity rather than cash. That's capital-efficient but dilutive by design. The per-share value math only works if the EBITDA added per acquisition exceeds the dilution from new shares issued. That calculation requires knowing the acquisition multiples being paid — not disclosed.
**Their valuation comparison:** The deck references a "\~3.5x value uplift vs. CODI/BDC." Compass Diversified (CODI) has historically traded around 10-12x EBITDA. At $15M EBITDA, that base would imply a modest starting valuation. The uplift argument requires the public market to assign an AI premium on top of the holding company multiple. That's a sentiment-dependent assumption, not a financial one.
**What's genuinely missing:**
* Audited financials (management representations only at this stage)
* Debt load at the portfolio company level
* Individual company revenue and margin breakdowns
* Capital expenditure requirements for TAI integration
* Share count and implied market cap for the DPO
* Historical growth rates for each subsidiary
**Bottom line on the financials:** $272M in revenue is real scale if verified. $15M EBITDA is thin but not unusual for a young diversified holding company operating across mixed sectors. The AI premium the story depends on requires TAI to demonstrably move margins post-acquisition — and there's no public data on that yet. The SEC filing will be the first opportunity to stress-test any of these numbers independently.
**Reading the Financials Carefully Before the SEC Filing Drops**
Spent time going through both the investor deck and the two-pager for AIAI Holdings. Here's an honest breakdown of what the numbers actually say versus what's being implied.
**What's disclosed:**
* Combined 2025 revenues: $272M across six portfolio companies
* Combined 2025 EBITDA: \~$15M
* Implied margin: \~5.5%
That margin sits right at the floor of their own acquisition criteria, which targets >5% EBITDA. That's not a red flag by itself — construction and print media are structurally low-margin businesses and appear to make up a meaningful portion of the portfolio. But it does mean the current blended financials don't reflect a high-margin AI-native business. They reflect a mixed industrial portfolio with AI tooling layered on top.
**The portfolio mix problem:** Individual revenue breakdowns by company aren't disclosed. C.C. Carlton (construction) and Bond Street (print media) likely carry lower margins than the defense-focused AI research segment. Without the split, you can't tell where the $15M EBITDA is actually coming from or which segments are dragging.
**The acquisition currency structure:** Deals are planned primarily using equity rather than cash. That's capital-efficient but dilutive by design. The per-share value math only works if the EBITDA added per acquisition exceeds the dilution from new shares issued. That calculation requires knowing the acquisition multiples being paid — not disclosed.
**Their valuation comparison:** The deck references a "\~3.5x value uplift vs. CODI/BDC." Compass Diversified (CODI) has historically traded around 10-12x EBITDA. At $15M EBITDA, that base would imply a modest starting valuation. The uplift argument requires the public market to assign an AI premium on top of the holding company multiple. That's a sentiment-dependent assumption, not a financial one.
**What's genuinely missing:**
* Audited financials (management representations only at this stage)
* Debt load at the portfolio company level
* Individual company revenue and margin breakdowns
* Capital expenditure requirements for TAI integration
* Share count and implied market cap for the DPO
* Historical growth rates for each subsidiary
**Bottom line on the financials:** $272M in revenue is real scale if verified. $15M EBITDA is thin but not unusual for a young diversified holding company operating across mixed sectors. The AI premium the story depends on requires TAI to demonstrably move margins post-acquisition — and there's no public data on that yet. The SEC filing will be the first opportunity to stress-test any of these numbers independently.
This is not financial advice!!! It’s important to do your own DD before making any investment decisions. - [1](https://finance.yahoo.com/quote/AIAI/), [2](https://aiaiholdings.com/), [3](https://stockresearchtoday.com/aiai-a-holding-company-focused-on-applying-artificial-intelligence-to-business-operations/)

yeah my 85 C for next Friday is looking around nervously, not too worried, there is always a pullback on the horizon.

Never barrow from casino.
(C) Warre Buffet

C'mon man, didn't you read the most impressive part of his elevator pitch? He was a camp counselor for the Chicken Soup for the Soul guy FFS!

C'mon bols. Power hr. Don't be scared biches of derisking towards the weekend where 🥭 can restart the war at anytime.
Think positive!

Canada absolutely dominated Germany’s medical cannabis market again.
According to the latest BfArM data (Germany’s regulator):

• Germany imported 50,539 kg of medical cannabis flower in Q1 2026

• Canada supplied 26,753 kg → 53% market share

• Portugal was a distant #2 at \~20%
Germany is one of the fastest-growing and highest-margin medical cannabis markets in Europe and Canadian producers are taking the lion’s share.
Why this is especially relevant for $HERB right now: Just yesterday (May 14, 2026), Herbal Dispatch ($HERB / $LUFFF) announced it signed an exclusive strategic supply agreement with an EU-GMP licensed cannabis processor based in Portugal. This deal builds directly on their first successful export in January 2026 a 298 kg shipment of medical cannabis that was processed in Portugal and sent into Germany’s regulated medical market. Following the success of that initial shipment, they have now turned the relationship into a full strategic partnership for scalable, recurring exports into Germany and other European markets. EU-GMP certification is the strict gold standard required for medical cannabis in Europe.
This low-capex Portugal route gives $HERB a real, compliant pipeline into Germany without needing to build its own overseas facility. While bigger players like $TLRY (with licensed production inside Germany) and $OGI are also active in Europe, $HERB is a tiny micro cap C$8M market cap, trading around $0.06) that is actually executing on Germany right now through this Portugal gateway.
Canada has a massive export advantage (no domestic excise tax), and Germany’s demand keeps climbing. Herbal’s new EU-GMP Portugal partnership looks like a smart way to capture more of that growth in 2026.This feels like a classic hidden catalyst for a stock this small.
$Herbs latest PR highlights they are ahead of the game here establishing this contract in Portugal.

May Opex is today May 15.
Historically more often than not weve seen upward movement in the next c+35 which ends june 18th which is june opex.
P/C ratio currently is 0.18 - 5.5 calls for every put, on top of this ebay deal, alongside RK's buy in from 2 years ago around june 2nd, so thats a swap also due in between all of this, alongside every other bullish factor, idk man.
Must be going to zero XD kidding this seems to be lining up to be a very interesting month.
Want more tin? i'll only feed you a little bit for now.
RK's last tweet says Jan 2, but the U falls off. Jun 2. its when he posted his yolo in 2024.
Its also 12 years since fry and seymour asses meet again.
First tweet back Jun 2nd 2021 "ive been working on this poem for 12 years".
He's leavin clues, and it ties to these swaps / opex swings.
Pressure and Time

You're never going to lock the float.
Be realistic. C'mon lol, there are 448 million shares outstanding.

I’ve recently started learning macroeconomics, so pls correct me if I am wrong😶‍🌫️
You see Output/GDP=C(consumption)+I(Investment)+G(total govt spending)+NX(net export)
Now if you look carefully, the interest rates have fallen a lot and the reason for that is, that the govt wants people to increase borrowing and spending i.e., to increase investment but this can reduce foreign investors interest in Indian assets.If foreign investors pull money out, demand for rupees falls.

Now India is spending a lot of money in importing oil+gold i.e., NX=exports-imports becomes more negative, India already has NX in negative i.e., India imports more than it exports. So now because of war (causing oil prices to sky rocket) and huge amount of importation of gold, NX which was already in negative, falls even further, creating futher worse impact on economy.
Also Inflation in India is pretty high compared to other countries, which also further weekens it.

Everyone reading the above comment, please be aware that it **might** be from a getcracked shill. As I said in my post above, for quant dev interview topics like C++/concurrency, please go through a good book and create cheat sheets. Going through MCQs is not the right way to learn such topics, even though coding jesus would like you to believe otherwise so he can make money off it lmao.

Well , what you are doing makes your account looking like a « transit account » which is sometimes forbidden by the T&C of some banks because these accounts : 1) generates almost no revenue 2) look like they are part of a money laundering scheme . So they freeze it : better to lose a bad customer Than to protect a criminal

interesting… I think based on their earnings call and what I’ve been looking into - it definitely has upside and a ton of potential, especially with the margins increasing and the backlog of orders that they have.
My real question and what I’m not able to discern is if upper management or C suite is going to be able to address their current bottle necks and really ramp into the next few years

Hi, u/anan1016. We're glad to see you back on the sub.
Corrected tax forms have "Corrected" and the date the correction was generated listed on the first page of the form. For the Consolidated Tax Reporting Statement (Form 1099), "!C" appears next to any information that has been updated. Please note that if the corrected form is triggered due to a name or tax ID change, "!C" does not appear.
If you have questions regarding your filing status or any potential action you may need to take, we recommend speaking with a qualified tax professional, as Fidelity is unable to offer tax advice.
Please feel free to let us know if you need help with anything else. We're glad you're part of our community.

NVDA 235 C 5/2/26 are a straight gamble considering theta right?

It's a psychological thing mostly. The ideal portfolio never pays any taxes. Obviously this is impossible but the closer you can get is ideal. This means the ideal portfolio is Borrowing against securities> Long term Capital gains > Section 1256 Gain (60LT/40ST CG) > Qualified dividends (Most dividends if you are a long term holder)> Short term capital gains> nonqualified dividends
Now you might say if qualified dividends are taxed at the long term capital gains rate how could they be worse and how could Nonqualified dividends be worse then Short term capital gains when they pay the same tax rate?
It's because you have to pay the tax twice (Or even more) if you are investing "Properly" if you get a dividend and then just spend it on something you are not reinvesting the money and then your long term compounding/gains are reduced. This can be fine or even ideal if you are retired because you need to do this consistently anyway but for most investors this is terrible. Because you then have to reinvest it and whenever you realize the gains later you pay a tax again (You get another dividend or pay capital gains tax on it eventually).
This means Dividends are essentially constantly forcing you to pay taxes over and over again. Think about an investment with 10% dividend. You pay taxes (At favorable rates but still taxes) then you reinvest it and next year not only do you pay taxes on the principle but you are repaying taxes twice on 1% of that portfolio only in 2 years. Because 10% of that 10% you returned (1%) was taxed the first year and the next year and this keeps going. You do it again next year and 0.1% of that original first year dividend has now been taxed 3 times in 3 years. You are being penalized by continual taxation over and over. It's like compound interest in reverse. And at the end of all this after you have been taxed 3 times on that money and reinvested it. You then have to be taxed a 4th time to actually sell it for capital gains (Assuming you need it in 4 years).
This is not disastrous because you notice the amount that keeps getting compound taxed shrinks but the whole portfolio over long time periods is being taxed multiple times. After 10 years a very tiny fraction of the money (0.00000001%) has been taxed 11 times! but 10 times that money has been taxed 10 times and 10 times that amount has been taxed 9 times etc
So this is obviously not ideal and if the dividends are high enough one could even argue that my simplified list of tax optimality is being too generous to dividends. because if the dividend is high enough and you are a long term investor reinvesting the money, even short term capital gains could be better then qualified dividends.
However this is unrealistic because if you are a long term investor you only pay long term gains. This does mean though that dividends look even worse. Because you are comparing compounding taxation even at favorable rates to favorable rates that are only applied once. In retirement dividends are not really any worse in theory but even in that case they are because you have no control over the amount of distribution. So unless it matches exactly what you want (Or is lower) then you essentially still have a suboptimal setup even then.
Since the market is efficient (In the long run) Dividends are simply being paid from the companies valuation which reduces their share price. This means that the effect I am describing is essentially unmitigated.
A gigabrain might point out that if the market is efficient this should mean that the tax drag I am describing should be counteracted by the market adjusting valuations down because of tax disadvantage reducing the risk adjusted returns.
If they are galaxy brain they may point out that most retail investors pay lower tax rates (Or even none in an IRA) then large holders and the corporate tax rate is high then it's actually a good thing.
Except it's not true. Most large holders and institutional investors are actually Pass through taxation (Mutual funds and etfs and Hedge funds and private equity) Or they are nonprofit and pension funds which tend to be tax exempt. Only exception is C corps but they are given tax exemption as well usually through dividend received deductions.
The pass through taxation does tend to be slightly higher (Because it is more wealthy clients) however wealthy clients notoriously can dodge taxes often legally and often illegally. Combined with the large entities that are straight up tax exempt this is a wash at best.
This means actually that most large holders are more tax advantaged or pretty comparable to a smol retail holder. Unless they have an IRA or are sub standard deduction (What are you doing with all this money and no income? an anomaly but likely still struggling).
So this got kind of long but **TLDR Dividends are bad**

Quant Dev is probably the best entry point for you if you already like systems + C++. It’s closer to hardcore engineering than pure math/research and easier to transition into from CS.
Start with:
- C++ deeply (multithreading, low latency, memory, networking)
- Linux + OS internals
- Python for research/backtesting
- Probability & statistics
- Market basics (order books, derivatives, options, market making)
Resources:
- “Options, Futures and Other Derivatives” — John Hull
- “Heard on The Street” — Timothy Crack
- “Algorithmic Trading” — Ernest Chan
- “Designing Data Intensive Applications” — Kleppmann
- MIT OCW Probability
- CppCon talks on YouTube
- Jane Street + Citadel tech talks
- Codeforces/Leetcode for problem solving
Then build projects:
- Order matching engine
- Backtester
- Market simulator
- Options pricing engine
- Low latency market data parser
Don’t wait to “learn everything” before building. In quant, strong projects matter a LOT.

If you’re serious about leveraging for a return, you could look for a good local hard money lender.
We take individual investment to supplement our commercial L.O.C. and our own funds.
Im a hard money lender and we pay annual 10% to our individual investors (paid monthly) and the collateral is generally worth 125-130% of the debt.
I believe this to be fairly standard across the industry.
You could then take the spread and monthly DCA into VTI, etc.

just in case if Fidelity truly does not mark any corrections with "C" or something of that nature there are tools that will compare text in 2 PDF files letter by letter and list you the difference ...

Just rumblings and rumors from C suite execs 🤫

Patent trolls don't make $104 million for Q1 of 2026. Their patent are CAFC declared valid, if you know what that means.
Netlist delivered strong first quarter results, with significant growth in both revenue and profitability driven by robust demand for our memory products," said Chief Executive Officer, C.K. Hong. "We remain well positioned to capitalize on AI memory technologies - DDR5 and HBM - through our products and IP assets."
Net sales for the first quarter ended March 28, 2026 were $104.9 million, compared to net sales of $29.0 million for the first quarter ended March 29, 2025 and $75.7 million for the fourth quarter ended December 27, 2025. Gross profit for the first quarter ended March 28, 2026 was $22.4 million, compared to a gross profit of $1.3 million for the first quarter ended March 29, 2025 and $6.9 million for the fourth quarter ended December 27, 2025