CEO
CNOOC Limited
stock NYSE

Anyone owns KIOXIA stock? They created NAND and CEO just said that they will get their top 1 spot back. And new NAND is 5 years ahead rivals.

Charlie was the real CEO

Oh yea, nice catch Sherlock. That’s only because I got banned from their subreddit long ago. For warning them against the snake of a CEO they got.
And guess what. cohen’s in no way different to aron.

**Source:** [https://blog.colosseum.com/world-stride-findings-solana-governance-proposals/](https://blog.colosseum.com/world-stride-findings-solana-governance-proposals/)
World Prediction Market, STRIDE First Findings Report, Solana Onchain Governance Proposals (SPGs), Arcium Blackthorn, Crypto Primitives Examples, Open USD
https://preview.redd.it/vr2nqr8ytnbh1.png?width=960&format=png&auto=webp&s=d069aaa1a69e241adaa68080ad72961097ea7a00
*What in the world is World? After lighting up X for the past couple weeks we finally got an answer, and this one doesn't involve a cup! Solana also puts more power in the hands of stakers in a new form of governance.*
Following up on last week's announcement of the Frontier hackathon winners:
Of the 2,857 Frontier hackathon submissions, along with 112 additional entries from the Eternal sprint program in H1 2026, Colosseum has selected 21 startups for Accelerator Cohort 5, roughly double the size of each previous cohort. 
Over 8 weeks, founders work online and at Colosseum's San Francisco office while iterating and refining their products. The program closes with a private demo day for investors, followed by a public recording for the broader crypto community.
[**Announcing Colosseum's Accelerator Cohort**](https://blog.colosseum.com/announcing-colosseums-accelerator-cohort-5)
# 🔥 World Prediction Market
World launched July 1 as a fully onchain prediction market on Solana, accessible via Phantom wallet on iOS, Android, and desktop. The project generated a lot of pre-launch speculation through a cryptic social media campaign.
The platform is non-custodial and settles in Phantom's CASH stablecoin. Positions, settlements, and redemptions execute entirely onchain, with Chainlink Data Streams and the Chainlink Runtime Environment handling market data and event resolution. Winning positions pay out automatically within the Phantom wallet, skipping the manual redemption step common on most competing platforms. 
Initial markets cover crypto price movements, the 2026 FIFA World Cup, sports, geopolitics, and macroeconomics, with plans to expand to additional categories. 
World fills the slot vacated by Kalshi's Phantom integration, which closed to new positions on June 1. Jupiter's competing Forecast platform launched two days prior, offering 15-minute Bitcoin price markets, making this a big week for prediction markets on Solana.
The founding team and funding details have not been officially disclosed. [World.xyz](http://World.xyz) acquired its domain for $80,000 ahead of launch, suggesting early backing. The project is believed to have been developed by Moongate, though this has not been confirmed publicly. 
World's direct integration with Phantom gives it access to tens of millions of active users without requiring a separate app download or wallet setup, a real advantage no other prediction market on Solana has had.
*I'm not the biggest fan of anonymous founders, but that turned into weeks of free speculation. By the time it launched, people were paying attention. Prediction markets are finally becoming native to Solana instead of bolted on from somewhere else.*
[**Solana Prediction Market ‘World’ Launches Inside Phantom Wallet**](https://coinmarketcap.com/academy/en/article/world-solana-prediction-market-phantom-wallet-launch?ref=blog.colosseum.com)
# 🔒 STRIDE: First Findings
Asymmetric Research and the Solana Foundation launched [STRIDE](https://blog.colosseum.com/frontier-hackathon-drift-exploit-stride-security/), an independent security assessment framework that evaluates protocols across eight pillars using 40 controls scored on a four-point maturity scale.
The first findings reveal consistent gaps across the ecosystem:
Only 17% of assessed protocols apply comprehensive logging and alerting controls, with most lacking centralized logging and real-time anomaly detection. Operational security fares worse: just 13% demonstrate mature practices, with common issues including unmanaged devices, overpowered access, and keys stored on disk. 
Supply chain hygiene sits at the same level, with only 13% using verifiable builds. Circuit breakers and incident response capabilities are present at an advanced level in just 17% of protocols.
The assessment uses a two-stage process: protocols complete a self-assessment, then independent reviewers verify and score controls. A recurring pattern across all eight pillars is that teams consistently overrated their own security posture compared to the independent review.
*The gap between self-assessed and independently verified security is pretty scary. Teams might think they're doing the right things until there's another large-scale hack.* 
[**STRIDE: First Findings**](https://stride.asymmetric.re/first-findings?ref=blog.colosseum.com)
# 🗳️ Solana Onchain Governance
Solana launched [Solana Governance Proposals](https://governance.solana.com/proposals?ref=blog.colosseum.com) (SGPs), giving validators and delegators a formal onchain mechanism to vote on protocol direction. 
Validators need at least 100,000 SOL (\~$8M) staked to submit a proposal. From there, a proposal requires 15% of active cluster stake to support it before moving to a formal vote, where a two-thirds supermajority is needed to pass. Abstentions are excluded from the calculation.
The staker override is the mechanism worth understanding. By default, validators vote on behalf of all stake delegated to them. But delegators can break from their validator at any point during the three-epoch voting window, including after the validator has already voted. When a delegator overrides, their stake weight is deducted from the validator's tally and applied to their own chosen position. 
SGPs and SIMDs run as two separate tracks:
* SGPs handle high-level directional questions, essentially a formal yes/no on whether Solana should pursue a given path. 
* SIMDs handle the technical implementation details once that direction is set. 
The two are linked: a contentious SIMD that draws roughly 15% stake opposition can escalate into a full SGP vote, bringing what was previously an off-chain debate onto the chain.
*Stakers could always "vote" by taking stake away from a validator they didn't agree with, but that's after the fact. The staker override shifts some of the power away from validators and back to individual stakers.*
[**Solana Foundation launches onchain governance proposals**](https://cryptobriefing.com/solana-on-chain-governance-proposals/?ref=blog.colosseum.com)
# 🤫 Arcium Blackthorn
Arcium announced [Blackthorn](https://www.arcium.com/blackthorn?ref=blog.colosseum.com), a confidential AI inference system that runs frontier models on NVIDIA GPUs with prompts, files, and outputs encrypted end-to-end, shielded from the cloud provider, the operator, and Arcium itself.
The core technical change is replacing the x86 CPU trusted execution environment (TEE) that has historically served as the host processor for GPU inference. That TEE has a long track record of hardware-level exploits.
Blackthorn swaps it for maliciously secure multi-party computation (MPC), which sits between the user's encrypted input and the NVIDIA GPU's confidential compute environment and never touches the plaintext. The GPU handles inference inside its encrypted memory region and the host CPU passes data along without seeing it.
The system runs on existing NVIDIA GPUs via a software switch. Arcium estimates the current global supply of confidential compute is around 2,000 GPUs, enough for roughly 4 million users. Blackthorn targets that gap without requiring new hardware. First real-world pilots are expected in the coming weeks.
[**Arcium Launches Blackthorn**](https://solanacompass.com/news/arcium-launches-blackthorn-encrypted-ai-inference-on-any-nvidia-gpu-via-mpc?ref=blog.colosseum.com)
# 🧮 Crypto Primitives Examples
The Solana Foundation released an open-source, MIT-licensed reference site covering recent Solana cryptography features and proposals across curve, pairing, zero-knowledge, and hash primitives. 
The core concept: these are computations too expensive for an on-chain program to run itself, so the validator handles them as syscalls or native programs, giving programs a fast, cheap answer.
The initial set of primitives includes:
* **BN254** (SIMD-0302): Pairing curve syscall for point addition and scalar multiplication; used for on-chain multisig where a single aggregated signature proves an entire group signed
* **BLS12-381** (SIMD-0388): 128-bit signature curve syscall supporting add, subtract, and scalar multiply across G1 and G2; supports dynamic signing groups
* **ZK ElGamal** (SIMD-0153): Native program for verifying zero-knowledge proofs; the primitive behind confidential transfers and balances
* **SHA-512** (SIMD-0512): syscall producing a 64-byte hash output
The site explains what each does, how they differ, and what they unlock for programs.
*We can all be a giga-🧠 now!* 
[**Crypto Primitives Examples**](https://crypto-primitives-examples.vercel.app/?ref=blog.colosseum.com)
# ⭐ Highlights
[Introducing Open USD](https://joinopenstandard.com/blog/introducing-open-usd?ref=blog.colosseum.com) \- Open Standard
*A new shared stablecoin owned and governed by its partners, with no mint fees, redeem fees, or volume caps, launching natively on Solana from day one.*
[Launching Truemrr](https://x.com/astathedev/status/2071286075939512508?ref=blog.colosseum.com) \- u/astathedev
*A free discovery platform where founders publish projects, get listed, and earn community-driven rankings with on-chain verified revenue.*
[How Kamino Maintains Institutional-Grade Opsec](https://x.com/kamino/status/2070169977647231391?ref=blog.colosseum.com) \- u/kamino
*Kamino shared their full multisig and opsec practices, not to flex, but as a template. Any project handling user funds should do these practices regardless of size or TVL.*
[Avici: Tokenholder Alignment](https://x.com/0xcarlosg/status/2071956681047629946?ref=blog.colosseum.com) \- u/0xcarlosg
*A breakdown of why the MetaDAO model fixes what most ownership tokens get wrong. While this focuses on Avici, the lessons apply to any project.*
# ⚡ Quick Hits
[Introducing shredTransactionSubscribe: Solana Transaction Visibility Before Execution](https://www.quicknode.com/blog/introducing-shredtransactionsubscribe?ref=blog.colosseum.com) \- Quicknode
[Agave 4.2 release schedule is now available](https://github.com/anza-xyz/agave/wiki/v4.2-Release-Schedule?ref=blog.colosseum.com) \- anza-xyz
[How to Swap Tokens With the Titan Meta-Aggregation API on Solana](https://www.quicknode.com/guides/solana-development/3rd-party-integrations/titan-meta-aggregation-api-swap?ref=blog.colosseum.com) \- Mike Hale (me!)
[Introducing Plug: Private payments in one line of code](https://x.com/swishdotcash/status/2069813247390384352?ref=blog.colosseum.com) \- u/swishdotcash
[Solana explorer became much more comfortable to use](https://x.com/SolPlay_jonas/status/2070506806795751675?ref=blog.colosseum.com) \- u/SolPlay_jonas
Want early access to the latest products launching from Colosseum?
We're looking for alpha testers to be among the first to try what we're building!
[Apply Now](https://form.typeform.com/to/WahoPO08?ref=blog.colosseum.com)
# ⚙️ Tools & Resources
[**ChainGuard Daily**](https://chain-guard-daily.vercel.app/?ref=blog.colosseum.com) \- A read-only Solana risk inspection tool that analyzes wallets, token mints, transactions, and project launch readiness. Each report breaks down observed facts, risk signals, confidence levels, missing information, and suggested next checks.
[**smart-transaction-observatory**](https://github.com/SamuelOluwayomi/smart-transaction-observatory?ref=blog.colosseum.com) \- A Solana transaction monitoring tool that ships as an SDK and a REST API server. The latest update adds a REST API, presigned transaction bundling, Base58 signature derivation, and six mainnet harnesses covering live swaps, re-quoting, budget limits, and sandwich protection audits.
# 💓 Ecosystem Pulse
✨ [Drift is rebranding to Velocity](https://x.com/VelocityDEX/status/2072334490949574677?ref=blog.colosseum.com) \- The rebrand is a break between what was and what's coming next: a clean architecture, stronger security foundation, and a clear path to becoming the most robust perps exchange on Solana.
💸 [Kled signs a $12M data deal](https://x.com/useKled/status/2070548177623662796?ref=blog.colosseum.com) \- The two-year non-exclusive agreement makes the marketplace officially profitable, with expansion plans including Android, global payment support, and a new fraud detection model for their Trace product.
# 🎧 Listen to This
# Billions with Pedro Miranda
This episode explores the innovative intersection of spirits, blockchain, and digital marketplaces. Todd, CEO of Baxus, shares insights on streamlining alcohol import, leveraging blockchain for provenance, and creating a seamless digital experience for spirits enthusiasts.
[**How Solana is Powering the Future of Liquor Marketplaces**](https://open.spotify.com/episode/10iq3yrSXrXnDwmBwatr7j?ref=blog.colosseum.com)
# 👩‍🔧 Get Hired
* Bullet is hiring a [Staff Rust Engineer](https://jobs.solana.com/companies/bullet-2-479aed29-c02d-408c-af2d-d7fa109c9498/jobs/84357852-staff-rust-engineer?ref=blog.colosseum.com#content)
* Fomo is hiring a [Staff Frontend Engineer](https://jobs.solana.com/companies/fomo-2-12bbd144-f1c8-44a3-bd2a-ed54a499ceea/jobs/84483801-staff-frontend-engineer?ref=blog.colosseum.com#content)
* Sphere is hiring a [Technical Compliance Analyst](https://jobs.solana.com/companies/sphere-2-616d53dc-510a-46c7-a2a6-e569d8c70b50/jobs/84095092-technical-compliance-analyst?ref=blog.colosseum.com#content)
* Crossmint is hiring a [Senior DevSecOps Engineer (Spain)](https://jobs.solana.com/companies/crossmint-2/jobs/84879569-senior-devsecops-engineer-spain?ref=blog.colosseum.com#content)
*World launched with no named team and no funding announcement, and got more attention than most projects with a full deck and a PR push. Does that change how you think about launch strategy?*
# Thanks for reading ✌️
[Follow me](https://x.com/mikehale?ref=blog.colosseum.com) on X!

My AI Slop response
(1/2)
[mm] FRMM re-run — the tape is already lighting up
Stock ripped from six bucks to seven-oh-five in a single session — a seventeen percent pop on nine-hundred-sixteen thousand shares against a ten-day average around two-hundred-ninety thousand. The squeeze skeleton is real: about five million shares floating around, borrow rate somewhere between "expensive" and "extortion," shorts on a nine-and-a-half day cover clock. That is fuel. But the engine underneath is a dumpster fire wearing a squeeze costume.
Fresh finding today: on the last day of June the board quietly extended the buyback for another twelve months but cut the dollar cap from two-hundred-fifty million down to one-hundred million — a sixty-percent haircut. They also added the right to buy back through derivative structures, which sounds bullish until you remember these are the same people who armed a fresh at-the-market share-sale program with Clear Street and Texas Capital back in April, meaning management can be quietly dumping shares into the same tape they are theatrically buying back on. The cut is the tell — they do not have two-hundred-fifty million in dry powder, they have about sixty-six million in cash plus thirty-two in marketable stuff, so a hundred million is the ceiling of what they can pretend to do. Bought and sold from the same house at the same time is not a buyback, it is a laundromat.
Insiders remain the loudest silence on the tape. Zero personal cash bought in the last twelve months. Zero. Meanwhile the board handed the CEO nearly one-point-nine million shares in April for free with vesting hurdles at five, seven-fifty, and ten bucks — meaning if this thing squeezes to ten he gets paid like a lottery winner without ever risking a dollar of his own money on the way up. That is not skin in the game, that is a tuxedo at somebody else's wedding.
The CEO is a serial oil-shell and SPAC operator with two Chapter Eleven bankruptcies in his rear-view — American Eagle Energy filed in 2015 and Emerald Oil filed in 2016 — plus a collapsed SPAC in Bridger Aerospace that lost roughly ninety percent of its merger valuation before he exited. The man running this thing has personally been through the wall three times, and now he is driving a triple-pivot shell — biotech to Ethereum treasury to "real-world-asset tokenization plus aircraft-engine leasing plus manufactured-home mortgages" — that pulled two-point-eight-six million of revenue last quarter against a seventy-six million dollar net loss. Their heralded token-issuance business has raised, per primary filing, ten thousand dollars. Guidance written in crayon.
The Zippy make-whole is still an open cash drain — the counterparty gets paid in cold cash the difference between ten-fifty and the actual stock price on July thirty-first, September thirtieth, and December thirty-first, meaning every dollar below ten-fifty is a dollar walking out of the treasury on a scheduled bus. Zippy is simultaneously their primary loan-origination partner, which is like discovering the guy repossessing your car also cuts your paycheck.
Reddit is louder than smart. Eight fresh threads in fourteen days, all lone-poster shills recycling "seventy percent short interest, four-hundred percent borrow," and one is still repeating the flat lie about "AI-related growth exposure." There is no AI business. There is staking income and Delta Air Lines rental checks on two aircraft engines.
(2/2)
Bottom line unchanged: real squeeze fuel wrapped around a serial-pivot shell with grant-only insiders, an armed sales program, a scheduled cash drain to Zippy, and a CEO whose resume reads like a wildfire evacuation map. Trade the squeeze if you want — small size, tight stop, ring the register into any rip toward seven-fifty or ten because that is exactly where the sales program hammers and where the CEO's paycheck vests. Do not put a baby-sized position in this and walk away. The next shelf takedown lands like a wrecking ball, and this month's true-up to Zippy is due in twenty-five days.

I think he is a shitty CEO. Got lucky with selling pet food at a loss with VC money and then getting a cult to dilute and now thinks that his farts don't smell.

CEO needs to be desperate lol. i mean it makes sense to me, TAM expansion and complement to current products

Has anyone talked to spy CEO recently?

Congrats and thanks for letting us know, will put in a good word for you to the CEO of Bitcoin

If you like biotech investing look into their biotechs. Pfizer CEO among others have praised China's progress. I wanted to invest in innovent but unfortunately their stock is blocked by my broker.

I've had positive and negative experiences investing in HK stocks representing mainland China companies, but mostly negative.
Their capital allocation is usually atrocious and they make little effort to keep shareholders happy. Following news and the context for the companies is quite difficult because of the opacity and the cultural/language barrier.
Two companies I had that were going particularly well got fucked, one by the FBI and the other by the CCP. The second one was funny. The CEO dissappeared, went through some "education" and came back 5 months later being more comunist than Mao.
In general I'd avoid it. There's a reason predictability and clear rules atract capital and the Chinese are not good at all in this regard.

“I love this company and my CEO even though they don’t know who I am I just love them so so much!”

Glen DeVos is the Chief Executive Officer and Director of MicroVision, Inc. (NASDAQ:MVIS), a role he assumed on September 30, 2025. He is a seasoned global technology executive with over four decades of leadership experience across the automotive, mobility, and advanced electronics industries.Career MilestonesMicroVision, Inc. (2025–Present)Chief Executive Officer & Board Member (September 2025–Present): Promoted to lead the company's shift from advanced research and development to scaled commercial product launch, focusing on LiDAR hardware and perception software for automotive, autonomous vehicles, industrial, and defense applications.Chief Technology Officer (April 2025–September 2025): Joined MicroVision to oversee global engineering and product strategy, reporting to former CEO Sumit Sharma.Aptiv & Delphi Automotive (1992–2024)Technical Advisor (2024–2025): Served in a strategic advisory capacity prior to transitioning to MicroVision.Senior Vice President & Chief Technology Officer: Managed multi-billion-dollar product portfolios. He spearheaded large-scale engineering initiatives spanning autonomous driving, software-defined vehicle architectures, and cloud platforms.President of Advanced Safety & User Experience: Led advanced driver-assistance systems (ADAS) and vehicle infotainment innovations deployed globally.Various Executive Roles: Spent over 30 years scaling technology products from conceptualization to mass vehicle integration.Early Engineering Career (1983–1985)Project Engineer (Singer - Kearfott Division): Managed avionics and navigation controls.Educational BackgroundMaster of Business Administration (MBA) – Ball State University.Master of Science in Mechanical Engineering – University of Michigan.Bachelor of Science in Mechanical Engineering – Calvin University.Board MembershipsBoard Director, MicroVision (2025–Present).Board Member, Foretellix (2025–Present): Joined as a representative of Temasek

FK Claude. CEO non-stop doom and FUD while also stating "We're #1"

All of my investments in Chinese companies over the last ~12 years have produced basically zero returns on average.
I was up like 5x on Ali Baba at one point but then the Chinese government kidnapped its CEO and the stock price never recovered.
I was up like 3x on Luckin Coffee before it was revealed that their numbers were fake and the stock price dropped 95%.
I was up on Xiaomi but it’s crashed this year. I haven’t bothered looking up why. I’m past caring.
So yeah. It’s uninvestable.

I lost my virginity to the daughter of an S&P 500's long time CEO.
his stock is bigly red today hehe

Not a few days ago I thought we wouldn't see MSOS going back to sub $4.5 until the end of the hearings, now we very close to going there again, even though now we have Trulieve's CEO not selling her stocks anymore, and Glass House uplisted.
Amazing.

**TL;DR (Executive Summary)**
**1. The Physics Problem (Why HBM4 is a Nightmare):** Wall Street is overly optimistic, but the engineering reality is brutal. Stacking 14 to 16 layers of memory chips creates extreme heat. During manufacturing, temperatures reach 260°C, warping the silicon far past acceptable boundaries. This creates tiny micro-cracks and internal voids that short-circuit the chips, crushing production yields below the 65% threshold \[14, 15, 16\].
**2. The Hype vs. Reality Timeline:** Mainstream media claims the Micron/Hynix/TSMC alliance will mass-produce HBM4 by late 2026. History says otherwise. Less complex chips like HBM3 took 12 months to pass NVIDIA's tests \[20, 21\], and the 12-layer HBM3E took a massive 19 months \[22\]. Since HBM4 is a completely new, unintegrated architecture, the alliance won't see real mass production until 2027–2028. Currently, only Samsung has cleared the baseline qualification hurdles.
**3. The "Too Many Cooks" Penalty ($POET Parallel):** The Alliance fragments production across different companies—Micron/Hynix make the DRAM, TSMC makes the base die, and separate packaging firms glue them together. When a tiny defect occurs, corporate firewalls and blame-shifting freeze the diagnostic process. This directly replicates the decade-long "Lab-to-Fab Wall" that trapped POET Technologies ($POET)—where narrative-driven investor roadmaps masked broken execution until sudden collapse \[2, 14, 19\].
**4. Why Samsung's "Single-Roof" Model Wins:** In advanced packaging, a mere 1% shift in yield means a $50M–$70M swing in value \[17\]. While competitors are forced to grind memory wafers down to a dangerously fragile 30 micrometers just to fit the box, Samsung does everything under one roof (DRAM + Foundry + Packaging) \[11, 17\]. This single-corporate turnkey model eliminates handoff friction, allowing them to preemptively target a 70% reliability yield threshold \[11, 16\].
**5. NVIDIA's Secret "Dual-Binning" Strategy:** Financial media hyped Jensen Huang's conversational "all three vendors qualified" comment delivered at Gimpo Airport, effectively flattening a casual arrival interview and social itinerary (including a barbecue dinner) into a formal engineering sign-off \[10, 12, 13\]. In reality, NVIDIA is playing defense against supply chain shocks. NVIDIA quietly lowered its testing standards to accept a downgraded 10.6 Gbps "legacy track" from the alliance \[3, 16\], while reserving Samsung's fully optimized architecture for its premium 11.7+ Gbps hardware tier \[3, 5\].
**1. Introduction: The Fragmented Multiverse of HBM4**
Think of the movie *Everything Everywhere All at Once*. That’s exactly what the next-generation HBM4 supply chain looks like right now—infinite chaotic variables crashing down on engineers at the same time.
The stock market loves the narrative of the “AI Triad Alliance” (Micron/Hynix + TSMC + NVIDIA). Investors think it’s a perfect brotherhood. But beneath the shiny presentation slides, building a 3D chip across three different companies creates massive thermal and mechanical issues.
In Part 1 of this series, we broke down the theory of how splitting production across multiple companies creates massive Turn-Around Time (TAT) bottlenecks. For a full breakdown of the cross-border logistical mess and TAT friction, check out here.
Now, in Part 2, we are bringing the real-world proof. We will show you how this fatal flaw actually plays out on the factory floor by comparing the current HBM4 race to the decade-long commercial stagnation of POET Technologies ($POET), backed by concrete industry specs and sourcing disruptions.
**\[Methodological Disclaimer: Fact vs. Engineering Deduction\]**
In the semiconductor world, companies guard their internal yield data like military secrets. Therefore, this report is built on logical engineering deductions. By cross-analyzing real market anomalies, R&D patent filings, and the unbending laws of thermodynamics, we can see exactly where the Alliance is choking. To see how dangerous this is for investors, we need to look at a perfect historical warning sign: the story of POET Technologies ($POET).
**2. The Empirical Case Study: The Architectural Timeline of POET Technologies**
If you want to know why splitting chip production across multiple corporate firewalls is a terrible idea, look at POET Technologies ($POET). On paper, POET had a beautiful technology called the Optical Interposer. It promised to fuse electronics and optics perfectly on a single chip.
In June 2024, POET’s management went on a massive PR campaign, assuring retail investors that high-volume mass production was locked in for late 2025 with big customers like Foxconn and Luxshare \[2\]. Shareholders were ecstatic, driving up the hype.
But by May 2026, the clock ran out. Instead of shipping millions of chips, POET’s official SEC filings dropped a bomb: a 12.3 million dollar net loss for a single quarter due to manufacturing and engineering failures \[19\]. The company was trapped behind the "Lab-to-Fab Wall." Management used beautiful roadmaps to keep investors happy, while the actual physical supply chain was quietly breaking behind the scenes.
**Why did POET stall? Two reasons:**
**The Material Clash:** In a lab, a prototype works perfectly. In a real factory, physics bites back. POET tried to mix Silicon and Indium Phosphide. These two materials expand at completely different rates when they get hot. This slight thermal mismatch caused the microscopic optical paths to warp and misalign, destroying their production yields.
**The Global Ping-Pong Effect:** POET split its supply chain across borders, relying heavily on a joint venture in China for back-end assembly \[2\]. In 2026, geopolitical and operational friction forced them into a panicked, unplanned relocation of their entire production line from China to Malaysia \[19\]. Tearing down advanced equipment and moving it across borders permanently fractured their timeline.
**The Lesson for HBM4:** When you fragment an advanced packaging architecture across separate, cross-border corporate entities, you are playing with fire. It doesn't just cause minor delays—it leaves your supply chain wide open to sudden collapse.
**3. The Informational Asymmetry: PR Headlines vs. Factory Realities**
**A. The Hype Timeline**
In January 2026, leaks started spreading in the engineering community that HBM4 was hitting severe integration walls. NVIDIA immediately did damage control through *Tom’s Hardware* \[6\], with CEO Jensen Huang claiming everything was fine and that they were just "raising specifications" to push boundaries.
Relying on these corporate statements, research firms like *TrendForce* predicted in February 2026 that all three memory makers (Hynix, Micron, Samsung) would easily pass NVIDIA’s tests by mid-2026 and start mass production in the second half of the year \[4\].
But reality told a different story. While the market expected a three-way tie, only Samsung actually cleared the strict qualification line. The rest of the alliance remains stuck behind persistent technical barriers on the factory floor, making their 2026 production schedules highly unrealistic.
**B. The Media Game: Translating "Airport Chat" into Hard Science**
In June 2026, Jensen Huang landed at Gimpo Airport in South Korea for a heavily publicized visit. Surrounded by reporters, he gave a casual, conversational comment: *"All three vendors have been qualified... they're racing to us for Vera Rubin."* \[10\]. It was a broad, friendly PR statement delivered during an itinerary filled with social dinners and cultural appearances.
However, Western financial media aggregators immediately ran wild with it. *Seeking Alpha* flashed a headline saying NVIDIA **"clears"** the three vendors \[12\], and *Yahoo Finance* claimed NVIDIA definitively **"certifies"** the triad \[13\]. For algorithmic trading bots and retail investors relying on keyword alerts, a casual airport greeting was twisted into an official, audited engineering sign-off, blinding the market to the ongoing failures happening in the cleanrooms.
**C. The History Lesson: Look at the Data**
There is a massive double standard in how the media treats these companies. When Samsung had minor thermal issues in 2024, the leaks were brutal and instant \[20, 21\]. Meanwhile, Hynix and Micron's current HBM4 struggles are kept under total informational blackout.
But if we look at the historical data of simpler, older nodes, we can calculate the real timeline:
**Standard HBM3:** Took **12 months** of constant engineering reworks just to pass baseline tests \[20, 21\].
**12-Layer HBM3E:** Took a grueling **19-month timeline** from initial development to final validation in September 2025 \[22\].
HBM4 is vastly more complicated because it requires an entirely new architecture (a logic base die) and ultra-tight spacing. If the older, easier nodes took 1 to 2 years to figure out, expecting the fractured Alliance to magically mass-produce HBM4 in late 2026 is a financial fantasy. Real volume won't show up until the 2027–2028 cycle.
**4. The Graveyards of Engineers: The Utilization Trap**
In 1919, the legendary American racehorse ‘Man o’ War’ was considered unbeatable. But he lost his single historic race because handicappers forced him to carry an unprecedented 130 lbs on his saddle. Milliseconds matter, and that structural weight penalty mathematically guaranteed his defeat.
The Alliance faces a similar physical handicap. In a normal memory factory, you run machines at 100% capacity to maximize profits. But in advanced HBM4 packaging, running the lines at full speed before stabilizing the thermal expansion rates is economic suicide. It doesn't give you more chips—it just creates a mountain of expensive, broken silicon.
Because the Alliance has to pass chips between different companies (Micron/Hynix $\\rightarrow$ TSMC $\\rightarrow$ Packaging firms), corporate firewalls make it a nightmare to find out *why* a chip warped. To protect their balance sheets from horrific yield losses, management is forced to quietly slow down production lines, hiding the stagnation under the guise of "normalized ramp schedules." Wall Street buys the narrative of a seamless hand-off, but physics always demands the truth.
**5. Conclusion: Bending the Rules to Survive**
This physical reality explains why NVIDIA is quietly running a secret "Dual-Binning" strategy. NVIDIA cannot afford a single-supplier monopoly, so they are structurally forced to lower their testing standards to keep alternative suppliers alive as backup options.
To accommodate the low yields and warping issues happening on the Alliance’s floor, NVIDIA relaxed its baseline parameters to accept a downgraded 10.6 Gbps legacy track from them \[3, 16\]. Meanwhile, NVIDIA is quietly isolating Samsung’s fully integrated architecture to power its premium 11.7+ Gbps tier \[3, 5\]. Over a casual airport interview or a barbecue dinner, they maintain the illusion of a three-way race to keep prices down, while quietly protecting their actual hardware volume with Samsung's turnkey line.
Geopolitical hype and glossy investor slide decks can temporarily pump stock prices, but they cannot rewrite the laws of physics. As the HBM4 era begins, the market will realize that when an architecture is fractured across corporate boundaries, execution speed invariably dies—*Everything, Everywhere, All at Once.*
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**Disclaimer**
This report represents strictly independent research and analytical commentary conducted solely by the author. It does not constitute financial or investment advice. Readers must conduct their own comprehensive due diligence prior to making any investment decisions.
**References**
**\[1\]** Samsung Semiconductor Official Portal (2026), HBM4 Product Specifications: Redefining Performance, Redefining Efficiency.
**\[2\]** POET Technologies Investor Relations (June 11, 2024), “FAQ: POET Updates on Customer Engagements and Operations.”
**\[3\]** TechPowerUp (March 3, 2026), NVIDIA Lowers HBM4 Specs for “Vera Rubin” VR200 as Memory Suppliers Miss 22 TB/s Target.
**\[4\]** TrendForce Supply Chain Intelligence (February 19, 2026), HBM4 Supply Chain Dynamics: Validation Progress and Supplier Volume Strategy for NVIDIA Rubin Platform.
**\[5\]** The Korea Herald (February 19, 2026), “Speed Over Scale: NVIDIA’s Dual-Track ‘Dual-Bin’ Adoption Strategy for High Bandwidth Memory.”
**\[6\]** Tom’s Hardware Premium (January 9, 2026), “NVIDIA Refutes Reports of HBM4 Mass Production Delay, Pushes Memory Specs Higher for Rubin Architecture.”
**\[7\]** Barron’s Financial Sourcing (February 6, 2026), “Micron Stock Slips as Institutional Forecasts Predict Zero Initial Allocation Table for NVIDIA HBM4 Chips.”
**\[8\]** Reuters Technology Report (May 24, 2024), “Samsung’s HBM Chips Fail NVIDIA Tests Due to Heat and Power Consumption Issues.”
**\[9\]** Tom’s Hardware Premium (September 22, 2025), “Samsung Earns NVIDIA Certification for HBM3 Memory After Extended Qualification Delays.”
**\[10\]** Korea Herald (June 5, 2026), "Nvidia CEO touches down in Seoul with ‘surprises’ for Korea."
**\[11\]** Lee, S.-H., Kim, S.-J., Lee, J.-S., & Rhi, S.-H. (2025). “Thermal Issues Related to Hybrid Bonding of 3D-Stacked High Bandwidth Memory: A Comprehensive Review.” Electronics, 14(13), 2682.
**\[12\]** Seeking Alpha (June 5, 2026), “Nvidia clears Samsung, SK Hynix, and Micron for next-gen Vera Rubin HBM4 supply, CEO says.”
**\[13\]** Yahoo Finance (June 6, 2026), “Nvidia certifies Samsung, SK Hynix and Micron for Vera Rubin HBM4 supply.”
**\[14\]** PatSnap Eureka Technical Intelligence Report (September 12, 2025), “HBM4 Substrate Reliability: CTE Mismatch And Warpage Risks.”
**\[15\]** PatSnap Eureka Technical Intelligence Report (September 12, 2025), “HBM4 Failure Modes: Delamination, Warpage And TSV Cracks.”
**\[16\]** PatSnap Eureka Technical Intelligence Report (September 12, 2025), “HBM4 Packaging Yield Factors: Wafer Bonding, Underfill And Delamination.”
**\[17\]** Yole Group (March 2026), “Next-Gen DRAM 2026 - Focus on HBM and 3D DRAM.” Report Code: YINTR26558.
**\[18\]** Yole Group (June 2026), “Status of the Back-End Equipment Industry 2026,” Report Code: YINTR26583.
**\[19\]** POET Technologies Inc. (May 14, 2026), “Reports First Quarter 2026 Financial Results.” SEC Form 6-K / Filed on SEDAR+.
**\[20\]** Reuters Technology Report (May 24, 2024). "Exclusive: Samsung's HBM chips failing Nvidia tests due to heat and power consumption woes."
**\[21\]** Reuters Technology Report (August 7, 2024). "Samsung's 8-layer HBM3E chips clear Nvidia's tests for use, sources say."
**\[22\]** Chosunilbo English Edition (September 19, 2025). "Samsung Electronics Passes NVIDIA's 12-Layer HBM3E Quality Test." Reported by Park Ji-min.

Look elsewhere than a stock supported by a cult following and a CEO who is milking them

Just because shares are approved doesn’t mean they will use the shares all at once or use them at all. We still haven’t seen the eBay offer… Maybe it changes to 100% cash (through bringing in able people like the sultan) with no dilution and would be held under another entity like teddy and Ryan becomes CEO. We just don’t know.