Ten Weeks In

I started neym for one reason. I wanted something forcing me to get better at research and at saying what I actually think, clearly, every week. I didn't expect the growth part. On June 11 this was a Substack with a handful of readers. Today it's 1,337 active subscribers.

Still far from perfect. But I haven't missed a single week since the start, and that's something I'm genuinely proud of.

I'm glad I did. Ten pieces in, seemed like a good moment for a quick tour through what actually held up, and where to go if you missed one the first time around.

The actual first piece. Retail volume in US equities went from 10% to 25% in six years, and hit 35% during the April 2025 tariff crash. The argument was that retail doesn't trade fundamentals, it trades stories, and once the marginal buyer moves on narrative instead of analysis, the narrative stops describing the market and starts moving it. That's the premise everything since has been built on.

The next one called Hyperliquid the venue where finance actually moves on-chain, trading pre-IPO names and oil through a weekend when the CME sat dark. Nasdaq just filed to go nearly around the clock, a 23-hour trading day starting in December, SEC-approved back in April. Traditional finance is catching up to where this thesis already was.

This one flagged the physical-execution bottleneck behind humanoid robotics and the private names capturing it. Unitree's Shanghai IPO just priced, 5,526 times oversubscribed by retail buyers. Robotics is moving exactly the direction this piece said it would.

The follow-up made the supply chain argument explicit. Nobody needs to call which humanoid company wins. Every one of them needs the same reducers, sensors, and precision motion systems underneath, and that's still where the durable money sits.

The SK Hynix call, written the day after the stock posted its worst single day on record. Memory then had one of the roughest stretches in its history. SK Hynix has since recovered to $171, back in the upper half of its 52-week range. The bottleneck never disappeared. The bottom, at least for now, held.

Written straight into the Kimi K3 panic, when a Chinese open-source model briefly convinced the market the AI buildout was cracking. The piece laid out what actually needed to happen for the compute trade to keep working, not what the headlines were reacting to. Nvidia closed at $207 that week. It's at $225 now.

Called the post-earnings drop a buying opportunity the same day it happened. Alphabet was up 21% from that low two weeks later, and it's still holding above it.

This one explained China's strategy to make AI models worthless as a matter of national policy, and why that pushes value further down the stack toward chips, memory, and power. Worth the read if you want the fuller picture of why physical infrastructure keeps winning regardless of who wins the model race.

The largest position in my own portfolio and still the best open rate of anything published here. HYPE has bounced from a $51 low to $59 since. Still roughly 23% below its all-time high. The thesis hasn't even started to play out yet.

One week old. The other half of the memory trade, power exposure through Vistra. Already looks like a good entry. VST recovered from its post-earnings low to $148. Position's still open.

Ten pieces in ten weeks. If one of these is new to you, that's the point of today's email. Go read whichever one fits what you're already holding.

If you got something out of this, the most useful thing you can do is send it to one person who'd get something out of it too.

Hitting reply on this email comes straight to my inbox, I read everything and I answer everything.

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This is not financial advice. neym is an independent research newsletter. The author may hold positions in securities mentioned. Do your own research.