The Beginning of an Entirely New Industry

Managing Editor’s Note: If you’ve been overwhelmed by the markets in 2026, I don’t blame you. Volatility is raging right now, and chaos is hitting markets in several places…

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The Beginning of an Entirely New Industry

Jeff Brown

Founder and CEO

What another incredible week for high tech.

This week was the annual confab in San Francisco, NVIDIA’s GTC conference – its biggest event of the year. It is arguably the AI industry’s biggest event as it sets the stage for the underlying computational systems upon which artificial intelligence software is developed and runs.

We covered this topic in Tuesday’s Bleeding Edge – NVIDIA’s Extraterrestrial Announcement. It’s a crazy title, but an accurate one. Not only did NVIDIA announce the latest Vera Rubin GPU platform that will be shipping in volume in the second half of this year, but it also announced a new GPU product designed for orbital AI data centers.

Oh, and it also announced that it will bring in $1 trillion of orders through 2027 for the combined Blackwell and Vera Rubin GPU architectures. Real orders, real revenue, and its business continues to grow.

This is not a bubble. Infrastructure spending continues to increase, and AI data centers are expanding into Earth’s orbit to take advantage of the Sun’s free energy and space’s free cooling system.

If things weren’t exciting enough already, Jeff Bezos and his Blue Origin made a surprise filing with the FCC this week for Project Sunrise. Take a guess… It’s a constellation of 51,600 AI data center satellites, mimicking Musk’s initiative with SpaceX and a 1 million AI data center satellite constellation.

This is the beginning of what I’m calling orbital web services (OWS), a space-based equivalent of what we have here on Earth. OWS is needed as it solves a number of problems that we are having here on Earth, primarily the need for additional energy to power the data centers.

OWS is an entirely new industry that will experience explosive growth in the next few years, and one that we most certainly want to take part in as investors. In fact, I just published some great research in Exponential Tech Investor, which identifies an incredible moonshot opportunity, positioning for this exponential trend.

If you’re interested in Exponential Tech, you can go here to learn more.

You can be sure we’ll be neck-deep in extraterrestrial investment opportunities in the years ahead.

What an incredible time to be alive and to be an investor.

Have a great weekend,

Jeff

Agentic AIs Need Social Interactions Too

Hey Jeff,

I was just wondering what you think about the possibility of Meta buying Moltbook. Do you think that they might buy it to bury it, or is that not possible?

– Synthya G.

Hi Synthya,

Good to hear from you again. It’s such an interesting topic. I discussed it in last Thursday’s Bleeding Edge issue as well.

It was ultimately unsurprising to hear that Meta had stepped up to acquire Moltbook. After all, it makes sense given Meta’s legacy in the social media industry.

As I wrote last week…

Meta dominates the industry in social media networks through its Facebook and Instagram social media platforms and advertising networks, which enabled the company to become a $1.6 billion company.

The more transactions that take place over Meta’s networks, the more money it makes.

So why limit that to human social networks?

It makes perfect sense to extend to non-human social networks, as well.

Whether a transaction is carried out by a human or an agentic AI is irrelevant to Meta.

As long as the transactions are increasing… there is economic growth for Meta to capture.

Arguably more surprising is that they caught Meta off guard and beat it to the punch at creating an agentic AI social network platform, which seems so firmly in Meta’s wheelhouse.

Meta has expressed immediate plans to put the Moltbook developers to task developing ways that AI agents can be better utilized by “people and businesses.”

To your direct question, no, I don’t think they’ll bury it. It’s in their best interest to enable it to thrive.

AI agents will often be interacting and transacting on behalf of their human proxies. And Meta benefits from increased transactions, so it should lean in and enable a massive social network platform where millions, or perhaps even a billion or more, AI agents are transacting.

Recommended Links

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BEWARE: The “Bear Market Window” Is About to Open

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What’s Going on With VR Right Now?

Hello Jeff,

Thank you and your team for the wide array of in-depth research and analysis of everything tech and biotech. I deeply appreciated your factual analysis of the COVID nightmare as it unfolded in real-time, and now that skeletons are coming out of the closets.

Can you please provide an update regarding the company SNAP and its Virtual Reality technology?

I don’t remember the exact date, but I know you gave SNAP very high marks some time back for their virtual reality (VR) or augmented reality (AR) technology. I followed your advice and purchased shares in 2019, during the COVID sell-off.

I don’t have precise data at my fingertips because my brokerage firm (Schwab) doesn’t show digital history for records more than five years old, but I think I made 300% to 700% profit on a portion of my initial purchase.

THANK YOU VERY MUCH. 🙂

I know you cannot give specific investing advice, but can you please comment on whether you still believe VR technology is the hidden gem within SNAP, and whether those glasses, or something else, will finally get this company’s stock price on a positive trajectory? Or whether this looks like a good candidate for a hostile takeover.

IMO, SNAP cannot compete with TikTok and META (Facebook and Instagram) in the social media landscape.

– Michael P.

Hi Michael,

Thanks for writing in, and congratulations on the big gain.

Back in 2019, SNAP was a favorite of mine as it was an obvious beneficiary of the growth in social media at the time. I could see a clear path towards flipping to strong free cash flow generation (that happened in a big way in 2021), and it was doing really interesting work with augmented reality that had the potential to take off.

It’s kind of hard to believe that was seven years ago. Needless to say, we’re in a very different environment right now.

The current situation with SNAP is a paradox. Its business is actually fantastic. In Q4 of 2025, it reached 946 million monthly active users, well on track to reach 1 billion. It is one of the largest social media networks in the world.

SNAP continues to grow its advertising revenues, has 59% gross margins, will be profitable this year, and, more importantly, continues to increase its free cash flow generation. And yet, it is trading at just 1.33 times 2026 forecasted sales. Dirt cheap.

It feels like SNAP is being treated like a SaaS company, completely unloved by the institutional players. It is competing at a ~billion-user scale, but two things are happening that the market doesn’t like.

SNAP has always struggled to monetize its users anywhere near the level of Google or Meta, which means that its advertising revenue per user is very low compared to the others. The other issue is that SNAP’s growth is clearly slowing down to single-digit year-over-year growth levels.

The other dynamic in the market right now is that artificial intelligence has really sucked all the air out of the room. In the last couple of years, there has been so little interest and excitement in VR or AR. Meta just announced a couple of days ago that it is shutting down its VR social media platform Horizon Worlds. And what remains of its Reality Labs group will be entirely focused on AI applications.

From an investment perspective, institutional capital is focused entirely on AI technology as it can scale so quickly. As much as I believe in the future of AR as a user interface for our digital world that we can use in the real world, it is hard to get excited right now, given the focus on AI.

The key for me would be to see if there is an upcoming inflection point for SNAP that might change its direction. I don’t have a good answer for that right now. It would take me a whole lot more research to develop an investment thesis (or not).

To answer your question more specifically, I am less excited right now about SNAP’s work on AR, not because it’s not good, but because there just isn’t much interest in the space right now due to the focus on AI.

Ironically, it is AI that will make AR glasses that much more useful. With an intelligent operating system – most likely AGI-level – AR glasses will have incredible utility and literally remove the need for us to have our heads down in our phones for so many hours every day.

Broken Bitcoin Logic?

Brownstone Unlimited member here.

All excellent analysis that is much appreciated to help keep the correct perspective on an emerging market.

One other criticism I have seen regarding Bitcoin (BTC) is that its valuation logic has been broken due to the finite supply (21M) no longer existing because of rehypothecation.

The argument made says that since things like cash-settled futures, perpetual swaps, options, ETFs, prime broker lending, wrapped BTC, and total return swaps have now been layered on top of the chain, this has caused BTC’s supply to become theoretically infinite.

To quote, “Once you can synthetically manufacture supply, the asset is no longer scarce – and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market”. The claim is this has happened to BTC.

What would you say to such a claim? Isn’t it the immutable supply feature of BTC that’s giving all of these derivatives their value to begin with?

Thank you for all your hard work.

– Nathaniel W.

Hi Nathaniel,

Yes, I’ve seen this theory floating around as well. And it is fundamentally flawed.

What is true, however, is that various forms of derivatives do dominate daily volume in Bitcoin. About five to seven times the volume in the form of derivatives as compared to the volume of actual Bitcoin trading daily.

But what’s important for us to understand is that this kind of “paper” trading of derivatives doesn’t impact the actual supply of Bitcoin.

Earlier this month, the supply of Bitcoin crossed 20 million, and it is going to take more than a hundred years to mine the remaining ~1million Bitcoin. Bitcoin’s monetary supply is literally written into its code and can’t be changed. No amount of derivatives will change that.

What this large amount of derivatives does have an impact on is short-term volatility and price action. Derivatives can and often are used in an effort to manipulate short-term price action for the purpose of profit. From a long-term perspective, this impact is just noise.

The real risks come in the form of parties that take on too much leverage and get blown up. While a situation like that would likely cause forced selling, which would temporarily decrease the price of the underlying asset (i.e., Bitcoin), eventually, Bitcoin would return to its fair market value derived from its scarcity and utility as a store of value.

It might be worth using a couple of other examples to further make this point:

The “paper” market for gold in futures and derivatives is more than 100 times the value of the physical supply of gold. And yet, gold still retains its value due to its scarcity and store of value.
The value of options, futures, and other derivatives in equities dwarfs the total value of shares of equities in the public markets. And yet, companies don’t have “infinite” shares. They only have the number of shares that they have issued.

And just like with Bitcoin, both gold and equities experience volatility due to these derivative products, and fast money trying to manipulate asset prices temporarily for short-term gains.

This very false argument confuses the financialization of Bitcoin with what might be considered a failure of the Bitcoin protocol. And that’s not the case. The Bitcoin blockchain is immutable, its supply is limited, and the derivatives have value precisely because Bitcoin has value due to its scarcity and utility.

Thanks for writing in, everyone. As always, you can reach my team and me right here if you have any questions or comments.

Jeff