While most traders spent the last 12 months getting chopped up by the 9:30 bell — chasing the spike, reacting to the headlines, watching $400 evaporate by 10:15 every morning — Blake Young was waiting 30 minutes.
He wasn’t trading the same bell as everyone else.
He was trading the 10 AM Bell.
And the results are the kind I have to read twice before I send them out.
453 winning trades.
11 winning months out of 12.
A $5,000 account turned into $14,459 — a 189% return.
Done before lunch, every single morning.
The best 12-month run any individual trader at this firm has ever produced. In all my years in the markets, I have never seen a year like it. Not from anyone in this building.
Same market. Same screen. Same morning hours. Different bell. Completely different year.
On Wednesday, May 13th at 3:00 PM Eastern, Blake is going live to walk you through the full year. And he is bringing two things to this briefing he has not shared before:
— a new deep dive into his system, and
— new news for anyone who has been on the fence about whether to install Blake’s system into their trading.
This is the last time you’ll hear from Blake before the door shuts.
Thursday, May 14, Blake starts working with a new group of traders to install the 10 AM Bell into their trading — and this opportunity shuts behind them. Wednesday afternoon is your last chance to hear it directly from Blake, evaluate it properly, and decide whether it’s a fit for you before the door closes.
Friend to friend — take this one seriously. I am not in the habit of telling you something is the best I have ever seen. This one is. You owe it to yourself to give Blake 75 minutes of your afternoon, watch him walk through the year, and find out whether this fits you. That is the entire ask.
Let me put it bluntly. If you want to be a more successful trader — if you’d love to have a system that positions you to compound month after month — why would you not take 75 minutes to fully evaluate the best 12-month run we have ever seen at this firm and the system behind it? It’s free. It’s one click. And it is the last chance you will get to hear it directly from Blake before the door shuts on Thursday.
Reserve your seat below and the full 12-month track record report will hit your inbox immediately.
Wednesday, May 13. 3:00 PM Eastern. Live with Blake. Last chance to fully evaluate it.
Don Kaufman
Chief Market Strategist
TheoTrade.com
P.S. Thursday, May 14, Blake starts working with a new group of traders to install the 10 AM Bell into their trading. Once that begins, the door shuts. Wednesday’s briefing is the last window left to hear him in his own voice and decide whether this is for you. Don’t wait until Wednesday afternoon to register. Lock the seat now.
Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, registered investment adviser, registered broker-dealer or FINRA|SIPC|NFA-member firm. TheoTrade does not provide investment or financial advice or make investment recommendations. TheoTrade is not in the business of transacting trades, nor does TheoTrade agree to direct your brokerage accounts or give trading advice tailored to your particular situation. Nothing contained in our content constitutes a solicitation, recommendation, promotion, or endorsement of any particular security, other investment product, transaction or investment.Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past Performance is not necessarily indicative of future results.
Most of today’s lithium is mined. But 75% of the world’s resources aren’t in rocks. They’re in water. But to get it, companies wait a year-plus for it to evaporate. EnergyX fixed that with direct lithium extraction (DLE), recovering lithium 500X faster than evaporation ponds. They just commissioned the US’ largest DLE facility. General Motors invested. Become an early-stage EnergyX investor today. Continue Reading ➔ Disclosure: Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Musth to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Musth has been paid in cash and may receive additional compensation. Musth and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.Young Americans’ job market optimism falls as older adults stay upbeat, new Gallup poll finds
For years, younger Americans have been more optimistic about the job market than older Americans, even through the depths of the Great Recession. But in an abrupt shift, a new poll released Monday finds young people’s confidence has plummeted over the past two years — while their elders remain more upbeat. Continue Reading ➔The AI Launch 57X Bigger than the SpaceX IPO – Ad
SANTA CLARA, Cuba (AP) — Yudelaimys Barrero Muñoz used to spend up to three hours on the side of a highway under the blazing sun waving money at drivers as she attempted to hitch a ride from Cienfuegos, to Santa Clara, where she buys supplies to resell and support her husband and two children. Continue Reading ➔Trump Calls Off Talks: ‘They Can Call Us Any Time They Want’
Larry Benedict generated $274 million in profits for his clients by knowing where money flows when the Federal Reserve shifts. He says Trump’s Fed Takeover is triggering the most significant shift in U.S. markets in nearly 20 years. He’s already identified the one ticker he expects billions to flood into… and he’s giving away the name for free. Get the full details before the window closes.Pfizer Stock Is Declining Today: What’s Happening?
China’s DeepSeek launched its V4 model powered by Huawei chips, signaling a shift away from Nvidia as it pushes AI self-reliance. Continue Reading ➔
Information, charts, or examples contained in this email are for illustration and educational purposes only and not for individualized investment management. This message contains commercial elements, such as advertising and partner offers for which we may receive affiliate compensation. We only send these offers to those who have opted into our newsletter.
If you wish to no longer receive these offers, click on the unsubscribe link at the bottom of this email. Past performance is not indicative of future results. For these reasons, we strongly suggest trading in a DEMO/Simulated account.
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2967 Dundas St. W. #990, Toronto, ON M6P 1Z2 | Phone Number: 917.672.7040
Most of today’s lithium is mined. But 75% of the world’s resources aren’t in rocks. They’re in water. But to get it, companies wait a year-plus for it to evaporate. EnergyX fixed that with direct lithium extraction (DLE), recovering lithium 500X faster than evaporation ponds. They just commissioned the US’ largest DLE facility. General Motors invested. Become an early-stage EnergyX investor today. Continue Reading ➔ Disclosure: Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Musth to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Musth has been paid in cash and may receive additional compensation. Musth and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.Young Americans’ job market optimism falls as older adults stay upbeat, new Gallup poll finds
For years, younger Americans have been more optimistic about the job market than older Americans, even through the depths of the Great Recession. But in an abrupt shift, a new poll released Monday finds young people’s confidence has plummeted over the past two years — while their elders remain more upbeat. Continue Reading ➔The AI Launch 57X Bigger than the SpaceX IPO – Ad
SANTA CLARA, Cuba (AP) — Yudelaimys Barrero Muñoz used to spend up to three hours on the side of a highway under the blazing sun waving money at drivers as she attempted to hitch a ride from Cienfuegos, to Santa Clara, where she buys supplies to resell and support her husband and two children. Continue Reading ➔Trump Calls Off Talks: ‘They Can Call Us Any Time They Want’
Larry Benedict generated $274 million in profits for his clients by knowing where money flows when the Federal Reserve shifts. He says Trump’s Fed Takeover is triggering the most significant shift in U.S. markets in nearly 20 years. He’s already identified the one ticker he expects billions to flood into… and he’s giving away the name for free. Get the full details before the window closes.Pfizer Stock Is Declining Today: What’s Happening?
China’s DeepSeek launched its V4 model powered by Huawei chips, signaling a shift away from Nvidia as it pushes AI self-reliance. Continue Reading ➔
Information, charts, or examples contained in this email are for illustration and educational purposes only and not for individualized investment management. This message contains commercial elements, such as advertising and partner offers for which we may receive affiliate compensation. We only send these offers to those who have opted into our newsletter.
If you wish to no longer receive these offers, click on the unsubscribe link at the bottom of this email. Past performance is not indicative of future results. For these reasons, we strongly suggest trading in a DEMO/Simulated account.
The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices, or procedures of any company or entity mentioned or recommended in this email and have not determined if the statements and opinions of the advertiser are accurate, correct, or truthful.
If you use, act upon, or make decisions in reliance on information contained in this email or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates, and agents without fault.
2967 Dundas St. W. #990, Toronto, ON M6P 1Z2 | Phone Number: 917.672.7040
Most of today’s lithium is mined. But 75% of the world’s resources aren’t in rocks. They’re in water. But to get it, companies wait a year-plus for it to evaporate. EnergyX fixed that with direct lithium extraction (DLE), recovering lithium 500X faster than evaporation ponds. They just commissioned the US’ largest DLE facility. General Motors invested. Become an early-stage EnergyX investor today. Continue Reading ➔ Disclosure: Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Musth to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Musth has been paid in cash and may receive additional compensation. Musth and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.Young Americans’ job market optimism falls as older adults stay upbeat, new Gallup poll finds
For years, younger Americans have been more optimistic about the job market than older Americans, even through the depths of the Great Recession. But in an abrupt shift, a new poll released Monday finds young people’s confidence has plummeted over the past two years — while their elders remain more upbeat. Continue Reading ➔The AI Launch 57X Bigger than the SpaceX IPO – Ad
SANTA CLARA, Cuba (AP) — Yudelaimys Barrero Muñoz used to spend up to three hours on the side of a highway under the blazing sun waving money at drivers as she attempted to hitch a ride from Cienfuegos, to Santa Clara, where she buys supplies to resell and support her husband and two children. Continue Reading ➔Trump Calls Off Talks: ‘They Can Call Us Any Time They Want’
Larry Benedict generated $274 million in profits for his clients by knowing where money flows when the Federal Reserve shifts. He says Trump’s Fed Takeover is triggering the most significant shift in U.S. markets in nearly 20 years. He’s already identified the one ticker he expects billions to flood into… and he’s giving away the name for free. Get the full details before the window closes.Pfizer Stock Is Declining Today: What’s Happening?
China’s DeepSeek launched its V4 model powered by Huawei chips, signaling a shift away from Nvidia as it pushes AI self-reliance. Continue Reading ➔
Information, charts, or examples contained in this email are for illustration and educational purposes only and not for individualized investment management. This message contains commercial elements, such as advertising and partner offers for which we may receive affiliate compensation. We only send these offers to those who have opted into our newsletter.
If you wish to no longer receive these offers, click on the unsubscribe link at the bottom of this email. Past performance is not indicative of future results. For these reasons, we strongly suggest trading in a DEMO/Simulated account.
The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices, or procedures of any company or entity mentioned or recommended in this email and have not determined if the statements and opinions of the advertiser are accurate, correct, or truthful.
If you use, act upon, or make decisions in reliance on information contained in this email or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates, and agents without fault.
2967 Dundas St. W. #990, Toronto, ON M6P 1Z2 | Phone Number: 917.672.7040
Let me tell you how it will be There’s one for you, nineteen for me ‘Cause I’m the taxman Should five percent appear too small Be thankful I don’t take it all ‘Cause I’m the taxman – The Beatles (“Taxman,” 1966)
Sixty years ago, the Beatles released the song “Taxman,” written by George Harrison to protest the punishing 90% to 95% supertax imposed on high earners by the U.K.’s Labour government.
Frustrated that most of their earnings were going to the Treasury, Harrison – aided by John Lennon – mocked tax laws and name-dropped politicians Harold Wilson and Edward Heath.
It’s one of my favorite Beatles songs. It highlights the remarkable creativity of governments everywhere to find sneaky new ways to exact more taxes out of their citizens’ pockets.
Now it’s happened in America, the land of the free, as we approach the 250th anniversary of our independence.
The Politics of Envy Is Back
Here are the latest examples of government’s attempts to reduce state deficits and fund new social programs:
New York’s socialist mayor, Zohran Mamdani, and Democratic governor, Kathy Hochul, have imposed a new annual real estate tax on luxury second homes (pieds-à-terre) in New York City that are valued at $5 million or more.
Washington state has imposed a 9.9% income tax on residents making $1 million or more and a 7% capital gains tax.
In November, voters in California will vote on a referendum imposing a one-time 5% wealth tax on billionaires. Most analysts expect it to pass, even though Democratic Gov. Gavin Newsom opposes it.
Art Laffer Takes on the Billionaire Tax Proposal
Last week, Art Laffer, the father of supply-side economics and creator of the Laffer curve, debated Berkeley professor Emmanuel Saez, a French economist who favors the billionaire tax in California.
Laffer rightly pointed out that the wealth tax is a bad idea because it’s forcing productive entrepreneurs like Elon Musk and Mark Zuckerberg and their employees to leave the state and it won’t raise the revenue legislators expect.
Indeed, Laffer was a longtime resident of California but left after the once-Golden State raised the state income tax to 14.4%, the highest of any state.
However, I was dumbfounded to see Laffer join forces with Saez in advocating taxing unrealized capital gains every year at a 17% rate! In essence, that’s the same as a wealth tax – and just as bad as the billionaire tax idea. It will also discourage the efficient use of capital, the lifeblood of the economy.
Lord Acton was right when he said, “There is no error so monstrous that it fails to find defenders among the ablest men” (The Maxims of Wall Street, Page 140, available at Skousen Books at Discount).
During a private gathering of Wall Street elites, I was one of two people selected to speak with Elon personally.
SpaceX just filed its IPO…
And I’m sharing an “access code” that lets anyone grab a pre-IPO stake before it happens. This is your invitation to the biggest wealth-building event of the decade.
The bad news is raising taxes on the rich is a failed policy for two reasons.
First, it does not address the real problem: wasteful and misguided spending.
New York, Washington, and California don’t have a tax problem – their taxes are already too high. They have a spending problem. They refuse to live within their budget on public education, Medicaid, homelessness, and other social projects that are only getting worse.
Then there are infrastructure boondoggles like the California High-Speed Rail project, with cost overruns of $135 billion and counting.
Ben Franklin identified the problem when he said, “No revenue is sufficient without economy” (Maxims, Page 20).
Raising more revenue to fund wasteful and inefficient projects only allows politicians to expand their budgets, which fuels more deficits until a financial crisis hits the state.
Second, wealthy taxpayers can escape the new tax increases by leaving the state.
The American Revolution started with a tax rebellion. Thomas Jefferson and the founders included taxes among their list of grievances of King George III in the Declaration of Independence: “He has erected a multitude of new offices, and sent hither swarms of officers to harass our people, and eat out of their substance.”
The wealthy are rebelling by moving out of the high-tax states such as New York and California and moving their residency and businesses to Texas, Florida, and other low-tax states.
According to Steve Moore, from 2012 to 2023, some $2.2 trillion in cumulative income migrated out of high-tax states and into low-tax states! (See the chart below.)View larger image
Action to Take: If you live in a state that is raising taxes, you can create your own tax cut by moving to a low-tax state like Texas, Florida, Tennessee, New Hampshire, Arizona, or Utah (among others). Make your plans now before it’s too late.
Going to Bat for Oxford Club Members!
I can’t think of anyone in the country who wants to see everyday investors get richer more than the strategists of The Oxford Club: Marc Lichtenfeld, Alex Green, and Mark Skousen.
You came to the right place to learn how to make money and keep the lion’s share of your profits through legal tax-cutting strategies.View larger image
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In Canada, the Seal River Watershed encompasses a vast 12-million-acre landscape of pristine forests, wetlands, lakes, streams, and rivers. It’s one of the largest intact watersheds on Earth, providing clean water and healthy lands to local communities, while also acting as an important Natural Climate Solution, storing an immense amount of carbon in its forest floors and peatlands. It is home to iconic species like polar bears, belugas, and wolverines. Millions of migratory birds rely on the Seal River Watershed—which lies in the heart of the Boreal Forest in the province of Manitoba—including Tennessee and Blackpoll Warblers, Common Loons, Hudsonian Whimbrels, Harris’s Sparrows, and other birds you may see in your own neighborhood.
The Seal River Watershed Alliance, an Indigenous collaboration of four First Nations; the Manitoba Government; and the Government of Canada have proposed to conserve the Seal River Watershed through multiple layers of protection and stewardship. The entire watershed will be an Indigenous Protected and Conserved Area that will include a new national park and a new provincial park.
This layered approach offers a variety of tools and resources to conserve the land, sustain Dene and Cree traditions, generate economic opportunity, and promote recreational access for all. The Government of Canada is now requesting public comment on the shared proposal, so you have a chance to speak out.
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SMX Is Suddenly Turning Heads as Energy Volatility, Recycling Economics, and Digital Verification Collide Across Global Markets!
With energy shocks and regulatory pressure reshaping global markets, SMX (Security Matters) Public Limited is emerging as a company investors may want to watch closely.
As the global economy becomes more compliance-driven and supply chains face growing pressure from inflation, geopolitical instability, and sustainability mandates, companies everywhere are searching for systems capable of delivering trusted verification at the material level.
SMX is working to solve that problem by embedding invisible molecular markers directly into materials, allowing products and commodities to carry secure digital identities throughout their lifecycle.
SMX’s technology has applications across plastics, recycling, industrial manufacturing, energy-linked commodities, and circular supply chains where traceability, authenticity, and compliance are becoming increasingly valuable.
In a world where trust and verification are becoming critical, SMX could play an important role in helping authenticate valuable materials like gold across global supply chains. With the launch of its Digital Material Passport Platform, SMX is expanding its push into what many believe could become the next generation of proof-based industrial infrastructure.
As governments tighten transparency rules and recycled materials become more economically competitive, SMX is positioning itself in the middle of several major global trends at once!
AMD’s Poker Face: Reading the Tell in a Panic-Driven Market
Reported by Jeffrey Neal Johnson. Article Posted: 4/29/2026.
Key Points
AMD’s partnership with a major hyperscaler validates its technology and de-risks the company’s future revenue growth expectations.
Management is using a forward-dated product event to anchor market expectations on its next-generation hardware cycle, countering short-term sentiment.
Sophisticated options traders and institutional investors appear to be accumulating shares, positioning for a significant rally into the late summer.
The current selloff, sparked by systemic concerns about the pace of AI infrastructure spending, may be creating an attractive entry point for investors who can separate short-term sentiment from medium-term fundamental catalysts.
While the tape shows a stock gapping down nearly 5%, a deeper analysis reveals a company planting a strategic flag for its next-generation hardware cycle, reinforced by a massive new hyperscaler commitment and smart positioning from the options market.
Calling the Bluff: Why AI CapEx Panic Is Overblown
The immediate downside pressure is a direct reaction to late-April reports of missed internal growth targets at OpenAI, a development that sent a shockwave through the AI supply chain. The narrative has pivoted almost overnight to fears of a slowdown in data center capital expenditures. This sentiment-driven rotation is providing cover for profit-taking after a strong 59% 30-day rally in AMD’s stock price.
Compounding the macro pressure was a tactical downgrade from Northland Securities, which shifted its rating from Outperform to Market Perform, citing valuation concerns. The stock currently trades with a trailing price-to-earnings ratio (P/E) of 126.23, a metric that demands near-flawless execution and sustained high-growth tailwinds. For many investors, the OpenAI news was the first visible crack in the growth thesis, justifying a move to the sidelines. The resulting price action, a sharp decline to the $318 level, reflects this heightened uncertainty as investors await the company’s critical Q1 2026 earnings release on May 5.
AMD’s Pocket Aces: The Meta Partnership Counter-Signal
Just as the market began to price in a potential CapEx winter, new disclosures provided a powerful counter-narrative. A newly expanded strategic partnership with Meta Platforms (NASDAQ: META) will see the hyperscaler deploy 6 gigawatts of AMD GPUs. This multi-gigawatt commitment is a direct and verifiable rebuttal to the thesis that AI infrastructure buildouts are stalling. It provides a foundational layer of demand from a premier customer, de-risking forward revenue streams and validating the performance of AMD’s current and future accelerator architecture.
This stands in stark contrast to competitors like Broadcom (NASDAQ: AVGO), which are aggressively pursuing a custom ASIC strategy that can lead to margin compression and high single-customer concentration risk. The Meta deal underscores the strength of AMD’s more open, flexible hardware ecosystem, a key differentiator for hyperscalers seeking to avoid vendor lock-in and diversify their silicon supply chains.
Betting on the Turn: AMD Signals Its Next Move
AMD management is not waiting for the market narrative to dictate its trajectory. The announcement of its Advancing AI 2026 event, scheduled for July 23, serves as a strategic placeholder for its next hardware cycle. This forward-dated event is a classic maneuver by silicon companies to defend their stock price during sector corrections, signaling confidence in the product pipeline and helping bridge any gaps in sentiment.
The San Francisco showcase is expected to debut the next-generation Instinct MI400 series accelerators. These products are engineered to directly challenge NVIDIA’s (NASDAQ: NVDA)dominance in the data center. Alongside the new GPUs, the market anticipates a roadmap for the Zen 6 architecture and Zen 7 EPYC enterprise server processors, further strengthening the company’s two-pronged assault on the high-margin data center market. By anchoring expectations to a firm date, AMD is forcing analysts and institutional capital to look past the current noise and begin pricing in the next wave of product-driven growth.
Who’s Staying in the Game
Despite the jarring price action, institutional conviction remains robust. AMD is currently 71% institutionally owned, with capital flows over the last 24 months showing a decisive bullish bias, $36.96 billion in inflows versus $20.33 billion in outflows. This suggests that long-term allocators are using periods of volatility to accumulate positions.
Recent insider selling, which can often be a bearish indicator, requires deeper context. SEC Form 4 and 144 filings confirm that the widely reported April share sales by CTO Mark Papermaster were executed under a pre-arranged Rule 10b5-1 trading plan. This plan was established in November 2025, long before the recent rally, neutralizing any interpretation of the sales as a reaction to current market conditions.
Going All-In: Options Traders Play Their Hand
The options market is providing a clear map of investor strategy. Significant open interest in put options at the $300 and $310 strike prices for near-term expirations establishes a firm technical support floor. At the same time, traders are accumulating out-of-the-money call positions, with concentrated open interest at the $340, $350, and $370 strikes.
This bifurcated positioning confirms the broader thesis: sophisticated traders are using the current volatility to buy downside protection while simultaneously placing directional bets on a rally into the late-summer hardware event. The flow indicates that the market is beginning to front-run the hype cycle for the Advancing AI 2026 event, creating a steady baseline of support that should cushion the stock against further macro-induced panic. The current technical divergence offers an asymmetric risk/reward opportunity to scale into a high-beta technology leader ahead of its most significant catalysts of the year.
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This week, three of the most powerful capital allocators on Earth agreed on something.
Silver Lake Partners. The Saudi sovereign wealth fund. Jared Kushner’s Affinity Partners. Together they are paying $55 billion to take Electronic Arts private. The largest video game buyout in history.
The financial press called it a “gaming bet.” They missed the point entirely. This is not a bet on video games. It is a bet on 700 million registered users who pay every month, year after year, whether or not a new title ships. That is not a gaming company. That is a toll road with a joystick.
That is the B quadrant at full scale. And this week, the private markets are full of moves just like it. Here is what you need to know.
In today’s issue:
• Why Silver Lake paid $55 billion for a gaming company — and why games have nothing to do with it [The Deal Floor]
• The $660 million move Charles Schwab just made that quietly opened a door most retail investors do not know exists [The Crowdfunding Pulse]
• Blue Owl just cut its dividend. Here is what that tells you about private credit right now [The Private Credit Desk]
Silver Lake. The Saudi Public Investment Fund. Affinity Partners.
Three very different institutions agreed on one thing: Electronic Arts at $55 billion is worth more as a private company than a public one.
The deal closes June 30. EA has already begun its NASDAQ delisting. When it does, 700 million registered users, $7 billion in annual revenue, and some of the most valuable gaming intellectual property in the world disappears from public markets.
The mainstream read: a bold bet on gaming.
The real read: a bet on subscription cash flow. EA’s live-service model collects money every month. FIFA Ultimate Team alone generates over $1 billion per year. The games are the marketing. The subscriptions are the asset.
Banks sold $5.75 billion in syndicated loans to fund the deal. Private credit funds? Several reduced their orders or pulled out entirely. The smart money is buying the company. The lending market is getting cautious.
That is the B quadrant at scale. You do not buy the product. You buy the toll road.
Robert’s take: When the best capital allocators on Earth pay $55 billion for a business, they are not betting on hit games. They are buying recurring cash flow that does not depend on whether the next title ships. That is what assets do. They pay you whether you work or not.
THE CROWDFUNDING PULSE
Reg CF, Reg A+, platform intelligence
In March, Charles Schwab completed something that most investors completely missed.
The company paid $660 million for Forge Global Holdings: the leading marketplace for pre-IPO shares. Schwab now has the ability to offer pre-IPO access to 35 million individual accounts.
Most of those account holders have no idea that door just opened.
On the Reg CF side, the market contracted in Q1 2026. New offerings dropped 42 percent, from 286 deals to 165. Total capital raised fell 29 percent, to $72.4 million.
That is not a crisis. That is consolidation. Average deal sizes went up. Average investor commitments went up. Fewer deals, higher quality.
Wefunder leads weekly platform volume at $1.9 million per week. StartEngine saw Etherdyne Technologies oversubscribe its Reg CF raise in the final week, pulling in $1.2 million from 400 investors. The crowdfunding market is getting more selective. That is healthy.
The takeaway: The Schwab-Forge deal is the structural headline. The access gap between institutional and retail investors just got smaller. That matters more than one quarter of Reg CF volume data.
THE PRIVATE CREDIT DESK
BDCs, direct lending, credit markets
Blue Owl Capital Corporation just told you something important.
Its quarterly dividend was cut from $0.37 to $0.31. Net asset value fell $0.40 per share in a single quarter. Total investment income dropped $68 million year over year. The stock fell 6.2 percent after-hours.
That is what happens when you are a lender to private equity-backed software companies while (a) rates are falling, (b) AI is disrupting your borrowers’ valuations, and (c) a $20 billion maturity wall is coming in 2028.
Meanwhile, Ares Capital held its dividend at $0.48 per quarter. Core EPS came in at $0.47. Non-accruals ticked up modestly to 2.1 percent of portfolio cost. Available liquidity: $6 billion.
The structural story: banks are now competing directly with private credit funds. Bank of America committed $25 billion of its own balance sheet to direct lending deals. That is not a partnership. That is competition. The 200-basis-point cost gap between direct lending and syndicated loans is pushing borrowers back toward banks.
BDC investors: Know what you own. Not all private credit is the same. OBDC lends to smaller, riskier borrowers. ARCC has conservative underwriting and a $29.5 billion portfolio. The divergence in Q1 earnings tells you where the stress is concentrated.
SPONSORED: BROWNSTONE RESEARCH
SpaceX IPO Confirmed: Claim Your Stake Today
Elon Musk is about to take SpaceX public in what’s set to be the biggest IPO ever.
SpaceX filed its confidential S-1 with the SEC on April 1.
The target: a June 2026 public debut. The implied valuation: $1.75 trillion. The raise: potentially $75 billion. That would be the largest IPO in stock market history. Not the largest tech IPO. The largest of any kind. Ever.
Twenty-one banks are lined up under the project code name “Project Apex.” JPMorgan. Goldman Sachs. Morgan Stanley. The machinery is in motion.
On the Forge Global secondary market, SpaceX shares are already pricing at $598.59 per share, implying a $1.42 trillion valuation. That is the crowd’s estimate before the roadshow. The public will see $1.75 trillion on the cover page of the prospectus.
Behind SpaceX: OpenAI is pricing at $840 billion implied. Anthropic at $380 billion. The three largest private AI companies in the world are all watching SpaceX’s debut before deciding their own timing.
The macro calendar matters here. CPI prints Tuesday. Iran remains a wildcard. Any bad print could shift the June timeline. The window is open. The question is how long it stays open.
The KPP angle: The Schwab-Forge acquisition means that for the first time, Schwab’s 35 million individual investors can access SpaceX secondary shares before the IPO. That access did not exist six months ago. The definition of “private market” just shifted.
THE CASHFLOW QUADRANT APPLIED
Real-world quadrant intelligence
Last week, Senator John Fetterman bought Micron Technology stock while sitting on the Senate Commerce Committee. His committee oversees the CHIPS Act that awarded Micron $6.165 billion in federal grants.
Representative Maria Salazar bought Boeing, GE Aerospace, and Honeywell while sitting on the House Foreign Affairs Committee. That committee receives classified briefings on defense procurement and arms sales.
Representative Greg Steube bought IonQ, a quantum computing company, while sitting on the House Intelligence Committee. That committee oversees DARPA programs in quantum technology.
The STOCK Act requires disclosure within 45 days of the trade. The system calls this transparency. A month and a half after the fact is not transparency. It is a 45-day head start.
Here is the quadrant lesson: E-quadrant thinking says use your job to get an edge. B/I-quadrant thinking says own the business or the asset outright. You do not need a committee seat when you own the toll road.
The rules of this game were written by people who play by B/I rules. They disclosed their E-quadrant behavior because the law requires it. They kept the B-quadrant strategy for themselves.
That is the unfair advantage. Now you have it too.
To your unfair advantage, Robert Kiyosaki Editor, Kiyosaki’s Private Playbook
P.S. The Silver Lake partners buying Electronic Arts for $55 billion are not waiting for public markets. The investors who got into SpaceX secondary shares are not waiting either. Forge now prices SpaceX at $1.42 trillion. The public will see $1.75 trillion at IPO. Before that happens, there is a way to get positioned. See your options before the IPO launches.
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RJ Hamster 