Some High Risk Thematic Bets

1

Some high risk thematic bets.

You don't need all of these to win to do very well:

Optics:$Applied Optoelectronics(AAOI)$ now trades below the forecasted transceiver revenue run rate in 2027.

Neoclouds:

$NEBIUS(NBIS)$ now trades ~0.4x my base case FY30 ARR figure.

Copper:

$Trilogy Metals(TMQ)$ is now down 32% in the last month and back to the same level as when it was announced the US Gov owned 10%.

Robotics:

$Ouster Inc.(OUST)$ set to grow at ~40% CAGR whilst trading sub 8x sales.

$Aeva Technologies Inc.(AEVA)$ is a 2028 onwards story but potentially a key player in both LiDAR and photonics. Very high risk.

Speciality Pharma:

$Harrow Health Inc(HROW)$ trading ~1x 2028 guided revenue.

2

The copper $Global X Copper Miners ETF(COPX)$ market is getting extremely tight.

On the supply side:

-> Chile cut their 2026 production forecast by another 330,000 tonnes.

-> They also cut their 2027 forecast by 470,000 tonnes.

On the demand side:

-> China is paying record prices to import copper (that doesn't happen if demand outlook is low).

-> Spot copper trades above futures price which is another sign supply is tight right now.

$Global X Copper Miners ETF(COPX)$: The safe way to play it.

$Trilogy Metals(TMQ)$: The higher risk way to play it.