Jon Ma🏹

Jon Ma🏹

8,165 Twitter followers

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Building @Artemis__xyz 🔨 l Previously @PublicComps @insightpartners @moderntreasury @whalerock | Not investment advice!

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Winners and losers of 2026 Themes: #1 winner is Memory and Storage at 39.6% YTD #1 loser is Enterprise SaaS at -32.9% YTD Best hedgefunds are long memory, short SaaS. It would be HIGHY contrarian to be long SaaS, short memory rn if you think market is overreacting to Claude killing SaaS.

BEST performer in March 2026: Stablecoins / RWAS Not AI / semis. Not defense. Friggin Circle, Centrifuge, Paypal and Ondo are outperforming in the last month. Best Performers +20% Stablecoins / RWAs (Circle, Paypal, Ondo) +10% Crypto Infra (LayerZero, Render, Akash) Worse Performer -7.8% Fintech (Blue Owl, Rocket, Klarna, Blend) Congrats to those long stablecoins / tokenization. Long Digital Finance. Long @artemis coverage universe.

Only 4 themes profitable in 2026: +18% AI infra / semis (memory, data centers, tsmc, asml, ec) +10.5% Defense / drones (palantir, robotics, satellites) +9.6% Energy (bloom, quanta, centrus, CEG, etc) +6.7% Bitcoin Miners (CORZ, IREN, etc). Blood bath everywhere else. Congrats to those long semis / defense / energy. miners in 2026 YTD.

Great research piece by the amazing @Kross_Roads on $FIGR! Check out what public market investors are misunderstanding twitter.com/jonbma/status/2028...

Is the vision that every company will issue stock onchain via OPEN? My thesis is there’s no clear winner of tokenizing stocks— OPEN could be the primary beneficiary of allowing any company to do primary issuance onchain and benefit for shareholder is they can lend their shares.

Circle is a winner of digital finance if you believe stablecoins will be a duopoly or dominated by a few. $CRCL is up ~30% today.

#1 Crypto App in Revenue continues to be @HyperliquidX at $839m LTM. Compare Hyperliquid vs Robinhood vs Coinbase MC, P/S, LTM revenue here: app.artemisanalytics.com/asset...

Contrarian take: Long beaten down FOUNDER LED software businesses that are sticky and can be AI winners b/c of unique distribution monetize. I'm buying these companies below the orange line basically. - Monday AI work grew to $1m ARR after 2.5 months since launch. 252k customers to cross sell AI to. NDR is 110% - Figma Make + Opus makes it MUCH easier for companies to build / prototype software quickly in existing design system. What's stopping Figma from being the Cursor for designer? NDR Is 131% - Hinge Health (despite PT being available at your finger tips in ChatGPT) grew number of members by 47% YoY to 782k up from 532k and Gross Margins increased by +23% in the last 12 quarters due to AI (less customer support). The 0 risk is real -- enterprises just use Claude Code or Codex to build and replace CRM software to save $. Use ChatGPT for PT versus going to virtual PT. But these founder led companies at $MNDY $FIG $HNGE aren't dumb -- they'll figure out how to leverage distribution to monetize w/ AI and improve margins and cut cost. Market is way overreacting. Software is NOT dead. And this is someone who uses Claude Code every single day.

Track x402 activity by the agentic payments goat @OnchainLu Only on @artemis. Expect x402 activity to spike on Base with the Stripe partnership.

@jeff_weinstein

We’re launching with support for x402 using USDC stablecoins on @base, with more protocols, payment methods, currencies, and chains to come. Let us know which to prioritize. And sales tax, refunds, and reporting just work. (You only need to think about crypto if you want to!)

Robinhood looking attractive at $86 or 36x PE with decent upside (~33% IRR) in the long run. Core assumptions: 1. Equity trading market grows 12.7% CAGR and Robinhood has 6.5% of marketshare and 0.7 bps take rate in 2030. 2. Crypto trading market grows 10% CAGR (quite conservative) and Robinhood has 10% of marketshare and 45 bps take rate in 2030. 3. Option trading market grows 6% CAGR and Robinhood capture 15% of marketshare with $0.58 revenue per contract traded. 4. $1T of assets on Robinhood in 2030 growing 30% CAGR with 0.75% take rate for net revenue Core risks: 1. General trading volume cycles down in bear market 2. Lower take rate with more competition or PFOF faces regulatory scrutiny. 3. Other bets like prediction markets and the 11 other bets that are $100m+ ARR so non-transaction based revenue don't play out and grow. Drop in a comment if you want the model below 👇 Kudos @0xslayerrrr for building out THE $HOOD model.

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