Dear Friend,

There is a man in Texas who holds over 306 million shares of a single stock.

His position is worth over $5 billion.

He started as a rough pipeline welder. Today he is the largest individual shareholder on earth of the company he built.

Over the past five years, he has made 24 separate open-market purchases of his own stock.

$47 million in one August sweep. Another $34.7 million the following year.

He has not sold a single share.

Insiders at this company have collectively invested over $100 million of their own cash in the last two years.

24 buys. Zero sells.

These are the people who know every unannounced deal with the tech giants.

Dylan Jovine has the full story — and the ticker.

See the stock the $5 billion insider is betting his legacy on >>

“The Buck Stops Here,”
Kelly Maguire
Behind the Markets

BREAKING NEWS

💰 Japan Just Wrote A $2.3 Trillion Check For The AI Race.

The US is spending trillions on AI. China is spending trillions on AI. And now Japan just pulled up to the table with $2.3 trillion of its own. Prime Minister Sanae Takaichi unveiled a 14-year plan yesterday that is one of the biggest economic bets any country has ever made.

Here's what the money is actually for:

Of the total $2.3 trillion, AI and semiconductors alone get $650 billion. That's nearly one third of the entire plan going to chips and AI. The rest goes toward data centers, next-generation wireless, biotech, and entertainment content. Japan is spending $150 billion on anime, games, and film. Honestly, respect.

• 🤖 Japan wants its chip industry back. Decades ago Japan made half the world's semiconductors. Then it lost that edge. Takaichi wants to build back domestic chip production and reduce Japan's dependence on foreign suppliers. This is about national security as much as it is about money.

• 📈 The Nikkei already noticed. The Nikkei 225 briefly broke through 70,000 points for the first time ever following the announcement. Markets love a government with a credit card and a plan.

• ⚠️ There's a catch. Japan’s long-term borrowing costs have risen to their highest levels in decades, showing investors are worried about how the government will pay for all this spending. Spending $2.3 trillion sounds great until people start asking where the money is coming from.

The Munch Take: Every major economy on earth is now in a full sprint to own the AI future. The US has Silicon Valley. China has state money and scale. Japan has precision manufacturing, robotics, and apparently a very ambitious Prime Minister. The race is getting more crowded by the week. My wife heard “$2.3 trillion” and immediately started browsing marble countertops like Japan was funding our kitchen personally. It doesn’t work that way, dear.

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STORY OF THE DAY

🟠 This Man Once Said Nobody Loses On Bitcoin. He’s Now Down $13 Billion.

One year ago Michael Saylor posted one of the most confident statements in crypto history. "No one has ever lost money buying Bitcoin." It got 2.6 million views. Thankfully, the internet never forgets.

Shares of his company Strategy ($MSTR) just fell to a two-year low this week and are now down an insane 83% from its all-time high. The stock has lost roughly $153 billion in market cap. So yeah, the man who bet his entire company on Bitcoin and who said nobody has ever lost money buying Bitcoin is now sitting on an estimated $13 billion loss right now.

How Bad Is It?

Every single Bitcoin Strategy purchased in 2024, 2025, and 2026 is now underwater. The entire three-year buying spree is in the red. That is not one bad trade. That is a systematic problem.

Here is why the situation is getting complicated fast:

• 💸 Strategy's annual dividend obligations have exploded from $300 million at the start of 2026 to $1.2 billion now, a fourfold jump in under six months, while cash reserves have fallen 38%.

• ⚠️ CryptoQuant is now publicly urging Strategy to stop buying Bitcoin entirely and rebuild its cash reserves before the situation gets worse.

• 📉 Strategy's preferred shares are trading near $94, below their $100 par value. When that happens the funding machine that Saylor built to keep buying Bitcoin starts to break down.

The Munch Take: Saylor is playing a game that requires Bitcoin to recover before the bills come due. The conviction is real but the math is getting tighter by the month. Whether Saylor is the most disciplined contrarian investor of his generation or the most expensive Bitcoin maximalist in history depends entirely on what Bitcoin does next. This is yet another example of the danger of using leverage. We’re here for the ride, though.

🍪 Munchy Memes