Nutstuff is travelling this week. Back tomorrow. Nutstuff will be published tomorrow.
A detailed think piece on HELIUM/ HNT and on BITCOIN and how to think about these both with their inter-relationship with AI. Yes on HNT/Helium of course a giant mea-culpa but rest-assured I absolutely see what is going on here and the opportunity vs the Tokens Market cap is a total disconnect to be exploited! Simplistically, yes Satellite benefits mobile users under the open sky but 80% of mobile data is used indoors, & demand is 1,000x higher in dense urban areas (where satellite struggles to keep up). Helium simply meets that demand with Hotspots or businesses converting their Wi-Fi through Helium Plus this is incredibly compelling if data useage is tied to HNT token consumption!
On Broader Markets: Meanwhile conflict seems fairly back on in the Middle East after the waffle and prevarication of the last few weeks and 38 separate “deals are imminent” BS from the Trump administration, 49 Tomahawks from the US into Iran and 12 Iranian Ballistic into Muwaffaq Salti (Al-Azraq) Airbase in Jordan with 12 ballistic missiles. Targets being Military: hangars of F-35, F-16, and F-15 fighter jets.
A Nutstuff Portfolio +8.5% YTD with 5% + manageable give-back during violent rotation in spaces like Uranium and AI in the last 5 days. My continual reiteration of having much bigger weightings in Energy & Healthcare vs AI, has been absolutely right. (Health Care has been the top-performing sector over the past month, its best five-day stretch versus the S&P 500 since 2009.) I can also see the case for adding to Banks/ KWEB US.
NORTH SEA & UK despite all the political uncertainty has been a great place for Nutstuffs asymmetric alpha with smaller special Sit ideas .. That said I see grim rumblings in the UK Gilt market. (More details tomorrow). A North-Sea Re-open is a simple WHEN not an IF anymore for all the reasons I have made clear for the last 18mths! Albert Edwards once described the UK Hilt market as “a bug looking for a windscreen”.
BITCOIN: some signs of stabilisation … better so than Gold right now!
Love this thought from JV: "If you think the world of human beings is going to dominate commerce, it's not. It's AI agents. So if you ask me what is a direct play on agents dominating humans going forward, I believe Bitcoin is a direct play on that. AI agents need to transact. They need to move value autonomously, instantly, without asking a bank for permission, without a human counterparty, without a clearing house. Bitcoin is the only monetary network that operates 24/7, requires no identity verification, has no counterparty, and cannot be shut down by any government. It is not designed for humans. It turns out it is designed for what comes after humans dominate commerce. It is clear you need decentralised identity and verification to control agent systems. Bitcoin is simpl;y the direct play on that world arriving. The AI agent economy does not need Visa. It actually needs Bitcoin”.
June 11, 2026 256 2
