NLST up another 10% today

I am up about 2.7X in a couple of months on this. Can get to 10-15X

I pounded the table on NLST on X, and now it’s up about 2.7X for me in just a couple of months. For those who want to catch up on the thesis here is a thread I wrote.

They hold a lot of memory patents and is crucial for HBM, MRDIMM memory stack. All the big ones SK, MU, Samsung as well as Google will have to pay them substantial amounts. Litigations going on for over 15 years. Will reach a conclusion this year. District court already ruled in favour with $1B. Should be more actually

There might be partnership deal with SK Hynix coming very very soon. SK Hynix 5 year partnership deal is expiring. The space is too valuable for SK Hynix to NOT renew.

But leaving the litigations aside, their product revenue is ramping up massively. Here is a snapshot from Earnings from a few weeks ago.

There are every indication that Q1 2026 might be better as well.

Here is some commentary from the CEO. I find that very very interesting

“Sales volume for Lightning, Netlist’s overclocked and low latency DDR5 line of products, is ramping up nicely in the system integrator market segment. Adding to this, we’ve completed qualifications at a global server OEM, and they, in turn, are currently in testing with many of their end customers.”

— Chuck Hong, Q4 2025 Earnings Call (prepared remarks)

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So their products are coming along well and they are not just relying on litigation and IP fees.

Also,

“A ruling in Netlist’s favor would direct U.S. Customs and Border Protection to stop Samsung memory products that infringe these patents from entering the U.S.”

— Chuck Hong, Q4 2025 Earnings Call (ITC discussion)

Secondly, do you think for a such an important product like memory, Samsung would diddy around and NOT settle? They have already won this case 3 times in district court. ITC is just going to force a fast resolution.

Also, I thought it was interesting to point out that cost of borrowing is at 20%. And now suddenly overnight 8.5M shares become available.

I expect manipulation or some kind of funny business soon. So if it comes to $1-1.2, I might be looking to averaging upwards.

I was the ONLY analyst covering NLST on X, but I can assure that there are plenty of cult retailers on this name over the years.

I am raising some money in my account to profit from the opportunity IF it arrives due to a prolonged war.

I dont think the market’s really realized the risks/chances that Fed might not cut or might actually hike. Market’s been expecting Fed’s control by Trump and this might not materialize in mid terms.

In any case, all you can do is get into misunderstood stocks, at a good entry point and wait for your thesis to play out.

In the next post, I want to share some exciting ways I have been able to build alpha pipelines. Will send the next post soon