David Sacks pushes back on the AI bubble narrative and says the Corweave crash is just volatility "I would make the argument that this is just volatility, which you're going to get a lot of whenever you're underwriting to multi-trillion dollar outcomes in the future based on very rapid, exponential rates of growth." "The market is going to be super sensitive to any data points we have in the present. And so everything's gonna be exaggerated. And that's why you get these big swings." "That to me is the explanation of volatility. I don't think that something fundamental has changed. Has the demand changed? No. We know that the demand for compute just keeps growing by leaps and bounds. In fact, everyone is saying that they are compute constrained." "I mean, you got the biggest model companies are saying their compute constrained. Startups are saying it. I mean they're asking their VCs, hey, can you help us get compute. I think you've got some VCs even trying to buy compute as basically a strategy for competitive differentiation so they can help their startups." "Old GPUs, like even the H100s or the A100s, which are several generations old, they're still renting at premium prices right now. They were supposed to be fully depreciated, and they're not."

Who said I’m finished...? Another filing just dropped. As Warren Buffett once put it, channeling his mentor Ben Graham: “In the short run, the market is a voting machine but in the long run it is a weighing machine.” $ENHA

It's pretty crazy. Our inaugural @enhanced_games engaged more than one billion (!) people worldwide. For several days, we dominated the global internet conversation. And these figures do not even include Roku streaming data, which Roku does not publicly disclose. Roku alone made the broadcast available to more than 100 million households across North America. As I've said before, Enhanced Games is an extraordinary "attention and emotion" gathering machine. We now have the opportunity to convert this massive brand awareness into both sports-related revenues (sponsoring, future media rights) and consumer/telehealth revenues. What's even more remarkable is that all of this has been achieved with only marginal (media) investment, as a significant portion of the event itself is funded through sponsorships. Reaching this level of global brand awareness would typically cost a new sports league hundreds of millions, if not billions, of dollars. Instead, we've built it organically and efficiently - creating substantial value while preserving capital for our $ENHA investors.

I've spent the last few weeks thinking about Enhanced Group - the parent company behind the Enhanced Games and Live Enhanced telehealth - which went public via SPAC on the NYSE under the ticker $ENHA on May 8th. And I want to walk through, as clearly as I can, why I think this thing might actually work. Not because I have a position. I don't. But because the structural arguments underneath it are more interesting than most people realize, and because most of the commentary I've seen so far has been either cheerleading or pearl-clutching - and neither is useful. So let me lay out the case. You can decide for yourself. First, and most fundamentally, the content format is a cheat code. Every Enhanced Games event is under 60 seconds long. Think about that for a moment. The NFL spends enormous amounts of money and legal energy trying to control how its content gets distributed on social media. The NBA does the same thing. They produce three-hour broadcasts optimized for television, and then they spend the rest of the week trying to chop those broadcasts into clips that work on platforms that weren't designed for three-hour anything. Enhanced doesn't have this problem. Enhanced doesn't need to clip anything. The event is the clip. A world record attempt. One minute or less. Perfect for TikTok, perfect for Instagram, perfect for X, perfect for YouTube Shorts. Every single event is a self-contained, shareable piece of content. This is not a minor design choice. This is a structural advantage in distribution that compounds over time. The more events they run, the more content they produce, and every piece of that content is natively formatted for the platforms where attention actually lives in 2026. You can't retrofit this onto a traditional sport. You'd have to rebuild the sport from scratch. Which is, of course, exactly what they did. Second, media coverage is not optional - it's inevitable. Here's something people underestimate about the Enhanced Games concept: it is inherently newsworthy regardless of whether journalists approve of it. A human being, openly using performance-enhancing protocols under medical supervision, breaks a world record on camera. That is news. Full stop. And if a journalist decides to write a piece arguing against the Enhanced Games - that it's dangerous, that it's unethical, that it sets a bad example - congratulations, that's also distribution. Every outraged op-ed is free advertising. Every debate segment on cable news is free advertising. Every tweet from a retired Olympian expressing concern is free advertising. They've engineered a Streisand Effect into the product itself. More than 200 journalists and TV stations reportedly attended the inaugural event. More than 400 influencers and streamers. This is for a first-time sporting event from a company that spent a fraction of what LIV Golf spent. Speaking of which - an independent Qualtrics survey of 1,000+ people found 61% brand awareness for the Enhanced Games, versus 38% for LIV Golf. LIV Golf reportedly spent north of $5 billion to get to 38%. Enhanced got to 61% almost entirely organically. Before a single event had taken place. That kind of capital efficiency in brand-building is extremely unusual. Third, the athlete incentive structure is better. Traditional sports leagues pay athletes salaries and bonuses. The athlete performs, gets paid, goes home. The relationship is transactional. Enhanced Group has made athletes shareholders. This sounds like a gimmick until you think about what it actually means in practice. Every athlete with equity is now economically incentivized to promote the brand, recruit other athletes, create content, and perform at the highest level - not because someone told them to, but because their net worth depends on it. They're not employees. They're co-owners. I don't know of another major sports property where the athletes themselves have this kind of structural alignment with the company's long-term success. It turns every single competitor into a micro-influencer with real skin in the game. Over and over and over, in business, I've seen that when you align incentives correctly, good things tend to happen without anyone having to force them. And when incentives are misaligned, no amount of management or process can fix it. Enhanced got this one right. Fourth - and this is the part most people miss entirely - the sports franchise is not the business. It's the customer acquisition engine. The real business is telehealth. Live Enhanced is a direct-to-consumer telehealth platform selling FDA-approved supplements, enhancement Rx, and peptides - prescribed by licensed physicians, compounded in U.S. pharmacies. The relevant comparisons are Hims & Hers ($HIMS, ~$6B market cap) and Ro (~$7B private valuation). Both have proven the model works: high gross margins, recurring subscription revenue, outsourced infrastructure, strong consumer branding. But here's the difference. Hims & Hers reportedly spends close to $1,000 to acquire a single customer. That's a lot of money. That CAC has to be amortized over the lifetime of the subscription, and it puts a hard ceiling on how fast you can grow without burning enormous amounts of capital. Enhanced Group's thesis is that the sports franchise is the customer acquisition engine. Millions of people watch the Games. They see elite athletes performing on specific, transparent, medically supervised protocols. They think: I want access to that. They go to Live Enhanced. They subscribe. If this flywheel works - and that's a real "if" - the customer acquisition cost approaches zero. Because the sports business funds itself through media rights, sponsorships, and ticket sales. The telehealth business rides the attention for free. Near-zero CAC against a competitor spending $1,000 per customer is not a marginal advantage. It's a structural cost advantage that, if sustained, is essentially impossible to compete with. Sound like fun? If you're Hims & Hers, probably not. Fifth, the bioengineering megatrend is the real bet - and it's barely started. GLP-1 drugs - Ozempic, Mounjaro, and their various brand names - generated $71 billion in revenue in 2025. To put that in context, the entire AI industry generated roughly $30 billion. And only about 2% of the 800 million people globally who are eligible for those drugs currently have access to them. Two percent. The regulated U.S. peptide market alone is estimated at $80 billion in revenue potential. Today, most of that demand is being served by unregulated grey-market suppliers - the same dynamic that existed in cannabis before legalization, the same dynamic that existed in sports betting before regulation. What happens when a category transitions from grey market to regulated mainstream? The companies that established trust and legitimacy early tend to capture enormous value. The sketchy operators get wiped out. Enhanced Group is betting that human enhancement follows this exact trajectory. And that when consumers decide they want to optimize their performance, their energy, their longevity - not fix a problem, but go beyond their baseline - they'll choose the brand that demonstrated these products transparently, on elite athletes, under medical supervision, on live television. That's not an unreasonable bet. Sixth, the data moat is real and gets stronger over time. Every Enhanced athlete is, in effect, a monitored longitudinal experiment. Enhancement protocols, biomarkers, performance outcomes - all systematically captured. The analogy that gets used a lot is Formula 1, and I think it's actually a good one. An F1 car is purpose-built for the absolute frontier of engineering. It will never be mass-produced. The average driver will never need one. But the innovations pioneered on the F1 grid - paddle shifters, carbon fiber monocoques, advanced telemetry - inevitably find their way into consumer vehicles over time. Enhanced Group's work with elite athletes follows the same principle. The protocols designed for world-class performance feed directly into the consumer platform's product offering and personalization engine. No telehealth competitor has access to this kind of data. It's proprietary, it's accumulating, and it compounds. Will it become defensible IP? Too early to say. But at minimum, it gives Enhanced a credibility and personalization advantage that competitors would need years and enormous capital to replicate. Seventh, the transparency play is structurally differentiated. Every other sports league in the world actively hides enhancement. The Olympics, the NFL, the Tour de France - they test, they ban, they suspend. And athletes enhance anyway, in the shadows, using unregulated products from unvetted sources. Enhanced does the opposite. Public company. SEC filings. Audited financials. FDA-approved products only. Licensed physicians. Regulated pharmacies. In a market where demand for enhancement is growing regardless of what any governing body says - and it clearly is - the first mover to offer legitimate, transparent, medically supervised access has a real shot at owning the trust layer. Being public is itself a moat. It forces a level of accountability that private competitors can choose to avoid. Eighth, the macro tailwind is secular, not cyclical. As AI automates more jobs and reshapes the labor market, two things happen simultaneously: people have more leisure time, and they have a stronger desire for meaning, identity, community, and real-world shared experiences. Live human competition - especially at the extreme frontier of performance - uniquely fulfills that need. You can't automate the emotions people feel watching sports. Tasks can be automated. Tribal identity cannot. Sports has historically been one of the most resilient asset classes through economic cycles. Premium sports IP has only become more valuable over time, not less. And Enhanced is positioned at exactly the intersection where increasing leisure time meets increasing demand for spectacle. Long $ENHA

World record. 21 personal bests. Performing better than ever, healthier than ever, richer than ever - happier than ever. Plus we just offered $10 million to beat Usain Bolt's record. My full letter to shareholders is live. maximilianbmartin.substack.c…