Portfolio Update: Initiating a Position in $CBOE We are adding $CBOE to our portfolio as a long-term diversification play within the broader technology and financial infrastructure space. What caught our attention is the growing disconnect between the company's fundamentals and recent price action. Despite a 26% decline, CBOE reported one of the strongest quarters in its history: • Revenue: $729M ( 29% YoY) — record high • Adjusted EPS: $3.70 ( 48% YoY) — record high • EPS beat consensus by nearly 14% • Operating margin above 72% • Free cash flow of $1.94B in Q1 alone • Conservative balance sheet with 0.3x Debt-to-Equity • 2026 organic revenue growth guidance raised from mid-single digits to low double-digits / mid-teens In parallel, management announced a strategic restructuring, including workforce optimization and the divestiture of its Canadian and Australian businesses, allowing the company to focus capital on its highest-growth and highest-margin segments: derivatives and market data. The market's reaction appears largely driven by concerns surrounding increasing competition from crypto-native trading venues. While this risk deserves monitoring, we believe the selloff has been disproportionate relative to the strength of the underlying business. When a company delivers: ✔ Record revenue ✔ Record earnings ✔ Expanding margins ✔ Strong free cash flow generation ✔ Upward guidance revisions ...yet loses more than a quarter of its market value, it deserves closer attention. For long-term investors, $CBOE remains a highly profitable, cash-generative franchise with durable competitive advantages and a clear focus on shareholder value creation. We are buyers at these levels and view the recent weakness as an opportunity rather than a deterioration in the investment thesis.

Tennessee has passed a law requiring both prospective and current data center owners to bear the entire cost of their necessary utility infrastructure, per WKRN

*ALPHABET SEES CAPEX INCREASING 'SIGNIFICANTLY' VS. 2026

When you start feeling like $TTI 's zinc bromide hypergrowth is being fueled by $EOSE 's warranty reserves.

$eose 👀

Siemens, NVIDIA, and Fluence $FLNC developed a reference architecture for NVIDIA DSX Vera Rubin NVL72 AI data centers. The design targets a 136 MW facility with 100 MW of IT load, covering utility connection, medium-voltage distribution, low-voltage power blocks, controls, and rack interface. It is built for Tier III concurrent maintainability and phased scaling from tens of MW to hundreds of MW. Fluence adds battery storage for voltage/frequency ride-through, black start, demand response, and AI load smoothing.