Citron is no longer short $GME. It's not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders. Despite Wedbush setting an $11 target today, we respect the market's irrationality. After all, Dogecoin remains a $20 billion entity. While the increased share count might temper the mob mentality, Citron will be watching from the sidelines for now. BTW....the Kitty livestream was still an insult to the capital markets.

What made Keith Gill aka Kitty interesting initially was his authenticity. He shared a detailed investment thesis and put his money where his mouth was, which combined with a high short interest and a restless country and boom.. investing history. This time it feels different Now, with $GME, he posts with a large account and a significant near-term option position, appearing more like manipulation without a solid thesis. Considering the stock is now 2,000% higher than his initial video almost 4 years ago. We believe someone is backing Gill—there's no way he made this size trade alone. His reported finances don't support t his trade. Investors will see through this roaring Icarus

$PLTR Palantir – All Roads Lead to $40. This Time, Databricks. Congratulations to Databricks, one of America’s truly great growth companies, now valued at $100 billion in the private markets. No other company resembles Palantir more closely in product offering and enterprise ambitions. With over 15,000 clients, Databricks has become the go-to platform for analyzing big data, and their new partnership with Palantir directly ties the two companies’ futures together at the enterprise level. Here’s the problem for Palantir bulls: most would agree Databricks is the stronger business today. Unlike Palantir, it isn’t reliant on government contracts, it’s a true SaaS model, and it’s growing faster. But for argument’s sake, let’s level the playing field. Give Palantir the same $100 billion valuation that Databricks just earned. Where does that put the stock? $40. The exact same math we saw when comparing Palantir to OpenAI. When every member of the “Mt. Rushmore of AI” — OpenAI, Databricks, and others — points to the same answer for Palantir’s fair value, it’s no longer a coincidence. It’s a flashing warning sign. Palantir is a $40 stock, and every real AI leader keeps reminding us of that fact.

How did this one age? Nearly 4 years ago to the date, Citron was the first to tell readers that MicroStrategy was the ultimate way to invest in Bitcoin, setting a $700 target. Fast forward to today: $MSTR has skyrocketed to over $5,000 (adjusted). Kudos to Michael Saylor for his visionary Bitcoin strategy. 🎉 benzinga.com/analyst-ratings… Now, with Bitcoin investing easier than ever (ETFs, $COIN, $HOOD), $MSTR’s volume has completely detached from BTC fundamentals. While Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position. Much respect to @saylor, but even he must know $MSTR is overheated

When Keith Gill testified during the $GME hearings, he stated, "My investment in GameStop and my posts on social media were entirely my own." Can he still say the same now? He also concluded with, "And what’s stunning is that, as far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry." Does he still believe that? It seems Kitty has transitioned from a relatable investor who eagerly shared his investment insights to just another rich stock promoter with a flashy car collection It will be interesting what an investigation turns up... Citron's gut is behind this trading activity is some mysterious crypto backer. We shall see.

For the record, I don't think anything Kitty did was illegal. However, I believe he and his associates overstate their importance in the market and overlook that the market dynamics and structure of $GME have changed since January 2021. Back then, he bought the stock at $2 when it had 100% short interest, and there was still hope to turn the business around. Now, three and a half years later, he's buying the stock at $80 (split adjusted) with low short interest and a failed business model. When Buffett bought Chubb, it went up 3% the next week. Is Kitty better than Buffett? If investors want to buy $GME, they should be allowed. The risks are well known, and these are free capital markets. Assuming Kitty does not have MNPI, he has the right to make a large bet and tell everyone. He cannot predict the reaction.

$CHWY $GME It seems pretty clear now: Keith Gill investing $200 mil in Chewy? Unlikely this is his own money. Even selling all his GameStop without paying taxes, it just doesn't add up. Remember, investing is always at your own risk. If you're looking for aggressive buys Warren Buffett’s 30% stake in Occidental looks far more compelling than following Kitty Man.

Small-cap quantum stocks are in a bubble, but $QUBT stands out as the most ridiculous. The numbers tell the story. R&D spending is THE critical indicator in this space: last quarter, $IONQ allocated $33M and $RGTI $12M, modest figures next to tech giants like Google. Yet $QUBT spent a mere $2M on R&D—a striking mismatch for a company claiming to 'offer integrated high-performance quantum systems.' Let's not forget the issued equity at $2.50 just a month ago. The financials simply don’t align—follow the data.

$BABA Okay, one last victory lap before diving into new ideas—Citron has been ahead of the curve on Alibaba and Qwen for the past six months. But what’s even more critical (and still overlooked) is Qwen’s enterprise applications. China lags the U.S. by decades in business software, and the catch-up will be rapid. This is bullish for China overall and strengthens the long China trade pws.io/alibabas-new-ai-model…

There's too much negativity, hate, and unfounded promotion in stock commentary. Time to focus on something Citron and Ryan Cohen agree on: $BABA. An important piece of news that's being overlooked by the market is that Alibaba’s Hong Kong-listed shares could be ready for mainland buyers via Stock Connect by September 9. Retail investors in China, take note! Additionally, last night's surge in China exports, along with the news that BABA is planning to grow its e-commerce platform by 20%, hasn't been factored into the stock. $BABA Qwen 2 AI continues to grow its enterprise clients and recently outperformed LAMA. This IS the future. analyticsindiamag.com/alibab…

Feeling compelled to address a political matter, I must express my concerns as a corporate fraud expert with over two decades of experience. The prosecution of Trump appears to be driven by political motives, which is detrimental to our nation. This perspective isn't rooted in a belief that he is innocent of the charges but rather in the selective nature of this prosecution. Consider the context: three years ago, our capital markets were inundated with SPACs that were riddled with fraudulent projections, allowing Wall Street elites to amass billions by offloading stocks onto unsuspecting investors, yet no SPAC operator faced criminal charges. Eight years ago, Wells Fargo's creation of millions of unauthorized bank and credit card accounts to meet sales targets went unpunished by criminal law. Similarly, Volkswagen's Dieselgate scandal affected millions without resulting in criminal charges. Imagine if Trump had been involved in such a scandal. Closer to my field, neither Mallinckrodt nor the Sackler family has faced criminal charges for their role in the opioid epidemic, which has claimed millions of lives. From this vantage point, we've witnessed far greater crimes than the Stormy Daniels hush money case. It’s not the crime but the identity of the perpetrator and the motivations driving the prosecution that warrant scrutiny here.

6 years ago this week, Citron was penalized in a Hong Kong court for cautioning investors about Evergrande's looming insolvency. Despite fines, a tainted reputation, and a 5-year trading ban, we stand by our warning and defended our Evergrande analysis in many courts of law. We may not get apologies or refunds, but sometimes the truth is reward enough.

$SAVA illustrates the difficulty in shorting stocks. Has been a clear fraud for years but almost became an impossible short because of the "new market forces". Nice to see some good homework by @MartinShkreli added with a dose of reality to achieve real price discovery.

👏 Congrats to OpenAI — a truly great American company. On Friday it confirmed a $500B valuation, the premium multiple for being the best in AI. It also validates what we said last week on Fox Business: even if $PLTR got that same multiple, the math only works out to ~$40 a share — and that’s still expensive. Full Citron story here citronresearch.com/wp-conten…

Citron pounding the table that $NBIS is poised to be the next AI Wall Street darling. A sleeper with no analyst coverage yet, the market hasn’t caught on to its massive potential—or its undervaluation vs. CoreWeave. If it trades at a 50% discount to Coreweave multiple that puts $NBIS at $60 (napkin math) CEO Arkady Volozh is the real deal. $NVDA’s investment was not out of the blue, they have known the company for a decade and were waiting for complete divesture. So much optionality in so many different ways. Fortress balance sheet.

$PLTR CEO Alex Karp sold ~$2B of stock in 2024 at $48 — 2× Jensen Huang, second only to Zuckerberg. Keep that in mind before you try to pick a bottom. Karp’s a visionary who built a real business — but even he can’t justify 138× sales. Shorting isn’t un-American — price discovery and liquidity are what make U.S. markets the greatest in the world!! Nothing but love for AK- he deserves his billions

$LDI Simple premise, real profits. $LDI is armed for the housing war — with servicing book support to $5.50 and an unpriced refi boom that could send this name marching higher. Full premise citronresearch.com

$UNH — On Fox Business Wednesday, Citron’s Andrew Left outlined the market rotation now underway. The first half of the year belonged to hyperscalers and AI darlings, but leadership is shifting. We’ve already capitalized on this trend — $RKT, up 80% since our initial recommendation — by identifying companies outside the AI hype cycle that will see disproportionate profit gains from AI adoption. Healthcare is the #1 industry poised to be transformed by AI — from diagnostics to claims processing — unlocking massive efficiency gains. $UNH, already a core holding, stands to be a prime beneficiary, improving margins and accelerating earnings growth. The real alpha isn’t in overpaying for speculative AI names, but in owning great American companies that will quietly harness AI to innovate and grow profitably at fair valuations. $UNH is at the top of that list.foxbusiness.com/video/637688…

Citron will continue to update the market on $LDI and its march higher....but in the meantime let's go back to the roots. Unlike $LDI, which is undervalued and offers many ways to win, $OPEN is nothing more than a stock promo and a science project in how to burn money. $OPEN offers many ways to lose: – No way to capitalize on AI to scale margins or defend share. – Housing is low margin — a 1–2% swing wipes out profits. – Capital heavy — billions tied up in inventory with no guarantee of resale. – Competition — Zillow already tried & failed at this model. – And with its cash burn, expect massive dilution soon. The business model is not broken....it has never worked.

More research- Same Conclusion Infleqtion ($CCCX) is actually selling quantum hardware, sensors, and atomic clocks. Rigetti ($RGTI) is still an ill funded science project If they shared the same market cap, $CCCX would be over $60. Most investors don’t realize Infleqtion already has real defense and aerospace contracts — with DARPA and the Air Force Research Lab — and is shipping deployable quantum systems today. Rigetti isn’t close to that. And just remember — Rigetti raised money less than a year ago at under $2 a share. You can be a raging bull on quantum, but a little common sense never hurts. For the ride-or-die Rigetti crowd,nyou might want to rethink your allocation. You should probably own 3 shares of $CCCX for every 1 of $RGTI... unless you hate money, of course.

$TDOC — the largest telehealth company on earth — is a coiled spring at a $1.2B market cap. And CEO just flipped the script Teladoc owns BetterHelp, the #1 brand in online therapy. But until now, BetterHelp was cash-pay only — and that crushed conversions. Every year, millions of users start the quiz, give their email, and drop off the moment they see the bill. Despite that, it still became a billion-dollar business. But now everything has changed. Teladoc quietly acquired UpLift — giving it the infrastructure to bill insurance and embed BetterHelp into employer plans, Medicaid, and commercial networks. This isn’t incremental — it’s transformational. At Goldman Sachs last week, Teladoc’s CFO and CEO said it clearly: a 1% uptick in conversion from that abandoned cohort = $40 million in annual revenue. That’s not guidance. That’s math. Teladoc is removing friction, unlocking reimbursement, and finally integrating mental health into the broader healthcare system. Citron will continue to inform investors about this asymmetric opportunity."

Buy me more $BABA as it has now become the most compelling name as underscored by today’s news with LVMH. While the market is going gaga over $PDD growth, just selling cheap shit to the masses (honestly just shit), the attention will soon go to $BABA which is becoming the combination $AMZN and $MSFT in China. Today’s release with LVMH shows the power of their AI/Cloud engine combined with Ecommerce and ad platform. While $PDD talks AI. $BABA walks the walk “Taking that cooperation to the next level, the conglomerate has started to integrate Alibaba Cloud’s generative AI capabilities, including Qwen, the latest version of its proprietary large language model (LLM) Tongyi Qianwen.” The key part about this release is the reinforcement that all cloud and AI services in China will remain native to China and Alibaba is dominant. “Ali provides every tool to make sure that we will be able, including in China, to anonymize our data when needed, and make sure that if we want to share our data, it will be only our responsibility,” he said. “We have our own Ali infrastructure in China. It was absolutely mandatory.” reuters.com/markets/deals/lv…

$LDI — Trump will win the “war on housing.” LoanDepot is the top lender set to benefit — and the market is asleep. At $2, the stock is being priced like a busted originator. Wrong. Its mortgage servicing division alone — recently called the hidden gem — is worth $5/share if valued like $COOP. That’s more than double today’s price, and it’s just one division of the company. The market is giving zero credit to origination, tech, or fee businesses. Those come for free. Citron called $RKT at $11 in May, it’s $20 today. That move wasn’t about fundamentals, it was the market finally recognizing the value of $COOP’s servicing and a housing cycle about to turn. $LDI is next. More to come. Citron will stay on top of the story — many ways to win.

Citron Research has been an active participant on Twitter for over 12 years and continues to do so. We spend too much time dealing with class-action attorneys and trolls about previous tweets that we deleted them. No reason to pat ourselves on the back for many years of great calls or apologize for those not so great. We look to the future.

$RKT a meme stock- NO WAY Rocket is building the $AMZN of mortgages, a $13 Trillion sector, 70% of all consumer debt. Retail didn’t chase hype—they saw the obvious: Rocket + Mr. Cooper = a housing juggernaut. Dan Loeb said it best: “A transformative, synergy-rich merger between two technology leaders in a parochial, cost-inflationary industry.” On the earnings call, CEO Varun Krishna said they can 10x the business using AI—without adding headcount or costs.That’s what a true compounder looks like. Rates fall? It rockets. Rates stay high? It services 1 in 6 U.S. mortgages. This isn’t a meme. This is what a better mousetrap looks like

$GME. After 30 years in the markets and countless interviews, it's surreal to be questioned by the media to interpret memes from Roaring Kitty. This enigma is drawing more focus than even Buffett’s new confidential stock. In 2024, it appears we’re all just cogs in a wildly unpredictable system.”

Citron filed a petition for rulemaking with the SEC to protect freedom of speech for millions engaged in stock market conversations—activist shorts, technical longs, meme traders, all voices matter. We oppose pump & dumps and short and distorts but ask: What protects honest opinions? If someone says, 'I think Bitcoin is going higher,' how long must they wait before selling? dynamisllp.com/knowledge/and…

The MOST compelling trade in quantum. Buy $CCCX against any position in $RGTI Not going to try and value Quantum right now. Are they all overvalued? The market will determine that. But what Citron can definitively say is that Infleqtion is far ahead of Rigetti in the Quantum race and we expect the two stocks to trade in parody in a rapid manner and then $CCCX will trade at a premium This chart is all you need to know.

$RKT to $35 — our final word on this name (for now). Citron has always had respect for Dan Loeb of Third Point — an event-driven investor who brings a calm, calculated approach to asymmetric bets. So when he personally posts his Rocket thesis on Seeking Alpha, we listen. We’ll admit it: we didn’t fully appreciate the operational gap Rocket has created. As Loeb wrote: “While the average originator takes 45 days to close a refi loan, Rocket only takes 20 days – and that key metric continues to fall. In fact, over 50% of loans now close in less than 15 days.” That’s not just a tech edge — that’s a category killer. Loeb did the work. The stock will do the rest. seekingalpha.com/article/480…

This will be our call of the year! Citron is officially pounding the table on $RKT. This isn’t just a misunderstood stock. This is the sleeping juggernaut of real estate—leveraging AI, vertical integration, and data to build the Amazon of Housing. Wall Street is asleep at this company which can just compound over the coming years Rocket doesn’t need lower interest rates to win. Everyone thinks $RKT is just a beta play on mortgage refis. That’s dead wrong. Rocket is building the dominant real estate platform—where higher rates weed out competition and drive more share to scale players. The U.S. mortgage market is still stuck in the 20th century. Less than 15% of mortgages originated online yet 85% of all home searches start online.

As the reposted story shows, $CCCX is leading the quantum race real revenue, real tech. But the market hasn’t caught up. Even if quantum settles in, parity with $RGTI still puts $CCCX north of $60.

$TDOC – The Under-the-Radar AI Play Teladoc just acquired Catapult Health, doubling down on preventive care + virtual health. The market still treats it like a pandemic relic, but it’s quietly turning into a cash-generating machine. While AI hype stocks trade at wild multiples, Teladoc is using technology the right way—cutting costs, improving care, and expanding margins—while actually making money. The knock on Teladoc? Telemedicine growth has slowed. But that misses the bigger picture: profitability. Teladoc is becoming a lean, high-margin business that companies like Amazon or CVS would love to own. Why the Market Is Sleeping on Teladoc $400M in R&D for 2024 – investing in smarter virtual care Chronic Care Complete predicts health issues → fewer ER visits, lower costs Smart reminders help patients stick to meds → better health, fewer complications Automated patient check-ins → fewer doctors needed, higher margins Meanwhile, new U.S. laws are strengthening telehealth and drug access, cementing virtual care as a long-term necessity. The Financials Speak for Themselves $79M free cash flow in Q3, $113M YTD 22% year-over-year EBITDA growth – operational efficiency is kicking in 90M+ members – scale no startup can touch Wall Street is missing the shift. Teladoc isn’t about hypergrowth anymore—it’s about high-margin, efficient telehealth at scale. Once the market catches up, this stock should rerate higher. More to come.

Rarely does Citron take a victory lap, but congratulations to everyone who believed in $GEO. Citron first highlighted GEO in Sept. 2023 at $7.50 and provided frequent updates throughout the year. As Mr. Market catches up, the stock’s success is clear—now it’s time for GEO to deliver on its solutions . Stay tuned—Citron is actively searching for the next one

When exactly did Jim Cramer pivot from market commentator to full-blown stock promoter? I’ve always had respect for Jim — he’s got one of the toughest jobs in finance — but posts like this are flat-out negligent when it comes to his audience’s wallets. Palantir at these levels isn’t an “easy money” story; it’s a high-multiple, hype-driven narrative. If it falls back to $150, will we suddenly see him “ringing the register” and telling everyone it was obvious all along?

Alibaba ($BABA) gaining momentum should cruise past $100. They poised to emulate the success of Amazon ($AMZN) and Microsoft ($MSFT) in China. Investors recognizing their AI cloud prospects and strategic investments, with Qwen spearheading China's LLM. Insightful analysis by Open Compass. Cloud for equity will become huge.

Pretty cool $nbis. Always looking for next

Just a pat on the back, love the headline from when $NBIS was $20 . "Meet the Next AI Darling That Citron Research's Andrew Left Says Can Double. Nvidia Is an Investor and Not a Single Wall Street Analyst Covers the Stock" fool.com/investing/2024/12/0…

Citron Research has followed $NVDA for years, recognizing its AI potential before it became consensus. Congratulations to Jensen Huang and the entire Nvidia team on making history as the world’s first $4 trillion company — an incredible milestone for tech and innovation. Flashback to November 20, 2018: Nvidia was reeling—stock down nearly 25% post-Q3 earnings, the market doubting its future. While AI was still a whisper, Citron tweeted: “Citron buys $NVDA. First time in 2 years the stock offers compelling risk-reward. $NVDA still a key player in AI and Data… " What an understatement. We called it a buy when few saw the path forward. Today, Nvidia isn’t just a player—it is the platform for AI. A proud moment for American innovation—and a testament to the visionaries building the future.

$NBIS Citron was on $NBIS before a single analyst bothered to look. Six months later, the Street finally caught up. Congrats to those who didn’t need a buy rating to believe. fool.com/investing/2024/12/0…

Congrats to $NVDA on $5 trillion. I was proud to be one of the first on Wall Street to recognize the company's real future. Seven years ago this mos, the stock collapsed 18% after reporting Q3 earnings. Jensen attributed the miss to a "crypto hangover" — bloated inventory from the crypto mining bust. The Street was running for the exits. But while others fixated on the inventory problem, Citron saw the bigger picture. We published: "This is the first time in 2 years the stock offers an appealing risk-reward to investors. $NVDA remains a dominant player in AI and datacenter...will work through the inventory issue. We see $165 before we see $120." The stock was trading around $143 at the time. Today, adjusted for subsequent splits, that same share would be worth over $8,000 — a 56x return. As for how that call aged... well, I suppose it depends on who you ask.

In all my years on X, I’ve never responded to a comment until now. This isn’t about me, it’s about the kind of society we live in, where trolling jumps from a screen to a gun. As someone who gets trolled often, it reminded me how fragile this all is. I’m a father, a husband, and a son, just like Charlie. My opinions shouldn’t threaten my life. What we need now is love and understanding

$BACQ is the most compelling risk/reward stock in the market today. Stock could triple from here and not even blink. While DC debates million-dollar handouts to quantum computing companies that won't deliver for a decade, the real national security play is trading at an $800M pre-money valuation (~$925M post-money) with actual Pentagon contracts already signed. Stock could go $3 bil ($30) and think nothing of it. If the government is serious about strategic technology investments, this is what they should be backing - and at a fair price. Wall Street has completely lost the plot. Quantum stocks are running on hopes of multi-million-dollar government investments for the "advancement of US Tech" - $IONQ is worth $23B on $38M in revenue (340x sales) for quantum computers that nobody can actually use. $RGTI? Try $12B for $6.7M quarterly revenue. These are 1,796x sales multiples for technology that's a decade away from doing anything useful. Merlin Labs $BACQ has over $105M in actual Pentagon contracts. Flying on five different military aircraft RIGHT NOW. C-130J autonomy deal with USSOCOM. KC-135 programs with the Air Force. Partnerships with GE Aerospace and Northrop Grumman. thedefensepost.com/2025/10/2… Autonomous military aviation isn't optional - it's as essential as rare earth supply chains and domestic chip manufacturing. And you can buy it at 1/25th the valuation of companies selling science experiments. SPAC floor at $10 gives you a built-in hedge while quantum stocks are priced for perfection. Show us another setup with this kind of asymmetry!!

$RKT – Game on. ValueAct just filed a 10% stake. Mason Morfit isn’t just any investor—he’s the mind who reshaped Microsoft from the boardroom. Citron has been active on Wall Street for 25+ years, and Morfit remains one of the most strategic, long-term thinkers we’ve ever met. When someone like that sees $RKT as a compounder, it’s not about quarterly noise—it’s the start of a multi-year story. The CEO called Rocket a “sleeping giant” in its “early innings” yesterday. May the force be with you... that ones for Mason

$asts walking down memory lane. Like $nbis always fun to be the first. Sometimes you have to toot your own horn.

THE CITRON QUANTUM PAIR TRADE: Long CCCX / Short RGTI SPEEDS UP!!! S-4 filed October 29th - the clock just started. In 60-90 days, CCCX becomes INFQ and SPAC restrictions vanish. Quantum ETFs, defense funds, pension funds currently BLOCKED can suddenly buy, expanding the buyer base 3-4x overnight. $540M cash hits the balance sheet. This converges with Rigetti Q3 earnings November 10th (expect more decline) and their looming dilutive capital raise.Both catalysts hit the same window - institutional wave UP for CCCX, disaster DOWN for RGTI. The math at $5B each: CCCX doubles (+100%), RGTI cuts in half (-57%), pair returns 157%. This assumes equal valuations despite Infleqtion having 3.6x more revenue, 80% growth vs 37% decline, and Royal Navy submarine deployment vs zero defense presence. At $5B, Rigetti still trades at 633x declining revenue. SO MUCH MORE

Correcting the record: We’ve updated the math on the charts we’ve shared over the past week. The thesis remains every bit as strong — only the calculations have been refined. Infleqtion ($CCCX) remains a far superior quantum company to Rigetti ($RGTI) — with real commercial revenue, diversified quantum systems, and a genuine partnership with NVIDIA ($NVDA). If we’re being generous and assign Infleqtion the same market cap as Rigetti, here’s where the stock should trade. ...thanks to AE for the correction

The recent $COIN site malfunction makes the long Bitcoin/Short Coinbase trade one of the most compelling trades in the crypto market. This means going LONG bitcoin through an ETF and short the bloated Coinbase exchange.

Disappointed by how mainstream media portrays short sellers. This weekends WSJ's "short seller attack" headline on the Icahn piece misses the mark. Why not call it an expose instead of an attack? Kudos to Hindenburg for their deep dive. When 60 Minutes investigates, is it an attack? Icahn was exposed not attacked. Not to mention anyone who wasted their time watching Apple TV hijacked to see in the end it was all a short selling scheme......Cmon. Nothing short of stupid

$BIDU should trade to $210. It remains the most underappreciated name in AI. Despite being the clear leader in AI in China, their stock is trading at a historically low multiple. The China slump WILL end. Citron recommends investors look at the work of Fawne Jiang at Benchmark who is cloest to the story with a $210 price Target. She has best grasp on the scope of BIDU download.jovuslibrary.com/At…

Fourteen months back, Citron Research flagged GEO ($GEO) as a stock positioned to gain from the shifting border crisis and potential political changes. Over that time, we've kept the updates coming, and the stock has jumped 300%, even though earnings haven’t really budged. This climb, driven by multiple expansion, highlights an important takeaway: in today’s market, perception can be just as influential as the fundamentals. It’s a reminder that psychology is a powerful force in stock performance.

Here is full Citron thesis on $tdoc and why this is either going much higher naturally or will be bought this year by private equity. early but not wrong citronresearch.com/

$RKT Elizabeth Warren and Bernie Sanders have NEVER made Citron want to buy a stock….until now. warren.senate.gov/imo/media/… In her June 3rd letter, Senator Elizabeth Warren tried to sound the alarm on Rocket’s merger with Redfin and Mr. Cooper—what she really did was ring the bell for investors to load up on Rocket stock. Warren warns the combined company will “dominate the entire homebuying process.” Yes, exactly—and that’s the point. For decades, American homebuyers have been gouged by 5–6% real estate commissions and outdated mortgage processes that are slow, paper-heavy, and padded with junk fees. This merger threatens that broken model—not consumers. The combined Rocket/Redfin/Cooper entity would control one in six U.S. mortgages and bring AI-powered efficiency across search, agents, financing, and closing. Redfin’s platform already delivers 1–1.5% listing fees with buyer rebates. That’s not monopolistic—it’s Amazon-level disruption. Senator Warren’s outdated view of "big" misses the mark. Sometimes big is what it takes to finally bring prices down and pass tech-driven savings on to consumers. Ironically, her letter is the clearest evidence yet of why Rocket is about to rocket. This is a paradigm shift.

$CCCX...posted today 😊

$CCCX Does not seem to be announced but Infleqtion JUST (9/24) $17 mil gov contract just awarded (former name is Coldquanta) This is larger than $RGTI revenues since inception. That price sensitivity chart will get closer every day

Citron has remained disciplined in calling out shorts—reserving our voice for only the most asymmetric setups. Over the past three years, our largest short calls have been dead on. This isn’t about fraud or a failing company. It’s about a beloved consumer brand whose stock price is built on shaky assumptions and narrative sleight of hand. As technology renders the core product replaceable—for free—analyst fantasies won’t be enough to hold up a nosebleed. The business may survive. The stock price won’t

$RKT – $35 Trillion Opportunity!! – Not our words Nice to see Motley Fool finally catching up to what Citron and ValueAct already saw. Why this stock will see highs at first fed flinch “Rocket already boasts a 97% client retention rate, and it is clearly good at what it does. An all-in-one real estate technology ecosystem that creates the most seamless experiences in the industry when it comes to selling, financing, buying, moving, servicing, and more could be huge.” That is the Amazon of housing Last week, ValueAct—legendary buyer of compounders—added ANOTHER 3 million shares. They now hold 22 million shares. Almost 10% of the company Follow the winners. fool.com/investing/2025/07/1…

We were short $DUOL before last earnings and got it wrong. But the thesis hasn’t weakened—it’s only gotten stronger. Yesterday, Google changed the entire language learning market at I/O 2025. Google translate can now replicate your sound tone and expression of our voice. Saying Google’s new AI translation tool won’t impact Duolingo is like saying calculators didn’t reduce the need to learn arithmetic. Sure, nothing replaces learning a language — but let’s not pretend this doesn’t change the business. theverge.com/news/670322/goo…

$RKT CEO Varun Krishna just presented at JPM and amongst many other points talks about how their $500 million investment in AI already paying off with 21% more clients, 50% client/team efficiency, 14% faster turns. CEO calls the company a "SLEEPING GIANT” and the company has an “opportunity of a lifetime” to fix the broken home buying process. Will get the transcript soon

$GRRR 🚨 @SEC_Enforcement should halt trading in Gorilla Technologies. Citron doesn't invoke Rule 10b-5 lightly—Prohibits false or misleading statements or omissions of material facts that mislead investors. Their recent press releases tout a massive deal worth hundreds of billions with Renato da Cruz Costa, a figure entangled in at least 18 lawsuits in Brazil for embezzlement and financial default, according to Brazilian media (O Globo). en.clickpetroleoegas.com.br/… $GRRR CEO's exaggerated claims have reached absurdity, even suggesting their upcoming token valuation begins with a "T" (trillions) How can analysts endorse a company that proclaims global leadership in AI-driven solutions—especially in smart cities, IoT, and video analytics—when their actual R&D spend is negligible? It's past time for the SEC to step in and protect investors from continued misinformation. *if in fact, that is a different Renato Costa we apologize but the company is still full of nonsense

Grateful for the opportunity to engage in an open and honest conversation with Andrew Ross Sorkin. A step forward in sharing the truth within the framework of our system. Transparency benefits everyone. cnbc.com/video/2025/01/10/sh…

Why Infleqtion ($CCCX) Is Outpacing Rigetti ($RGTI) — And Why the Market Hasn’t Priced It In. The Chart on the bottom is all you need to know 1. Real Revenue vs. Research Grants Infleqtion delivers ~$29M in real hardware and sensor sales. Rigetti’s ~$11M comes mostly from government R&D contracts. One executes — the other experiments. 2. Diversified Quantum Monetization Infleqtion sells sensors, atomic clocks, and RF systems that fund its QPU roadmap. Rigetti survives on dilution and burn. Infleqtion builds a business; Rigetti burns one. 3. The Real NVDA Partnership Infleqtion is featured by NVIDIA in CUDA-Q blogs, GTC events, and developer demos. Rigetti just name-drops. Integration vs. association — credibility matters. 4. Neutral Atoms > Superconductors Infleqtion’s neutral-atom tech scales faster: room temp, full qubit connectivity, credible path to 1,000 logical qubits by 2030. Rigetti’s superconducting approach hits physics limits. 5. Real Markets, Real ROI Infleqtion sells to defense, aerospace, and telecom with deployable systems. Rigetti’s still pitching demos. Bottom Line: Infleqtion has customers, revenue, and NVIDIA validation. Rigetti has dilution and press releases. The market hasn’t priced the gap between execution and aspiration — yet.

$rgti on the other hand Rigetti admitted on their own call that they didn’t even make it into DARPA Phase B. BIG EFFIN problem That’s not a quick fix — that’s a structural problem. DARPA basically told them their error-correction and long-range coupling aren’t good enough, and those are the exact areas you MUST nail to ever compete in fault-tolerant quantum. Rigetti’s talking about “3–5 years” to quantum advantage while DARPA is aiming at 2033. Huge gap. This isn’t a near-term tweak — it’s a sign that Rigetti’s hardware is years behind the leaders. Watch out

After hearing SandboxAQ’s Jack Hidary on @SquawkStreet just now, Citron even more bullish $CCCX LONG vs $RGTI short. Hidary nails it: $NVDA isn’t replacing QPUs — it’s fusing them. Infleqtion saw this early. Their neutral-atom systems plug straight into NVQLink, creating real-time hybrid Quantum + AI workflows while others are still debugging qubits. $RGTI builds hardware to compete with the giants — total bust!! Infleqtion $CCCX builds on-ramps into the NVIDIA ecosystem. This trade has so much more to go

1/7 Continue to buy $CCCX and stay short $RGTI Citron expects both stock prices to cross each other VERY SOON Citron Research: We Don't Understand Quantum Computing - But Google, NVIDIA, and DARPA Do Let's be clear from the start: Citron Research doesn't claim to be quantum physics experts. We can't tell you the technical difference between superconducting qubits and neutral atoms. We don't pretend to understand the intricacies of error correction algorithms or quantum entanglement And right now, the quantum computing sector is giving us one of the most compelling pair trades we've seen in years. We're long CCCX (Infleqtion) and short RGTI - not because we're quantum scientists, but because Google, NVIDIA, and DARPA have already done the homework for us. Pounding Table Long $CCCX/Infleqtion and Short $RGTI.

$RKT — Loved this quote from Brad Safalow in Barron’s on Rocket’s recent tech moves and acquisitions. Even Elizabeth Warren would agree with this one: “Rocket has the potential to be the single most disruptive company in the history of residential real estate.” The U.S. housing market is a $45 trillion asset class—larger than the entire U.S. stock market. As mortgage rates ease—and with the White House turning up the pressure to get them even lower—Rocket is in the perfect spot. AI × Housing × Massive pent-up demand × Pro-rate-cut administration = Explosive upside. Disruption is coming—and $RKT is driving it.

What the heck is going on with @jimcramer that being on the wrong side of a stock equates to your "funeral"? How many "funerals" would we have we had for Cramer? This new go-to term makes him sound amateurish and angry. Not a good look.

$GEO has updated the NAV of their assets to over $45 a share. In a move that has gone mostly unnoticed by Wall St in their latest investor presentation. As stated by management, “ Based on increased construction and development costs, we believe that our company-owned facilities have a combined replacement value in excess of $6 billion.” investors.geogroup.com/news-… 📷

$RKT Rocket Mortgage is on track to become the most dominant mortgage company in the world within three years. The U.S. residential housing market is the largest commerce vertical on the planet—bigger than autos, bigger than health care—and it’s still largely analog, fragmented, and inefficient. Rocket is fixing that. The acquisition of Mr. Cooper is a “game over” moment. It adds scale, servicing reach, low-cost leads, and structural margin expansion. This will become a must-own for every serious large fund manager over the next year. This chart has gone underappreciated

God Bless America whitehouse.gov/presidential-…

$cccx Google’s new post from today on “useful quantum” is actually a big positive for Infleqtion. They’re basically saying the first wins in quantum will come from hybrid systems that slot into existing AI compute—not some moonshot hardware bet. That’s exactly what CCCX has been building. While everyone else is chasing qubit headlines, Infleqtion is making the pieces NVIDIA, Google, and the big players can actually use right now. This is the cleanest way to be long the real quantum blog.google/technology/resea…

A timely article published recently echoed the Citron sentiment, predicting that TDOC could “Easily double or triple from current levels.” Citron has been receiving a surge of positive feedback on $TDOC—especially in the wake of the $HIMS unraveling. Investors are starting to recognize the value of a telehealth platform led by seasoned executives, with a focus on whole-body care and an enterprise client base. It might not be as “sexy” as direct-to-consumer GLP-1 plays, but it will win the race. Here are some excerpts from the story Leadership is a major part of the turnaround story biotechhealthx.com/biotech-n… “Chuck Divita as the new chief executive. Divita, a seasoned executive with extensive experience as a healthcare CFO, brings a vastly different leadership style focused on cost discipline, margin expansion, and operational efficiency. Unlike his predecessor who prioritized top-line growth and headline-making acquisitions, Divita is expected to emphasize execution, internal ROI, and cash flow optimization—exactly what long-frustrated investors have been demanding.” And it’s not just Citron noticing. As the piece highlights: “Respected investors such as Stefan Waldhauser of High Growth Investing have recently added Teladoc to their top watchlists. Waldhauser emphasizes that Teladoc is not just a failed growth story—it’s a platform company with a massive digital infrastructure and high-margin business model trading at fire-sale levels.” Valuation tells the rest of the story: “At under 1x sales and just 6x free cash flow, Teladoc is deeply undervalued by every metric that matters. While sentiment remains clouded by its history, the ingredients for a dramatic recovery are already in place.”

LOVE the creativity....long time wrestling fan.

How about this for a call? In Feb 2021, at the height of SPAC mania, Citron said ASTS could hit $50. It crashed to the low single digits… and now it’s almost there — still pre-revenue. Here’s the kicker: If you adjust for today’s ~$10B market cap using the shares outstanding at the time, the stock would be trading at $350. All without a dollar in sales. A little pat on the back… but no chance touch it now — not even with a satellite tether. God bless speculation. thefly.com/landingPageNews.p…

Funny Muddy Waters comment. I Spent all of 2020 watching GSX going higher asking "who is buying this shit??" Who does a short seller complain to when he was defrauded? Justice served.

Yet Duolingo trades at 171x forward earnings SOO STUUPID forward earnings—as if it has a moat, pricing power, and no threats. But its product is now easily copied, squeezed by open-source tools below and Google’s AI dominance above. The growth story is broken, the brand is fading, and the value prop has been redefined by a platform with global reach. $DUOL doesn’t need a small correction—it needs a full re-rating. The calculator came for long division. Gemini just came for the owl.

$CDLX $OPEN For any Citron follower who listens to the Acquired podcast, you’re already familiar with 7 Powers by Hamilton Helmer — the smartest framework for judging a company’s strategic strength. If you don’t listen, start now. Citron decided to put Cardlytics ($CDLX) through the 7 Powers lens and, for fun, run it side-by-side with retail darling Opendoor ($OPEN). The results are revealing: Rarely does a company have a score like $CDLX...nothing but real scalable opportunity.

$BACQ — Now it all makes sense. The government’s NOT taking stakes in quantum science projects that might pay off in 2040 — they should be backing Merlin, the future of autonomous defense tech flying today. Investors throw billions at fantasy revenues at quantum meanwhile Merlin trades at a fraction of Anduril with real contracts, real planes, and real defense dollars. With or without a gov investment, the stock can go much higher as investors notice the story.

$DUOL. . Just Ask ChatGPT: Want to learn English or Spanish? Just ask ChatGPT: “Can you replicate a Duolingo class?” What you’ll get is faster, personalized, and free. No ads, no hearts, no mascot guilt trips. ChatGPT remembers your mistakes, adapts to your style, and improves constantly — for $0. The core value prop that justified DUOL’s valuation? Already obsolete. .

Citron’s Andrew Left joins @ClamanCountdown today at 3 pm ET on Fox Business. In his last appearance on April 22, his calls delivered exceptional results: • First Solar $135.35 → $184.73 (+36.5%) • Amazon $173.18 → $221.47 (+27.9%) • Short UVXY $35.22 → $13.66 (–61.2%) • Long YINN $31.21 → $44.12 (+41.4%) Tune in for his latest market insights and investment strategies.

$BACQ — Citron hopes that the idea of a “new stock pick” doesn’t drown out the real story here. What Merlin Labs announced THIS WEEK with the U.S. Air Force is not another overhyped headline. It’s a legit step forward inside a funded military modernization program that’s reshaping how autonomy will actually get deployed — not dreamed about. businesswire.com/news/home/2… The Air Force spelled it out clearly: “To maintain our strategic advantage, the Air Force must leverage the ingenuity of industry partners like Merlin,” said Major Dustin Graves, AFWERX. “This CRADA will help us build on a common, government-owned architecture for autonomous systems, ensuring interoperability, accelerating innovation, and ultimately delivering resilient and adaptable capabilities to our warfighters.” Citron’s been around long enough to know the difference between a story stock and a story that actually matters. This is the latter.

$BIDU Citron maintains $200 tgt. South China Morning Post reporting as the if the deal is DONE with $AAPL. scmp.com/tech/big-tech/artic… Last month Citron called $BIDU the most underappreciated name in AI. Since then risk/reward has become more asymmetrical In past 2 weeks XI has visited the company and now talks about $AAPL about being the default AI in Chinese i phone. While we understand the distaste for Chinese stocks, when there is any sense of normalization, we expect $BIDU to catapult. Cloud, Search, AI, Autonomous driving trading at decades low valuation. Wil update with full model soon. Ernie continues to dominate.

While we have had our share of dogs, it is good to update a success story and put it in perspective 5 months after mention In July of this year while $RGTI was trading near $1, Citron suggested the stock saying it will be an ultimate beneficiary of a quantum computing hype. 5 months later with close to a 300% gain, the stock seems to lofty and speculative with a market cap nearing $800 mil. Comparing to $NBIS, you can see the striking difference between the two, and investment vs a trade. $RGTI is still a science project with no meaningful product or revenue in the near future while $NBIS will do close to a $bil in AI revenues next year alone. $RGTI namesake CEO is no longer at company while $NBIS CEO is a widely respected and considered a tech visionary $RGTI raised money at a 35% discount to market with unnamed institutional investors while $NBIS raised money above the market with investments from $NVDA and Accel. While $RGTI announced a passive partnership with $NVDA with no further comments, $NVDA seems to molding $NBIS into a European version of Coreweave. Could go on and one but the gist is, one was a great trade and the other is an investment. So congrats to those who bought $RGTI at $1 but it is the opinion of Citron that it is time to exit and always keep mind on what is an investment or a trade. Please refer to disclaimers on Citron website.

OMG. Jumia $JMIA just put up one of the most impressive quarters EVER. Revenue up 28% while operating loss down over 100% (constant currency). EBIDTA loss down 99%. The Jumia brand has become so strong that they grew revenues while eliminating unprofitable categories and slashing sales and marketing expenses. Jumia has become the only company at scale that can move: goods, services, money, and people across Pan-Africa. We can write volumes on the turnaround and we will. The African media has already picked up on the transformation. businessday.ng/opinion/artic…

$GOGO +100% since our March 11 post — no meme, no hype, just forgotten value. Not short here, no opinion at this level. As for the obvious shorts out there? Silence says enough. We’re busy hunting the next double — as always, asymmetry wins.

Just bought more $RKT Rocket is about to Rocket- and we have already seen a “turning point”. #amazonofhousing According to a Bloomberg Intelligence report released this morning, it affirms all Citron points and gives DATA. After recently acquiring the servicing rights to Amerihome, $RKT has seen a dramatic acceleration in refinance activity. “That marked a turning point, with the transferred loans subsequently refinancing significantly faster than average and even faster than Rocket’s own loans in many cases, as Rocket took advantage of the newly attained servicing rights to generate more refinancing business.” Excited to hear what CEO with say at JPM Conference...will keep followers updated

$GEO $20-$30. What stands out most from the Senate bill is the almost $1.3 BIL increase in funding to ATD, of which over 90% goes to $GEO. At over 55% gross margin for ATD game changer. More importantly, it shows validation for the program established and maintained by $GEO. Also, it cannot be overlooked the increase in ICE Detention Capacity to 50k from 34m which would put $GEO at capacity. While not as sexy a topic as AI or Taylor Swift, it is about time we see some real money and action towards border control and $GEO is to the migrants tracking what $NVDA is to AI.

$GEO Market appreciates the presentation put out yesterday that shows the NAV of the company of over $29 a share. Once $GEO refinances...boom, even without extended ISAP funding investors.geogroup.com/stati…

$BIDU In a post Evergrande world, Citron is frequently asked where we would invest in China. $BIDU presents a generational buying opportunity. How does the leader in China AI get to these levels?? The last 4 years has been a disaster for the Chinese economy no doubt Despite 17x revenue in the past 14 years BIDU has fallen to the same price it was 14 years ago. Baidu's AI prowess powers giants like Samsung & Lenovo in China. Ernie has well over 100 mil users in China. Imagine if BIDU were stateside—it'd be a $300 stock. $PDD sells garbage and its market cap is 4x BIDU. As long as $BIDU continues to innovate, they can just follow $GOOG playbook. While we like $BABA, they are still burdened with the problems of ecommerce. $BIDU for the rebound.

$CDLX new today!! Starbucks, once their largest advertiser, is back — and the offer is on Chase’s platform. Yes, Chase has its own adtech. But Starbucks chose CDLX because it wanted scale — reach across banks, not a closed loop. That’s the moat: CDLX is the rails between banks + brands.

Whatever!!! Evergrande Delisted!! nytimes.com/2025/08/24/busin…

$BACQ. consider. DoD flies 4 million hours per year and Merlin's building the autonomy layer for it. $105M SOCOM contract for C-130J. GE Aerospace deal covering 14,000+ aircraft integration. They're on track to be first to certify AI on military aircraft. militaryaerospace.com/home/n… Meanwhile Joby - $15B market cap, $98K in revenue, zero commercial flights. You're paying 20x less for Merlin and getting actual government contracts instead of promises. Here's what matters: Google Ventures and Baillie Gifford backed this early. Baillie Gifford - the same firm that saw Tesla at $30 and SpaceX before anyone else - is ADDING to their position in the PIPE. When's the last time you saw an early VC double down at the public listing?

$DUOL fantasy crumbles. “Duolingo Max” runs on GPT-4 — but those token costs already crushed margins by 300bps before real competition. Now $GOOGL enters. $DUOL will be forced to buy even more tokens — at worse terms. COGS up. Margins down. Wall Street’s “scalable” model was a fairy tale. Short the owl.

What we could see in the first refi boom: Rocket EBITDA (future): $2B Mr. Cooper EBITDA: $1.5B Redfin EBITDA (post-synergy): $500M Total projected EBITDA: $4B Applying a 15x multiple (reasonable for a dominant, AI-driven platform in a $12T TAM), the enterprise value = $60B. Assuming 1.8B shares outstanding, that results in a share price of ~$33.33.

$CDLX is next fallen angel to trade much higher and today's news from AMEX shows why. The AmEx Platinum refresh isn’t just about perks. It’s about the future of first-party data. CDLX is already integrated with AmEx, Chase, BofA, Wells, Citi, Lloyds With proper executions CDLX is on the brink of their $APP like transformation. Citron will continue to update this story as it is that compelling. cnbc.com/2025/09/18/american…

Consider this if $JMIA traded at 5x sales comped to $Meli, it puts $JMIA at $15. More importantly, Africa is an underpenetrated and faster growing region than Brazil. Nigeria and Kenya only has brighter days in future with new government dedicated to tech and ecom and Jumia IS the brand.

$CDLX Adweek just validated the company’s open platform shift. Expect a "Flury". Price target: MUCH HIGHER adweek.com/commerce/retail-a… This is not a meme, not a dream, and not a cash-burning machine. It’s a company rising from the dead, positioned as a direct beneficiary of AI and privacy tailwinds. Adweek headline: Retail Adtechs Are Partnering for More Ad Spend. Citron lays out 10 reasons why $CDLX is one of the stocks to watch over the next 12 months. citronresearch.com

$TDOC got solid feedback on yesterday’s post. Look at $DOCS today—digital tools fueling the telemedicine boom. Read their report: doximity.com/reports/state-o… Teladoc is THE leader in telemedicine, but its valuation is stunted by acquisition write-downs. AI + Healthcare = huge upside. Like $GEO, the market is mispricing the asset. Ask yourself: If a telemedicine/AI company with $2.5B revenue & 100M members IPO’d today, what would it be worth?