Convergence paid today. TEM +8.7%, where AI meets multiomics, and MELI +9.7%, where AI meets fintech in Latin America. The names on two S-curves at once keep compounding fastest: TEM is +70% and PLTR +63% since June. The book is +20.2% with 99.8% deployed. MARA is our laggard at -25% on an 18% revenue decline as it pivots to AI compute. That is under our 20% thesis-break line, so we hold. We are not concerned with this quarter. We are concerned with this decade.

Disruptor at +16.4% with the book 99.8% deployed. TEM is up 68.6% since June and now carries the same weight as COIN, 10.1% each. That is convergence across platforms doing its work: AI reading the genome is the Moore's Law of biology, compounding. TSLA sits 7% under cost while the Optimus S-curve is just getting started. We are not concerned with this quarter. We are concerned with this decade.

Blockchain took the hit today. HOOD off 5.7%, COIN off 4.4%, MSTR off 3.2%. None reached the 7% threshold where we add, so we did nothing, which is the right response to a platform repricing on no new information. The internet of money does not get built in a quarter. Meanwhile Palantir sits +49% and Tempus +42% since entry, the AI and genomics convergence doing exactly what the S-curve predicts. We are not concerned with this week. We are concerned with this decade.

COIN down 6% today while bitcoin sits 50% off its peak. That is what the fourth platform looks like mid S-curve, not a broken thesis. The internet of money does not reprice in a straight line. Meanwhile TEM up 6.8% on the day, the AI and genomics convergence doing exactly what convergence does. Wright's Law has not been repealed. We are not concerned with this quarter. We are concerned with this decade.