{
  "as_of": "2026-06-25",
  "policy": "Vyzora authors and the founder, in any capacity (including personal accounts outside Vyzora LLC), disclose any position in a security covered by Vyzora Lens at the time of publication. Long positions and short positions are reported. Sizes are categorical (small / moderate / significant) rather than precise share counts. Updated at least monthly and within 5 business days of any material position change.",
  "author": "Vyzora editorial desk",
  "holdings": [
    {
      "ticker": "SNDK",
      "company": "SanDisk",
      "position": "long",
      "size": "significant",
      "since": "pre-2026",
      "covered_in": ["Wave 2: Enterprise NAND / SSD"],
      "notes": "Disclosed per editorial conflicts policy."
    },
    {
      "ticker": "MU",
      "company": "Micron Technology",
      "position": "long",
      "size": "significant",
      "since": "pre-2026",
      "covered_in": [
        "Wave 2: HBM Memory",
        "Wave 2: Enterprise NAND / SSD",
        "Wave 2: Server DDR5",
        "Wave 6: CXL Memory Fabric",
        "Wave 7: KV-Cache / Inference Memory"
      ],
      "notes": "Disclosed per editorial conflicts policy. Author holds MU across multiple covered memory cells; treat all MU-bearing analysis as conflicted."
    },
    {
      "ticker": "LITE",
      "company": "Lumentum Holdings",
      "position": "long",
      "size": "moderate",
      "since": "pre-2026",
      "covered_in": [
        "Wave 4: 800G/1.6T Transceiver",
        "Wave 4: Co-Packaged Optics",
        "Wave 4: EML Laser Diode",
        "Wave 4: Fiber"
      ],
      "notes": "Disclosed per editorial conflicts policy. LITE is a named rep in P-001 (optical supercycle) — flag any P-001 commentary."
    },
    {
      "ticker": "NOW",
      "company": "ServiceNow",
      "position": "long",
      "size": "moderate",
      "since": "pre-2026",
      "covered_in": ["Wave 7: Productivity Copilot"],
      "notes": "Disclosed per editorial conflicts policy."
    },
    {
      "ticker": "MSTR",
      "company": "MicroStrategy",
      "position": "long",
      "size": "moderate",
      "since": "pre-2026",
      "covered_in": [],
      "notes": "Disclosed per editorial conflicts policy. No seed cell as of v0.6 — corporate-BTC-treasury has no AI-ecosystem wave fit; disclosure recorded regardless of coverage. v2.4 re-score (2026-06-25): MSTR mNAV inverted to ~0.63x (a DISCOUNT to BTC NAV; avg cost ~$75.6k underwater vs BTC ~$59k; first BTC sale since 2022) — the 'leveraged-compounder' frame is broken. If added later it is a premium-compression / reflexivity-risk WATCH cell, not a compounder. Coverage deferred to v0.7 (tracked under VYZ-341)."
    },
    {
      "ticker": "QBTS",
      "company": "D-Wave Quantum",
      "position": "long",
      "size": "moderate",
      "since": "pre-2026",
      "covered_in": ["Wave 8: Quantum Processor"],
      "notes": "Disclosed per editorial conflicts policy. Both QBTS and RGTI positions disclosed; treat any single-name quantum commentary as conflicted and any QBTS-vs-RGTI comparative as doubly conflicted. Quantum Processor cell is conviction D / speculative."
    },
    {
      "ticker": "RGTI",
      "company": "Rigetti Computing",
      "position": "long",
      "size": "moderate",
      "since": "pre-2026",
      "covered_in": ["Wave 8: Quantum Processor"],
      "notes": "Disclosed per editorial conflicts policy. Both QBTS and RGTI positions disclosed; treat any single-name quantum commentary as conflicted and any QBTS-vs-RGTI comparative as doubly conflicted. Quantum Processor cell is conviction D / speculative."
    }
  ],
  "_refresh_note": "2026-06-25 refresh (v2.4 re-score): scheduled refresh was overdue (prior _next was 2026-06-23); 7 founder longs re-verified, positions and categorical sizes unchanged; MSTR note updated to carry the mNAV-inversion finding and the v0.7 coverage deferral. Prior — 2026-05-23 refresh: 7 founder long positions disclosed prior to Thesis v2.2 Wave A ship. Previous as_of 2026-05-19 stated no positions; that state is superseded. Policy text amended same refresh to bind founder personal positions explicitly (author-level conflicts norm, not entity-level).",
  "_last_refreshed_by": "quant-researcher persona",
  "_next_scheduled_refresh": "2026-07-25",
  "_template": [
    {
      "ticker": "NVDA",
      "company": "NVIDIA Corporation",
      "position": "long",
      "size": "small",
      "since": "2023-Q3",
      "covered_in": ["Wave 1: GPUs"],
      "notes": "Disclosed as required by editorial conflicts policy."
    }
  ],
  "_size_definitions": {
    "small":       "<1% of author's total liquid investable assets",
    "moderate":    "1–5% of author's total liquid investable assets",
    "significant": ">5% of author's total liquid investable assets"
  }
}