How to Find the Next 10x Stock Before Everyone Else | Eric Jackson

Eric Jackson is the founder of EMJ Capital and the investor behind the high-profile Carvana and Opendoor calls. This was recorded live at the Silvia Investor Summit in New York. In this conversation, we break down the rise of the retail investor, how he uses AI in his research, and what he saw inside Hut 8’s massive AI data center campus. We also discuss his AI-powered bitcoin model, when to sell, and using AI to beat prediction markets. ====================== Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you’re rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ====================== Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/pomp ====================== 0:00 - Intro0:25 - Why public companies now care about retail investors3:55 - How Eric uses AI for investment research6:21 - Inside Hut 8’s massive AI data center build15:57 - Building conviction on misunderstood stocks18:10 - Eric’s daily routine & the Drake videos21:48 - Portfolio construction, small caps & crypto24:18 - How to know when to sell25:35 - AI bitcoin model: bull, or bear market?28:31 - Beating prediction markets with AI

• 0:02Speaker 00

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• 0:30Speaker 01

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• 0:56Speaker 02

  You know, obviously Bitcoin had the big jump in August, right? And I said our model kind of flipped on, said, you know, get bullish on August 14th. On August 12th, on Polymarket, there was 3% odds on Polymarket that Bitcoin would, would end the month of August at 70K, 3%. Obviously like Bitcoins had a, had a run and it ended the month at 79K. So the wisdom of crowds is not always correct.

• 1:21Speaker 03

  Let's talk first about the retail investor and the rise of the retail investor has completely changed. I think public markets and most people will point to the open doors, the GameStops, you know, a variety of other companies. But I don't think folks realize that a lot of public company CEOs reach out to me. They probably reach out to you. There's a couple of other folks. And like, I want to engage with the retail investor. How do I do that? What, and it's my takeaway is just like the retail investor is important now to them. What have you seen? You've been doing this a while. How has that changed throughout your career?

• 1:54Speaker 02

  Yeah, I definitely think that's the case. I mean, I think we had that conversation before I joined the board of Sylvia about that and how to engage that important stakeholder group. So there are a lot of companies thinking that way. I think that

• 2:12Speaker 03

  They got me twice.

• 2:13Speaker 02

  Be careful. These bottles are popping.

• 2:18Speaker 02

  So I think everybody wants to get retail on their side. I don't think there's a cookie cutter way to do that or, you know, established wisdom. But I mean, some pretty basic things are be open, be authentic, be transparent. You know, just, just like, you know, it goes for politicians as much as it does for CEOs of companies.

• 2:44Speaker 02

  You want to make people feel you're a human being. So doing things like having video earnings calls as opposed to just hiding behind an audio only earnings call, I think is like an easy layup way to engage with people.

• 3:00Speaker 02

  But the other, I mean, there's another point about the rise of retail. I think people assume like, oh, AI exists now. It's never been easier for retail to kind of rally support. I don't think that's totally true. And what I mean by that is that at the end of the day, for any online campaign, you know, group of shareholders to really have a, have a powerful effect on companies. It takes leadership, you know? Leadership matters in the military. Leadership matters in community organizations and leadership matters online too. Just because AI is great, doesn't mean that things automatically happen.

• 3:42Speaker 02

  Like, like I have ex, you know, subscribers, subscribers, right? And I, once a week I do this like AMA, like, hey, guys, you know, ask me anything. Join the spaces, you know, come, step up to the mic and just ask me a question. And I'm often surprised that, you know, people, a lot of people prefer to kind of hide, you know, stand back and ask a text question, not, not even like just ask a, you know, just audio. And I think, you know, so the opportunity for retail to gather, it still needs somebody to kind of want to step up on the soapbox and say, hey, let's do this.

• 4:24Speaker 02

  Let's do that. It doesn't just like happen amorphously like from the mob, like getting together. And so there's never been a better time in human history for retail to have an impact because AI makes it so easy and AI makes getting to know a company and its strengths and weaknesses easier. But at the end of the day, like we, you know, individually have to kind of step up and make a difference ourselves and, and lead.

• 4:51Speaker 03

  This room is full of independent investors. There are thousands of them watching online right now. You are probably one of the most prolific users of AI in your research and your investment strategy in the identification of opportunities, but also the diligence of those opportunities. Can you just walk us through how are you using the technology? And maybe how could people in this room use the technology to better enhance their investment approach?

• 5:15Speaker 02

  Well, like I use a lot, absolutely. And, you know, this is not going to be a surprise probably to most people in this room. But obviously like you can waste a lot of money on tokens and I have. And the simplistic queries, like what's the next open door? You know, like show me the next open door that I can get behind, the next Carvana or something. Usually doesn't yield much fruit. So the way that I've used it in my own research is to try to get at the more complicated questions. Like if you see a space where there are a bunch of players going after it and you don't, and you don't really understand like what differentiates one versus the other.

• 5:59Speaker 02

  Like trying to unpack that and do some, use AI to try to say, hey, company A is doing it this way. Company B is doing it that way. Why, why are they doing it, going at it differently? What, what advantage does the second company have over the first? I find like there's like much more like unlocks for me in asking those kinds of questions. And the other thing I'd say is, you know, people again probably have realized this, but there's a big difference between the different LOMs out there, right? So, you know, I personally find ChatGPT is the most like artistic of them. Like, so if I'm want to write a tweet or, hey, I want to do it, put a PowerPoint together.

• 6:42Speaker 02

  Like I usually find I get the best results from that. You know, Claude is good and it's kind of like a good workhorse and I use it a lot. But I don't find that same pizzazz with it. But if I'm, if I'm thinking about programming and actually coding or redesigning like a website that I'm working on or something like that, surprisingly I find Kimmy to be the best. You know, it's the most thorough, the most kind of detail oriented. And so you know what tools to leverage, you know, to get what kind of outcome is, you know, what I'd say.

• 7:17Speaker 03

  One of the companies you've been involved in is Hut Eight and they seem to be doing very well. They obviously have seen a significant move in their stock price, but you recently went down and saw one of the data center campuses that they're building. And we were just talking about how inspirational, maybe how incredible it is to actually like see it. Can you describe to people like what's happening when you go and you visit one of these sites? And, you know, we talk about using AI, but like there is hardware and construction and power and land and all this stuff that is really being built to empower us to use it?

• 7:50Speaker 02

  Yeah, for sure. It was like, I mean, it's a good example of how you could sit behind a screen all day and you could think that you know, oh, I know Iron, Cypher, Hut Eight, you know, what, what differentiates Nebbia's Core Weave?

• 8:04Speaker 02

  And I've been investing in, you know, in those names for, you know, probably the last year and a half. And I, I think I, I thought I knew them, but this was the first time that I actually went down physically and toured, you know, a, you know, a campus that was being developed. It's 649 acres. It's called Riverbend. It's about a half an hour north of Baton Rouge in Louisiana. And I was saying to Anthony before this, you know, you, you get in Baton Rouge, pretty small airport, like, you know, pretty small town, even though they've got LSU there and everything. But when you drive out 30 minutes outside, like you see the, the, the old world and the new world, right? You know, you see like a suburban town and then you, all of a sudden you see these like

• 8:48Speaker 02

  oil refineries from Shell or ExxonMobil or whatever that are big, but you know, rusting, you know, and not, not all that new, obviously the old ways that a lot of people in that, in those communities made, made money.

• 9:04Speaker 02

  And then you keep going and going and you're basically in the middle of nowhere. And all of a sudden, 649 acres opens up, you know, just in the middle of a forest that they are with. You've got cats everywhere clearing land, you know, leveling hundreds of people teeming, you know, building out this site for this campus, a massive site. And Jacobs was like the engineer contractor of choice there. You see like a whole section devoted to Vertiv, the company that does the cooling systems and stuff. Hut's got about 15 people who live physically have been on the site since February. They live in Baton Rouge, they commute everywhere to the campus.

• 9:46Speaker 02

  And they're kind of like the the conductors, like they've got to coordinate all of these different folks from the workers on on on up to, you know, to know how to build it. And until I was there, I A, I'd never seen transformers that big or substations that big, but the power that these kinds of sites need is truly phenomenal. And just how massive this was, and this was just phase one of the first campus. And there were a ton of politicians there, like I drove up in my rental car. There was like some big tent that United Rentals is making bank, you know, off of these things. Like United Rentals and Cat, now I understand why their stocks are way up in the last five years, building out these data centers.

• 10:31Speaker 02

  But I go into this one tent, I I thought I was going in the right entrance. It turns out I was going in the back entrance. All of a sudden, like Don Jr. comes out with like about eight Secret Service surrounding him, all kind of looking me up and down like I'm gonna jump him or something. The governor of Louisiana was there and it was a total love fest. Like, you know, the the community was happy that all these people were there building out this campus. The CEO, Asher Ghanute, who's 32, he's like a super smart guy. He's not that well known. So I think Hut ends up being kind of a misunderstood company. But and he spoke like a total politician. He was talking, he wasn't talking about engineering, he wasn't talking about AI at all. He spent his whole speech talking about people, people in the community and so forth.

• 11:15Speaker 02

  And, you know, how this thing was just one of like 10 sites that they looked forward to developing in Louisiana. So if you were dropped in from a from a spaceship, you would have, and and and then you attended this event. And then later on that day, somebody come up to you and said, hey, did you know that everybody hates AI data centers? You know, and they're banning them, you know, and and they think they're evil and they're, you know, you know, you just wouldn't, you wouldn't have believed it had you been down there in Louisiana. Because like these politicians, you know, they couldn't couldn't get enough of this. So, but I I I sort of understood, better understood that, you know, for all these companies, Navios or whatever, I mean, we all hear these these news releases

• 11:56Speaker 02

  that they're getting these like $20 billion or five year contracts and so forth from Microsoft or whoever. But there's a real coordination challenge, like and it's not just cookie cutter again. And so I think the opportunity exists for companies like a Hut, and I think they do it better than most, to show to the world, because it's sort of like unproven right now, this is like the first of like a big campus that they're developing, that they can, they they're, they could be the best at this coordination game. Because the coordination game is how you you light up megawatts and then, you know, gigawatts of power. And and how you do it economically, that's the other thing is that

• 12:37Speaker 02

  they had raised for this one Riverband site, they raised three and a half billion in non recourse debt instead of diluting their shareholders. Now, there've been other players, I won't mention them, they're done big, you know, $6 billion like equity offerings and stuff like that, diluting to and and and justified it saying like, hey, you know, this is gonna be, you know, well, we'll all be better off in the long run. But they, Hut's taken a risk. And but they're, and and it's a race to like, how quickly can you get this this campus built? How quickly can you coordinate all these different, you know, people together to get this thing lit up? And then, once you do, you de-risk the whole project.

• 13:19Speaker 02

  So for them, they'll probably have to borrow something like $10 billion, you know, from the beginning to to line up, you know, and they've got Google backstopping them financially. They got Fluid Stack, they got, they landed their anchor tenant in Anthropic for this place. But and then, once all those pieces are in place and the thing's lit, my calculations are they probably have created like a $15 billion of extra value that didn't exist before. So on top of the $10 billion that, you know, that paying that back. So their plan is, okay, now we create an extra 15 billion. Okay, we're gonna put it in the next project. So they got something Beacon Point in Texas, East Texas, I think it is. And then it'll, and once they get the 15 billion or 20 billion from that project into the next one.

• 14:02Speaker 02

  And all the while, not diluting the shareholders with these these like equity offerings. So I came away thinking like, hey, this is one of the most misunderstood stocks out there. Usually, that's a good sign because that's that's what Carvana had in common. That's what Open Door had in common for the these stocks that can go on these big like runs over multiple years.

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  They put together a valuable resource called the 2026 Bitcoin Mining Blueprint. It covers the five mistakes investors make when allocating to mining and how to avoid them before deploying capital. You can access it for free at simplemining.io/pomp. That's simplemining.io/pomp. Go check it out today. I like that you describe it this way because I think in a weird way, the retail investors have been right way more than they've been wrong. And now I think Wall Street is waking up to the fact that they have to follow or pay attention to the retail investor, which is the opposite of the narrative. When you find these things that are misunderstood, how do you build the conviction to know that you're right and not just like, it's not that I'm different and right,

• 17:19Speaker 03

  I'm just different and dumb essentially, right? Because the market is pricing something else and and I miss analyze this.

• 17:27Speaker 02

  I mean, I think it's just trial and error. I mean, you got, and you got to accept the fact that you're gonna be wrong, you know, some, some, sometimes. Or too early, you know, I've, you know, Open Door worked great, you know, last, you know, last year, stock went on a, you know, killer like two year, two month run from like 50, you know, well, I got in like in the 70 cent range to like 11 bucks almost in September when we were, you know, here last year, I think, pretty, it was pretty close to the top. And then obviously, the stock struggled since then. Nothing's wrong with the stock, nothing's wrong with CAS, as you guys probably know from, I I don't think there's anybody that could be doing a better job. But there are these times where the baby gets thrown out with the bathwater in the sector.

• 18:12Speaker 02

  Like we saw, you know, earlier this year, like, you know, all SaaS stocks were gonna be, should have been dead by now, according to the the conventional wisdom. And yet, you know, last I looked, CrowdStrike's up 125% on the year. Twilio is up 100% on the year. But there are some stocks in that space, like Zoom, Zoom Info is down a ton. So, I mean, there was a kernel of truth in the conventional wisdom. But then there's the opportunity to kind of like, you know, sort through and find the real winners and take advantage of that, you know, moment in time where like everybody got to one side of the boat. So I think, you know, Open Door is gonna be proven to be one of those cases of

• 18:53Speaker 02

  that when we look back in a year, two or three, that, you know, yeah, it was unfairly punished during this. I guess it made sense because the tenure was really ripping and all that kind of stuff. But they were doing all the right things and, you know, for the patient ones, I think they'll be paid off.

• 19:06Speaker 03

  I think a lot of people are fascinated by you in that you're not scared to publicly state what you think. You've been right more than you've been wrong. You put out amazing explanatory rap videos, not not rapping, but explaining the hip hop and rap world via a business lens. And then you also obviously manage money as well, right? And you're actually investing in these things, you're not just, you know, creating content or something like that. What's your day like on a on a daily basis? You know, like, what do you do in kind of the average day of Eric Jackson?

• 19:38Speaker 02

  I usually do my like daily videos like first thing. So if I'm up at like five or something, if I haven't done it the night before, I'm trying to like, okay, what the heck am I gonna talk about today? My best ideas for the videos, it's kind of evolved over time. You know, I have my son Julian here in the front row in the blue shirt, who is, he's 17. He was the one who came up with the idea when I was doing the Open Door campaign about like standing in front of Drake's house. And because basically he was like, Dad, you know, most people don't watch CNBC or Fox Business or Bloomberg. So how are you gonna reach those people and try to keep, you know, tell them how great Open Door is? And, you know, so I I did that and he was the one who said, you know,

• 20:20Speaker 02

  you should do it every day until like Drake does, you know, buys a share or something.

• 20:24Speaker 03

  Julian, did he listen, did he listen right away or did he fight you? He fought you? He listened right away? Oh, that's interesting.

• 20:31Speaker 02

  He was my cameraman for the first few days because it was the middle of summer.

• 20:35Speaker 03

  Social media manager, I hear. I used to hear him say that sometimes.

• 20:38Speaker 02

  But then, you know, it got kind of boring. So, you know, I got to do something more to keep people's interest and stuff. And then it sort of evolved and, you know, Drake came out with a new album earlier this summer. So I thought, well, maybe I should like start talking about, you know, I can't be Joe Budden, sort of giving my critiques on the eloquence of the rhyme. So maybe I could talk more about the business of hip hop and some of these questions like, is Drake going to resign with Universal Music? And it kind of took on a life of its own. And there's been this whole like community of followers now that I have on social media that don't follow stocks, but they're primarily interested in hip hop. But now, because they hear me sometimes talk about stocks and markets, they're like, hey, you know, I want to, you know, invest in the stock market. I want to,

• 21:22Speaker 02

  you know, you know, raise my family up. And so it kind of like worlds collide and like all the rising dynasty ideas that we talked about last year of like, you know, where retail shareholders were, you're going to try to spend some time doing research and getting behind a few stocks, like an Open Door, Carvana, that could really make a big difference in their lives. Like, that's kind of like a universal thing. So, you know, I try to put an interesting video out like right in the morning, and then immediately kind of, you know, jump out of that, get into the markets, what's going on, what's happening with the 10-year today, you know, what's, how can I use AI to kind of better understand exactly what's going on with the 10-year? And more importantly, like,

• 22:05Speaker 02

  you know, what does it, what does it mean that it's, you know, gone up so quickly? Is it, how's that going to play? How's that going to affect Open Door? How's that going to affect Hut and any other stocks in my portfolio? Try to, you know, ask those kinds of questions. And, you know, obviously, watch how the market's progressing during the day, trying to think of long-form written or, you know, video pieces I could be doing to kind of better explain what's happening in the markets and stuff like that. So I'm kind of like an ADHD guy. So like, I like jumping around and not just like spending like eight hours straight on one problem, but like hopping back and forth. And it's, that works for me.

• 22:44Speaker 03

  When you think about investing in today's market, it feels like we're going to get 24/7 trading. It feels like we are going to get this like rapid acceleration in how fast stocks, companies, revenue, profits can grow. And then we also have the backdrop of the governments are never going to stop printing money. How do you think about investing or, you know, constructing a portfolio today? What's in your portfolio, you know, in terms of, are you 100% equities? Do you have other assets? Just kind of talk through, you know, your approach to that portfolio construction?

• 23:17Speaker 02

  I'm more on the like riskier side of the spectrum. So I'm more concentrated than, you know, probably most people would be comfortable with. I'm more comfortable, you know, having a good chunk of that concentrated portfolio in, you know, more, you know, smaller names, smaller cap, growthy names like a Hut or a Open Door. Or, you know, I also like Nextdoor is one I like a lot right now. There's a company called Dave that does like, you know, small $200 kind of payday type, you know, loans to people using, using like a Plaid integration. So I like those kind

• 23:55Speaker 02

  of more unconventional names. And, but I do love crypto as well. I'm big on crypto, spent a lot of time focused on crypto. So for me, that's probably 90% of what I play in and think about in terms of my exposure. And I think that, you know, the real, that the biggest mistakes that I've made, like in, in constructing those kinds of names, is just being too early to a story. You could be totally right about a story, but, you know, we might be like two years away from it really starting to play out in a way that the market's going to notice. And so probably, like,

• 24:38Speaker 02

  I spend most of my time saying, once I convince myself like, okay, this is an interesting story, it's differentiated, like, is it, is it right for right now? You know, is it about to inflect? Is there something in the growth rates of this company that we're going to stop seeing 10% revenue growth, 10% and suddenly like 30% revenue growth? And, you know, why? And all that kind of stuff. So that's, you know, and you only learn those kinds of questions, like just from obviously like stubbing your toe and making mistakes on names.

• 25:14Speaker 03

  So I know this is a loaded question, but how do you sell? I'm convinced that's way harder than buying. You know, I can pick a lot of names that are going to go up, but sometimes you round trip it. Sometimes you sell. Sometimes you sell and then it keeps going. You know, I mean, there's all these like variations. So what is your maybe approach to knowing when and how to sell?

• 25:38Speaker 02

  Yeah. First of all, you got to know yourself. And like, so I'm more of the optimist, you know, and there are some people in the world that are more the pessimist, right? And so, you know, we can both have our moments to be right, but we're not always right either way. And so when you're an optimist, you obviously hang on too long, you believe in the story too much. So in individual equity names, it's, it's trying to understand like, hey, did I get it right, right or wrong about the quality of the CEO, quality of the management? Was I early here? You know,

• 26:13Speaker 02

  you know, has something changed materially in the story compared to when I got into it? I don't know, six months ago, eight months ago versus like what just happened in the last quarter? Was that, was that last quarter if they missed? Was it a blip? Or, you know, is it, you know, the beginning of something like more ominous here in terms of the, the business changing? What's been positive, though, for, for a guy like me who's more optimistic and helpful in answering that question of when you get out, is I've been working, spending a lot of time over the last few years on AI models, specifically around Bitcoin. And so I sold those, those models to a company called SRXH, you know, I don't know, six, I guess last December, we announced

• 26:57Speaker 02

  it. And the deal only closed in June. Now we're starting to put it into place. We made an announcement this week that we're going to turn it into like an ETF. But we've been running the models, obviously, you know, in real time. And it's basically a kind of, what, what kind of Bitcoin market are we in model? So are we in a bull market for Bitcoin? Are we in a mixed choppy market? Or are we in a bear market? And, you know, it gives you about 30 days advance notice when you sort of flip from one of those regimes into the next one, about where the price is going to go. Obviously, if you're in a mixed market and you go into a bear market, you can guess that the price of Bitcoin is going to, going to go down. And what's, what's been, so it's, it's

• 27:39Speaker 02

  great that it's been accurate. You know, it sort of told us like May 26, we were in a mixed market. Bitcoin was like 77K and said, well, get out. We're like, we're going, we went into stress. And then, you know, six weeks later, Bitcoin hit like 58K. And on August 14, it said, oh, we're back into a mixed market, all aboard, when Bitcoin was at 62K, right before like, obviously went up to as high as like recently, 87K. Just a week ago, when Bitcoin was around 84K, it went back into stress. And it's still in stress now. So, and, you know, you get those signals and you're like,

• 28:17Speaker 03

  I don't want to, I don't hear that.

• 28:18Speaker 02

  Am I, am I wrong? Like, last week, if you'd asked me, just like, you know, Eric, the human, you know, Bitcoin bull, you know, is, are there warning signs on the horizon for Bitcoin at 84K? And I would have said, no, you know, everything, it's all good. You know, like, things are, things are looking good. And, and then, you know, what, you know, obviously, we've had a bad day today. So it's, I mean, it's not always right, but like, you know, that's where AI, I think, is really going to help us become better investors over time. Is, it takes, it takes time to develop your models, but like when you get one that really works, it helps take the human emotion out of trading and be a little bit more detached. And

• 29:01Speaker 03

  I don't, I don't ever look at the price because you said that I just looked. It's 81.5. That's what the heck is going on there? Your model is, maybe your model

• 29:11Speaker 02

  I mean,

• 29:12Speaker 03

  Turn it green.

• 29:12Speaker 02

  It looks like we're sort of starting to come back. So, I mean, if I was here tomorrow, I think, I might say, hey, good news. We're, you know, back into the mixed market. Let's all get bowled up and go buy some Bitcoin. So

• 29:24Speaker 03

  I think this room is

• 29:25Speaker 02

  We don't need anymore.

• 29:28Speaker 03

  All right. Where can we send people to, to find you online? Where's the best place for them to all go check out?

• 29:33Speaker 02

  So EMJ Capital is my hedge fund. You can check that out. There's a website for that. The, there's obviously like, if you want to know more about the Bitcoin model, SRXH is the, is the stock. But SRXH is the ticker.

• 29:46Speaker 03

  SRXH.

• 29:47Speaker 02

  Yeah, SRXH. But also check out my new website that I just started this year called EventHorizonIQ.com. So it's basically using AI models to outsmart prediction markets. And so we find where Kalshi and Polymarket are off with their current, some of their current predictions. So, and again, we're not always 100% right, but we're looking to tell you where, you know, more often than not, we will be right, where maybe they're over, over bullish or kind of, or over bearish on, on different things, whether it's on crypto pricing, or on politics, or Supreme Court decisions and stuff like that. Interesting, like, one last thing I'll say about Polymarket, you know,

• 30:31Speaker 02

  obviously Bitcoin had the big jump in August, right? And I said, our model kind of flipped on, said, you know, get bullish on August 14. On August 12, on Polymarket, there was 3% odds on Polymarket that Bitcoin would, would end the month of August at 70K, 3%. Obviously, like Bitcoins had a, had a run, and it ended the month at 79K. So the wisdom of crowds is not always correct. And AI can, I think, be a great supplement to kind of, you know, spot different opportunities like that in all different kinds of contexts.

• 31:04Speaker 03

  It's different types of intelligence.

• 31:05Speaker 02

  Yeah.

• 31:05Speaker 03

  Right? Crowd intelligence, superhuman intelligence, Eric Jackson intelligence. It's all the same. All right. Thank you very much. I appreciate it.

• 31:12Speaker 02

  Thanks, guys.