Wafer-scale technology could deliver 100X the performance while using 90% less energy...
Dear Fellow Investor,
While everyone’s fighting over AI scraps...
Trump just triggered what I believe is the biggest tech disruption since the internet.
I’m George Gilder. I’ve been calling tech revolutions for 40+ years.
When I predicted cell phones would change everything in 1991, people laughed.
When I said streaming video would kill Blockbuster in 1994, Wall Street ignored me.
When I called Amazon’s dominance in 1996, investors shrugged.
Those “crazy” predictions were followed by insane returns:
- Apple: 249,900% since IPO
- Netflix: 112,700% from going public
- Amazon: 216,100% since IPO
Now I see something even BIGGER brewing…
I see the death of big data centers coming. And My research suggests three companies are making it happen: building what I call the “Trillion Dollar Triangle”:
- Wafer-scale chips 100X faster than current systems
- 90% energy reduction
- Technology that makes AI data centers unnecessary
Make no mistake... This could be one of the biggest opportunities I’ve seen in over four decades.
>> Get the three company names before Wall Street catches on <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
Hinge Health's AI Moat Might Be Its Patient Movement Data
By Leo Miller. Article Posted: 2/23/2026.
Key Points
- PwC expects medical cost inflation to remain elevated, which strengthens the appeal of cost-reduction platforms like Hinge Health.
- Hinge’s MSK model is built to reduce therapy intensity and potentially avoid costly surgeries, supporting insurer adoption.
- Strong results are tempered by elevated stock-based compensation, though management expects SBC to normalize.
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The cost of healthcare in the United States is rising significantly. In its 2026 healthcare outlook, the Big Four accounting firm PricewaterhouseCoopers (PwC) emphasized this trend.
"The US healthcare system is heading into another year of powerful inflationary forces exerting pressure, with few deflationary forces in sight." PwC estimates that group insurance medical costs rose 8.5% in 2024 — the fastest pace since 2012. It says costs rose 8.5% again in 2025 and expects roughly the same pace in 2026.
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In this environment, Hinge Health (NYSE: HNGE), a mid-cap healthcare stock, becomes an interesting option. Hinge's business model centers on reducing healthcare costs, and some of the industry's largest players are taking note. Below we break down this fast-growing firm and assess its outlook after an impressive earnings report.
Understanding HNGE: Lowering Musculoskeletal Costs in Healthcare
Hinge Health focuses on one slice of healthcare: physical therapy. Its virtual musculoskeletal (MSK) therapy platform delivers personalized physical therapy programs that patients can perform at home via a mobile app, wearable sensors, AI coaching and human support teams.
Hinge reports that in 2024 its platform reduced the number of human hours needed to support patients compared with traditional physical therapy by around 95%. Cutting human hours puts downward pressure on costs, a key reason many employers and insurers adopt the platform.
For MSK conditions, surgeries are the biggest cost driver. Hinge says its platform reduces the likelihood that patients will need surgery by keeping them engaged with consistent, low-friction care. Patients may find it easier to use Hinge's app at home than to schedule and travel to in-person appointments; by improving adherence to prescribed exercises, the platform can lower eventual surgical rates and save insurers money.
One study of nearly 7,000 patients — roughly half using Hinge and half receiving traditional care — found that the incidence of spinal fusion surgeries among Hinge users was 56% lower than in the comparison group.
Insurers are taking notice. Hinge now works with more than 2,800 self-insured corporations, including 45% of Fortune 500 companies, and is integrated with the U.S.'s five largest healthcare plans, such as UnitedHealth Group (NYSE: UNH), and the three largest pharmacy benefit managers. Those integrations make it easier for new employers to adopt the platform.
Hinge Soars After Latest Earnings Report, But SBC Is Elevated
In its latest quarter, Hinge reported revenue of $171 million, up 46%. Adjusted earnings per share rose 23% to $0.49. Both figures beat estimates, sending the shares up about 17%. For 2026 the company projects full-year revenue growth of 25% — a notable deceleration from full-year 2025 growth of 51% — while expecting the adjusted operating margin to tick up from 20% to 21%. Hinge's free cash flow in 2025 jumped to $180 million, a roughly 300% increase versus 2024.
One major caveat clouds that free cash flow figure: stock-based compensation (SBC). SBC is a non-cash expense used to compensate employees, but because it would otherwise be paid in cash, large SBC grants can distort free cash flow. Hinge's SBC expense totaled $643 million in the period — more than three times the free cash flow it generated.
On the positive side, Hinge expects SBC to decline substantially. Management projects SBC will average roughly $20 million to $25 million per quarter over the next four to eight quarters.
HNGE: An Intriguing AI Play on Healthcare
The MarketBeat consensus price target on Hinge Health is near $57, implying about 35% upside. Price targets updated after the company's earnings are slightly lower, averaging around $55, which still implies roughly 31% potential upside.
Hinge's model appears to be gaining traction with insurers. When it comes to potential disruption from artificial intelligence, Hinge has a defensive advantage: it accumulates proprietary data from patient workouts and interactions with its AI assistant. Much of that data is based on actual patient movement and engagement, which is difficult for competitors to replicate.
The stock trades at a forward price-to-earnings ratio near 21x. With a market capitalization under $4 billion and investor skepticism toward software-related healthcare businesses, Hinge could still experience significant volatility despite several attractive fundamentals.
Bitcoin Bears Might Benefit From These Inverse Crypto ETFs
By Nathan Reiff. Article Posted: 2/15/2026.
Key Points
- The price of Bitcoin is down almost a quarter year-to-date as a long-standing, if uneven, rally has faltered.
- Two dedicated exchange-traded funds, BITI and SBIT, provide -1x and -2x daily exposure to the price of Bitcoin, respectively, although they are highly risky trades.
- An alternative, SETH, mimics BITI's -1x approach but focuses on the price of Ether instead.
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It seemed for a while that a meteoric—if uneven—rise in Bitcoin was all but inevitable, as the top cryptocurrency flew past the $100,000 threshold midway through 2025. That October high, however, couldn't last. Despite a modest recovery late in the year, BTC is once again plunging early in 2026. In fact, Bitcoin has lost roughly a quarter of its value since the start of the year and has fallen to just above half of what it traded for only a few months earlier.
Longtime "HODL-ers" may be willing to ride out a potential prolonged decline in Bitcoin, but more active investors looking to limit losses or profit from a drop may prefer a different approach. One of the most direct ways to bet against Bitcoin or another cryptocurrency is through an inverse crypto exchange-traded fund (ETF). Though these funds can be highly risky, in the right circumstances they can turn a bad day for Bitcoin into a gain for individual investors.
Liquid and Popular Fund Aiming For -1X Bitcoin Performance
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One of the more straightforward ETFs that offers inverse exposure to the cryptocurrency market is the ProShares Short Bitcoin ETF (NYSEARCA: BITI). BITI targets a -1x relationship to Bitcoin's daily performance, meaning that on a given day when Bitcoin falls, BITI should move roughly in the opposite direction by a similar percentage. The effect is similar to what some traders seek with crypto margin trading or futures, but the ETF structure lowers the operational hurdles for investors unfamiliar with those strategies.
BITI replicates the inverse performance of Bitcoin using a portfolio of futures and swaps rather than shorting Bitcoin directly. The fund is designed to deliver its target on a daily basis, so returns over longer holding periods can diverge significantly from the inverse of Bitcoin's longer-term price moves. For that reason, BITI is most appropriate for active traders with a high tolerance for risk.
Given the strategy, investors may tolerate BITI's expense ratio of 1.01%. The fund pays monthly distributions and currently shows a dividend yield of 2.26%. It also has a one-month average trading volume above 3 million shares, which helps ensure liquidity for most traders.
Highly Risky Double-Inverse Approach for Investors Willing to Take the Chance
Investors seeking greater exposure than BITI provides might consider the ProShares UltraShort Bitcoin ETF (NYSEARCA: SBIT). SBIT uses a similar structure but targets -2x the daily returns of Bitcoin. That can magnify gains on days when Bitcoin falls, but it can also double losses when Bitcoin rises. Because of daily resetting and compounding, SBIT is even riskier than BITI, especially over multi-day holding periods.
SBIT charges a slightly lower management fee of 0.95% and has comparable trading volume, so liquidity should generally not be an issue. Its dividend yield is more modest than BITI's, at about 0.61%.
Distributions are unlikely to be the primary attraction for most SBIT holders; investors buying this ETF are typically acting on the conviction that Bitcoin will fall on any given day and are prepared for heightened volatility.
Ether Alternative, But Trading Volume Is a Red Flag
Bitcoin still dominates the crypto market; when BTC drops, many other tokens tend to follow. Shorting other cryptocurrencies can be more difficult, but the ProShares Short Ether ETF (NYSEARCA: SETH) offers a way to bet against Ether, the second-largest token by market capitalization.
Like BITI and SBIT, SETH uses derivatives to seek inverse exposure and resets daily. The fund targets -1x the daily performance of Ether, aiming to move opposite Ether's daily change.
SETH carries an expense ratio of 0.95%, slightly lower than BITI's, but it is much smaller and less liquid. The fund has roughly $16 million in assets under management and a one-month average trading volume below 84,000 shares, so liquidity could be a concern for investors looking to execute large or speedy trades.
Short and inverse crypto ETFs can be useful tactical tools for experienced, active traders, but they are generally unsuitable for buy-and-hold investors due to daily resetting, compounding effects, and elevated risk. Investors should understand those mechanics fully and consider consulting a financial advisor before trading these products.
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