Hello people of Sol! I've reset usage limits for all ChatGPT Work and Codex users. Together with that, a quick update on GPT-5.6 Sol usage limits. Over the past few weeks, many of you have told us that Sol was using your Codex limits faster than expected. To be clear, we have not reduced usage on any subscription plans. We’ve been digging into what was happening and have landed several improvements. As a result, we expect your usage to last around 18% longer during typical use of Sol. Some of you should already see significantly larger improvements from today. Tomorrow, we’ll also restore the five-hour limit that we temporarily paused while investigating. Here’s what we found: - GPT-5.6 Sol is much more willing to work for longer, make additional tool calls, and coordinate complex workflows across tools and subagents. That makes it better at solving hard problems, but some tasks were using far more than we intended. - Sol also works harder at the same reasoning effort than previous models. High on Sol can use more tokens than High did on GPT-5.5. - Programmatic tool calling, also referred to as code mode, gives Sol much more flexibility to run tool calls in parallel or continue working while waiting. But it also led to more responses per turn, more cached input tokens, and higher usage than expected. - This was particularly noticeable when Sol was waiting for tool calls to finish or running many web searches. We’ve improved how we handle both cases and are continuing to make code mode more efficient. - The impact was also very uneven. The median user actually found Sol quite token efficient, while some power users working on harder tasks saw their usage drain much faster. We were very focused on average and median usage before launch and missed some cases where the long tail could use significantly more usage. Sol is a significant step forward in what Codex can do, but capability and efficiency do not always improve at the same pace, and some issues only become clear once people are using the model at real-world scale. We should have recognized this sooner and been more upfront about it. You keep pushing the frontier and we’ll keep improving efficiency and sharing updates as we go.

tokens

$XFAB (photonics + power semis) is an interesting long idea at $1.28B MC, that I took positions in. Given EU CHIPS act 2 is today as the catalyst for European photonics players. > 800 VDC power semi exposure to $NVDA push through $NVTS + $POWI > Silicon Photonics / CPO exposure with $NVDA as evaluation stage for high volume manufacturing (optical transceivers/switches) > The only high-volume SiC foundry in the US. > One of the critical MEMS foundries > ~1.29 P/B, which was around what $SOI was sitting at when I went long. Depressed valuations due to legacy drag > ~6.5-8.5 fwd p/e 2028 personal est. > backstopped by Government: - EU CHIPS act, $128M Euros - US CHIPS act $50M PMT (department of commerce). With likely more coming (just signals critical importance to Western supply chains). So at a certain point with all the grants, they’re just getting the capex funded by the Governments. EU CHIPS act 2 is coming out this week, and I’m gonna go ahead and guess $XFAB might get included given they were before, and this package is specifically targeting photonics. ~$1.3B MC seems compelling to me if it can pull a Soitec reversal (low p/b, very high growth segments, auto legacy drag). As for the $NVDA silicon photonics relationships it’s under “photonixFAB”. Markets probably missed this silicon photonics relationship (like $TSEM when I went long) with Nvidia since XFab leads this… Just under a different name. For power semis, XFAB is named for SiC + $NVTS. In PCN-22181, $POWI explicitly names XFAB as its foundry.  Given its exposure to power semis and photonics as growth, low P/B, gov backstop (of course dyor, just sharing my personal thoughts) Thought it personally seemed compelling.

CPO will boom, so $LPK will profit? Well maybe, but there is some assumptions and gaps to bridge here. Basically: i) CPO adoption does not automatically imply ii) glass substrate adoption does not automatically imply iii) LIDE adoption does not automatically imply iv) LPKF revenue explosion - A more accurate investment chain is: AI scale drives need for CPO / optical I/O ↓ Some CPO and AI packaging architectures may benefit from glass ↓ If glass substrates/interposers require high-quality TGVs and microstructures ↓ If LIDE is qualified as the preferred production process ↓ Then LPKF may capture a valuable bottleneck equipment role LPKF is therefore a second-order bottleneck thesis, not a direct CPO supplier. LPKF becomes interesting if LIDE becomes a required production tool for glass substrates/TGVs in AI/HPC advanced packaging. This remains to be seen.

$TE is up over 25% today as the market starts recognizing T1 Energy’s push to become a scaled U.S. solar manufacturing platform. The market is starting to treat domestic solar capacity as part of the AI power buildout, not just another clean energy trade.

For those going into the LIDE & CPO rabbithole and then came accross $LPK, here is the small but important point: It is a SME German manufacturer. Not lying, it's literally what convinced me at the end to invest in it (in addition to all other factors). Germany has been for like 50+ years leading worldwide in niche manufacturer products and tech. They have the knowledge, the people and culture for it. So, I find it quite exciting to find such a relatively unknown german manufacturer, small/SME, niche tech, IP and positioned to dominate with a semi-monopoly in a area that might become a bottleneck in enabling our AI future. Though still quite speculative. I'll share later a summary of the deep dive I did on that company.

When I see comments like this (and there are a lot) from retail investors: I immediately think they lack the technical depth. I'll walk through each one from $SIVE to $LPK: 1. Photonics TAM goes from $14B -> $154B In just two years time, and it's likely going to keep scaling past 2030 as it's the next generation architecture of choice. It's not going away in 1 year. It's not going away in 3 years, which is why $LITE premiums keep going higher since they're backlogged into 2028. $SIVE supplies CW lasers and is highly tethered to CPO and now pluggable transcivers for 1.6T and 3.2... For expected companies like $JBL, Ayar, Lightmatter, Lightelligence, $POET, $MRVL Celestial, and $AMD. This isn't a "trade", it's the core chokepoint and IP holder for the next generation of photonics. And it's a comfortable hold for the next few years as they scale to become the next $LITE. The risk I personally see (since they're already qualified with so many players), it's mainly how much TAM they can capture of the overall optical supercycle. (And potential risks with Win Semi volume ramp, but Win is massive so I can sleep tightly there). As just supplying lasers isn't enough to justify valuation. It's TAM expansion downward into making the entire ELS or entire pluggable transceiver that makes these laser companies so valuable. Then afterward, they can vertically integrating upward for gross margin expansion upward like $COHR into doing the laser fabs or even substrate level. And that in my view is a very asymmetric risk/reward ratio as we've already seen this done with $LITE as they went from $2B to $80B. 2. $LPK - Is the purest exposure, without the messy financials of SKC Absolics, as the next advanced packaging shift for glass substrates. Almost every single major semi company from $INTC to Samsung are adopting glass substrates. $LPK is basically $ASML of this chokepoint, since they supply to ~80% of the global players currently. Yes, there's "trade cycles" for equipment suppliers like $ASML, where if there's more foundry capex, ASML scales up. But if there's downturns, these tend to perform poorly, and don't capture all the volume ramp that happens after. However, if the MC is $650m and they're making $100-200M, revenue per costumer volume ramped, the amount they make from the glass substrate cycle will likely exceed current valuations. And they'll have baseline fundamentals (as more companies adopt the packaging shift), that keeps their valuation up. It's just a waiting game for volume ramp at this point. 3. $AAOI - This is literally $INTC but for America + Photonics. It's like saying Intel is not a long term investment. Guess where all your optical transcivers are made? China. Thailand. Malaysia. If you look at Innolight, Eoptolink, $FN, and others. AOI is building the largest Made in America supply chains for both CW laser fab, as well as 800g, 1.6T assembly. Yes, there are pluggable cycle ups and downs to this as well. There's going to be a wave for 1.6T next year, then CPO cannibalizes pluggables down the road. But since they make the entire supply chain in house, they have extreme optionality for other segments. And like $NVDA older gen-GPUs, there's going to be sovereign DC requirements for older gen pluggables from names like $AAOI. It's likely going to keep rising as it hits that $400m+/month revenue target H2 2026. There's just a lot of different short term volatility along the way like the $600m dilution. 4. $IQE - ??? It's one of the most important players in the Western word for epiwafers. $MTSI went out of their way to pay off IQE's debt because they can't have them going under. $IQE is also supplying to $LITE. The world is currently bottlenecked both on the epiwafer level from Landmark comments and InP substrate levels. Their financials were track but the raw book value, and value they hold to the entire Western supply chain... completely justifies their valuation. And other optical companies will not let their core upstream supply chain go under. As these tens of millions worth of materials would screw up tens of billions worth of downstream products. Again photonics is the next generation architecture required to scale AI. It's not Quantum where it's just "In development". It's literally here and the architecture of choice by $NVDA. I would not be surprised if all of these are a lot higher in 3-4 years time. People who think it's one and done in 3 months time "only because I mentioned it" don't know what they're talking about. Institutions would have bought up the name eventually (like Point 72 on $IQE) and retail would only find out after their valuations are 600% higher. Should really do the research before adding comments like these: These are all forward growth companies that require in-depth supply chain knowledge.

JUST IN: Leopold Aschenbrenner just updated his stock portfolio for his Situational Awareness Fund This is every SINGLE STOCK he owned so far the end of Q1 (This does not include options) $878.7M of Bloom Energy $BE $724.4M of Sandisk $SNDK $556.1M of CoreWeave $CRWV $401M of Iren Limited $IREN $389.1M of Core Scientific $CORZ $320M of Applied Digital $APLD $142.2M of Riot Platforms $RIOT $104.5M of Cleanspark $CLSK $62.5M of Solaris sei-network:native $43.9M of T1 Energy $TE $38.8M of Bitfarms $29.8M of Bitdeer $BTDR $26.3M of Power Solutions $PSIX $21M of Corning $GLW $20.9M of WhiteFiber $WYFI $20.2M of $AMD $19.9M of Babcock and Wilcox $BW $18.1M of SharonAI $SHAZ $13.1M of Propetro $PUMP $10.3M of $SMH $8.9M of Intel $INTC $7.6M of Taiwan Semi $TSM $6.4M of Hive Digital $HIVE $6.1M of $ASML $5.9M of Micron $MU