OpenAI & Anthropic: Revolutionary AI, Bad Investments? “Having revolutionary technology does not necessarily mean revolutionary returns.” Can revolutionary AI technology deliver revolutionary investment returns? A critical mismatch comes into focus: long-term commitments to AI infrastructure and compute versus much shorter-term customer commitments. For $XOVR, investment discipline means questioning the price and the business behind the breakthrough. What you choose not to buy matters just as much as what you own.

Here’s why we passed on private investments in Anthropic and OpenAI at $XOVR: breakthrough technology is only part of the investment case. The price and the economics behind it matter. Our concern? Long-term commitments to compute and infrastructure versus much shorter-term commitments from customers. We look beyond the hype. What we choose not to buy matters just as much as what we own.

Could Tesla and SpaceX eventually merge? Following SpaceX’s IPO, speculation around a potential Tesla-SpaceX combination has drawn growing attention from investors. In this @IBDinvestors (IBD) interview, I discuss the Tesla-SpaceX merger rumors, the strategic relationship between the two companies, and how investors should think about SpaceX as it evolves from a private company into a major public-market opportunity. The discussion explores the potential synergies between $SPCX, $TSLA, Starlink, AI, robotics, energy, communications and infrastructure, as well as what a closer relationship between Elon Musk’s companies could mean for shareholders and the broader investment landscape. @ERShares has followed SpaceX through the lens of long-term entrepreneurial investing, including through $XOVR, the Private-Public Crossover ETF. IMPORTANT DISCLOSURES: The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and may be obtained by calling (617) 279-0045 or by visiting ershares.com. Please read the prospectus carefully before investing.

Could $SPCX build an AI moat that goes beyond the model? In this video, I explain how $SPCX is building more than an AI model. Its potential advantage comes from a vertically integrated ecosystem spanning artificial intelligence, Starlink satellite connectivity, reusable rockets, launch infrastructure and the future possibility of orbital computing. Its potential moat extends beyond the model to physical infrastructure that is difficult and costly to replicate. This convergence of AI, connectivity and space infrastructure reflects the type of transformative innovation XOVR’s VC Lens is designed to identify. Investing involves risk, including possible loss of principal. Holdings are subject to change. For a prospectus and other important information, visit ershares.com

$XOVR was never meant to be just a $SPCX trade. It’s about applying a VC Lens to identify innovation early across both public and private markets. Great conversation with Brad Roth on Behind the Ticker @etfcom

Joined @cvpayne last week to discuss three key $XOVR holdings: $APP $ALAB and $SPCX XOVR Performance and SpaceX Exposure: In Q2 2026, XOVR returned 27.45%, including a 5.30% return in June. SpaceX was a meaningful contributor to XOVR’s performance, contributing approximately $84 million in unrealized appreciation and representing about 75% of XOVR’s June return. During the period, the Fund reported approximately $387 million in SpaceX exposure. Prior to the SpaceX IPO, XOVR also turned away an estimated $1 billion of potential inflows in an effort to help reduce dilution risk for existing shareholders. Past performance is no guarantee of future results. For disclosures and holdings information please visit the ERShares website.

Revenue/employee may be one of the most underappreciated AI metrics in the market. $NVDA generates roughly $6M revenue/employee vs. about $600K for the S&P 500 average. That is not just a valuation story. It’s a productivity story. AI is beginning to reshape operating leverage, margins, and earnings power across the economy. Investors focused only on AI capex may be missing the bigger picture: AI productivity. Great discussion yesterday with @MorganLBrennan @CNBCMorningCall Disclosure: $NVDA is a holding in $XOVR

$ALAB is up double digits today. Reposting my May 1st interview with @cvpayne, where I called Astera Labs one of my favorite AI infrastructure names and one of the larger holdings in $XOVR My thesis was simple: In every major technology cycle, the market first focuses on the obvious winners. Then value migrates to the infrastructure layer that makes the entire ecosystem scale. AI is no different. For informational purposes only. Not investment advice.

Retail investors should not be last in line. $XOVR was built for a simple reason: to help retail shareholders access opportunities and frameworks that have historically been reserved for institutions, insiders and the wealthiest investors. That same purpose is behind every innovation we have introduced. The private-public crossover ETF structure, the 0/0 SPV structure, the liquidity arrangement, and the Shareholder Protection Plan were not separate ideas. They were all built around the same principle: Long-term retail shareholders come first! In my FOX interview from June 12, 2026, I discussed XOVR’s three-step Shareholder Protection Plan around the SpaceX IPO event. The Plan was designed to help protect existing long-term shareholders by: • Updating the valuation of XOVR’s SpaceX exposure under the Fund’s Board-reviewed valuation framework • Limiting certain large, short-term event-driven creations ahead of the IPO • Applying exit economics intended to help protect existing shareholders XOVR was built for shareholders who believe retail investors deserve a stronger seat at the table. Every major step we have taken has been guided by that same commitment. Long-term retail shareholders come first! That is why XOVR was built, and that is the principle that will continue to guide it. For more information, please visit: entrepreneurshares.com/updat… Information as of June 12, 2026. For informational purposes only. Holdings and exposures are subject to change. Past performance does not guarantee future results. Please review the Fund’s prospectus and website disclosures before investing.

We built $XOVR for retail investors. Protecting long-term shareholders is part of the mission. prnewswire.com/news-releases…

Great @CNBCMorningCall segment with @MorganLBrennan one of the clearest voices on the space economy. SpaceX is no longer just the category leader, it’s becoming the benchmark the entire sector trades against. $XOVR $SPCX

Why SpaceX and not OpenAI? We don’t just invest in hype. Our VC lens led us to $SPCX because we believe it has the characteristics of the next market-defining company. That’s why $XOVR became the first ETF designed to give retail investors access to select private companies like SpaceX. As of May 23, 2026, SpaceX exposure was approx. 23%. Holdings subject to change. Investing involves risk.

Excited to speak at the MoneyShow Masters Symposium in Las Vegas on “The SpaceX Opportunity” and why private-market access is becoming a bigger part of the modern portfolio conversation. Register here: lasvegasmms.moneyshow.com/?s… @MoneyShow $XOVR