Summary

• Strategy posted a $12.54B Q1 loss and broke its "never sell" narrative. Q1 AI earnings split into a clear pattern: AMD +16%, Alphabet +10%, SanDisk +500% YTD. Rigid supply meets inelastic demand.
• April delivered roughly $2B in net spot Bitcoin ETF inflows, the strongest month of 2026. May opened with four consecutive trading days of buying that lifted BTC from the $67K range to above $81K.
• BTC's break above $80K on May 4 triggered $302M in crypto shorts liquidated, four times the longs. Short positions are stacked above current price. Spot demand must take over from leverage for the rally to extend.

Strategy (MSTR) just broke its "never sell" pledge after a $12.54B Q1 loss, while Q1 AI earnings produced one repeatable formula: rigid supply, inelastic demand, +500% returns. April delivered $2B in net Bitcoin ETF inflows, the strongest month of 2026, and May opened with four straight

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