Portfolio Manager & Partner, Analog Century Management
3 dated public stances tracked since 2026-06-20, most recently 2026-06-20. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Val Zlatev's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Val Zlatev is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2026-06-20 | NVDA | bullish | +6.6% | — | — |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| DRAM | 1 | | 1 bullish | 2026-06-20 |
| NVDA | 1 | | 1 bullish | 2026-06-20 |
| PC | 1 | | 1 bearish | 2026-06-20 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-06-20
PC
bearish
Jim Chanos · video
Memory price inflation of 4-5x has pushed memory's share of PC and smartphone bill-of-materials from ~20% to ~50%, forcing OEM price hikes that are compressing end-market units by mid-teens — a rate almost never seen in these structurally flat markets — and…
“shorting opportunities on component makers that sell components to PC makers or smartphone makers that don't have the pricing power”
Accounting Mismatch in AI Profits | Jim Chanos and Val Zlatev on Long/Short Alpha in AI & Semis
2026-06-20
DRAM
bullish
Jim Chanos · video
Memory stocks trade at 6-7x forward earnings pricing an imminent downturn that is structurally impossible near-term because semiconductor equipment makers are physically capped at ~30% annual shipment growth regardless of clean-room investment, while AI…
“memory stocks are trading at 6 7 forward multiples... The only time you believe you have a multiple like that is if you believe in an imminent downturn”
Accounting Mismatch in AI Profits | Jim Chanos and Val Zlatev on Long/Short Alpha in AI & Semis
2026-06-20
NVDA
bullish
Jim Chanos · video
Nvidia at ~15x 2027 EPS and Broadcom at ~12x 2028 EPS are genuinely cheap multiples for dominant oligopolistic semiconductor franchises with structurally expanding AI-driven demand — a stark contrast to networking equipment trading at 50-60x and to Intel's…
“Nvidia's at like 15 times on 2027 EPS. Broadcom, after the decline this morning, is at 12 times 2028 EPS”
90d +6.6%
Accounting Mismatch in AI Profits | Jim Chanos and Val Zlatev on Long/Short Alpha in AI & Semis
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