Dylan Jovine Behind the Markets: His 100X AI Stock Pitch

The pairing of Dylan Jovine and Behind the Markets is having a moment. His new presentation, “Elon’s 100X AI Stock,” is everywhere, and a lot of investors are meeting the analyst for the first time through it. Since we have followed Jovine’s work across multiple campaigns, here is the fuller picture: who he is, what his documented record looks like, and what this particular pitch claims, quoted directly from the presentation.

The Analyst Behind the Pitch

Jovine’s origin story is unusual for the newsletter world, and he tells it without much varnish: “I grew up poor. No trust fund. No connections. When I tried to break into Wall Street in my twenties, not one of the big ‘white-shoe’ firms would touch me.” By 24 he says he had become one of the youngest people in America to launch a registered broker-dealer, with offices at 100 Wall Street. He left to found Behind the Markets on the argument that “the game is rigged. Not illegally. Just structurally. The best ideas go to the biggest clients first.”

His signature market call is dated on the page: “The market has no place else to go but down. It’s not a question of ‘if’ it’s a question of ‘when.’” That is Jovine, June 9, 2006, more than a year before the 2008 crisis. Whatever you think of promotional copy, a dated bear call ahead of the biggest crash in a generation is a real credential.

The Track Record, With the Fine Print

The current pitch displays his open calls with entry prices and peak returns: Rocket Lab at under $4 (a run of “a staggering 3,850%”), Palantir at $7 (as high as 2,712%), Micron at $54 (as high as 1,903%), and IonQ at $8 (as high as 944%). Closed trades are listed with dates, including Intelsat bought at $3.30 in January 2018 for a 339.4% gain in four months, plus AMD for 228%, FormFactor for 180.5%, and ASML for 141%, closed mid-2026.

The fine print matters and the pitch mostly includes it: every chart is labeled “Past performance does not guarantee future results,” and returns are framed “as high as” rather than as money-in-the-bank outcomes. Peak framing does not tell you whether followers exited at the top, and Jovine does not claim otherwise. We gave the same honest treatment to Jovine’s Superdeal stock pick in October, and to the Superdeal campaign itself.

What the 100X Pitch Actually Claims

The new presentation builds a layered argument, and it is worth walking through because it is better constructed than most.

The bottleneck is real. Microsoft, Amazon, Google, and Meta are spending a combined $725 billion on AI infrastructure in 2026, but the grid is the constraint: Morgan Stanley projects a 49-gigawatt electricity shortfall for U.S. data centers by 2028, Google waits up to 12 years for new grid hookups, and municipalities from Denver to Tulsa have paused data center construction while Maine voted to ban them.

The orbital answer. Jovine quotes Musk: “The cheapest place to put AI will be in space within 36 months or less.” The artifact is AI1, a satellite with 230-foot solar wings, longer than a Boeing 747’s wingspan. The physics: orbital solar panels generate roughly eight times the energy of ground panels, and space is 250 degrees below zero.

The 100X math. “SpaceX asks the FCC for permission to launch one million satellites,” versus roughly 10,000 in orbit today. Hence the name: “My research indicates that Elon’s bill to this firm could soon get a LOT bigger. 100X bigger.”

The supplier. This is the heart of it: “He has the rockets. He has the launch sites. He has the AI… There’s just one thing he can’t build himself. The chip that runs them.” And: “Elon doesn’t own that chip. He licenses it. That means, every time a Tesla rolls off the line… Every time SpaceX launches an AI1 satellite… This company gets paid.”

The company is unnamed. The clues point to a chip-IP licensor collecting royalties per device, with a Tesla relationship dating to 2012, a blocked acquisition attempt by NVIDIA (the pitch says Amazon and Samsung filed objections and Musk “personally raised the alarm” before regulators killed the deal over “national security concerns”), and institutional positions Jovine cites at $675 million, $349 million, and $343 million. We will say it plainly: the identification is unconfirmed. The teardown found a fingerprint, not a name, and the pitch deliberately keeps it that way until you are inside the report.

The December 8th Deadline

The event Jovine ties everything to is the final SpaceX lockup tranche. On December 8th, “the last block of roughly 800 million insider shares comes loose, all at once,” more than $100 billion at the IPO price. His thesis: “when insiders finally get their money, it rarely sits still. It goes looking for the next big idea, usually one they already know from the inside.” The counter-reading, that a lockup expiry is supply pressure, goes unmentioned, and Jovine hedges with “in my opinion” throughout. We covered the same event from the SpaceX lockup expiration angle in our Space Millionaires coverage and the orbital data center theme here.

The Offer

A year of Behind the Markets is $49, down from a listed $399, with a six-month full-refund guarantee and four bonus research reports, including “Elon’s 100X AI Stock: The Chip Elon Can’t Fly Without,” which carries the name, ticker, and buy instructions. The company cites an A+ BBB rating.

Our Take

Jovine is one of the better researchers in this genre, and this is one of his better-argued presentations. The verifiable layers check out; the unverified layer is the unnamed company itself, and no reader can check those claims before subscribing. If the argument interests you, watch the full presentation here and weigh it yourself.

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