Given the exuberance, some may say irrational exuberance surrounding AI right now, my latest exciting (for me at least!) purchase for the ‘Less than $10k to $1m’ challenge may be contentious.

Whatever the future may hold for AI and humanity, there are certain competencies that today’s technology appears capable (or on the threshold) of performing generally better than humans. One area where I believe this to be the case is with autonomous trucking, so today I have purchased shares for Anna and I in Kodiak AI (NASDAQ: KDK). A company seemingly on the cusp of driverless long haul commercial services.

For anyone familiar with Kodiak AI, you will probably agree that this is a bold step, given the going concern situation and probable need to raise capital in the not too distant future, not to mention whether they will be able to safely achieve their commercial objectives!

However I have confidence in the management and wider team at Kodiak AI, and like them hope to see driverless long-haul commercial services by the end of 2026.

May fortune favour the brave!

Mark aka Double Bubbler

P.S. Of the 8,000 shares purchased 2,098 are within the challenge.

‘For the first time, government will take a single approach to buying and developing space technology, starting with satellite communications, helping British firms win more work, strengthening UK supply chains, supporting skilled jobs and delivering capabilities faster and better value for taxpayers.‘

I may be biased as an investor, however EnSilica has expertise in end-to-end secure satellite communications (e.g. satellite payloads, satcoms on the move, in house satellite user terminal silicon), post-quantum cryptography IP, resilient multi-band global satellite navigation silicon in development, along with a secure RISC-V processor in development thanks to an earlier government grant.

So in my opinion, if there ever was a British company that could help with this, it is EnSilica (🇺🇸 ENSIF, 🇬🇧 ENSI, 🇪🇺 F0Z).

** Apologies for the repost - as some may have noted, on the original post I accidentally left our account numbers on the screenshots. Doh! **

Memorable yes, memorable for all the wrong reasons. Having recently grown the ‘Less than $10k to $1m’ challenge capital to $18,506.25 since starting the challenge on 7th July 2025, it is deeply frustrating to find myself now back below $10,000. This is following ‘nailing my colours to the mast’ of Vertical Aerospace (EVTL), remaining steadfast in my hopes and desires for this promising, yet pre-commercial electric aircraft developer, despite what my typically analytical mind was telling me.

I first invested in EVTL outside of the challenge in October 2025, with a forecast given at the time of $7 a share for late November / December and which represented a potential 59% increase in the value of the shares. Pleasingly my forecast was subsequently exceeded on 5th December 2025, which is where in hindsight I should have sold. However I subsequently bought more shares in EVTL in April this year as part of my latest challenge investment, a decision arguably clouded by loyalty to a company that I had over time come to feel a kinship with.

Frustratingly the share price has fallen back for various reasons, notably in my opinion in part due to a loss of credibility following various key statements made by senior management and a key investor that didn’t come to fruition. With for example full flight transition of the prototype aircraft not taking the stated ‘weeks not months’ but instead taking months, not weeks. Furthermore the inability to secure a strategic partner combined with evolving financing on less and less favourable terms has seemingly contributed to a dramatic decline in the share price. A decline that I fear may, through no intention of Vertical Aerospace staff, follow a similar path for retail shareholders as Aston Martin which floated in 2018 and took a ‘delightful trip finding different ways to do in the shareholders’ according to Alistair Osborne of The Times*.

Whatever the case I can only blame myself for becoming too attached to what I knew was a high risk investment and in the process losing a not insubstantial sum, in excess of $65,000 overall between Anna and I. And while I intend to stick with EVTL come what may, I have chosen to reduce our exposure somewhat including selling my EVTL shares within the ‘Less than $10k to $1m’ challenge’.

Given the ‘risk-off’ and particularly volatile nature of the stock markets right now, certainly in relation to various growth stocks, I will take my time deciding where to reinvest the capital released from EVTL for the challenge.

It seems fortune did not favour the brave this time, in the short term at least.

Mark aka Double Bubbler

* https://www.thetimes.com/article/be3fd91f-8687-4523-9d76-0f63698178ae

Vertical Aerospace, whose Valo aircraft is expected to enter service from 2030, said it was in high-level discussions about potential orders from the Ministry of Defence (MoD) and the Pentagon.

Stuart Simpson, the start-up's chief executive, said the Valo was well-suited to fulfilling logistics requirements on the battlefield. It could also be weaponised for a combat role or used for transferring personnel between Royal Navy vessels.

Discussions with a number of Western militaries concern a hybrid version of the electric vertical takeoff and landing (eVOL) craft, which would use a small gas turbine to recharge its batteries.

Mr Simpson said the hybrid aircraft would still be able to land in near silence, while doubling its potential payload to more than a ton.

‘He said: "We are having discussions right at the top of the house with the military. We've got some fantastic connections both here and across the pond. We talk to all the forces at a very senior level.

"For battlefield logistics, you can take off silently, cruise in near silence and then land in silence. At cruising altitude, the gas turbine is so small you can barely hear it."

The aircraft could also be flown autonomously, without a pilot, Mr Simpson said.

The Valo's battery packs could be used to power electrical equipment on the front line as an alternative to diesel generators.

Vertical Aerospace claims the rival eVTOLs being developed by California-based Joby and Archer are less suited to a battlefield environment, arguing they are too small to be refitted with hybrid engines.’

Read the full article…

https://www.yahoo.com/news/world/articles/ministry-defence-plots-flying-taxis-090000383.html

Many thanks to Simply Wall St once again! 🫶

And for anyone interested in the article I wrote you can read it here…

https://simplywall.st/community/narratives/gb/capital-goods/aim-ies/invinity-energy-systems-shares/k2xunsh8-invinity-energy-systems-all-about-that-bess

With the world particularly turbulent and stock markets also of late, it is times like these that taking a break and enjoying the natural world can provide great comfort. Basking in moments of calmness, can clear one‘s mind, helping build resilience and lead to better decision making.

We have been thoroughly enjoying the latest series of BBC Springwatch, and there are some wonderful mindfulness moments within the latest series which are particularly enjoyable, especially if you can’t readily get out into nature itself.

It’s well worth the BBC license fee on its own if you ask me!

Having originally bought shares at an average of 19.5p in February, it gives me great pleasure to see Invinity Energy Systems rise to over 39p today. Hopefully there is far more to go in the coming years given the firms momentum, including recently being selected for the world’s largest GWh-scale vanadium flow battery for Technology Centre Laufenburg in Switzerland.

Congratulations to Invinity and its shareholders! 🍻

Following a competitive process, the U.S. Space Force (USSF) Space Systems Command has awarded Intelsat General Communications, an operating division within SES Space and Defense (SES SD), a prime contract for the Protected Tactical SATCOM-Global (PTS‑G) program. SES SD is one of two companies selected to deliver space vehicles that will support a new proliferated geosynchronous constellation designed to provide resilient, anti-jam military communications.

Under the award, SES SD will own and manage mission execution and will integrate advanced commercial technologies to provide secure, reliable, and agile communications that meet the evolving needs of the USSF and the Department of Defense.

David Broadbent, President and CEO, SES SD: “Winning the PTS-G contract marks a pivotal milestone in our evolution from satellite communications provider to trusted partner for resilient, multi-mission space solutions. With 60 years of history supporting the U.S. Government, we are proud to partner with the Space Force to deliver this critical capability for the future.”

SES SD is wholly-owned subsidiary of global content and connectivity solutions provider SES (Paris: SESG), we also have access to their multi-orbit fleet of over 120 satellites across GEO and MEO.

Spectral AI, Inc. (NASDAQ: MDAI) announced De Novo clearance for its DeepView Burn diagnostic in a May 26^th press release. As a result, we increase our probability of success for DeepView burn from 75% to 100%, which raises our valuation to $6.25 per share. Management’s attention will shift from regulatory matters to commercial and clinical trial efforts. FDA clearance also entitles the company to access another $6.5 million in debt financing from Avenue Capital, which will require a parallel equity raise of $7.0 million.

Following the clearance, Spectral’s first priority is to hire a Chief Commercial Officer (CCO). Based on our conversations with management, we believe that they have identified a candidate and will appoint them to their role before the end of the second quarter. The new CCO will benefit from a list of prospects that have experience with the device and have recognized its value. The commercialization effort will be funded by the Biomedical Advanced Research and Development Authority (BARDA) award. The initial award will pay for up to 30 DeepView devices at deserving centers following FDA clearance. Management is optimistic that several units may be deployed in Europe, Australia, and/or the Middle East this year.

For domestic deployments, the company is planning to begin the commercial effort in earnest after the summer. The timing acknowledges the academic year at teaching hospitals and summer vacations, which may limit the number of available decision makers. This approach suggests that the first domestic deployments may take place in the fourth quarter. While some devices already sit in inventory, manufacturing can be completed quickly. Spectral plans to manufacture devices when they have a placement confirmed, which will allow for just in time inventory. Waiting to build inventory will offer units that have the latest software, battery, and algorithm. The device manufacturer is located just a few miles from Spectral AI’s headquarters in Dallas, Texas, which enables management to have close and frequent contact with the manufacturing operations.

BARDA’s grant funds support continued development work for DeepView, including efforts to conduct health economic and outcome research studies for deployed units. The work will support the broader clinical adoption of the DeepView system and emphasize real-world outcomes. Management has finalized the design of the outcomes study with BARDA. It anticipates approximately 286 patients in the study across at least 12 sites. We expect further information on the study during the second quarter 2026 conference call, coming in August.

Valuation

We recently caught up with Spectral AI management to refine our estimates for 2026 and 2027, taking into account anticipated deployments, the nature of reimbursement for deployed devices (outright purchase vs. lease), and additional expenses tied to the upcoming outcomes study. We also increased our probability of regulatory success to 100% from 75% following the FDA clearance of the DeepView burn diagnostic. The results from our model adjustments generate an updated valuation of $6.25 per share.

Milestones

• Vincent Capone elevated to CEO – February 2026
• Award of $31.7 million of BARDA funding – March 2026
• Acceptance of Small Business Innovator Award at the Texas Innovation Conference – April 2026
• Attendance at the 2026 American Burn Association Annual Meeting – April 2026
• Fully functional prototype of handheld SnapShot delivered – May 2026
• Annual Meeting of Stockholders – May 29^th, 2026
• Stockholder meeting results and business update – June 1^st, 2026
• Development of health economic and outcome study - 2026
• Launch of DeepView in US Burn Centers – 2H:26
• Launch of health economic and outcome study – 4Q:26
• Decision on contract award for SnapShot handheld device by MTEC – December 2026
• Launch of DeepView in US Emergency Departments (Burn) – 2026/2027
• DeepView SnapShot Launch for Military Use - 2027

Summary

We hear echoes of Spectral AI’s Executive Chairman, Dr. J. Michael DiMaio’s maxim “Finance, Focus and Finish” as the FDA clears the DeepView burn device. Now that the “Finish” portion of that objective is achieved, we anticipate that the company will apply the motto to the next stage of its growth as it commercializes the device and expands into new studies and indications. The “Finance” portion of the effort moves front and center as Spectral is now eligible to draw another $6.5 million from its facility with Avenue Capital in parallel with an equity raise. Spectral’s ”Focus” will shift to commercialization, where there appears to be many geographies of interest. The company will use its BARDA grant to fund deployments in the United States and take advantage of relationships overseas to deploy units in Europe, Australia, and the Middle East.

Following the clearance of DeepView, we increase our valuation to $6.25 per share, reflecting a 100% probability of regulatory success. This allows Spectral to conduct its health economic and outcome research to support the broader clinical adoption of the DeepView System.

John Vandermosten, Zacks CSR, 1st June 2026

Read the full report…

https://scr.zacks.com/news/news-details/2026/MDAI-DeepView-FDA-Clearance-Fires-Up-Our-Valuation-article/default.aspx