The diary's endnotes disclose holdings entry by entry, and conclusions touching them are to be discounted in both directions: FutureX holds an interest in ByteDance, plus Mistral and Hugging Face; it has fully exited Xiaomi and Meituan (author-confirmed, Oct 10, 2026); it has also fully exited NIO, Kingsoft Cloud, Gridsum and UP Fintech (author-confirmed Oct 11, 2026; exit dates not disclosed), and the FutureX portfolio page still lists all six, marked Exited. The diary is written with Claude tools, so conclusions about Anthropic are discounted too.
Judgment
The usual practice is one closing line declaring positions. The diary states, entry by entry, which conclusion helps a holding and which hurts it, asks readers to discount both directions, and treats the writing tool's link to Anthropic as a conflict to disclose. Holdings get no exemption from falsification: ENTRY 135 lists Hugging Face among the channels and notes it is not exempt because it is a holding.
Facts
Mistral: ENTRY 134 (2026-09-09) states FutureX is a shareholder; holding details are confidential and not written. Xiaomi: ENTRY 135 (2026-09-14) discloses HK 1810; the author confirmed on Oct 10, 2026 that FutureX has fully exited Xiaomi and Meituan, which also ends the indirect Moonshot interest through Meituan; earlier entries that disclosed them as holdings carry a correction. Hugging Face: the same entry says NVIDIA announced on 9/3 an acquisition at $12.93 billion, and the holding's value depends on that deal. ByteDance: ENTRY 139 (2026-09-25) cites the FT as saying it was Nscale's largest 2025 customer at 73% of revenue; the prospectus does not name it.
What to do
For investors: when a judgment touches ByteDance, Mistral or Hugging Face, read that entry's disclosure endnote first, discount the favorable and the unfavorable conclusions once each, then check the numbers against the public sources listed. For founders: when publishing industry views, list your shareholders, customers and model vendors at the end and state which conclusion benefits you.
Falsifier (verbatim from the diary footnote)
(1) "The bill goes first to overseas distribution": within 6 months from 2026-09-14 (to 2027-03-14), if any of Vercel, OpenRouter, AWS Bedrock, Azure AI Foundry, Google Vertex or Hugging Face (a FutureX holding, not exempt because it is a holding), by official announcement or catalog change, delists all currently sold models of any one of the 6 labs named in the advisory, stops new customers, or adds separate identity verification, geographic or approval restrictions (routine version retirement does not count), or if the 6 named labs' 30-day average token share on the Vercel gateway falls below 30% (now 60.1%, i.e. halved), mark verified; if no channel acts and that token average stays at or above 50% (lowest day between 8/15 and 9/13 was 49.1%), mark ✗; in between, mark ⏳ and publish the reading. Adjudication sources: each channel's official model catalog and announcements, and the official Vercel export (recomputed with scripts/vercel-lab-share.py under this entry's definition, details public).
Disclosure: This diary is written and verified with Claude; discount any judgment about Anthropic, favourable or not; FutureX Capital invested in ByteDance from its Series A through E and holds an interest; discount in both directions; FutureX Capital holds Mistral AI; discount in both directions; FutureX Capital has fully exited Xiaomi and Meituan (confirmed by the author on Oct 10, 2026); entries 135, 137, 140 and 141 disclosed them as holdings and carry a correction dated Oct 11, 2026; FutureX Capital holds Hugging Face; discount in both directions.