Welcoming America’s newest public company @FiscalNote (NYSE: $NOTE) to the @NYSE by ringing the Opening Bell!

Silicon Valley this month is all abuzz with companies like Instinct (and Muse), where the stated business model is to provide a free AI service and monetize it through take rate and transaction volume. Instinct, an end-to-end consumer agent, has grown to $1 billion of annualized transaction volume this summer, with roughly 50% of that coming from travel, and the stated goal of monetizing through interchange and OTA merchant fees. VCs have now bid it up to a $10 billion valuation. I guess VCs are finally waking up to the fact that the real prize isn’t in twisting people’s arms to pay for software. Unless you’re a model developer, the real playing field for AI monetization may ultimately be taking a percentage of the enormous volume of real goods and services that AI helps people discover, purchase, finance, and manage. This is what we’ve been building at Nitra for the last two years. We provide an increasingly comprehensive set of AI services to some of the hardest-to-reach AI adopters in America’s largest industry: healthcare providers and operators. Instead of trying to charge them enormous software fees, we transparently monetize primarily through interchange and merchant fees from the biopharma, medical device, and healthcare supply industries, markets which collectively are larger than the entire U.S. hotel and flight industry. The result is an extremely fast-growing, free or heavily discounted suite of AI agents for accounting, inventory management, payables, front office, claims, and other administrative workflows serving tens of thousands of providers and healthcare administrators nationwide. In specialties like eye care, Nitra is now more than a quarter of the market in the United States. On the other side of the network, merchants, including pharmaceutical distributors, device manufacturers, suppliers, and other healthcare companies, pay Nitra to efficiently access and transact with this aggregated provider market, which now collectively purchases several billion dollars through our platform. It’s a great model because everyone in the ecosystem gets something they actually want. Providers get amazing software that dramatically reduces administrative work and improves their economics without another massive SaaS bill. Distributors, pharma companies, and device manufacturers get a more efficient channel to reach, acquire, and serve an incredibly fragmented provider market. And Nitra participates economically in the transaction volume that our software helps facilitate rather than having to extract increasingly large subscription fees from the doctors that are sick and tired of being sold to. The best AI business models may ultimately look less like selling AI and more like using AI to reorganize enormous existing markets. GLP-1 drugs and ChatGPT were released in the same quarter of the same year. Guess which one is doing more “ARR”. That’s the bet we’ve been making in the $6 trillion healthcare market.

Nitra is an N of 1 company on track to become the next decacorn in healthcare. There was never a company like it, and probably will never be a company like it. VCs struggle to define what we are because we’re not focused on investor pattern matching, but on solving real problems for customers. Here’s how we cracked the code: We started with a simple mission - save doctors time and money - building an all-in-one financial management platform for doctors: (1) We built a regulated vertical fintech company from scratch (credit cards, accounts payable, point of sale, etc.) bundled with the best AI accounting, expense management, and vendor controls specific to healthcare finance. All of it free to doctors. This business has grown 13x in 18 months and will cross $100M in annualized revenue this year. The US commercial banking market did $800 Billion in revenue last year, with $200 Billion+ (25% of US GDP) in healthcare. (2) We used that expense data to build a fully fledged B2B online pharmacy and medical/surgical equipment marketplace with agentic workflows for purchasing, procurement, and inventory management. This business has grown from nothing into an 8-figure business since launching last fall. The top 5 specialty pharma distributors did $1 trillion in revenue last year. (3) We identified the most challenging workflows in healthcare and began automating them one by one with AI agents. We started in voice scheduling and eligibility, the most commoditized segment, and partnered with customers to deliver the lowest cost, highest quality solution by bundling our full offering. Now we’re moving aggressively into prior auth, specialty RCM, and more, with emergent services previously unheard of. If a patient is scheduled for an infusion next Thursday, our system verifies insurance eligibility, predicts drug demand, purchases inventory, arranges financing, and ensures the drug is available before the appointment without staff intervention. Because we operate the financial and procurement systems of a practice, our AI agents have access to context unavailable to point solutions and we’re bundling it with other areas making us the lowest cost provider. (4) We’re partnering with life sciences companies to bring new drugs to market faster, eliminating buy and bill financing obstacles and accelerating market access through our procurement engine. As AI-driven biologics and therapies hit the market, we’re making it easier than ever for life sciences companies to get life-saving drugs to providers and patients. Nitra is onboarding 3-5 practices per day across the full platform and is on a run of a lifetime. The numbers show it. Every day I talk to doctors who are amazed at how fast we’re moving. So what does it all mean? Our mission: save doctors time and money. Our vision: maximize the time doctors spend with patients and make everything else work effortlessly. The outcome: we’re going to build the biggest VC-backed healthtech company of our generation.

If you’re a physician who wants to modernize your practice or want to help us build the future of healthcare we’d love to hear from you. Appreciate @FortuneMagazine & @CatGioino for the story: fortune.com/2026/03/10/tim-h… Learn more about the Nitra story: nitra.com/resources/founder-…

Doctors are not just service providers. They are the backbone of every community, yet many are forced to act as part-time CFOs, insurance specialists, and procurement officers just to run their practices. They deserve software that works as hard as they do.

In the past year alone, Nitra has grown quickly: • $1B+ annualized processing volume across 700+ clinics and thousands of physicians • 740%+ revenue growth in 2025 to $33M+ in annualized revenue • $9M of biopharma and surgical supplies processed in a single day

Today we’re announcing that @NitraFinance has raised a combined $187 million in financing as we build the AI-native operating system for healthcare practices. We're also announcing that Dr. Richard Park, founder of CityMD and healthcare legend, will be joining Nitra’s Board.

Thank you to the amazing team at NVIDIA for the fruitful conversations and inspirational look at the future of generative AI. Particularly struck by the willingness to lift up the entire ecosystem and make sure that this amazing technology reaches every corner of the planet.

The first sentence of this morning’s New York Times coverage of crypto reads: “Few people own cryptocurrencies,” followed by a detailed critique of deregulation under the new administration (nytimes.com/2025/02/10/brief…). This characterization is both misleading and dismissive of the growing participation in digital asset ownership and innovation. Estimates suggest that somewhere between 25% and 33% of Americans actively own cryptocurrencies—far from a “few.” Just another example of biased narratives that often overlook the transformative potential of fintech innovation, particularly in areas like blockchain technology and digital assets. The crypto ecosystem continues to be a hub for technological advancements that can redefine global financial infrastructure. Instead of minimizing its impact, we should engage in balanced discussions that recognize both the opportunities and challenges in this rapidly evolving space. It’s clear that blockchain has far-reaching applications beyond just digital currencies—applications that could fundamentally improve financial systems while promoting transparency and efficiency. For those of us exploring responsible and sustainable ways to apply these technologies, such reporting does little to advance meaningful discourse.

Whether DeepSeek/Chinese companies violated export controls or they produced novel innovations (both can be simultaneously true), it was always inevitable that the costs of LLMs were going to be driven down exponentially through relentless competition and innovation. Not really worth debating how it happened but what it means. This was always going to be the case whether it was just American companies competing amongst themselves or globally. The simple reality is that competition drives down cost. The real game starts now as the costs of implementing AI continue to get driven down and the ability to implement and extend novel use cases continue to multiply. While OpenAI, DeepSeek, etc get all the mainstream press there are thousands of companies who are working to implement these models into their own use cases and workflows from medicine to law to customer support. If you are one of those companies (particularly startups), your costs will continue to go down and implementing novel AI use cases will continue to become more accessible. The real value of AI was never in the LLMs but in the applications they were going to serve.

Do some more work and read the actual disclosures. Little less than half of that is long dated convertibles with strikes that are all in the single digit stock price ranges. Company has $33m of cash and healthy level of senior debt relative to EBITDA. Equity value is determined by comparables and enterprise value, which all trade mid to high EV/ARR (look at the Bessemer SaaS index) and the fact that we sold down two businesses for 7x and 5x ARR in the last 9 months. Maybe do some more analysis than just screening on your trading terminal.