I recently looked at a completely disconnected group of fringe stocks, and it feels like someone pulled open the capital market’s junk drawer. It is stuffed with cannabis, crypto, dead SPACs, and micro-caps desperately clinging to the AI narrative. This is stupid and here's why. Honestly, Mark or Elon wouldn't touch most of these with a ten-foot pole, yet they perfectly illustrate the speculative hangover of today's markets.

The Speculative Illusions and Dead Manias

Let's start with the most absurd. ZeroStack Corp. (ZSTK.US) has plummeted over 90% this year, becoming an ignored micro-cap. This company used to be a cannabis firm named Flora Growth, but in January, they abruptly rebranded as a "decentralized AI asset management" company. You can't sell weed, so you pivot to AI tokens? Good luck with that. At least they reported around USD 58M in trailing revenue. Meanwhile, the pure-play cannabis fund AdvisorShares Pure US Cannabis ETF (MSOS.US) is sitting on over USD 800M in AUM, but the entire sector is paralyzed waiting for Washington to reschedule marijuana. Then there is Nocturne Acquisition Corp (NOCT.US), a SPAC that failed its merger in 2024 and ultimately liquidated. It stands like a tombstone, reminding us of how foolish the blank-check mania was a few years ago.

Leveraged Gamblers and Crypto Casinos

If you think that’s not enough thrill, Wall Street always finds a way for you to lose your shirt quicker. Why aren't you moving faster? Tradr 2X Long Innovation 100 Quarterly ETF (QQQP.US) gives you a 200% quarterly leveraged bet on the Nasdaq 100, riding wild intraday swings. On the crypto side, BlackRock's iShares Staked Ethereum Trust ETF (ETHB.US) has dropped more than 20% YTD. Armed with over USD 500M in assets, it tries to package Ethereum staking into a legitimate product, but under regulatory scrutiny, it’s just a second-rate casino.

Companies Actually Doing Business

Amidst the nonsense, a few actual businesses somehow got lumped in. Sprouts Farmers Market (SFM.US) has been rising steadily, reporting USD 2.3B in Q2 2026 net sales, up 5% year-over-year, and planning 42 new stores. People still need groceries. Perpetua Resources (PPTA.US) is quietly making massive moves, securing a staggering USD 2.9B loan from the US EXIM Bank in May 2026 for its antimony and gold mine.

The other two are just aggressively mediocre. Cybersecurity firm OneSpan (OSPN.US) acquired Build38, but with 2025 total revenue of USD 243.2M and sluggish growth, its weak fundamentals will put you to sleep. Finally, iHuman (IH.US), a Chinese digital education provider for kids, spent RMB 94M in May 2026 to acquire assets, trying to maintain its market share in the AI era. But compared to the bigger players, this is just child's play.

My view is clear: if you are dumpster diving in this group, you are mostly going to find trash. Aside from the grocery seller and the miner, these trend-chasing micro-caps and high-risk ETFs are not worth a second of your time. Put your money where the actual profits are.

This article does not constitute investment advice.