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Why Drone Stocks Suddenly Soared
Every drone stock moved.
On Thursday, a report from The Wall Street Journal suggested the Pentagon is exploring ways to fund a handful of U.S. drone companies — potentially even taking equity stakes.
That sparked a buying frenzy across the drone sector, sending several stocks soaring double digits and turning one of the market’s quietest industries into the hottest trade on Wall Street.
The question now isn’t whether drones had a great day.
The question is whether Thursday was the beginning of something much bigger.
Here is the story ⇩
SPONSOR BREAK presented by MarketWise*
Check Your Power Bill: New ‘AI Tax’ Rolling Out Nationwide
A new AI crisis is spiking power bills across America. It’s part of a $33 trillion problem for the stock market… which experts warn could cause a crash 62 times worse than The Great Depression if it isn’t fixed fast.
The stocks · Drones
A Wall Street Journal report said the administration is in talks to fund a group of US drone makers — potentially including equity stakes. The market did not wait for confirmation.
Unusual Machines UMAC ( ▼ 13.82% ) — a Florida-based drone parts maker backed by Donald Trump Jr., who is both a shareholder and advisory board member — closed up 57% at an all-time high. The WSJ named it as one of three companies identified by the Pentagon for possible funding, alongside privately held Performance Drone Works and Neros Technologies, backed by Sequoia Capital.
The move spread immediately across the entire sector. Every drone-linked stock in the market caught a bid — named or not. The JEDI ( ▲ 11.69% ) captured the whole move in one ticker, rallying 12%.
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
Here Is The Complete List.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
A Quick Brief On Each
1 Unusual Machines | NYSE American | UMAC ( ▼ 13.82% )
Florida-based drone parts maker trading on NYSE American. Makes components for consumer and commercial drones. Q1 2026 revenue surged 296% year over year to $8.1 million — its eighth consecutive quarter of record revenues. One of three companies named by Pentagon for possible funding.
! Closed at an all-time high.
2 Red Cat Holdings | Nasdaq | RCAT ( ▲ 32.62% )
US-based provider of advanced all-domain drone and robotic solutions for defense and national security. Through subsidiaries Teal Drones and FlightWave Aerospace, makes American hardware and software for military, government, and public safety across air, land, and sea.
Flagship product is the Black Widow — a purpose-built ISR drone currently fielded by the US Army under the Short Range Reconnaissance program.
→ Targeting 2026 revenue of $170 million, ramping Black Widow production to 1,000 units per month.
Not named as a Pentagon funding recipient
3 Aevex Corp | NYSE | AVEX ( ▲ 31.13% )
Raised $320 million in its April 17 IPO — multiple times oversubscribed. Solana Beach, California-based military drone maker and US Department of War contractor. Makes unmanned aerial systems underpinned by its proprietary AI-based CompassX sensor-fusion engine, which delivers assured positioning, navigation and timing in GPS-denied environments. Best known for producing the Phoenix Ghost one-way attack aircraft, first sent to Ukraine in April 2022.
→ Has delivered or committed to more than 9,300 systems representing over $1.2 billion in contract value through end of 2026.
Only six weeks on public markets.
SPONSOR BREAK presented by MarketWise*
The real reason Musk, Huang, Cook, and Fink just flew to Beijing
Last week, the CEOs of Nvidia, Apple, SpaceX, BlackRock, Goldman Sachs, Visa, Boeing, and more boarded Air Force One with President Trump to visit China. A U.S.-China trade deal would ignite a Melt Up in U.S. stocks, sending the market into a frenzy.
Learn the exact moves one Florida millionaire says to make today – before this window closes.
More…
4 AIRO Group Holdings | Nasdaq | AIRO ( ▲ 21.95% )
Aerospace, autonomy, and air mobility platform organized into four segments: Drones, Avionics, Training, and Electric Air Mobility.
Flagship product is the RQ-35 Heidrun — an AI-enabled surveillance drone proven in battlefield conditions. Completed its first US-manufactured RQ-35 drones at its Phoenix, Arizona facility and is on track for Blue UAS certification in H1 2026, which would expand its addressable US Department of Defense market.
Not named as a Pentagon funding recipient.
5 AeroVironment | Nasdaq | AVAV ( ▲ 18.27% )
Specializes in small, man-portable loitering munitions — the Switchblade 300, 400, and 600 families. These are tube-launched drones that loiter, identify targets, and strike with precision. The Switchblade 300 handles personnel and light vehicles; the 600 tackles armor.
In May 2026, expanded its AV Halo mission software with the INSTINCT autonomy framework and DETECT RF sensing suite, while securing a $43 million Department of War contract.
→ Q3 2026 revenue hit $408 million — up 143% year over year.
Not named as a Pentagon funding recipient.
6 Swarmer | Nasdaq | SWMR ( ▲ 16.95% )
Austin, Texas-based drone autonomy software company.
Trading on Nasdaq Capital Market since March 17, 2026.
→ IPO’d at $5 per share — stock surged dramatically on debut. Enables a single operator to manage a swarm of up to 25 drones.
Its Trident OS and Styx platform have been battle-tested in Ukraine since 2024, facilitating more than 100,000 combat missions.
→ Pre-profit, targeting $19.9 million in 2026 revenue from a $33.1 million backlog.
Not named as a Pentagon funding recipient.
A few more 👀
7 Kratos Defense | Nasdaq | KTOS ( ▲ 0.58% )
→ Makes the XQ-58 Valkyrie autonomous combat drone, jet-powered unmanned systems, and hypersonic vehicles.
→ Q1 2026 revenue of $371 million — up 23% year over year — led by its unmanned systems unit which grew 31%.
→ Leads the Pentagon’s MACH-TB 2.0 hypersonic test bed program under a $1.45 billion prime contract.
→ Also makes propulsion systems for drones and missiles, counter-unmanned aircraft systems, and directed energy and communication systems.
Not named as a Pentagon funding recipient
8 Drone & Modern Warfare ETF | JEDI ( ▲ 11.69% )
The broadest single measure of Thursday’s move. Captures the entire drone and modern warfare sector in one ticker. Its 12% rally reflects how far the Pentagon funding news spread beyond the three named companies — lifting the whole ecosystem simultaneously.
→ An efficient way to track sector sentiment on any given day.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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Beat. Beat. Beat…Wait, Down?
About last night…
AI earnings season is almost over. But last night exposed where the real AI money is actually flowing:
→ Snowflake ripping 30% after hours
→ Marvell raising AI guidance again
→ Salesforce proving Agentforce is becoming real revenue
→ and Synopsys discovering that “beat and raise” is no longer enough.
The strange part? All four companies technically delivered good quarters.
But last night showed the difference between “talking about AI” and actually making money from it.
Here is the story ⇩
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
While others debate policy, Mode is already scaling a platform that turns attention into earnings.
They’ve built a system where your phone generates income daily.
Browsing. Listening. Charging. Using apps.
Those same 5 hours people spend on their phones every day… now monetized.
And the traction is hard to ignore:
490M+ users globally
$1B+ earned and saved by users
$115M+ revenue
32,481% growth (#1 fastest-growing software company by Deloitte)
With a Nasdaq ticker secured (MODE), the company is positioning for a potential IPO in the near future.
⏰ Last day to invest before the share price moves at 5 PM ET.
Disclaimer:
*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.
*Mode cumulative revenue includes full year revenue of businesses acquired in 2025.
The Scoreboard
Story 1 · Snowflake
Snowflake SNOW ( ▲ 34.54% ) entered earnings down nearly:
20%
this year.
One quarter erased basically all of it.
The company reported:
→ Revenue: $1.39B vs $1.32B expected
→ EPS: $0.39 vs $0.32 expected
→ FY27 guidance raised to $5.84B
Then the stock exploded:
+30% after hours yesterday.
But the real story was not the beat.
It was the:
$6 BILLION
AWS (Amazon Web Services) partnership announced alongside earnings. That changes the entire narrative around Snowflake.
For the last year, investors worried AWS was becoming a competitor.
Tonight Snowflake reframed AWS as: “actually… our gigantic AI partner.”
That is a very different story.
The company also announced the acquisition of Natoma — a platform focused on securely integrating enterprise AI agents into internal systems.
The context: Snowflake has been fighting the perception that hyperscalers like AWS are eating its lunch. A $6 billion deal with AWS reframes that entirely — from competitor to partner. That reframing, combined with a clean beat, explains the 30% move.
!!! The Anthropic connection. Last year Snowflake signed a $200 million deal to power its agentic AI with Anthropic’s Claude. Last night results suggest that bet is starting to pay off — Snowflake’s AI agent capabilities are now attracting a $6 billion AWS partnership and a dedicated acquisition to build the governance layer around those agents. The agentic AI stack is assembling in real time.
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
Story 2 · Marvell
Marvell MRVL ( ▼ 0.84% ) raised guidance. Again. By a lot. Again.
Quarter after quarter.
The company reported:
→ Revenue: $2.42B (in line)
→ EPS: $0.80 (in line)
And honestly? Nobody cared much about the quarter itself.
The entire stock story is guidance.
And guidance went up.
Again.
Marvell raised:
FY2027 revenue guidance
to:
$11.5B
That is:
+$500M
versus last quarter.
Then management raised:
FY2028 guidance
to:
$16.5B
Which is:
+$1.5B
above prior guidance… and comfortably above Wall Street expectations.
CEO Matt Murphy attributed it directly to: “exceptional AI-related bookings.”
Again.
That phrase is quietly becoming the soundtrack of earnings season.
The company also continues benefiting from:
→ Microsoft AI spending
→ Amazon custom chips
→ hyperscaler demand
→ and Nvidia’s $2B investment announced earlier this year
The message last tonight was simple:
The AI infrastructure buildout still looks enormous.
And companies supplying the plumbing continue seeing demand accelerate faster than analysts expected.
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
Story 3 · Salesforce
This one might have been the sneakiest-important report of the night.
Salesforce stock entered earnings down:
more than 30%
this year.
The bear thesis was: AI agents eventually reduce the need for per-seat software licenses — the core of Salesforce’s entire business model.
Then last night Salesforce CRM ( ▲ 0.61% ) reported:
→ Revenue: $11.1B vs $11.05B expected
→ EPS: $3.88 vs $3.13 expected
→ Full-year EPS guidance massively above expectations
But the number everybody cared about was:
Agentforce ARR: $1.2B
up:
+205% YoY
That changes the conversation.
Because Agentforce is no longer:
→ an AI demo
→ a concept
→ a press release
It is now: a billion-dollar business line.
The irony here is almost perfect:
AI was the reason Salesforce stock got crushed this year.
Last night, AI became the reason the stock worked again.
The market is starting to reward companies that can prove: “we are monetizing AI already.”
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
Story 4 · Synopsys
Beat revenue. Beat EPS. Raised guidance above consensus. Stock fell anyway.
This was the most interesting reaction of the night.
Synopsys SNPS ( ▼ 7.73% ) reported:
→ Revenue: $2.28B vs $2.25B expected
→ EPS: $3.35 vs $3.14 expected
→ Full-year guidance raised above consensus
And the stock still fell.
Welcome to late-stage AI earnings season.
Synopsys currently sits in a strange position.
The company absolutely benefits from AI because:
→ more complex AI chips
→ more custom silicon
→ more HBM architectures
all require Synopsys software tools to design them.
Nvidia even took a stake in the company last year tied to chip design partnerships.
But last night the market focused less on earnings…
and more on Elliott Management getting a board seat.
That shifted the narrative immediately toward:
→ activist pressure
→ margin expansion
→ future expectations
The earnings themselves almost became secondary.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
Beat. Beat. Beat…Wait, Down?
About last night…
AI earnings season is almost over. But last night exposed where the real AI money is actually flowing:
→ Snowflake ripping 30% after hours
→ Marvell raising AI guidance again
→ Salesforce proving Agentforce is becoming real revenue
→ and Synopsys discovering that “beat and raise” is no longer enough.
The strange part? All four companies technically delivered good quarters.
But last night showed the difference between “talking about AI” and actually making money from it.
Here is the story ⇩
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
While others debate policy, Mode is already scaling a platform that turns attention into earnings.
They’ve built a system where your phone generates income daily.
Browsing. Listening. Charging. Using apps.
Those same 5 hours people spend on their phones every day… now monetized.
And the traction is hard to ignore:
490M+ users globally
$1B+ earned and saved by users
$115M+ revenue
32,481% growth (#1 fastest-growing software company by Deloitte)
With a Nasdaq ticker secured (MODE), the company is positioning for a potential IPO in the near future.
⏰ Last day to invest before the share price moves at 5 PM ET.
Disclaimer:
*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.
*Mode cumulative revenue includes full year revenue of businesses acquired in 2025.
The Scoreboard
Story 1 · Snowflake
Snowflake SNOW ( ▲ 34.54% ) entered earnings down nearly:
20%
this year.
One quarter erased basically all of it.
The company reported:
→ Revenue: $1.39B vs $1.32B expected
→ EPS: $0.39 vs $0.32 expected
→ FY27 guidance raised to $5.84B
Then the stock exploded:
+30% after hours yesterday.
But the real story was not the beat.
It was the:
$6 BILLION
AWS (Amazon Web Services) partnership announced alongside earnings. That changes the entire narrative around Snowflake.
For the last year, investors worried AWS was becoming a competitor.
Tonight Snowflake reframed AWS as: “actually… our gigantic AI partner.”
That is a very different story.
The company also announced the acquisition of Natoma — a platform focused on securely integrating enterprise AI agents into internal systems.
The context: Snowflake has been fighting the perception that hyperscalers like AWS are eating its lunch. A $6 billion deal with AWS reframes that entirely — from competitor to partner. That reframing, combined with a clean beat, explains the 30% move.
!!! The Anthropic connection. Last year Snowflake signed a $200 million deal to power its agentic AI with Anthropic’s Claude. Last night results suggest that bet is starting to pay off — Snowflake’s AI agent capabilities are now attracting a $6 billion AWS partnership and a dedicated acquisition to build the governance layer around those agents. The agentic AI stack is assembling in real time.
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
Story 2 · Marvell
Marvell MRVL ( ▼ 0.84% ) raised guidance. Again. By a lot. Again.
Quarter after quarter.
The company reported:
→ Revenue: $2.42B (in line)
→ EPS: $0.80 (in line)
And honestly? Nobody cared much about the quarter itself.
The entire stock story is guidance.
And guidance went up.
Again.
Marvell raised:
FY2027 revenue guidance
to:
$11.5B
That is:
+$500M
versus last quarter.
Then management raised:
FY2028 guidance
to:
$16.5B
Which is:
+$1.5B
above prior guidance… and comfortably above Wall Street expectations.
CEO Matt Murphy attributed it directly to: “exceptional AI-related bookings.”
Again.
That phrase is quietly becoming the soundtrack of earnings season.
The company also continues benefiting from:
→ Microsoft AI spending
→ Amazon custom chips
→ hyperscaler demand
→ and Nvidia’s $2B investment announced earlier this year
The message last tonight was simple:
The AI infrastructure buildout still looks enormous.
And companies supplying the plumbing continue seeing demand accelerate faster than analysts expected.
SPONSOR BREAK presented by ModeMobile*
Musk’s warning just revealed a $1T opportunity
Musk says universal income is needed. This company built it already.
Elon Musk’s latest statement wasn’t subtle. AI could force governments to introduce universal income.
That’s the future most people are preparing for.
Mode Mobile is already there.
Story 3 · Salesforce
This one might have been the sneakiest-important report of the night.
Salesforce stock entered earnings down:
more than 30%
this year.
The bear thesis was: AI agents eventually reduce the need for per-seat software licenses — the core of Salesforce’s entire business model.
Then last night Salesforce CRM ( ▲ 0.61% ) reported:
→ Revenue: $11.1B vs $11.05B expected
→ EPS: $3.88 vs $3.13 expected
→ Full-year EPS guidance massively above expectations
But the number everybody cared about was:
Agentforce ARR: $1.2B
up:
+205% YoY
That changes the conversation.
Because Agentforce is no longer:
→ an AI demo
→ a concept
→ a press release
It is now: a billion-dollar business line.
The irony here is almost perfect:
AI was the reason Salesforce stock got crushed this year.
Last night, AI became the reason the stock worked again.
The market is starting to reward companies that can prove: “we are monetizing AI already.”
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
Story 4 · Synopsys
Beat revenue. Beat EPS. Raised guidance above consensus. Stock fell anyway.
This was the most interesting reaction of the night.
Synopsys SNPS ( ▼ 7.73% ) reported:
→ Revenue: $2.28B vs $2.25B expected
→ EPS: $3.35 vs $3.14 expected
→ Full-year guidance raised above consensus
And the stock still fell.
Welcome to late-stage AI earnings season.
Synopsys currently sits in a strange position.
The company absolutely benefits from AI because:
→ more complex AI chips
→ more custom silicon
→ more HBM architectures
all require Synopsys software tools to design them.
Nvidia even took a stake in the company last year tied to chip design partnerships.
But last night the market focused less on earnings…
and more on Elliott Management getting a board seat.
That shifted the narrative immediately toward:
→ activist pressure
→ margin expansion
→ future expectations
The earnings themselves almost became secondary.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
Screenshot This…Seriously.
In just 30 days…
The $1 trillion club just got three new members. All in May. All memory chips. Scientists would classify them as Memoria dominans — a newly observed species, distinguished by sold-out production lines and a habit of moving entire stock markets before lunch.
The market just calls them up 165%, 210%, and 248% year to date. Same thing, different lab coat.
Here is the story ⇩
SPONSOR BREAK presented by MarketWise*
The real reason Musk, Huang, Cook, and Fink just flew to Beijing
Last week, the CEOs of Nvidia, Apple, SpaceX, BlackRock, Goldman Sachs, Visa, Boeing, and more boarded Air Force One with President Trump to visit China. A U.S.-China trade deal would ignite a Melt Up in U.S. stocks, sending the market into a frenzy.
Learn the exact moves one Florida millionaire says to make today – before this window closes.
The Full $1 Trillion Club
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
Three Milestones. One Month.
First, it was Samsung. Then Micron MU ( ▲ 2.73% ). Then SK Hynix . All in May 2026.
The last of the memory big three just joined the club. Their combined production is sold out through 2026. No spare inventory… every chip already has a buyer.
Micron is now the 11th largest US public company — behind Eli Lilly LLY ( ▲ 2.12% ) and ahead of Walmart WMT ( ▲ 0.32% ) .
At UBS’s $1,625 price target, it would rank 7th — behind only
1) Nvidia,
2) Alphabet,
3) Apple,
4) Microsoft,
5) Amazon, and
6) Broadcom, and ahead of
8) Tesla,
9) Meta, and
10) Berkshire Hathaway.
That is what a $1.8 trillion valuation looks like on the current leaderboard.
Marvell Technology entered this week with 10 straight weekly gains.
Both Micron and the Philadelphia Semiconductor Index have climbed in seven of the past eight weeks.
SPONSOR BREAK presented by MarketWise*
‘I Just Flew Over Elon Musk’s Next Big Venture’
A former consultant to the Pentagon was able to enter the airspace near one of the most secure sites in the world. Hidden there, he says, is a potential $10 trillion tech breakthrough that could define the next decade of Elon Musk’s career.
Click here to learn about the stocks tied to Elon Musk’s next big venture.
What Is Actually Driving This
High-Bandwidth Memory is basically the fuel AI systems can’t run without anymore. HBM is 3D-stacked, ultra-fast DRAM built specifically for AI training and inference.
As AI models get larger and more complex, traditional memory starts becoming a bottleneck. GPUs can process enormous amounts of data… but they still need ultra-fast memory feeding them constantly.
That’s where HBM comes in.
And right now, demand is exploding faster than supply can keep up.
1 Micron Technology skipped older HBM generations entirely and went straight into mass production of its newest 24GB HBM3E chips built for NVIDIA’s H200 and Blackwell AI systems. It has also begun volume shipments of next-generation 36GB, 12-layer HBM4 chips for Nvidia’s upcoming Rubin platform.
Its 2026 production is already effectively sold out.
Meanwhile, the next generation — HBM4 — is already ramping up and expected in 2027.
2 SK Hynix and Samsung Electronics are in the same position:
→ massive AI demand…
→ very limited supply…
→ and hyperscalers fighting for allocation.
That’s why Wall Street suddenly stopped viewing memory chips like another cyclical semiconductor business.
The old view:
memory companies boom for a while…
then oversupply crushes margins.
The new AI view? → These companies are becoming infrastructure providers.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
The ETF Landscape
This is a map, not a recommendation. These are the vehicles with significant memory chip exposure — and their year-to-date performance reflects it.
Micron On The Leaderboard
The stock has already logged 28 record closes this year.
And Wall Street still thinks the move may not be finished.
Meanwhile, Micron is already expanding for the next phase of demand.
The company recently announced a $2 billion expansion of its Virginia fabrication facility as AI infrastructure spending continues accelerating under the CHIPS Act.
Bull vs. Bear
The bull case: HBM demand is structural, supply is locked, and the memory re-rating has years left to run.
The bear case: memory has a long history of fooling analysts at exactly this moment in the cycle — and Micron just announced $2 billion in new fabrication capacity that will eventually hit the market.
The market is voting emphatically for the bull case.
The vote count: $35 trillion. 👀
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
This Escalated Quickly
Or how an UBS analyst note on Micron quietly detonated the entire semiconductor complex.
source: visualcapitalist
For most of the last two years, the AI trade felt relatively contained.
Buy Nvidia. Watch hyperscaler spending. Pretend you understand GPUs. Repeat.
Now the trade is starting to mutate — from chips into power, from the US into Asia, from hardware into infrastructure.
Here is the story ⇩
SPONSOR BREAK presented by MarketWise*
‘I Just Flew Over Elon Musk’s Next Big Venture’
A former consultant to the Pentagon was able to enter the airspace near one of the most secure sites in the world. Hidden there, he says, is a potential $10 trillion tech breakthrough that could define the next decade of Elon Musk’s career.
Click here to learn about the stocks tied to Elon Musk’s next big venture.
Story 1 · The Anchor
Micron Technology MU ( ▲ 19.05% ) exploded nearly 17% after UBS analyst Timothy Arcuri tripled his price target to $1,625 — now the highest target on Wall Street.
That would give Micron a valuation approaching $1.8 trillion.
Yes… for a memory-chip company.
The bigger story wasn’t the number itself though. It was why UBS thinks the market still has this wrong.
For decades, memory stocks traded like the definition of a boom-bust business.
1) Demand spikes.
2) Supply floods in.
3) Prices collapse.
Investors swear they’ll never touch the sector again. Then the cycle repeats.
But AI may have quietly broken that cycle.
UBS argues hyperscalers are now signing long-term supply agreements years in advance because AI infrastructure has turned memory into a strategic asset instead of a commodity purchase.
And that changes everything.
Micron currently trades at just 8.25x forward earnings versus roughly 21x for the S&P 500.
The whole memory sector moved with it:
→ SanDisk SNDK ( ▲ 9.26% )
→ Western Digital WDC ( ▲ 8.97% )
→ Seagate Technology STX ( ▲ 5.6% )
If long-term AI contracts have stabilized Micron’s demand profile, they’ve likely stabilized the whole sector’s. The market is starting to price that in across the board.
And that is where things start getting interesting.
!!! Watch how semis trade over the next few sessions.
a If investors fully buy into the “AI killed cyclicality” thesis, semiconductor multiples could expand far beyond just Micron.
b If this starts feeling like peak AI euphoria again?
Wall Street will remind everyone very quickly that “this time is different” are usually the four most expensive words in markets.
Story 2 · The power layer ⚡
Huawei just made a very uncomfortable statement for the global semiconductor industry:
It believes it can manufacture 1.4-nanometer chips by 2031.
Without the machines the US spent years trying to keep out of China.
And somehow…
US semiconductor stocks rallied on the news anyway.
The move actually started earlier in the day after Vicor VICR ( ▲ 21.3% ) boosted Q2 guidance, citing royalty revenue tied to a new licensing agreement for its AI power delivery technology.
That immediately lifted the broader power-chip ecosystem:
→ Navitas Semiconductor NVTS ( ▲ 9.33% )
→ Wolfspeed WOLF ( ▲ 3.56% )
→ Semtech SMTC ( ▲ 4.43% )
Then Huawei dropped the real headline.
The company unveiled a technology called “LogicFolding,” which it claims could eventually allow China to produce advanced chips without access to ASML’s EUV lithography machines — the single most important bottleneck in modern semiconductor manufacturing.
That is the part markets are still trying to process. Because for years, the assumption was:
No EUV machines = China stays technologically behind.
Huawei is now arguing that equation may not hold forever.
And strangely enough… investors treated that as bullish for several US chip names.
Why?
Because Huawei’s progress signals semiconductor investment across Asia is probably accelerating, not slowing down.
More fabs. More AI infrastructure. More advanced chip development.
And all of that increases demand for the less glamorous parts of the ecosystem — power delivery systems, silicon carbide substrates, thermal management, networking efficiency.
In other words: Even if China becomes more self-sufficient in designing chips… …the broader semiconductor supply chain may still heavily benefit US suppliers.
Which leads to one of the stranger market ironies you will see this year:
Chinese silicon carbide competition helped push Wolfspeed toward Chapter 11 earlier this year.
And today?
Wolfspeed WOLF ( ▲ 3.56% ) rallied on a Chinese semiconductor breakthrough.
The one major exception was ASML ( ▼ 0.33% ).
ASML fell 1.11% because its entire moat rests on one idea:
That nobody can make cutting-edge chips without its EUV lithography systems.
If Huawei’s “LogicFolding” technology actually works at scale…
…that moat starts looking a little less untouchable.
It is a small market reaction for now.
But strategically?
This may end up being one of the more important semiconductor headlines of the year.
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Story 3 · The infrastructure layer
TeraWulf WULF ( ▲ 9.73% ) just made one of the more fascinating pivots in the AI trade.
A former bitcoin miner spent years learning how to secure massive amounts of cheap industrial power…
…and now that skill suddenly looks more valuable than owning the chips themselves.
The company announced it is acquiring the Muskie Data Campus in eastern Kentucky — a 285-acre site engineered to support more than 1 gigawatt of data center capacity.
The first 500 megawatts are expected to ramp in the second half of 2028.
That immediately pushed TeraWulf shares up more than 9% on the day and over 120% year-to-date.
But the most important part of the announcement was not the land.
It was one sentence from CEO Paul Prager: “The defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty.”
That may end up being one of the defining AI infrastructure themes of the next few years.
Because the market spent most of 2023 and 2024 obsessing over …
→ Who could get the chips.
→ Who had access to Nvidia.
→ Who was stuck waiting in line.
Now?
The conversation is quietly shifting from “Who has the GPUs?” to “Who can actually turn them on?”
And those are very different businesses.
AI data centers consume enormous amounts of electricity — often comparable to small cities. Securing stable long-term power capacity is becoming just as strategically important as securing semiconductors.
Which is exactly why an old bitcoin miner suddenly fits into the AI story so well.
Bitcoin mining forced companies like TeraWulf to become experts in energy procurement, transmission agreements, industrial-scale cooling, and large power infrastructure years before Wall Street cared about AI compute demand.
At the time, that expertise looked niche.
Today, it looks early.
The company now controls roughly 1.48 gigawatts of planned Kentucky data center capacity between the new Muskie campus and its existing Justified Data facility.
And increasingly, the AI race is starting to look less like a software competition…
…and more like a nationwide power allocation problem.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
Story 4 · The infrastructure layer
Today’s AI rally got so large it started showing up from orbit.
EWY (the main ETF that tracks South Korean stocks) surged nearly 9%.
EWT (the main ETF tracking Taiwanese stocks) jumped another 5%.
And suddenly the AI hardware started looking like a global macro event.
Normally, when international stocks outperform the US this aggressively, it means investors are rotating away from megacap American tech.
Except that was not happening today.
The QQQ still gained ▲ 1.64% — actually outperforming Europe.
Which created a very strange market setup:
Global stocks were crushing the S&P 500.
US tech was crushing Europe.
And somehow both were true at the same time.
The answer was Korea and Taiwan.
South Korea’s market exploded higher because SK Hynix and Samsung are effectively leveraged bets on the exact same AI memory story driving Micron Technology.
Taiwan rallied because the country quietly sits underneath almost the entire global AI stack through TSMC.
When Wall Street suddenly decides memory chips deserve higher valuations…
…those gains do not stay contained inside Idaho for very long.
They spread across the entire semiconductor supply chain.
And that is exactly what happened today.
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Weekend Anxiety
Memorial Day Edition.
Markets are closed today.
The macro drama, unfortunately, is still fully employed… and will set the tone when trading resumes on Tuesday.
Three stories quietly developed over the long weekend — and together they explain almost everything investors are suddenly nervous about heading into June:
→ oil
→ inflation
→ bond yields
Which, increasingly, are all becoming the same story.
The story ⇩
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Story 1 · Oil
On Sunday evening, oil futures fell sharply 4.6% after signals emerged that Washington and Tehran are in the final stages of a framework that would set the stage for peace negotiations and reopen the Strait of Hormuz.
Brent crude fell below $100 after closing on Friday above $103.
West Texas Intermediate fell similarly from above $96 to around $92.
Markets immediately started removing part of the “war premium” baked into oil prices since February. Since then, the global market has lost roughly 1 billion barrels of oil supply — the largest supply shock on record, per the IEA.
The issue?
Investors have now seen enough “almost deals” to know better than to fully trust this one yet.
Iranian state media already hinted the framework could still collapse over frozen assets and sanctions disputes.
In other words: oil falling quietly improves the entire macro backdrop.
If it lasts.
!!! Watch Brent crude Tuesday morning.
a Below $95 and markets may start believing inflation pressure is finally cooling off again.
b Back above $100?
Wall Street goes straight back into stress mode.
Story 2 · Tariffs
After the Supreme Court struck down blanket tariffs earlier this year, the government started refunding import duties back to companies.
At first it was small. Now it is turning into a flood.
Customs and Border Protection has already withdrawn roughly $17 billion in May alone — versus just $3 billion during all of April.
The total refund exposure now sits near:
→ $166 billion
And that money is starting to flow back into:
→ retailers
→ import-heavy companies
→ consumer-facing businesses
Walmart already said some of the refunds may go toward price cuts.
Other large retailers are making similar plans. The cash injection is real and immediate for companies with large import books — consumer discretionary and retail names are the direct beneficiaries.
Costco reports earnings Thursday.
!!! Watch for any commentary on tariff refund timing and how management plans to deploy it.
What it means for the deficit?
$166 billion flowing back out of government coffers adds directly to the deficit — at the exact moment the Iran war is already pushing borrowing costs higher. It compounds the bond story below.
Markets now have a new question:
!!! Does refunding tariffs help consumers cool inflation… or does injecting more money back into the system keep inflation hotter for longer?
That answer matters a lot for bonds.
Which brings us to the problem Wall Street suddenly cannot ignore anymore.
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Here’s exactly what to buy to profit.
Story 3 · Bonds
The 30-year Treasury yield just hit its highest level since 2007.
Before the US-Iran conflict began, the 10-year Treasury yield sat at 4%.
It now stands at 4.58%.
The CBO’s baseline for this year was 4.13%. Every basis point above that translates into more interest on roughly $36 trillion in debt.
At 4.58% for the remaining four months of the fiscal year, the US adds approximately $8 billion in extra interest. If yields stay here through all of fiscal 2027, that rises to $30 billion.
Producer prices just posted their hottest reading in four years.
And suddenly traders are starting to reconsider the entire rate-cut narrative again.
That creates a problem for stocks.
Because this rally has been powered partly by the idea that:
→ inflation cools
→ rates eventually fall
→ AI spending continues
→ valuations stay elevated
Higher yields challenge that entire chain.
And unlike stock investors, bond investors tend to be brutally literal.
They care less about narratives. More about math.
Every percentage point higher in yields increases borrowing costs:
→ for consumers
→ for corporations
→ for the government itself
Which is why Wall Street is suddenly staring at the 10-year Treasury like it contains classified information.
The irony? All three stories connect back to the same thing.
A real Iran deal could lower oil.→ Lower oil could cool inflation. → Cooling inflation could calm bonds.→ Calmer bonds could give stocks room to keep climbing.
That is the optimistic chain reaction bulls are hoping for right now.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
Short Week. Heavy Data.
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Bullish Vibes… Again (Season Two)
Eight Weeks. No Breaks.
The S&P 500 just posted eight straight winning weeks — its longest streak since 2023. It is up 9.17% year-to-date and has stayed above both its 50-day and 200-day moving averages since April.
The Nasdaq 100 joined the rally.
And crucially — it wasn’t just the big tech names dragging it higher.
The Russell 2000 joined too.
That part matters.
Because when small caps start participating alongside mega-cap tech, the rally starts looking less like hype…
Even after everything markets absorbed lately:
→ rising Treasury yields
→ geopolitical tension
→ a US credit downgrade
→ stubborn inflation fears
→ a Fed refusing to cut
stocks still kept grinding higher anyway.
The story ⇩
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
The Numbers
The earnings backdrop is the real story behind the streak.
According to FactSet:
→ 84% of S&P 500 companies beat EPS estimates in Q1 2026 — well above the five-year average of 78%.
→ The blended earnings growth rate came in at 15.1%, the highest since Q4 2021.
→ Six consecutive quarters of double-digit growth.
This is not a fluke rally.
Because for all the conversation about AI hype, the underlying corporate earnings picture is actually still very strong.
The simplest explanation is: companies are still making money.
A lot of it.
The Week’s Wildest Movers
The China story in one line: Beijing regulators launched a crackdown on illegal cross-border securities activity this week — and Chinese-listed brokerages Futu (-27%) and UP Fintech (-25%) bore the brunt.
Meanwhile Reddit dropped after Meta quietly launched a community discussion feature that looks a lot like Reddit. Imitation is the sincerest form of competition.
SPONSOR BREAK presented by BanyanHill*
Everyone is obsessed with SpaceX. That’s the wrong play
SpaceX is already valued at $1.75 trillion before a single share trades publicly.
The investors who got rich on SpaceX got in years ago.
Larry Benedict — who didn’t have a losing year for 20 consecutive years — says while the world is fixated on the IPO, billions of dollars are quietly being set up to flow into ONE forgotten ticker.
He’s revealing the name completely free.
Click here to see where Larry is actually positioning his readers — and why it isn’t SpaceX.
The SpaceX Halo Effect
Three stocks already riding the SpaceX wave.
You cannot buy SpaceX yet. But the market is not waiting.
While investors queue up for the June 12 Nasdaq debut, three public companies are already absorbing the enthusiasm — and delivering real fundamental reasons to pay attention.
→ Rocket Lab RKLB ( ▲ 8.22% ) is now up more than 78% year-to-date after reporting record quarterly revenue growth and a backlog exceeding $2 billion.
→ Redwire RDW ( ▲ 13.94% ) surged again after posting a record $498 million backlog and forecasting as much as $500 million in 2026 revenue.
→ Linde LIN ( ▲ 0.6% ) is quietly becoming one of the hidden infrastructure plays behind the entire space buildout, constructing a $100 million air separation facility less than 50 miles from Starbase, Texas.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
Enjoy The Cookout.
But June has a complicated reputation.
Eight winning weeks going into a long weekend sounds like momentum. History says: not so fast.
Here is the honest picture on June seasonality. The data depends entirely on which window you look at.
June ranks among the worst months over the past two decades.
The honest read: June is not historically a month where markets surge. But the last six years have been kinder — and the fundamental backdrop right now (84% earnings beat rate, six straight quarters of double-digit growth, AI IPO euphoria incoming) is not a typical June setup.
The SpaceX listing alone could override any seasonal headwind simply by pulling institutional money off the sidelines.
The one thing that could spoil it: the 10-year Treasury yield. If it breaks meaningfully higher in June — especially past recent resistance — that is the scenario where valuations come under pressure, regardless of how good the earnings are.
What To Watch After The Long Weekend
1 SpaceX roadshow starts June 4. Investor meetings kick off next week. The pricing call is June 11. This is the biggest IPO in history — and index funds have to buy in within 15 days of listing. Watch for pre-IPO volatility in existing Nasdaq 100 names.
2 OpenAI’s S-1 could land in July. The confidential filing is coming as soon as this Friday. Public prospectus follows in roughly 6-8 weeks. When it drops, the Q2 revenue number versus Anthropic’s projected $10.9B becomes the most watched figure in tech.
3 The 10-year Treasury. Markets have shrugged off the Moody’s US credit downgrade. But the 10-year has been creeping higher. A sustained move above recent resistance is the single biggest risk to a market trading at 20.9x forward earnings — above both the 5 and 10-year averages.
4 Quantum computing follow-through. Rigetti RGTI ( ▲ 19.87% ) (+20%), D-Wave QBTS ( ▲ 14.22% ) (+14%), IonQ IONQ ( ▲ 8.07% ) (+8%) all surged on Trump administration grant news. The question after the long weekend: was this a one-day event trade, or the beginning of a sustained re-rating of the sector?
5 Iran peace deal progress. Pakistan’s army chief is in Tehran brokering indirect US-Iran talks. Secretary Rubio called it “a little bit of movement.” Any meaningful breakthrough here is a significant oil price catalyst — and a macro tailwind the market has not fully priced in.
Eight weeks. No down weeks. A market that has absorbed a credit downgrade, a bitter AI lawsuit, geopolitical noise, and a Fed that won’t cut — and still finished higher every single Friday.
The simplest explanation is also the most powerful one: earnings are genuinely good, AI is genuinely transforming industries, and the biggest IPO in history is three weeks away.
Enjoy the long weekend. June is going to be loud.
Don’t forget to to cast your vote 👇
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New IPO On The Horizon
OpenAI is going public. The numbers are extraordinary.
A confidential SEC filing is coming as soon as tomorrow – Friday.
September is the target.
Here is everything you need to understand before the roadshow starts.
The story ⇩
SPONSOR BREAK presented by MarketWise*
Elon’s $480 Trillion Currency Masterplan
He’s waited 27 years for this moment. Elon Musk just launched his biggest disruption ever, which could totally reset how millions of people access their money and even pay tax.
Here’s exactly what to buy to profit.
Burning Cash. Printing Hype.
OpenAI — the company that detonated the internet with ChatGPT in 2022 — is officially preparing to go public.
A confidential SEC filing could arrive as soon as tomorrow – Friday.
Goldman Sachs and Morgan Stanley are reportedly leading the deal.
And if everything stays on schedule, shares could begin trading as early as September.
The numbers attached to it are difficult to even process.
→ Estimated valuation: ~$850 billion
→ Annualized revenue: ~$25 billion
→ Weekly users: ~900 million
→ Infrastructure spending target by 2030: $600 billion
And despite all that growth…
OpenAI is still losing staggering amounts of money.
$25 billion in annualized revenue. $5 billion in losses — in 2024 alone. And the losses are projected to get much, much larger before they get smaller.
The company reportedly burned billions last year alone and internally expects losses to continue for years.
Which creates one of the strangest IPO setups Wall Street has seen in a long time:
OpenAI is growing like the next Microsoft…
while spending like a small country.
The Math
In Q1 this year, OpenAI spent $7.7 billion on AI compute.
That is 77 cents of every dollar that came in the door.
CEO Sam Altman has pledged $600 billion in infrastructure spending by 2030.
The CFO has privately told company leaders they may need to raise more capital — just six weeks after closing a $122 billion round.
The bull case is real: 900 million weekly users, revenue doubling year over year, and the most recognized brand in artificial intelligence.
The bear case is equally real: this is a company that may need decades of public market patience before it turns a structural profit.
That is the bet investors will be asked to make.
Why September specifically?
Confidential filings land a couple of months before the public S-1 — then another month before the actual IPO.
File Friday → public S-1 around July → September debut.
It also fits neatly into the traditional IPO window between Labor Day and Thanksgiving, when institutional money is most active.
Miss that window and you are waiting until 2027.
SPONSOR BREAK presented by Paradigm*
Do not invest on IPO Day.
I don’t care how big the IPO is.
Elon Musk is set to take Starlink public this year in what will be the biggest IPO in history.
But instead of buying Starlink, you should look into this $30 stock – and you should do it right now, before the potential IPO.
This company – whose name and ticker is revealed for FREE in this short video – is poised to rocket 100% or more in the next year off the back of the coming SpaceX IPO.
And you can get shares today.
Click here for the details.
Sincerely,
James Altucher
But… The Market Does Not Care
Normally, public investors punish companies for losing money at this scale.
OpenAI may become the exception.
Wall Street is treating it more like infrastructure:
→ the foundation layer underneath the future of artificial intelligence.
And in markets, narratives that feel foundational tend to attract extraordinary valuations.
Especially when investors become convinced:
→ AI changes everything
→ compute demand keeps exploding
→ governments cannot afford to fall behind
→ corporations keep spending no matter the cost
That’s how you end up with investors eagerly chasing a company projecting losses through 2029.
The market is not buying current profitability.
It is buying ownership in what investors believe could become the operating system for the AI era.
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The $100 Billion Buyer Nobody Talks About
Another force quietly sitting underneath this IPO:
Passive index funds.
Nasdaq recently adjusted its rules so major new listings can potentially enter the Nasdaq 100 much faster than before.
New listings can now join the Nasdaq 100 after just 15 days — and they get an index weighting of 3x the value of shares floated. That means the trillions of dollars sitting in passive index funds have to buy in, at whatever the market is charging.
There is no discretion. No waiting for a better price. If the stock is up 100% on IPO week, index funds have to buy.
That matters enormously. Once a company enters major indexes, trillions of dollars in passive funds suddenly have to buy shares automatically.
That creates one of the strangest feedback loops in modern markets:
→ the bigger and more hyped an IPO becomes, → the more forced buying pressure it can eventually attract.
And if OpenAI, SpaceX, and Anthropic all eventually enter indexes around similar periods…
→ the rotation inside big tech could become enormous.
Who gets sold to fund all this buying? Someone has to.
JPMorgan estimates that SpaceX alone — at $2T with 50% float — forces passive investors to dump $95 billion of existing big tech stocks.
Add OpenAI and Anthropic to the queue and the forced rotation becomes one of the largest mechanical selling events in market history.
Which means the AI boom may eventually start cannibalizing older mega-cap winners to make room for newer ones.
Meanwhile, The Competition Is Getting Real
OpenAI still dominates consumer AI mindshare.
But the market underneath AI is becoming brutally competitive.
1 Anthropic is growing rapidly in enterprise and coding. It is reportedly on track to hit $10.9 billion in Q2 — more than doubling in a single quarter.
2 Google is integrating Gemini across its ecosystem.
3 Meta keeps spending aggressively.
4 Amazon is building custom AI chips.
5 And Nvidia still controls the infrastructure layer powering much of the industry itself.
The AI trade is no longer a single-company story. It’s becoming a full-scale economic ecosystem.
That’s why these IPOs matter so much.
And the timing is impossible to ignore
The IPO process accelerated almost simultaneously with SpaceX unveiling its own prospectus.
What to actually watch? The SpaceX IPO reaction. SpaceX prices June 11, trades June 12. How the market absorbs that listing — and whether the “fast entry” mechanics create chaos or calm — is the dress rehearsal for everything that follows.
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Too Big To Surprise
Nvidia is the world’s most valuable company, up 21% this year and 74% over the past 12 months.
And it just reported its 15th consecutive revenue beat.
→ $81.6 billion in revenue.
→ $91 billion Q2 guidance.
→ A 25x dividend increase.
Here is everything you need to understand about what just happened.
Here’s the story ⇩
SPONSOR BREAK presented by Stansberry*
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Great Stops Being Enough
The company that built the AI boom is starting to run into the reality of being too successful.
Just now, Nvidia reported:
→ $81.6 billion in revenue — beat by $2.4 billion
→ 85% year-over-year growth
→ $75.2 billion in data center revenue
→ $2.39 GAAP EPS — well above estimates
→ $91 billion Q2 guidance — crushed the $87 billion consensus
And the expectations were:
→ ~$79 billion in revenue
→ nearly 80% year-over-year growth
→ another massive jump in data center demand
→ triple-digit earnings growth
By almost any historical standard, those numbers are ridiculous.
Fifteen straight beats.
Revenue up 700% from 2022 through 2025. Annual sales reaccelerating when most companies would be slowing down.
By any objective measure, Nvidia’s financial performance over the past three years has been one of the most extraordinary runs in corporate history.
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The Paradox 🤔
Nvidia stock has fallen after each of its last three earnings reports.
The company delivered
→ better-than-expected revenues,
→ better-than-expected earnings per share, and
→ better-than-expected guidance.
Three for three, every metric, every time.
And the stock dropped the following session after each one.
The world’s most valuable company — the company whose chips power essentially every major AI system on earth — is beating the most watched earnings in the market and getting sold off for it.
There is a name for this phenomenon: priced to perfection.
That’s a weird psychological shift.
At some point, markets stop rewarding greatness and start demanding impossibility.
Tonight, for the first time in four quarters, the stock is up in postmarket. Whether that holds tomorrow is the real test — and the one worth watching
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The China Number Nobody Can Ignore
There is another detail buried inside tonight’s earnings that deserves much more attention than it will probably get.
Nvidia’s market share in China is now effectively zero.
Think about how insane that sentence would have sounded two years ago.
China was once one of Nvidia’s most important growth markets.
Now export restrictions have essentially erased that business.
And China is still aggressively building AI infrastructure — which means someone else is now selling those chips instead.
AI is becoming geopolitical now.
And Nvidia sits directly in the middle of it.
The Anthropic paper, published last week, makes the geopolitical stakes explicit.
It argues that the US must do everything in its power to stop China from closing its 12 to 24 month AI lead — and that strict export controls on advanced chips are the most effective tool to do that.
For Nvidia, being the most important weapon in that strategy comes at a real financial cost.
The $1 Trillion Question
In March, Jensen Huang announced a target that stopped the room: $1 trillion in sales of Blackwell and Vera Rubin chips and networking equipment through 2027.
One trillion dollars. From one company. In two years.
Morgan Stanley analyst Joseph Moore thinks Wall Street has not fully absorbed what that number means — and that consensus estimates are actually too low. His math suggests the $1 trillion target implies $845 billion of data center sales in calendar years 2026 and 2027 combined. Current analyst consensus for that same period is just $785 billion. That is a $60 billion gap between what Jensen is guiding and what analysts are modeling.
Tonight’s Q2 guidance of $91 billion — $4 billion above consensus — suggests the $1 trillion target is not just a number Jensen threw out in March.
It is tracking ahead of schedule.
The Summary 👀
1 The Q2 guidance number – $91B — crushed the $87B consensus by $4 billion. Acceleration is intact.
2 Shareholder returns – $80B buyback added. Dividend raised from $0.01 to $0.25 — a 25x increase in a single quarter.
3 The China conversation – Call still ongoing — full update tomorrow.
4 Customer health signals – Call still ongoing — full update tomorrow.
5 The stock reaction itself – Up in postmarket. Three consecutive beats followed by three drops — the streak appears to be over.
The “too big to excite” thesis just got its biggest test — and tonight, Nvidia passed it.
Not with a routine beat. With a $4 billion guidance raise, an $80 billion buyback, and a dividend that went from a penny to a quarter in a single quarter.
The bond market is still screaming. China is still zero. The geopolitical risk is still real. But tonight, none of that was louder than the numbers.
Jensen Huang built the AI boom.
Tonight he reminded everyone he is still running it. 👀
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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Day 80…
80 Days…
The stock market recovered from the Iran war.
The bond market never did.
A huge disconnect…
While investors spent the last two months celebrating AI earnings, record highs, and resilient consumers… something much less exciting has been quietly breaking in the background:
The cost of money itself.
Today, the 30-year Treasury yield crossed 5.2% for the first time since 2007.
That may sound like a boring bond-market statistic.
It isn’t.
Because when long-term yields move this fast, they eventually start dragging everything else with them:
→ mortgages
→ stock valuations
→ credit cards
→ corporate borrowing
→ momentum trades
→ even the AI rally itself
And the uncomfortable part?
The bond market is starting to signal that the era of cheap money may not be coming back anytime soon.
Here’s the story ⇩
First — what is a Treasury yield?
Before we get to what this means for your money, a quick translation for anyone who does not live and breathe bond markets.
Treasury yields in plain English
When the US government needs money, it borrows it by selling Treasury bonds. Investors lend the government money for a fixed period — 2 years, 10 years, 30 years — and in return receive regular interest payments.
The yield is that interest rate.
When investors are worried about inflation or government finances, they demand higher interest rates to compensate for the risk.
That pushes yields up.
When yields go up, the price of existing bonds goes down — because a bond paying 4% is worth less when new bonds are paying 5.2%.
!!! Think of it like a seesaw: yields up, prices down. Always.
Never Joined The Rally
It has now been roughly 80 days since the Iran war began.
Stocks panicked. → Then recovered. → Then pushed back toward record highs.
The bond market watched all of that happen… and basically refused to believe it.
Instead, yields kept climbing.
Today:
→ The 30-year Treasury yield crossed 5.2%
→ The 10-year climbed to 4.68%
→ UK long-term yields hit levels not seen since the late 1990s
→ Japan’s 30-year bond yield reached all-time highs
Before the Iran war started in late February, the 10-year yield was trading just below 4%. It has risen nearly 70 basis points since then. The bond market has been selling off for 80 days straight and is showing no signs of turning around.
The selloff is not just an American story. UK 30-year gilt yields are approaching 6% — their highest since 1998. Germany’s long-term borrowing rate is at a 2011 high. Japan’s 30-year bond hit an all-time high.
The entire developed world is suddenly repricing the cost of borrowing money at the exact same time.
And markets are beginning to realize this may not be another temporary inflation scare.
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Why Yields Keep Rising
Three separate forces are now colliding at once.
1 The first is energy.
The Iran conflict disrupted one of the most important shipping corridors on Earth, sending oil and gas prices sharply higher. That pressure leaks into everything:
→ transportation
→ food
→ manufacturing
→ airfare
→ consumer prices
Inflation that looked like it was cooling suddenly started heating back up again.
2 The second problem is debt.
The US government is borrowing enormous amounts of money at exactly the moment investors are becoming less comfortable lending cheaply.
!!! That creates a very simple dynamic:
if buyers become hesitant, → yields have to rise to attract them back.
3 And then there’s the Fed.
Just a few months ago, markets expected multiple rate cuts this year.
Now traders are debating whether the next move could actually be another hike.
That’s a massive shift in psychology.
For the last two years, investors treated high rates like bad weather:
temporary, annoying, eventually passing.
The bond market is starting to price something much more uncomfortable:
What if this is just the new climate?
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Why Stocks Suddenly Care
This is the part equity investors cannot ignore anymore.
For years, ultra-low interest rates quietly supported almost everything:
→ high-growth tech valuations
→ private equity
→ speculative AI trades
→ startup funding
→ meme stocks
→ crypto
Cheap money made future profits look incredibly valuable.
Higher yields change that math.
Because if investors can suddenly earn 5.2% from a government bond with virtually no risk… they start questioning how much extra risk they really want to take chasing expensive stocks.
That pressure usually hits momentum trades first.
And right now, some of the market’s biggest momentum trades are sitting inside AI and semiconductors.
Think about momentum investing like a train moving at full speed.
As long as the track stays straight, everything works beautifully.
Rising bond yields are the curve in the track.
The train does not necessarily crash.
But it usually has to slow down.
And the sharper the curve gets, the harder momentum becomes to maintain.
That’s why the market suddenly feels more fragile even while headlines still look relatively strong.
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No one alive moves markets the way Elon does.
Larry Benedict — the trader who delivered a 279% return on cash in 2025 — says Elon’s next move is his biggest yet.
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The Line In The Sand ⚠️
For years, investors treated 5% on the 30-year Treasury like a ceiling.
Every time yields reached that area, buyers stepped in and stabilized things.
This time feels different.
Because the forces pushing yields higher are not disappearing:
→ inflation remains sticky
→ deficits remain massive
→ energy prices remain elevated
→ global borrowing needs to keep growing
And now the next major level sits directly ahead: 5.25%.
Several strategists now believe a clean move above 5.25% could force a broader repricing across equities — not just a rough week for stocks, but a genuine reset in valuations.
That’s why Wall Street suddenly feels nervous again.
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Between the war in Iran, devastating debt load, and a technological displacement from AI, America is facing a crisis not seen in 250 years.
And yet, for the first time in many years, the “Rally Effect” has failed to materialize in any measurable form:
The presidential approval rating of Donald Trump recorded an all-time low during the war with Iran.
This isn’t just an unpopular president.
It’s not just left versus right anymore. It’s something deeper, and more profound. This is decades of political theory shattered… by something else entirely… a convergence of three forces that we’ve not seen since the birth of America.
This convergence is speed-running the 19th century, threatening to create a massive new “useless class” of workers while minting immense fortunes for those who own the right assets.
This is why I strongly encourage you to read about this newest investigation from legendary analysts, Porter Stansberry and Luke Lango today.
Get the facts for yourself. Even if they’re only partially right, it will dictate whether you’re enriched or impoverished by the seismic changes barreling down upon America.
What it means for your money
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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