To The Moon

$IREN Ltd(IREN)$ reports earnings Thursday, and expectations are high for the company to finally deliver on its AI infrastructure story. Yet the stock has been basically flat YTD, while $NEBIUS(NBIS)$ has surged 162%. I see six major reasons behind the gap. 1️⃣ Management Compensation The two co-CEOs received 18.2M shares, roughly 6% of the company, without capacity, ARR, EBITDA or share-price targets attached. Whatever the long-term merits, the optics were terrible. It created a major governance and PR overhang and made management look less disciplined to potential investors and partners. 2️⃣ The $6B ATM $IREN has a $6B ATM program, creating ongoing dilution concerns. $NBIS also has a $6B ATM and has use

$NVIDIA(NVDA)$ is doing more than selling GPUs. It appears to be building an alternative AI ecosystem that reduces its dependence on hyperscalers. The problem is straightforward. $Meta Platforms, Inc.(META)$ $Amazon.com(AMZN)$ $Alphabet(GOOG)$ $Microsoft(MSFT)$ are huge customers, but they also want to reduce their dependence on $NVDA and gain more bargaining power over GPU pricing. That explains $NVDA’s growing investments in $CoreWeave, Inc.(CRWV)$ $IREN Ltd(IREN)$

👋 Ok folks, here’s a small crypto thesis. Crypto rallies often follow a familiar sequence: $BTC + $ETH → $Robinhood(HOOD)$ + $Coinbase Global, Inc.(COIN)$ → $Strategy(MSTR)$ + $Hyperliquid Strategies Inc(PURR)$ → miners Last week, 3 of the 4 groups ripped higher. The miners, however, largely haven’t participated yet. That’s what makes $Riot Platforms(RIOT)$ and $Hut 8 Mining Corp(HUT)$ interesting. ⛏️ Both are showing unusually strong volume, while their exposure now extends beyond Bitcoin mining into data-center infrastructure—gi

Peter Thiel’s latest public portfolio is heavily concentrated in energy and power infrastructure, with major positions across $Vista Energy(VIST)$ $Vistra Energy Corp.(VST)$ $American Electric Power(AEP)$ $DTE Energy Co(DTE)$ $FirstEnergy(FE)$ $CMS Energy Corp(CMS)$. 📊 Portfolio breakdown: $Amazon.com(AMZN)$ — 28.2% $Vista Energy(VIST)$ — 18.1% $Vistra Energy Corp.(VST)$ — 14.1%

Grok 5 could be a very different kind of frontier model. Musk has said Grok 5 is targeted for the end of 2026, while reported roadmaps have pointed to a model potentially reaching 10 trillion parameters. But the bigger story may not be the parameter count. Grok 5 is expected to train on Colossus and incorporate $SpaceX(SPCX)$ ’s massive engineering dataset, giving SpaceXAI access to something most AI labs simply don't have: decades of real-world engineering knowledge. Musk has already said SpaceX's engineering data will be used to improve Grok's engineering capabilities. That could create a very different AI moat. Instead of building another model primarily optimized for language, coding or general knowledge, SpaceXAI could be buil

One of the best ways to spot the next big market winner is to watch how stocks react after earnings. Strong earnings are important, but the market's reaction can be even more telling. When a stock delivers solid results and attracts aggressive buying, it can signal that a larger trend is starting to develop. Here are some of the biggest earnings reactions I've been watching: 🤖 AI Infrastructure $NEBIUS(NBIS)$ $SiTime Corp(SITM)$ $FormFactor(FORM)$ $Aehr Test(AEHR)$ $AXT Inc(AXTI)$ $Silicon Motion Technology(SIMO)$ 💻 Software

Good morning,Tigers! ☀️ The market is in a super weird spot right now. Crypto is suddenly back from the dead, while $SPDR S&P 500 ETF Trust(SPY)$ remains choppy and directionless. There’s no clear macro trend, and investors are being pulled in different directions by everything from Trump’s comments on Hyperliquid to the latest healthcare breakthroughs. And the calendar isn’t helping. Midterms are approaching, Jackson Hole is next week, and $NVIDIA(NVDA)$ earnings are coming up. It feels like the market has a lot on its mind at once. That’s why, for me, this remains a theme picker’s market. When the major indexes lack a clear direction, I’d rather focus on individual themes that have their own catal

The S&P 500 $S&P 500(.SPX)$ 's biggest winners this year are being led by semiconductors, AI infrastructure, memory, and energy. 🔥 Top Performers $SanDisk Corp.(SNDK)$ +561% $Moderna, Inc.(MRNA)$ +491% $Dell Technologies Inc.(DELL)$ +248% $Micron Technology(MU)$ +228% $Seagate Technology PLC(STX)$ +202% $Marvell Technology(MRVL)$ +179% $Western Digital(WDC)$ +168% $Intel(INTC)$ +151%

Yesterday, $Moderna, Inc.(MRNA)$ jumped an extraordinary 177%, sending its market cap from roughly $25B to $72B in a single session. The catalyst was strong Phase 3 data for Moderna’s individualized mRNA cancer vaccine. In a pivotal study involving 1,137 patients with high-risk melanoma, patients receiving the personalized vaccine plus Keytruda achieved better outcomes than those receiving Keytruda alone. The combination helped patients stay cancer-free longer and reduced the risk of the cancer spreading. That is a major result—and potentially a turning point for personalized cancer treatment. 🧬 If the technology can eventually prove effective across multiple cancer types, the commercial opportunity could be enormous, potentially creating a multi-

Good morning, Tiger friends! 👋 AI doesn’t just need better models. It needs an enormous amount of infrastructure to run them. ⚡️ From advanced chips and foundries to memory, optical connectivity, AI data centers and even space-based infrastructure, the AI buildout is creating a much broader investment opportunity. Here are 8 infrastructure names worth following: 🧵 1. $NEBIUS(NBIS)$ Drawdown -21% 2028 Revenue CAGR: 153% 2028 ADJ EBITDA CAGR: 318% FWD P/S: 10 2. $ASML Holding NV(ASML)$ Drawdown -12% 2028 Revenue CAGR: 23% 2028 Net Income CAGR: 34% 2028 FCF CAGR: 29% FWD P/E: 32 3. $Taiwan Semiconductor Manufacturing(TSM)$ Drawdown -6% 2028 Revenue CAGR: 26% 2028 Net