Last week, AMD offered more details on the release of their groundbreaking GPUs with little fanfare in the markets – which is par for the course as AMD has a history of being forgotten about until the company can no longer be ignored. At Advancing AI 2025, AMD introduced its Instinct MI350 series GPUs, including MI355X with up to 4X performance over the previous MI300X generation and up to 40% more tokens per dollar compared to Nvidia’s B200 accelerators.

Up until now, the AI conversation has been dominated by training and compute, yet inference is showing signs of exploding growth. Microsoft and Google recently highlighted 5x to 9x YoY growth in AI tokens processed, while OpenAI and Anthropic are adding billions in ARR in a matter of months to $10 billion and $3 billion, respectively. While Nvidia takes center stage for many investors as AI training powered its immense data center growth over the past two years, this AI semiconductor stock is solidifying itself as the clear second place, with AI revenue expected to rise at 60% YoY this year and hints of a possible acceleration next year. Below, we break down what you need to know as the industry shifts to inference at scale, if this stock’s valuation is justified or lofty, plus the one thing the CEO said that all AI investors must hear to help position for 2025-2026.

Despite their leadership, AI stocks like Taiwan Semiconductor and Nvidia are flat year-to-date and trading at similar levels as June 2024. Clearly, the AI trade is not as straightforward as it might seem. Taiwan Semiconductor, in particular, sits at the center of geopolitical tensions — yet those tensions tend to surround companies with deep IP in the AI economy. What makes this economy so distinct is not just the extraordinary commercial demand, but also its rare, historical role in shaping global alliances (and adversaries). Investors are confronted almost daily with friction between the U.S. and China — and at the center of it all is one stock: Taiwan Semiconductor (TSMC). While enthusiasm around AI demand remains strong, assuming it will simply override geopolitical headwinds is overly optimistic. Onshoring a supply chain like TSMC’s takes years, yet markets can react to a negative headline in seconds.

Nvidia’s streak of blockbuster earnings has turned investor expectations into a high-stakes game— anything short of perfection risks disappointment. As the company gears up to report fiscal Q1 results

Microsoft stock jumped after Q3 2025 earnings as Azure emerged as the only major cloud platform to accelerate growth this quarter — a rare feat amid macro pressures. Azure’s 35% constant currency grow

Natural gas is emerging as the backbone of AI data center expansion, with demand expected to reach up to 6 billion cubic feet per day by 2030. As AI-driven infrastructure surges, data centers are turning to the U.S. electrical grid, primarily powered by natural gas, to meet their energy needs. With Texas and Louisiana leading in dense gas pipeline networks, major AI data center projects are strategically positioning themselves near these energy hubs. Discover why natural gas pipelines are the unsung heroes fueling the AI revolution.

AI data centers are at the heart of the AI revolution, but their massive energy demands raise critical questions. With power consumption expected to grow 160% by 2030, data centers are turning to a mix of brown, clean, and renewable energy sources to balance sustainability and reliability. Goldman Sachs estimates 40% of new data center capacity will come from renewables, but can solar, wind, and nuclear meet AI’s 24/7 power needs? Discover how hyperscalers are adapting their energy strategies in the race to power AI.

Alibaba’s AI-driven cloud revenue is surging with six consecutive quarters of triple-digit growth. However, its AI earnings remain a fraction of what U.S. tech giants report, with Microsoft leading at 13X higher AI revenue. The competitive pricing war in China’s AI sector may be limiting its growth potential. Explore Alibaba’s AI advancements, market challenges, and future prospects in our latest analysis.

AI data centers are projected to consume 9% of U.S. electricity by 2030, driven by soaring GPU power demands, with Nvidia’s GB200 reaching 2,700W—a 300% increase over previous generations. As AI racks push 80-150 kW per unit, power efficiency is now the key bottleneck. Among the top five energy sources—solar, coal, nuclear, natural gas, and solid oxide fuel cells (SOFCs)—SOFCs emerge as the most efficient, reaching 87% efficiency when paired with heat capture. With AI’s power consumption accelerating, investing in high-efficiency energy solutions will be crucial for sustaining future growth.

In our mid-October 2024 broad market report, we highlighted that a breakout above 5825 on the S&P 500 could push the index into the 6000–6185 range—contingent on holding support at 5675, which it did. Since then, the market peaked at 6147 and remains near its October levels. However, key sectors and stocks have failed to participate in the rally, and bond market reactions to the Fed’s aggressive rate-cut plans remain concerning. Legendary investors like Stanley Druckenmiller and Peter Lynch emphasize analyzing markets over economic forecasts to anticipate major market moves. Our intermarket analysis, which helped us identify the end of the 2022 bear market, now signals a potential market top. Additionally, semiconductor stocks—historically a leading indicator of volatility—remain well below their highs, suggesting broader market weakness ahead.

Big Tech’s earnings are just around the corner, with Microsoft and Meta kicking the season off on January 29th. The upcoming December quarter reports will offer a glimpse into AI spending trends to close out 2024 and an initial view for 2025, where Microsoft has already penciled in at least $80 billion in spending for AI-enabled data centers compared to $62 billion originally estimated. Analysts had initially estimated capex of ~$200 billion for Big Tech in 2024, an increase of ~30% YoY. In the first half of 2024, Big Tech spent nearly $104 billion, a 47% YoY increase. Through Q3, that sum had surged to $170 billion, up 56% YoY. Our latest checks suggest that Big Tech is on track to spend at least $236 billion in capex in 2024, 18% higher than analyst estimates and representing YoY growth of more than 52%.

Big Tech’s AI spending continues to accelerate at a blistering pace, with the four giants well on track to spend upwards of a quarter trillion dollars predominantly towards AI infrastructure next year.

In this article, I break down how Palantir’s AIP is putting it a step above peer Salesforce, MongoDB and Snowflake with visible AI growth, and its undeniable ‘secret sauce’.

We are seeing mounting evidence that this bounce may be the start of a new push to all-time highs, such as improved breadth, better than expected earnings plus the size of this bounce. However, one can’t ignore the unprecedented levels of uncertainty shown in key indexes, coupled with a growing problem in the U.S. bond market. In this report, we’ll lay out the unbiased case for each scenario for our 2025 stock market outlook.

In early 2025, as markets rallied to new highs, we warned that divergence across key sectors signaled a looming correction. Now, with all major indexes in a technical bear market and bond market dysfunction escalating, we explore why the Fed may not be able to prevent deeper losses — and how investors should position for what’s next.

Rising tariffs are injecting significant uncertainty into the stock market, triggering daily volatility and forcing analysts to revise earnings estimates. Our Q1 preview dives into the potential impact on key sectors like consumer electronics (especially Apple), autos, and Big Tech, revealing how supply chain disruptions and potential price hikes could reshape the market landscape.

As the S&P 500 reaches a key bounce target, troubling signs in bonds and consumer behavior suggest this market rally may be on thin ice. I/O Fund’s Knox Ridley explains why volatility may intensify and how the correlation between stocks and bonds is breaking in a way we haven’t seen in decades.

In our mid-October 2024 broad market report, we highlighted that a breakout above 5825 on the S&P 500 could push the index into the 6000–6185 range—contingent on holding support at 5675, which it did. Since then, the market peaked at 6147 and remains near its October levels. However, key sectors and stocks have failed to participate in the rally, and bond market reactions to the Fed’s aggressive rate-cut plans remain concerning. Legendary investors like Stanley Druckenmiller and Peter Lynch emphasize analyzing markets over economic forecasts to anticipate major market moves. Our intermarket analysis, which helped us identify the end of the 2022 bear market, now signals a potential market top. Additionally, semiconductor stocks—historically a leading indicator of volatility—remain well below their highs, suggesting broader market weakness ahead.

With audited returns of 131% since inception, compared to the NASDAQ-100’s 82%, portfolio manager, Knox Ridley, lays out how we have successfully maintained an overexposure to the right tech stocks, while navigating the inherent volatility within tech. We also discussed our views on AI and if we view it as a bubble, as well as our views on crypto currencies. The entire presentation can be viewed on Seeking Alpha here. Below are a few highlights of the event. Knox Ridley discusses the importance of a catalyst within proper tech investing, how the investing community is already confusing AI, and how the our team is preparing for a potential weak spot within the economy.

In this report, we will show that the sentiment readings over the last several months suggest investors should be cautious. This is backed up by our broad market analysis, which indicates that risk is more elevated than most investors may think. This doesn’t mean we can’t push marginally higher. Instead, it is suggesting that the downside is greater than any additional upside. Interestingly, the last two standing from the Mag 7, Meta and Amazon, appear to be giving the strongest clues that we could see more volatility over the coming weeks to months.

Ethereum has long been the frontrunner in decentralized apps (dApps) and blockchain innovation, but its scalability challenges have left the door open for competitors like Solana. Launched in March 2020, Solana has surged over +28,000% since its debut, compared to Ethereum’s +1,500%, offering a faster, more efficient alternative through its unique Proof of History (PoH) protocol. This protocol enables Solana to process up to 65,000 transactions per second without sidechains, making it a superior layer 1 solution in terms of speed and security.

In December 2022, we boldly stated that “Bitcoin is a buy” when it was trading around $17,000. We were positioning for a new bull cycle and projected a target between $75,000 - $132,000. Despite Bitcoin being down nearly 80% from the 2021 highs and the FTX scandal, by March 2024, Bitcoin hit $73,757, close to our lower target. We rely on technical and on-chain analysis for Bitcoin, which helped us call the 2022 low and predict upper targets. We now adjust our targets to $82,000 - $106,000 for risk management and plan to reduce our crypto exposure by ~50% on the next push to all-time highs.

Bitcoin and the spot BTC ETFs have clearly seen strong investor appetite since the approval in the beginning of the year. Alongside strong initial adoption of the new ETF class, we’re also seeing major crypto exchanges and platforms benefit, with Coinbase and Robinhood both seeing crypto trading volumes and transaction revenues surge. This may cause investors to believe that Coinbase and Robinhood are clear beneficiaries, yet we foresee trouble for HOOD specifically.

Bitcoin is susceptible to a noisy, bifurcation between bulls and bears with extreme statements, such as: “Bitcoin will go to a $1 million” or “Bitcoin is a ponzi scheme and will go to $0.” The truth is that Bitcoin has risen 7,000% in the past 10 years and smashed every record in equities in the past 15 years. Yet, it has also weathered multiple 70%+ drawdowns, but then against all odds, is capable of a full recovery within 3.5 years -- every time.

The recent decoupling of Bitcoin from equities, we believe, is the start of a new uptrend that appears to be inversely correlated to the financial sector. The financial media would have us believe that the current banking crisis is mostly US centric, and localized to regional banks.

We update the new developments in Bitcoin’s price patterns as well as the on-chain metrics that we tend to see around historic lows. We will also take a look at the fundamental thesis surrounding Bitcoin’s utility, and why a globally indebted economy coupled with structural inflation will only benefit from Bitcoin.

Bitcoin is the best performing asset of our lifetime. Given the history of Bitcoin’s awe-inspiring returns shown below, the single most important question for every investor in the market today is if this gravity-defying asset can do it again. The Bears want you to focus on the -77% bear market, as they have for all of the four major drawdowns Bitcoin has experienced.

The SEC approved nearly a dozen spot Bitcoin ETFs on January 10 in what was heralded as a “watershed” moment for the crypto industry, opening the door for investors to gain exposure to Bitcoin without directly holding it. It’s widely expected that this approval and subsequent widespread access for institutions and retail investors will shape up to be one of the most bullish fundamental moments in Bitcoin’s history.

Despite Bitcoin’s recent decline, volatility is actually decreasing and the asset is beginning to stabilize in terms of historical performance.

Voyager Digital is a smaller cap that gives investors exposure to the Bitcoin and crypto trading trend at a reasonable valuation.

AI data centers are at the heart of the AI revolution, but their massive energy demands raise critical questions. With power consumption expected to grow 160% by 2030, data centers are turning to a mix of brown, clean, and renewable energy sources to balance sustainability and reliability. Goldman Sachs estimates 40% of new data center capacity will come from renewables, but can solar, wind, and nuclear meet AI’s 24/7 power needs? Discover how hyperscalers are adapting their energy strategies in the race to power AI.

This analysis looks at First Solar, Enphase and Tesla as beneficiaries of the Inflation Reduction Act. IRA’s primary objective is to spur investments in clean energy, transport and manufacturing.

Solar energy stocks have outperformed the S&P 500 Index YTD with the most noticeable divergence June-August. The S&P 500 index is down 17% YTD and Nasdaq-100 index is down 26%, yet solar stocks are leading the tech industry as Enphase Energy is up 72%, Maxeon Solar Technologies is up 62%, and First Solar is up 56% YTD.

Tesla’s stock is now facing a recalibration of expectations after Q1’s delivery report missed by a wide margin. Q1’s analyst consensus has gone from $25.98B at the start of the year to $23.97B in early March, to now $21.54B following Tesla’s delivery report. These sharp revisions beg the question - is this enough? This analysis drills deeper into the current analyst expectations for Tesla and what to expect in Q1’s report below.

Tesla’s growth faces major hurdles in 2025 after its first annual decline in deliveries. Sales are plunging in key markets like China and Europe, while margins remain under pressure. Optimism around robotaxis and Optimus robots is rising, but neither is expected to drive significant growth next year. Tesla’s push for an affordable model also raises profitability concerns. Stay ahead with I/O Fund’s expert analysis—our high-performing tech portfolio outperformed the Nasdaq-100 in 2024. Take advantage of our limited-time 20% off Pro membership and access exclusive research, webinars, and real-time trade alerts.

Tesla is arguably one of the most advanced AI companies in the world, yet its stock is dictated by margins. Over the past three years, Tesla’s average gross profit per vehicle has declined by 60%, falling from more than $14,400 in Q3 2021 to less than $6,000 in Q2 2024, highlighting the difficulty Tesla has faced in a high-interest rate environment.

Tesla’s China struggles are persisting, as the American OEM saw its monthly sales decline substantially year-over-year in November, continuing a string of weak growth that began in August.

After the strong rally, it appears the market is taking profits on commentary around the outlook for margins. It’s not only that they were lower quarter-over-quarter (QoQ), but also Tesla provided zero insight as to how much lower margins can go. The market does not like uncertainty. It’s somewhat ironic that during the call Musk can wax poetic about the complexities of AI, neural net training, the 6-million dollar man, and robotic taxis yet when it comes to basic profitability drivers, he can’t say anything. The former drove the price post Q123 and the latter is driving the price today.