Micron’s stock is up 120% YTD – or 3X more YTD than AI heavyweight Nvidia. Recently, the high-bandwidth memory content that Micron supplies has increased 3.5X between GPU generations, leading to a quiet memory boom across DRAM and NAND suppliers. Memory is typically a cyclical industry that is low margin and lumpy, yet memory is seeing a newfound resurgence from AI that is strong enough to transform commoditized hardware into a secular trend as the AI economy is built out. AI servers use more DRAM and NAND than traditional servers, relying heavily on high-bandwidth memory (HBM) for training and inference. We look at how Micron has quietly outperformed some of the biggest players in AI YTD and if its ability to defy the odds can continue.

Palantir leads the AI software pack in terms of strong earnings reports this past quarter as the company achieved significant milestones, the most impressive being US commercial revenue grew 93% YoY and 20% sequentially. You will be hard pressed to find this kind of QoQ growth across AI’s biggest players. There are also robust cash flows and expanding margins to strengthen the story. However, what is this Perfect 10 worth? In fact, Palantir is well beyond a Perfect 10 and is rather a Perfect 100 as its forward P/S sits at an astonishing 104. This means taking FY2025 revenue of $4.2B , it would take over 100 years to pay back its current market cap.

CoreWeave saw muted price action following the latest earnings report; yet the soft price action is rare for the AI darling. The company went public in March and has stood out as the premier IPO among AI stocks given the stock is up over 200%. The lockup expired last month, which begs the question – can CoreWeave continue to defy the odds and overcome the typical insider selling that is seen around a lockup expiration? Investors typically fare better waiting for anxious insiders to sell, yet CoreWeave has been anything but ordinary. In terms of timing, CoreWeave has hinted the second half of the year will be stronger. We look at why CoreWeave could end the year on a high note, yet to be prudent, we also look at why there was a negative reaction to the most recent earnings report. We end with a buy plan strategy the I/O Fund is eyeing for weighing the puts and takes on what promises to be a highly volatile, fast moving stock.

The AI frenzy has investors fixated on revenue growth as proof of returns on AI spending that can be as high as $100 billion per year, depending on the company. Yet, Meta is proving that a stronger signal of AI strength may be found further down the income statement — in the bottom line. This quarter, average revenue per person (ARPP) is showing initial signs of bottoming with an important uptick YoY that was absent last quarter when ARPP declined YoY. Secondly, Meta has indicated their internal AI operations will result in lower headcount come 2026 as AI reaches the capabilities of a mid-level software engineer. Combined with a potential inflection point in their ad business, that indicates strong double digit EPS growth will continue in 2026.

In the analysis below, my firm crunched the hard data on Q2 capex numbers and what is coming down the pipe for Q3. If you are an AI investor like we are, this is an analysis you will not want to miss as the numbers below help to dictate how much room is left in many AI stocks. As the final highlight, we are rolling out a brand-new buy plan for Nvidia stock – which is highly dependent on capex growth. When it comes to Nvidia buy plans, many of you are aware the I/O Fund has a strong track record — from our $3.15 entry in 2018, to buying at $10 in October 2022 on the very day the stock bottomed before the AI surge, with real-time trade alerts sent to Members. More recently, we stood apart by urging caution just before the DeepSeek news, outlining a “wait to buy” strategy in the analysis “Where I Plan to Buy Nvidia Stock Next” as we anticipated Nvidia could dip below $100. That call paid off, allowing us to secure shares at $95 and $88, again with real-time alerts to Members. Below, we present a new buy plan for you below plus a few reasons why I am (once again) saying the Street has Nvidia all wrong.

The market is clearly excited about this report, and for good reason. Remaining performance obligations (RPO) grew 359% YoY with cloud RPO growing “nearly 500%” on top of 83% growth last year. Another key reason that Oracle’s stock is exploding higher despite a lagging fiscal Q1, is that Oracle Cloud Infrastructure (OCI) was forecast to “grow 77% to $18 billion this fiscal year and then increase to $32 billion, $73 billion, $114 billion and $144 billion over the following 4 years.” You can think of this as an acceleration from roughly 50% growth on IaaS in recent quarters to up to 128% growth in future years, specifically from the $32B to $73B in the medium-term of two years out. Also, consider that Azure is at $75 billion, which means Oracle and Microsoft will likely be on par with each other over a four-year period for their infrastructure segments. Given this, there’s no denying that Oracle reported impressive results, yet can the stock continue its run – or has the easy money been made? Below, we look more closely at Oracle’s report plus offer a buy plan that discusses how the I/O Fund – a leading AI tech portfolio - is approaching this stock.

Two years ago, the April 2023 quarter delivered a historic 18% beat, followed by an even bigger 30% beat in July 2023. Compare that to the most recent quarter ending July 2025 — just a 4% beat, the smallest in two years. The narrowing beats combined with a rare QoQ decline in the Compute segment could be interpreted as Nvidia is running out of steam. I disagree with the idea that Nvidia is running out of steam and had the opportunity to speak to a few notable media anchors from Fox Business News and Bloomberg on the topic last week, plus a 45-minute interview on the topic with Maggie Lake of Wealthion. In the media interviews, we discussed some of the most pressing issues that AI investors face – does China revenue matter for Nvidia, how does the world’s most valuable company continue to grow, are we in an AI bubble, and lastly – where is the I/O Fund positioning next.

Our track record including a more recent 600% move in Bitcoin is not the product of hype but of a systematic framework—one built on technical analysis, on-chain metrics, and a close watch on global liquidity conditions. Today, this very process is flashing warning signs, which has us, once again, going against the popular narratives, as we have begun the process of taking gains in Bitcoin and reducing risk. Because of the warnings that our system is picking up on, the I/O Fund partnered with WealthUmbrella to release a free one-hour webinar outlining these risks as well as what we want to see to confirm a potential path higher from here**.** The presentation details the forces that move Bitcoin**,** along with the risk management techniques that enabled us to sidestep the 2021 top and re-enter near the 2022 low. Below are a few highlights from the presentation: