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:

Reddit’s stock has surged 62% in one month, easily placing the company’s earnings report as one of the best to come out of the tech sector this quarter. The world’s leading forum site has only 416 million weekly active users compared to Facebook’s 2 billion yet ranks fifth behind Facebook as the most visited site in the United States. In addition, due to a few changes in how Google surfaces content with AI overviews, Reddit is now the second most visible site in the United States – ranking above Facebook for example - and the top line results show the company is reaping the rewards of being in the search giant’s good favor. Below, we offer a few ways to approach the opportunity that Reddit presents and what an investor should look for to determine if Reddit will continue to be an anomaly in that AI-driven search benefits the social platform (whereas it hurts traffic for most other publishers). The analysis also discusses what to watch for in terms of Reddit hitting peak growth and the catalysts that could drive the stock further.

Last month, after ServiceNow reported second quarter results that exceeded expectations on multiple fronts, shares of NOW rose by 6%. The company is attempting to reposition itself beyond a provider of cloud-based digital workflows to what they are calling “the AI-powered operating system for enterprise transformation.” Yet, the market is cautious as the stock is down nearly 20% YTD and lags other AI software stocks – this analysis looks at the puts and takes weighing on this promising AI stock.

In late 2022, when Bitcoin was trading near $16,000, the I/O Fund issued a Strong Buy Alert. At the time, many of the market’s biggest crypto bulls were silent. Fast forward to today, Bitcoin is up over 600%—and now we are hearing the same aggressive upside targets that we heard years ago prior to Bitcoin’s 70% plunge. In this week’s report, we take a hard look at these exuberant, bullish calls and contrast them with our systematic models that correctly identified the 2021 top and 2022 bottom. While on-chain analysis still supports higher prices—technical and liquidity trends suggest we are entering the final leg of this cycle. If you have any crypto exposure, or are holding large gains in Bitcoin, this is a report you don’t want to miss.