Micron will be a $3,000 stock within a few years and Jensen Huang just spent a week in Korea telling the world exactly why (Save this). Jensen announced four new products at the Korea event and every single one of them has memory at the center of its architecture. Vera Rubin, the next generation AI supercomputer, needs massive quantities of HBM. The new Vera CPU needs large amounts of LPDDR5. RTX Spark, the first major PC reinvention in 40 years according to Jensen, needs a lot of LPDDR5. And Nvidia's new robotics and autonomous driving platforms are being built in deep partnership with the Korean memory and electronics ecosystem. Every single growth vector for Nvidia in 2026 and 2027 runs directly through memory and Micron is the only US based company that manufactures all of it. Here is what the numbers look like right now. Fiscal Q2 2026 revenue came in at $23.86 billion, up 196% year over year, with 75% gross margins and $6.9 billion in free cash flow, a quarterly record. Management guided Q3 revenue to $33.5 billion at roughly 81% gross margins, with EPS of $19.15. These are not the numbers of a cyclical memory company but rather the numbers of a company that has been structurally repriced by the largest demand supercycle in the history of the semiconductor industry. The reason the bull case reaches $3,000 comes down to three things that have never been true at the same time in Micron's history. First, the entire 2026 HBM supply is already sold out under multi-year contracts. CEO Sanjay Mehrotra told analysts that Micron can currently only fulfill 50% to two thirds of key customers' HBM demand at any price. Second, Micron has begun volume shipment of HBM4 12-Hi specifically for Nvidia's Vera Rubin platform, the exact product Jensen was talking about in Korea and has signed its first five year strategic customer agreement, converting what was historically a quarterly negotiation business into something closer to a long-term recurring revenue model. Third, Wolfe Research's bull case model points to $160 billion in calendar year 2027 revenue and $80 in EPS. At even a 20x earnings multiple, modest for a company with this growth profile, that is a $1,600 stock. UBS has already tripled its price target to $1,625. The path to $3,000 requires HBM4 to ramp smoothly, supply constraints to persist into 2027 as Mehrotra says they will, and hyperscaler AI capex to continue growing at its current trajectory, all three of which Jensen Huang just confirmed in Seoul. The HBM total addressable market alone is projected to reach $100 billion by 2028, a forecast Micron itself already pulled forward two years ahead of schedule because demand arrived faster than anyone modeled. Micron trades at roughly 9x forward earnings today. That is cheaper than a grocery chain, for a company growing revenue at 196% year over year, with its entire production sold out, supplying the infrastructure for the most important technology buildout in history. Come join Milk Road Pro for our full breakdown of the Micron bull case how we think about the HBM4 transition timeline, what multi-year customer contracts mean for Micron's valuation multiple expansion, and our entire AI thesis. Link below!

Last wk, S&P/Nas/Mag7 were +1.2%/+1.7%/+4.0% despite oil +4% & bond ylds +7bps on Iran flare-up. 2 days remain during this seasonally favorable time from the last 3 trading days of June through first 9 days of July. Earning season starts w/ big banks on Tuesday. As I first posted about on June 28th and reiterated on July 5th, the seasonality is historically very favorable from the last three trading days of June through the first nine trading days of July during which the S&P/Nasdaq have advanced 1.6%/2.5% and been up 78% of the time since 1985. The S&P/Nasdaq is up 3.0%/3.6% during the first 10 trading days of this time period in 2026 already. But for the heart of the AI trade, the Semiconductor (SOX) Index is down 7.0% during these last 10 trading days on fears of a “speed bump” that I have been posting about since 6/28. For the AI trade going forward, two separate thoughts with two different implications are beginning to coalesce in my mind. The first thought is that AI revenue growth for the leading LLM models is likely to hit a “speed bump” and slow in the September quarter. Last week, $SPCX and $META released new LLM models that both closed much of the gap with the leading edge models from OpenAI and Anthropic. But Meta plans to price their model at roughly 1/4th the cost of the two leaders with SpaceX aggressive as well. This is particularly relevant as companies switched from token maxing in March to token minimization in June. As an example, the CEO of Coinbase posted on June 26th, “How to keep AI spend flat while token usage grows exponentially... Putting this into practice has cut our AI spend nearly in half, while our token usage continues to grow.” Sam Altman on Thursday: “we have heard enterprises on their concerns about AI costs, and 5.6 sol is a huge step forward for dollars-per-task, as are terra and luna”. But on a positive note, two more public cloud providers have been recently added to the four that already existed of $AMZN, $GOOGL, $MSFT and $ORCL. SpaceX in the past month raised over $100B in equity plus debt and plans to spend hundreds of billions to attack the $28.5 trillion TAM they talked about in their IPO prospectus. News surrounding Meta last week seems to imply that they are launching a cloud offering not because they have excess compute but so 1) they can double their compute spend from 7 MegaWatts in 2026 to 14 MegaWatts in 2027 and 2) have capacity to sell their Muse Spark LLM. So in summary, with this seasonally favorable period of time for the overall market coming soon to a close, I believe cutting back excess exposure is prudent. Reaction by investors on Tuesday to bank earnings which should be strong, may give us a good tell as to the risk vs reward at current levels over the shorter-term. As for the AI trade, I believe selectivity is key as we work our way through the “speed bump” and the positive implications of 4 aggressive public cloud vendors now becoming six versus the negatives of token maxing in March turning to token minimization in June. All the best in the week ahead.

There’s so much in saying infinite that I honestly can’t explain it. Infinite is infinite, so you can only come at it from a potential difference, from infinite trying to explain itself from somewhere that isn’t the whole of it. There are many layers of consciousness. I’ll start with the ego. The ego is a superficial layer that covers the real self. This individuality inside each person is unique in the universe, even though it’s an absolute part of the whole. A personalized part of it. The individual. That spark is what is original. It’s the part that comes up with an idea no one else would have made in quite that way. Each one belongs to the whole, but each one has its own way of saying it. In Genesis, people are made to resemble the one who made them. You can see the resemblance, and the person still has their own agency. They are told to act on what is already there, to multiply, to take part in what has been made. How can something belong absolutely to the whole and still act from a will that is only its own? That is the question the ego keeps walking around. This is related to how creation holds together. People already know the account of creation told across seven days. A speaking, then light, then waters divided, then what lives and multiplies. Some call the same kind of movement the seven laws of the universe. The number is not a rival book. It is another way of looking at what those days were already describing. There are many laws that come from the seven. Mentalism is the first of them. The other six are extensions of the mind. Everything we see is a perception of the mind, and from that perception of reality come the other laws. Correspondence, vibration, rhythm, cause and effect, polarity and generation. You already know the shapes. A pattern shown, then built with hands. A voice moving over water. Seedtime and harvest. What you plant is what you live with. Light named against dark without two makers. What is made is told to make. I won’t go into everything each name contains. What matters here is how they connect, because that connection is why anything gets created at all. Mentalism begins with mind. In Genesis, creation begins with speaking. Let there be light, and there is light. John opens with the Word already there at the beginning, and through that Word things come to be. Another telling is even shorter. Be, and it is. Intention first. Then something you can stand in front of. From mentalism, the other six are projected, and from those seven are born around thirty-six other laws. Through these laws, reality starts to divide and express itself. From the mind, everything starts to be organized. The dimensions are other angles on that same process. The mind that made the world creates so it can see what it holds and what it can do. It puts what is inside out into the open so it can be lived. If nothing is sent out, nothing comes back to be known. What the universe does is create a path so it can find that potential. The first step is to create an idea. The idea is already inside. Then it goes outside to be seen. Correspondence is that move. What exists within is sent out and stays tied to what produced it. In Exodus, Moses is shown the pattern of the tent on the mountain and told to build what he saw. A pattern above. A tent below. The same shape is in the prayer that asks for the will to be done on earth as it is in heaven. By sending the idea outward, a positive projection is made. It becomes what can be seen, and the experience comes back in. We call that the positive going outside and the negative going within. Out, back, out again. A wave. Each projection tied to its return. Everything inside, once expressed outside, keeps that connection through vibration. Voice, breath and movement keep showing up. Psalm 29 has the voice over the waters, strong enough to shake the wilderness. Genesis has the Spirit moving over the waters before light is spoken. A voice leaves the one who speaks. Breath moves out of the body. That’s the movement I’m describing through vibration. What is within reaches outside and returns as a pulse. When the pulse repeats, it becomes a cycle. Outside like a beat, then back in. That’s rhythm. Seedtime and harvest, cold and heat, summer and winter, day and night, while the earth remains. Ecclesiastes puts seasons on a human life too. You don’t have to invent rhythm. Morning already does it. Until this moment, we have mentalism, the idea. Correspondence, the projection. Vibration, the connection. Rhythm, the time the pulse takes to come around again. Then I see I can send an intention out. That is a cause. The energy goes out and comes back through the same vibration. What returns is the consequence. You put a seed in the ground. What grows is bound to what you put there. Galatians uses that same field for what a person does. An intention that stays in the head is not the same as one you have already acted on. Once it’s outside, you have to live with it. The force that makes the cause and the force that makes the consequence are the two forces of reality. Positive and negative. That’s polarity. Not good and evil as two separate gods. Outward and inward. Genesis separates light from darkness. Isaiah puts both under one source. Two sides. One origin. What that movement produces is generation. An idea that was within has been expressed, and something is born from it. Genesis gives living things the power to multiply. What is made becomes able to make. We are part of that. This is what we would call the path of creation in the universe. For the universe, these are not seven separate jobs waiting in a line. They are one process. We divided them so we could see the steps. That division is ours. There isn’t an organized plan running through the expression. There is an equation with spread. Genesis has its own order and its own intention. A word, then light, then waters divided, then days counted. I’m dividing the laws into steps too, but for the universe, I understand them as one process happening together. We are the ones created, the last spot of creation, generation. Once that has produced us, we appear as human beings in this reality. Already created, we can turn around and look back at the stages that made us possible. From the ego, from separation, that is when we start cutting creation into steps and calling the steps a plan. That is when we start thinking of the universe in relation to God, as if the whole sequence had one assignment with our name on it. Genesis and Exodus do speak of intention. Moses is given an actual pattern for the tent. There are commandments, promises, instructions. That is not the same as every stage of your life being pre-assigned as one mission. We are the ones who cut our own becoming into chapters and then read a job title out of the chapters. Then come our needs. We want to know why any of it was made, what the stages were for, why we are in them. From those needs comes purpose. Purpose is the concept we give to the universe. So we create the idea of a plan. When we create the idea of purpose, we go back, we go down to the feet, and from there we look for a path toward a mission. What we have to do. What we are supposed to be for. That is the ego. The I. The I am in this life. The mind of the I, the one that invents purpose and mission. What the universe does is create a free system. We have free will. And how is that? The universe creates. Inside that creating, we can choose. In Deuteronomy, life and death, blessing and curse, are set down, and then the charge is to choose life. The instruction is given to people who have to make a choice. They still have to decide how they’ll live. That’s the freedom I’m talking about. The brain cannot directly feel the rest of the body. Nerves have to carry signals of heat, cold, pressure and pain. Only then does the brain have something to work with. The mind needs a soul to move its energy, and the soul needs a body to live that energy so it can be processed. Otherwise, the idea stays an idea. Genesis has the human formed from dust, then breath in the nostrils, and only then a living being. John speaks of the Word becoming flesh. They’re different accounts, but both bring the body into what we’re discussing. The body is where an experience can actually be lived. Through bodies that feel, through points of view, through the purposes we invent, the mind of the universe gets to see what it made. What is sent out is what can be known. The mission appears when the I, the I am in this life, the ego, sees that it took a long process to be. Many stages. Looked at from here, the stages start to look planned. That is where we decide there must be a purpose sitting on that plan. The universe has given us the ability to create our own purpose. Once you see that, you have to seek. Ask. Seek. Knock. You do not already have the thing you are after. Seeking is trying to understand how we came to be, piece by piece. From there, we start to create many purposes and many missions. But when we picture our goals, when we go looking for reality and truth, we realize that the purposes and missions we create don’t come from a neutral place. They are all moved by emotions. The reason they are moved by emotions is because we have expectations.

USDH powered by Sky The best stablecoin offers so much more than just a stable medium of exchange - it should also deliver highly efficient returns, generated by actively developing, building and growing the ecosystem it lives in. By using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer. Sky, formerly known as MakerDAO, is the 4th largest stablecoin project in the world with more than 8 billion USDS in circulation, with 13 billion of highly diversified collateral. To see the high-level real-time overview of Sky and USDS, check out: TL;DR of what Sky can offer Hyperliquid for USDH * USDH will access 2.2 billion USDC instant liquidity for offchain redemption * USDH will be natively multichain powered by LayerZero * Sky will be able to deploy its 8b+ balance sheet into HyperLiquid * Hyperliquid will receive 4.85% return on all USDH on Hyperliquid. This is a better rate than t-bills, backed by advanced risk management, and has potential to increase further. * USDH will benefit from the 7+ year security track record and unbeatable Lindy of the Sky Protocol * Sky can provide 25m in capital to create an independent Hyperliquid Star - a project that will autonomously grow DeFi on Hyperliquid, serving the needs of the Hyperliquid community, and will have tokens that are exclusively farmed on Hyperliquid, potentially bringing in billions in TVL * To better understand Stars: Spark, which runs is the best example of a Star Token farm, and it currently has 1.2 billion TVL * Sky can move its Buyback System on to Hyperliquid, using its more than 250m per year in profits to build SKY liquidity on Hyperliquid * USDH will have deep transparency and verifiability of its collateral with * USDH will benefit from the industry’s best risk management, built on models from the banking sector. * USDH will be the only stablecoin in the world issued by a protocol with an official Credit Rating by S&P (alongside DAI and USDS). * The Hyperliquid community will be able to customize USDH, e.g. to make it GENIUS Act compliant. * Sky has immense research, development and builder capabilities and would prioritize the development and synergies possible with Hyperliquid as its top priority. The team: Sky Frontier Foundation The team behind this proposal that would work to implement the Sky Powered USDH is the recently established Sky Frontier Foundation. It contains top leadership and core developers from the Sky Ecosystem organized into a single entity for more efficient management and execution, and will directly work on, and prioritize, the implementation of USDH. All the commitments and outcomes described in this proposal would be achieved by a combination of the SFF using its resources and capabilities, and also implemented through governance proposals to modify the decentralized Sky Protocol. USDH implemented as Sky Stablecoin similar to DAI USDH powered by Sky would be built as a token technically identical to DAI and USDS, the two major Stablecoin tokens that Sky currently governs, that together have a TVL of more than 8 billion and a security track record of more than 7 years. USDH would inherit all of this from the start. USDH will have access to more than 2.2 billion in instant USDC liquidity, enabling large scale offchain redemptions at any time. Deep 1:1 liquidity with USDC would also make it easy and frictionless for users to shift to USDH-margined perpetuals contracts and USDH-quoted spot markets. The 2.2 billion in instant USDC redemption liquidity is available through a system called the Peg Stability Module (PSM), and can be accessed by users on websites like and others. USDH will be natively integrated and work with the PSM alongside DAI and USDS everywhere. USDH will be natively multichain, being able to bridge to and from any other blockchain via LayerZero. Having a secure, integrated bridge also means that Sky would be able to deploy its 8 billion+ collateral portfolio directly on to Hyperliquid with a low risk premium. USDH will be able to natively convert to and from sUSDS, one of the largest yield-bearing assets in the market, giving its users instant, unlimited, permissionless access to the Sky Savings Rate (Currently at 4.75%) Earning a return on USDH for the HyperLiquid Community The HyperLiquid Community would earn the highest possible rate on all the USDH on Hyperliquid - right now this is 4.85%, which is currently significantly above the T-Bill rate, but with very high diversification and high quality risk management (see security and risk management below). The return may increase further as Sky capabilities and efficiency increase over time. The entirety of the 4.85% earned by all of the USDH on Hyperliquid will be used for HYPE buybacks for the assistance fund. Growing HyperLiquid TVL and bootstrapping DeFi innovation with a 25m HyperLiquid Genesis Star Sky’s infrastructure can provide uniquely valuable support to the Hyperliquid community via the Sky Stars. The best examples are Spark and Grove, autonomous projects that allocate Sky collateral with a combined allocation of 6 billion dollars. The Sky Powered USDH stablecoin will be accompanied by a Hyperliquid Star that can drive huge amounts of growth and innovation, as well as potentially attract billions in TVL by farming out its Star Tokens (The Spark SPK farm currently has a TVL of 1.2 billion Sky can commit to capitalize the Hyperliquid Genesis Star with 25 million in USDH, and exclusively farm it out on the Hyperliquid Blockchain. The ecosystem of Star Incubators would work with leaders from the Hyperliquid community to assemble a highly capable founding team that would work on the Hyperliquid Star to bootstrap a massive, thriving DeFi ecosystem on Hyperliquid, in the same way Spark has done it for Sky. Buyback engine native on Hyperliquid Sky generates 250m in profits per year, and currently uses 36m per year for SKY token buybacks. This number is planned to increase to 150m per year, and will grow even more as Sky profits increase over time. Currently, this buyback system uses Uniswap. As a part of the Sky Powered USDH proposal, Sky can move its native Buyback System to Hyperliquid, increasing liquidity and use cases, and setting the example that Hyperliquid is the standard solution for Protocol token buybacks that all other protocols should use. Security and Risk Management Sky has a security track record of more than 7 years of continuous operation without losses for stablecoin holders, building a Lindy effect through multiple crypto cycles and bear markets, making it by far the safest and most proven decentralized stablecoin. These characteristics will be fully inherited by USDH. Add to the that, the fact that Sky is the only stablecoin project in the world to have an official credit rating from S&P, which gave it a B- on August 7 While a B- rating is a middle rating, which reflects S&Ps lack of familiarity with Crypto and DeFi, being able to get any rating at all is a massive breakthrough because it shows that S&P are able to access all of the data they need to produce a holistic credit assessment they can stand behind, so it signals a much lower chance of tail risks hidden inside the protocol, which is usually the big issue with DeFi and Stablecoins. The Sky Risk Management Framework that controls the diversification of the collateral portfolio that backs USDS, DAI and USDH, is derived from Basel III, the framework used to control risk in banks. For RWA collateral such as CLOs or T-bills, Basel III is used directly, while for DeFi collateral such as allocations into lending markets, an extension of Basel III that captures its fundamental approach but applies it to DeFi, is used. The amount of Junior Capital protecting each positions exposure can be verified in real time on Autonomy and customization of USDH Sky is a decentralized protocol and ecosystem that gives partners unparalleled levels of autonomy and ability to customize the Sky infrastructure they use. Unlike monolithic systems, Sky will simply provide Hyperliquid with the infrastructure and the tools to pursue the strategy the community prefers, and that uniquely fits the special conditions of Hyperliquid. In the longer term, as the Sky Agent Framework that powers Sky Infrastructure matures, the USDH stablecoin will be put under the control of a dedicated Sky Generator Agent, turning USDH into an independent Sky Generated Asset. This will also happen to USDS, and means that USDH will gain the full first-class citizen features of the entire Sky Protocol alongside USDS and other Sky Stablecoins. It will be possible for the Hyperliquid community to customize USDH with its own risk management framework and collateral portfolio, separate from USDS. This gives the Hyperliquid community a lot of options: for instance USDH can be made compatible as a GENIUS Act compliant stablecoin, or it can pursue a higher risk approach and exclusively be backed by Hyperliquid perp positions, or any other strategy the community prefers. At its core, Sky is built to support partners like Hyperliquid using a Sky-powered system like USDH to grow and succeed. This means a focus on autonomy and reliability, with the core of Sky having very little governance and strategic direction beyond protecting, developing, scaling and de-risking the core Sky infrastructure that all other ecosystem participants share and rely on. This means that the priorities of Sky can never end up conflicting with the priorities of Hyperliquid, making it a safe bet as a long term partner. Commitment to build in the Hyperliquid Ecosystem regardless of vote outcome The similarity of Sky and Hyperliquid in focusing on real profits, building useful decentralized infrastructure, means there is a natural alignment between Sky and Hyperliquid Regardless of how the USDH ticker vote turns out, Sky is committed to expand and work with Hyperliquid to explore all the synergies of the two projects. Many of the concepts described above were already under development, and the outcome of this proposal would speed them up and increase their scale, but fundamentally it is clear that both Sky and Hyperliquid will deeply benefit from close integration in the long run no matter what.