Pretty exciting milestone today as the Growth Portfolio community officially crossed 5,000 members! This is obviously a great milestone but what matters even more to me is that the culture has scaled with it since the goal was never to build a community around copying trades but was about learning how to think through thematic investing, develop theses and compound over long term with more confidence in making decisions for yourself. I've obviously made plenty of mistakes along the way (currently in a 40% drawdown) and I’ll make plenty more but my commitment has always been to show my work, own those mistakes when they happen, explain what I learned from them and continuously make community better rather than pretending investing is about always being right. It has been incredibly rewarding watching this grow from what I started back in 2023 and I’m even more excited to see where we can take it from here!

The world's largest asset manager believes the AI trade still has another decade of upside ahead. I sat down with BlackRock's @JayJacobsCFA to discuss how to invest in the next leg of AI bull market, the physical bottlenecks to bet on, comparing data center spending to the dot-com overbuild, and the sectors that investors are ignoring right now. Jay is the US head of equity ETFs at BlackRock — which manages $14 trillion in assets — and he has a unique vantage point on thematic investing and building financial products. The ideas in this conversation will surprise you. TIMESTAMPS: 0:00 - Tech valuations declining 2:00 - 3 layers of AI 5:26 - Runway for the physical layer 7:46 - Another dot-com overbuild? 9:17 - Power constraint 11:15 - Indium, an AI choke point 14:52 -Risks in AI portfolios 16:05 - Why thematic funds beat sectors 19:25 - Defense stocks 22:10 - Healthcare 25:17 - Commodities 26:25 - Robotics 27:19 - $BTC at @BlackRock 30:58 - Highest-conviction themes 32:57 - Why not financials? 33:53 - Follow Jay

🔔 The Daily Semi-Cap — September 11, 2026 📊 SMH: $568.53 (+1.47%) 📈 Earnings: • No new semiconductor earnings released today. 🔥 Major Developments: • Tencent-backed Enflame surged 188% in its Shanghai debut, reaching a $26.3B market value after raising roughly $910M. The retail tranche was oversubscribed more than 4,000 times, underscoring intense demand for China’s domestic AI-chip challengers. • NVIDIA’s vLLM stack supported DeepSeek V4.1 Flash across H100, H200, B200, B300, GB200, and GB300 systems on day zero, while AMD’s referenced ROCm image remained unavailable 23 hours after launch—a sharp reminder that software readiness remains a key accelerator moat. • August CPI held at 3.4% YoY, but semiconductors rebounded as the broader market rallied: SMH gained 1.47%, ON Semiconductor jumped roughly 8%, and AMD and Intel each rose about 2.5%. • SemiAnalysis acquired Citrini Research, combining two influential independent research platforms spanning semiconductors, AI infrastructure, and thematic investing. Citrini founder James van Geelen will continue leading the business; financial terms were not disclosed.