This chart shows where every $100 of AI infrastructure spending could flow across the supply chain (Save this). The biggest allocation goes to semiconductors, which receive approximately $50 of every $100 spent. Within semiconductors, accelerators receive $25, memory ICs receive $15, and CPUs, other chips, and server production receive $10. NVIDIA is the clearest beneficiary of accelerator spending because its GPUs power many of the AI systems being built today. Memory companies such as Micron, SK Hynix, and Samsung could benefit from the $15 allocated to memory ICs. This is a broader memory opportunity because AI systems require HBM, conventional DRAM, and enterprise SSDs, not just one type of memory. HBM supports high performance accelerators, DRAM supports system memory, and NAND flash supports data storage for AI workloads. Networking equipment receives approximately $15 of every $100. Broadcom and Marvell could benefit from network processors, while Arista and Cisco could benefit from switches and datacenter networking equipment. Optical transceiver suppliers could also benefit because AI data centers need faster connections between thousands of GPUs. Power receives approximately $20 of every $100, making electricity one of the largest parts of the AI infrastructure buildout. Constellation Energy, Vistra, and Talen Energy could benefit from rising demand for reliable nuclear power and other forms of electricity generation. Companies such as GE Vernova, Eaton, and Quanta Services could benefit from turbines, transformers, power management equipment, grid connections, and transmission infrastructure. Cooling receives approximately $7.50 of every $100 because AI servers generate significant amounts of heat. Vertiv, Modine, and Johnson Controls could benefit from cooling systems, chillers, cooling towers, and other thermal-management equipment. Facilities and construction receive another $7.50 of every $100. Data center developers, construction companies, and materials suppliers could benefit from land acquisition, building shells, structural work, interior fit-outs, and facility support. If you enjoyed reading this, make sure to follow @MelvinInvests for more AI infrastructure and semiconductor insights, and if you want to see exactly what I'm buying as an analyst at Milk Road Pro, check out the link below.

Yeah. Ok. This is insane. Uniswap's biggest source of revenue right now is Robinhood Chain... Which is all of two months old. ~$557k in protocol revenue over the last 24 hours, with ~$382k of that coming from Robinhood Chain. Uniswap deployed on Robinhood Chain from day one and became the DEX nearly everything on it trades through. Then in late July, $UNI holders voted to switch protocol fees on there. The share has climbed fast, with Robinhood Chain making up roughly 46% of Uniswap's protocol revenue over the past 30 days, 57% over the past week, and 69% in the last 24 hours (nice). But not all of that money is coming from onchain stocks. The chain created 22.6k new tokens in a single day this week, so a big slice of those fees is memecoin and launchpad activity rather than anyone trading tokenized $NVDA (Robinhood has openly admitted the chain works great for memes too, which is not usually what a broker puts in the press release). Uniswap did about $130M of tokenized stock volume on August 29th alone, around $1.5B cumulative in six weeks, and it holds roughly 99% of the tokenized stock liquidity on the chain, with a large share of it trading outside US market hours. Uniswap doesn't own the chain or the customers, but it's where the trades settle, and the fee switch means that settlement = $UNI being taken out of circulation. We warned you back in July against annualizing this chain's early fees, and that caution applies just as much to $UNI's burn rate now. Two things could throw a spanner in the works here: 1. Meme volume drains off the chain, the burn rate halves, and the annualized number drops. 2. US users still can't trade Stock Tokens, so the equities side is running offshore until regulators change that. For now, this is still net bullish. Our PRO analyst @BitcoinJesusETH bought $UNI last week, before its 20%+ run, then added again as it kept moving. If you were a Milk Road PRO member, you'd have seen his entry the moment he made it, and you'd be up on the position with him. This is the same guy that called $SKY, $SOL and $ETH, all before their recent 30%+ runs. Don't miss his next entry, try Milk Road PRO for $1. Link below.

Tom Lee: "The mere fact that it [crypto] is a superior solution does not mean that the traditional financial system is going to adopt it." Large banks have made so many acquisitions their internal systems aren't even integrated with each other. "That means financial institutions have to move very slowly." "When something eventually sees a use case, then you could see rapid adoption." "[But] that is a glacial, glacial process." FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily

Tom Lee: The tokenization supercycle is so big that the word "supercycle" actually understates it. Once you turn stocks and money into software, you can turn OTHER things into money too. "Loyalty points, reputation, clout, sponsorships, future present value of contracts." Things we don't traditionally think of as money become money. That's the big unlock looming on the horizon. FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily

Holy sh*t. According to @DefiLlama, Aerodrome pays out $109M a year to its token holders, while the entire protocol is only valued at $481M. That's more than a fifth of the market cap landing in holders' pockets every single year. And they're growing fast. When Coinbase put Nvidia, Apple, Meta and Alphabet shares onchain, Aerodrome took roughly 25% of that market inside a week, now handling more than half of all trading volume on Base. But of course, there's a catch. And it's one you need to be careful of if you're looking to buy and hold. Blockworks counted $15.23M going to holders in Q2, while the dollar value of new $AERO issued over that same stretch often came in higher, meaning even though the protocol is earning nine figures a year, it can still shrink your slice while you hold it. Locking is what fixes that. Protocol revenue goes to $veAERO, meaning anyone sitting on loose $AERO tokens is essentially handing their cut to stakers (which is why roughly half the supply is locked at an average of 3.8 years). And none of this ends on Base. Aerodrome is now expanding onto Ethereum mainnet and Circle's new Arc chain, where it'll be going after the liquidity that currently lives on Uniswap. Two things could mess up this trade: 1. Aerodrome could keep issuing more new $AERO each quarter than it pays out, which leaves lockers collecting a token that's being diluted faster than the protocol can pay them. 2. Uniswap could take the liquidity for the next wave of tokenized stocks, causing that $60M a year to stop growing. Either way, our PRO analyst @BitcoinJesusETH thinks $AERO is a buy, and has started to build a position. This is the same guy that called $SKY, $SOL, and $ETH, all before their recent 30%+ runs. Don't miss his next entry, try Milk Road PRO for $1. Link below.

UNI has been a plain old governance token and nothing else for about seven years. Every dollar of its trading fees went to the people supplying liquidity, while holders got nothing but the right to vote on things. In December, that changed. Holders passed a proposal called UNIfication with 99.9% support, meaning the protocol now buys its own token on the open market and destroys it. Trading fees arrive as $ETH and $USDC, which is then used to buy and burn $UNI. Current estimates are projecting ~$90M a year in burns against a $3.2B market cap, or roughly 2.8% of the supply retired annually (better than the average S&P 500 buyback yield).

Tom Lee: The current financial system has $150T in liquid assets driven by just two asset classes (bonds and stocks). Tokenization expands the addressable market. "The addressable market of assets is not 140 trillion. It could be 500 trillion..." Adding intellectual property, future licensing, resources, and assets we've never been able to trade before. That's what "supercycle" actually means. FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily

SK Hynix could be entering one of the most profitable memory cycles in history, and the opportunity will extend across the entire memory industry (Save this). UBS estimates that SK Hynix’s revenue could rise from 97 trillion won in 2025 to approximately 601 trillion won in 2027, while operating profit could approach 500 trillion won. The forecast highlights the enormous operating leverage in the memory business when demand remains stronger than supply. AI servers require far more memory than traditional servers, especially high bandwidth memory, which allows GPUs to access data quickly and operate at maximum performance. SK Hynix is one of the leading HBM suppliers, making it a direct beneficiary of the AI infrastructure buildout. However, the bull case is not limited to SK Hynix or HBM because Micron could benefit from growing demand for HBM3E, HBM4, conventional DRAM, and enterprise SSDs as cloud providers build larger AI data centers. Samsung could benefit across HBM, server DRAM, NAND flash, and solid state storage because of its scale across nearly every major memory category. UBS estimates that SK Hynix’s DRAM revenue could grow from approximately 269 trillion won in 2026 to 461 trillion won in 2027, while NAND revenue could increase from roughly 86 trillion won to 139 trillion won. This shows how the AI boom could expand beyond HBM and create a broader memory supercycle. Demand could rise because companies are buying more GPUs, while each new generation of AI accelerator requires more memory attached to it. At the same time, memory supply cannot be expanded instantly because HBM requires advanced manufacturing, complex stacking, and sophisticated packaging. If demand continues to exceed supply, SK Hynix, Micron, and Samsung could maintain higher prices and unusually strong profit margins. This is exactly why we’ve stayed so bullish on the memory supercycle at Milk Road. Milk Road subscribers are already up massively on our memory trades, and if you want to see exactly how we’re positioned around Micron, Samsung, and the rest of this cycle, check out the link below for more!

Saylor: Strategy's master plan for growing Bitcoin by 10-100x is bigger than just buying BTC. "If we create good credit then we will be able to create monetary instruments on top of it." Digital credit pulls in credit market capital → digital money pulls in money market capital → both flow into the Bitcoin ecosystem. Without those instruments, 99.9% of global capital has no bridge into Bitcoin. FT @Saylor @phongle @natbrunell @Strategy. Follow for more: @milkroaddaily

Raoul Pal: Capital vs labor has always been the defining political battle, we're about to replace that entirely. "We're going to split between the accelerationists and the decelerationists." Those who embrace the technology versus those who go "No, you don't want to do that. This is dangerous. We're going to lose our jobs." And then it morphs into something even bigger: Who wants to give AI robots economic rights. That's the defining political battle of the next decade. FT @tombilyeu @RaoulGMI @RealVision. Follow for more: @milkroaddaily

Coinbase brings in more money than Robinhood yet it's worth half as much. ($6B in revenue against Robinhood's $4.9B, and a $50B market cap against Robinhood's $93B) Last week both companies started selling the same brand new product, but the market isn't paying either of them a cent for it yet. That product is tokenized stocks. Real shares of Nvidia or Apple put onto a blockchain instead of sitting inside a broker's database. Think about what you can actually do with Tesla stock in a Schwab account. You can buy it, and you can sell it. That's pretty much it. You can't send a share to a friend. You can't pay for anything with it, you can't swap it straight into Apple stock without selling to cash first, and you can't lend it out to earn a return on it. Put that same share onchain and all of that becomes possible. It moves to any account in the world at any hour, it trades directly into dollars or into another stock, and it can be posted as collateral to borrow against. Coinbase launched theirs on Base last week and lenders like Aave and Morpho were accepting them as collateral on day one. Software can use them too. An AI agent can't open a Schwab account, but it can hold a wallet and trade a token. Now, to be clear - the current discount on $COIN is earned. They lost $988M over the past year while Robinhood made $2.07B, so $HOOD trades at 45 times earnings and Coinbase trades at 8 times sales. Coinbase also swings with the price of Bitcoin, which, in the year of our lord 2026, hasn't been a good thing. Thankfully, tokenized stocks don't care what $BTC does. Here's where the money comes from as they grow: - Trading fees on a market that never closes - A cut of every dividend on its way to the holder - Gas fees when the shares settle onchain - Minting, redemption and custody fees on the real shares held in the vault - Stablecoin revenue on the stock / $USDC trading pairs Robinhood has its own app and its own chain, so it earns on trades that happen inside its walls. Coinbase runs the largest custody business for tokenized assets in the world, so it earns even when the trade happens somewhere else entirely. If this is still a rounding error two earnings calls from now, the market will have priced $COIN right. If it isn't, Coinbase will start earning revenue that Wall Street is yet to model, meaning that valuation discrepancy between $COIN and $HOOD could break down fast. Our PRO team called both assets at insane discounts $COIN below $60 before it ran as high as $444, and $HOOD at $35 before it ran to $144. Don't miss their next call, try Milk Road PRO for $1. Link below.

Dan Tapiero manages $1.4B across 22 crypto companies, and 12 of them are exchanges or infrastructure. (Save this & follow for more) 50T doesn't disclose position weights, so this is by company count, not dollars: → Exchanges: 27.3% → Infra & Security: 27.3% → Gaming & NFTs: 13.6% → Stablecoins: 9.1% → Lending: 9.1% → Other: 13.6% A few things stand out: 1. He owns the platforms, not the tokens. Kraken, Gemini, eToro, HTX, Mercado Bitcoin and Deribit are six of the 22. Those businesses get paid on volume whether the market goes up or down. 2. Six names went liquid in roughly a year. Circle, eToro, Gemini and Figure all IPO'd. Coinbase bought Deribit. Bitfury reached the public market through the CIFR de-SPAC. 3. Only two companies touch stablecoins, Circle and Immersve, even though 50T lists stablecoins and payments as a core Fund V theme. Follow us for more @MilkRoadDaily and use the link below to see exactly what our PRO analysts hold.

“When we think about the opportunity of onchain products, we’re not benchmarking against things happening onchain. We’re benchmarking against things like Interactive Brokers, the NYSE, and the NASDAQ.“

@Blockworks Our PRO analyst @BitcoinJesusETH bought $UNI last week, before its 20%+ run, then added again as it kept moving. This is the same guy that called $SKY, $SOL and $ETH, all before their recent 30%+ runs. Don't miss his next entry, try Milk Road PRO for $1:

Yeah. Ok. This is insane. Uniswap's biggest source of revenue right now is Robinhood Chain... Which is all of two months old. ~$557k in protocol revenue over the last 24 hours, with ~$382k of that coming from Robinhood Chain. Uniswap deployed on Robinhood Chain from day one and became the DEX nearly everything on it trades through. Then in late July, $UNI holders voted to switch protocol fees on there. The share has climbed fast, with Robinhood Chain making up roughly 46% of Uniswap's protocol revenue over the past 30 days, 57% over the past week, and 69% in the last 24 hours (nice). But not all of that money is coming from onchain stocks. The chain created 22.6k new tokens in a single day this week, so a big slice of those fees is memecoin and launchpad activity rather than anyone trading tokenized $NVDA (Robinhood has openly admitted the chain works great for memes too, which is not usually what a broker puts in the press release). Uniswap did about $130M of tokenized stock volume on August 29th alone, around $1.5B cumulative in six weeks, and it holds roughly 99% of the tokenized stock liquidity on the chain, with a large share of it trading outside US market hours. Uniswap doesn't own the chain or the customers, but it's where the trades settle, and the fee switch means that settlement = $UNI being taken out of circulation. We warned you back in July against annualizing this chain's early fees, and that caution applies just as much to $UNI's burn rate now. Two things could throw a spanner in the works here: 1. Meme volume drains off the chain, the burn rate halves, and the annualized number drops. 2. US users still can't trade Stock Tokens, so the equities side is running offshore until regulators change that. For now, this is still net bullish. Our PRO analyst @BitcoinJesusETH bought $UNI last week, before its 20%+ run, then added again as it kept moving. If you were a Milk Road PRO member, you'd have seen his entry the moment he made it, and you'd be up on the position with him. This is the same guy that called $SKY, $SOL and $ETH, all before their recent 30%+ runs. Don't miss his next entry, try Milk Road PRO for $1. Link below.

Tom Lee: AI agents are already buying more tokens than humans inside some models. As they become revenue-producing units in our economy, what stops them from accessing your accounts and executing transactions you already authorized? "That's why we want to have crypto smart contracts, finality, instant settlement... to protect us from agent systems going rogue." FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily

Tom Lee: The current financial system has $150T in liquid assets driven by just two asset classes (bonds and stocks). Tokenization expands the addressable market. "The addressable market of assets is not 140 trillion. It could be 500 trillion..." Adding intellectual property, future licensing, resources, and assets we've never been able to trade before. That's what "supercycle" actually means. FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily

Coinbase brings in more money than Robinhood yet it's worth half as much. ($6B in revenue against Robinhood's $4.9B, and a $50B market cap against Robinhood's $93B) Last week both companies started selling the same brand new product, but the market isn't paying either of them a cent for it yet. That product is tokenized stocks. Real shares of Nvidia or Apple put onto a blockchain instead of sitting inside a broker's database. Think about what you can actually do with Tesla stock in a Schwab account. You can buy it, and you can sell it. That's pretty much it. You can't send a share to a friend. You can't pay for anything with it, you can't swap it straight into Apple stock without selling to cash first, and you can't lend it out to earn a return on it. Put that same share onchain and all of that becomes possible. It moves to any account in the world at any hour, it trades directly into dollars or into another stock, and it can be posted as collateral to borrow against. Coinbase launched theirs on Base last week and lenders like Aave and Morpho were accepting them as collateral on day one. Software can use them too. An AI agent can't open a Schwab account, but it can hold a wallet and trade a token. Now, to be clear - the current discount on $COIN is earned. They lost $988M over the past year while Robinhood made $2.07B, so $HOOD trades at 45 times earnings and Coinbase trades at 8 times sales. Coinbase also swings with the price of Bitcoin, which, in the year of our lord 2026, hasn't been a good thing. Thankfully, tokenized stocks don't care what $BTC does. Here's where the money comes from as they grow: - Trading fees on a market that never closes - A cut of every dividend on its way to the holder - Gas fees when the shares settle onchain - Minting, redemption and custody fees on the real shares held in the vault - Stablecoin revenue on the stock / $USDC trading pairs Robinhood has its own app and its own chain, so it earns on trades that happen inside its walls. Coinbase runs the largest custody business for tokenized assets in the world, so it earns even when the trade happens somewhere else entirely. If this is still a rounding error two earnings calls from now, the market will have priced $COIN right. If it isn't, Coinbase will start earning revenue that Wall Street is yet to model, meaning that valuation discrepancy between $COIN and $HOOD could break down fast. Our PRO team called both assets at insane discounts $COIN below $60 before it ran as high as $444, and $HOOD at $35 before it ran to $144. Don't miss their next call, try Milk Road PRO for $1. Link below.

Tom Lee: "The mere fact that it [crypto] is a superior solution does not mean that the traditional financial system is going to adopt it." Large banks have made so many acquisitions their internal systems aren't even integrated with each other. "That means financial institutions have to move very slowly." "When something eventually sees a use case, then you could see rapid adoption." "[But] that is a glacial, glacial process." FT @fundstrat @BitMNR @BitcoinJesusETH @Securitize. Follow for more: @milkroaddaily