This is the cleanest chart I've seen for understanding the AI infrastructure trade Memory prices UP, token prices DOWN If cheaper AI meant less demand for hardware, these lines would move together. They're doing the exact opposite. Here's why: A token getting cheaper doesn't mean the task got smaller. Answering a question, running an agent, writing code... it takes roughly the same number of tokens as it did back in May when the price was double Same tokens = same compute and memory burned per task If anything it goes the other way. When tokens cost $2 per million, engineers optimized every prompt. At 97 cents, nobody bothers. Cheap tokens make people more lazy with tokens (I've watched it happen) So the per-task hardware bill doesn't fall when token prices fall, what changes is the NUMBER of tasks Every leg down in token prices unlocks use cases that were unprofitable before. More agents running, more workflows automated, more code generated. Total token consumption keeps climbing even as the unit price collapses And all of those new tokens need memory and compute underneath them. DDR5 spot prices are up over 50% this year and analysts don't see supply relief before late 2027 (Intel's CEO says the industry told him 2028) The market keeps reading falling token prices as bearish for AI. This chart is telling you that the cheaper intelligence gets, the more of it we consume, and the more hardware we need to serve it Cheaper output, scarcer input. You want to own the scarce input That's a big part of why I hold $MU in my Milk Road PRO portfolio. You can track 5 analysts' real time portfolios and research with live trade notifications inside and it's just $1 to try it out (insane price just to check it out). Learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

Confused by markets? They're in a weird place rn - AI infra is down 35% from ATH, but up 35% from recent lows - good SaaS is up 50% from lows, but down 30% from ATH - Bitcoin is up 30% in 1 week, but still down 40% from ATH WTF is going on? Here's my take: 1. since AI infra stocks peaked in June, the demand for compute has only accelerated and the economics of the frontier labs have only improved. fundamentally, this trade looks much better today than it did back in June and then prices are 35% lower the main issue is that Oil is now back above $90, whereas when the infra stocks were at ATH, it was falling off a cliff into the $60s. The fear around the price of oil and rate hikes is holding the bottleneck stocks from going higher to be fair, many of these stocks are still valued at high multiples, but they have obvious growth into the next few years so in my mind they are currently coiling while we wait for Oil to settle and the rate fears to dissipate (which will happen) 2. good SaaS sold off way too much alongside the SaaSpocalypse and became way too undervalued, especially as Q2 earnings came out and the market realized that some SaaS is accelerating from AI, not being disrupted. Those are the companies that are now up 50% from lows and are now back to more reasonable multiples (though I think there is still room for some of these to go higher without macro changing) the companies are moving on earnings from low multiples, so even during an oil/rate fear, they can go higher so long as adoption goes higher (which it is) the fear around Oil/rates are holding them back from reaching pro SaaSpocalypse multiples, though I'm unsure we will ever get back to that level anyway with the ongoing fear that AI will eventually disrupt all SaaS 3. Bitcoin responded to the treasury intervention to increase bond buybacks as they lose control of the long-end and will need to continue to intervene to manage this Bitcoin and crypto looked ready to rebound into a bull market, but again, the price of Oil and rate fears the last few days have slowed down that move too If we look at the lows of the AI infra sell-off, everything has gone up together in the last few weeks before Oil and rate hike fears moved higher putting everything into a holding pattern Remove the Iran war and the price of Oil is at $60, inflation is not a concern and there is no world the FED is raising rates. At the same time, earnings are crushing, capex is expanding, unemployment is manageable... we would be in a killer bull market right now My take is that Oil will continue its longer than expected journey lower as the Iran war gets settled, the FED won't raise rates in September and if they do, its one rate hike just for Warsh to prove he's not Trumps puppet, because they know inflation is coming lower into the rest of this year we may continue to chop until the market figures this out, which might take us into October. I've been saying on the @milkroadai podcast for weeks now that we are going to chop for a while here but we are preparing for an EVERYTHING Bull market to explode in Q4 and into next year these moments in the market reward those who are patient. You can find great assets in infra, SaaS/application layer and crypto and I recommend holding all of them and buying on any dips we may get here in September There's too much momentum underneath the market right now that is boiling and ready to push the market higher once Oil plays ball and it will soon, as everyone is incentived for it to... even Iran If you'd like to see my portfolio and how I'm allocated, you can track it in real-time along with my ongoing asset analysis in Milk Road PRO. Sign up for just $1 here: And don't forget to follow me @kylereidhead for more insights on markets

There it is! @gavinsbaker is telling you the EVERYTHING bull market is coming from AI too This is the exact thesis I have been laying out for the last few months "Maybe everyone wins from AI. Anthropic wins, OpenAI wins, SpaceX wins, Meta wins. Google wins by selling a lot of TPUs. Open source wins, NeoClouds win, inference clouds win.Applications win too." Everyone is so focused on what is going to go wrong and they are missing the fact that AI is providing an ROI for everyone across the entire stack From infrastructure, to the model layer, to the application layer Of course, there is a bit of hyperbole here. There will be some losers in terms of specific companies within specific layers But the point of the EVERYTHING bull market is that every layer of the AI stack is currently winning and I don't see that slowing down anytime soon So long as the application layer continues to see improved ROI then the demand will continue all the way down This is why I continue to remain super bullish across the entire stack and hold a portfolio that is diversified across each layer If you want to see my entire real-time portfolio, you can track it alongside my research with live trade notifcaiton inside Milk Road PRO. There are 5 top-tier anlaysts all doing the same there. Learn more here:

This is INSANE! Codex just 4x'd its user base in 7 WEEKS and it's now growing 5 Million USERS every 10 days! The market continues to think frontier AI labs will "slowdown", but the opposite keeps happening Here's what AI investors NEED to understand: 1. The frontier labs are all cooking at once. Codex exploded the day GPT-5.6 and ChatGPT Work launched (July 9, look at the inflection on the chart). Anthropic is compounding right beside it. And Grok is having a huge moment right now with GrokBot 2. The economics just flipped. Anthropic posted its first profitable quarter ever: $11.5B of revenue in Q2, up 14x year over year. And it appears OpenAI will be profitable at some point in Q3 as well 3. Every one of these users is driving more and more demand for compute. This is 25M people running coding agents and driving more and more inference demand than 25M users just using Chat We're still very early in the adoption curve of Agent deployment, which means we have significantly more GWs needed to supply this demand I keep hearing the bubble talk, but there's no way a bubble can happen with there is this much demand/growth It's literally the opposite: demand is accelerating INTO the buildout. Users 4x in 7 weeks, revenue 14x in a year, and the first frontier lab just went profitable My guess: this doesn't slow down anytime soon, and the biggest winners are still the companies selling compute, memory, and power to feed it (which is exactly how my portfolio is positioned) Milk Road PRO members can track 5 analysts' real-time portfolios and research with live trade notifications to see exactly how we're positioned for this. You can try it out here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

The best risk/reward in the market right now is $GLXY and it's not even close In 2021 Galaxy was a pure crypto company managing $2.9B and the market valued it at $13B Today it sits at the center of AI and crypto, the two massive trends... and it's worth $9B Let me explain why that's insane First, the crypto business now alone is bigger than the entire 2021 company $7.1B in AUM + staked assets (2.4x the 2021 number) $505M of gross profit last year, up 67% And it kept growing right through this quarter's crypto drawdown (+34% QoQ) But the the part that makes no sense for Galaxy's currently valuation is that Galaxy built one of the largest AI data center campuses in the US (Helios, Texas) and signed CoreWeave to a 15 year lease on 526MW of critical IT capacity That one lease = $1B+ per year at 90%+ margins, worth up to $30B over 25 years with extensions And the rent has already started. CoreWeave paid Galaxy $20M in Q2. Starting in Q3 it becomes $80M per quarter. Here's the part nobody is pricing: the CoreWeave deal uses 800MW of the 5.7 GIGAWATTS of power Galaxy now controls across Texas That's 7x the contracted capacity still waiting for tenants, in a market where power is THE bottleneck The market doesn't love the single tenant risk, but if you're willing to take that risk, then today you pay $4B LESS than the 2021 peak and get 2.4x the crypto assets, plus a contracted AI infrastructure business that didn't exist back then at the start of a new crypto bull market. This is a $40-$50 stock right now before crypto prices go higher. If we do enter a new bull market, then Galaxy is going to $100 faster than most people realize. Of course, $GLXY is an asset I hold in my Milk Road PRO portfolio, where you can track my real-time portfolio and research with live trade notifications, plus 4 other analysts doing the same. It's just $1 to try it out (insane price just to check it out), learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

Is the AI bubble in the room with us now? In 2000, tech prices ran 480 points AHEAD of forward earnings. Today earnings are running ahead of price That is the opposite of a bubble 3 things are true now that were not true in 1999 (This is why the Bull Market goes on): 1. The users are real and still accelerating ChatGPT is at roughly 900 million weekly actives. Claude is around 245 million monthly. More than 1 billion people are using AI within 3 years But consumer was never the question, Enterprise was, and enterprise is accelerated the most. 88% of organizations now use AI in at least one function, up from about 55% in 2024 2. The ROI is real across ALL layers Companies that use AI are generating 3x more new revenue than companies who are not. Earnings are growing for companies using AI and that means the customers will continue to spend more on tokens. This is what matters the most. The model layers are growing revenues, the customers are growing revenues and the infra stack is growing revenues. This is not a bubble. 3. Adoption is growing faster than we can physically build the infrastructure This is the one I keep coming back to. There are 2,200 GW of projects stuck in US interconnection queues on a five year average wait. A data center needs power immediately and they can't get it. This means, we physically can't overbuild infra right now. There's too many bottlenecks. So watch the earnings, not the price. 2000 didn't break because prices were high, t broke because the earnings never showed up to justify them. This time they are showing up first (for now) If this was helpful, my company runs a service where 5 top-tier analysts share their research and real-time portfolios so you can see exactly what we're buying and when. It's just $1 to try it out (insane price just to check it out), learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

Due to popular demand, we are extending our Milk Road PRO promotion for one more day. Yesterday was supposed to be the final day, but so many people asked us for a little more time that we decided to keep the current price available for one last day. That means today is officially your final chance to join Milk Road PRO and lock in today’s lower price for as long as you remain a member. Our analysts have made some incredible calls across stocks, crypto, AI and robotics. We helped members get into names like $MU, $NBIS, $BE, $SOL, $COIN and $HYPE before some of their biggest runs. Our members received the research behind each call, saw exactly what we were buying inside our real-time portfolios and received notifications whenever an analyst made a trade or changed a position. You’ll also get nonstop market updates and access to our Discord community of more than 7,000 members, where you can ask our analysts questions directly. If you have been waiting to join, this is the extra day you asked for. After today, the price goes up, come join and become a part of our team using the link below!

Apple's stock had a solid Q2 as it benefited from no AI Capex $AAPL became the 'safe haven' asset as hyperscalers guided into spending $100s of Billions and moving into negative FCF Milk Road PRO members got in early with size and sold the top before Q2 earnings Why sell? Because Apple was already priced to absolute perfection and was valued at more than a 40 PE going into earnings. Even if they nailed earnings, the stock was extended. Will Apple continue to be a great company? of course it will, but sometimes stocks get way over extended and that's exactly what happened last month in Apple. These are the times to take profits, even if you don't sell the full position bc you believe in the stock long-term The earnings ended up being a miss and guided lower due to supply issues with Memory prices. They also missed on services revenue (as shown in the post below). Trimming was the right call. The reason I continue to hold some Apple is I believe they will be the winner of AI, specifically, consumer agents The new "smart Siri" will launch next month, alongside a full launch in their AI in-app developer tools and I believe this could be a breakthrough moment for AI (and another breakthrough moment for Apple). Bringing agents, locally and privately, into the hands of billions of people with an easy UX and access to the entire data set on your devices. This could be a massive product If I'm wrong, that's ok, I've already trimmed some solid profits from Apple after getting in early. If I'm right, AI can be the thing that pushes Apple to new highs This is the kind of alpha and signals that Milk Road PRO members get on a daily basis from 5 different analysts. We're raising the prices of PRO, but we've extended the current price for one more day. If you sign up today you lock in this price for life:

Hey guys! As many of you know, I’m an analyst at @MilkRoadAI and over the past four months, our team has put a ton of work into building a platform that is extremely useful for investors. As a Pro member, you can track my exact portfolio along with the portfolios of four other analysts covering stocks, crypto, AI, robotics and some of the biggest investment trends shaping the future. You can see exactly what we own, what we are buying and whenever we make changes and you will also receive a notification every time one of us makes a trade, so you never have to wonder how we are positioning our own money. We are also constantly publishing research, company breakdowns and market updates directly on the website. You also get access to our Discord community of more than 7,000 members, where you can talk with other investors, ask our analysts questions directly and receive even more updates throughout the day. I am honestly very proud of what we have built and I know how much work our entire team has put into making Milk Road Pro something that genuinely helps people become better and more informed investors and we are still only getting started. Today is the final day to lock in our current lower price before it increases. If you have been thinking about joining, I would genuinely love to have you inside and be part of what we are building. You can lock in the current price using this link! I hope to see each and every one of you in there!

Apple's stock had a solid Q2 as it benefited from no AI Capex $AAPL became the 'safe haven' asset as hyperscalers guided into spending $100s of Billions and moving into negative FCF Milk Road PRO members got in early with size and sold the top before Q2 earnings Why sell? Because Apple was already priced to absolute perfection and was valued at more than a 40 PE going into earnings. Even if they nailed earnings, the stock was extended. Will Apple continue to be a great company? of course it will, but sometimes stocks get way over extended and that's exactly what happened last month in Apple. These are the times to take profits, even if you don't sell the full position bc you believe in the stock long-term The earnings ended up being a miss and guided lower due to supply issues with Memory prices. They also missed on services revenue (as shown in the post below). Trimming was the right call. The reason I continue to hold some Apple is I believe they will be the winner of AI, specifically, consumer agents The new "smart Siri" will launch next month, alongside a full launch in their AI in-app developer tools and I believe this could be a breakthrough moment for AI (and another breakthrough moment for Apple). Bringing agents, locally and privately, into the hands of billions of people with an easy UX and access to the entire data set on your devices. This could be a massive product If I'm wrong, that's ok, I've already trimmed some solid profits from Apple after getting in early. If I'm right, AI can be the thing that pushes Apple to new highs This is the kind of alpha and signals that Milk Road PRO members get on a daily basis from 5 different analysts. We're raising the prices of PRO, but we've extended the current price for one more day. If you sign up today you lock in this price for life:

If you have not figured it out yet, dips are for BUYING. The AI capex cycle and data center buildout are not going anywhere. Anyone panicking over hyperscaler spending does not understand how much compute will be required for the agentic AI and robotics economy. We are nowhere near having enough capacity today. We need dramatically more semiconductors, neocloud infrastructure, power generation, networking, cooling and memory. I believe the strongest companies across these bottlenecks are going much higher. This AI buildout still has years left, do not let short term volatility convince you the long-term thesis is broken. The analysts at Milk Road PRO have absolutely nailed this trade so far. We were early to $MU, $BE, $NBIS and several other major AI infrastructure winners, and we continue to use these dips as buying opportunities. Today is the LAST day to join Milk Road PRO at the current price. Join now using the link below and you can keep today’s lower price for as long as you remain a member. We have 5 analysts covering AI, robotics, crypto and stocks plus you can track our real time portfolios and see exactly what we are buying and selling.

Finding a great investment early is difficult Doing it while trying to research every stock, crypto, earnings report, etc. alone is nearly impossible Milk Road PRO puts 5 analysts on your team to help you! FYI prices go up tonight! Your LAST CHANCE to lock in current rates for life is right now Our team helped PRO members discover $MU, $NBIS, $BE, $SOL, $COIN and $HYPE before their biggest runs Now they are searching for the next opportunities and sharing what they find directly with members Prices go up significantly at midnight! Join now and keep today’s lower price for as long as you remain a member:

For a long time now I've said that the onchain financial system has little value UNTIL it works with the best assets in the world @coinbase is making this happen with their new tokenized stocks on @base We're already seeing plenty of DeFi protocols integrate these stocks into their service, enabling borrowing, lending, earning, LPing and more These are the kind of things that retail can't do with their stocks inside a brokerage account in the traditional financial system Especially investors outside of the USA who can barely even access these stocks Now, with tokenized stocks, anyone in the world can access the best assets in the world, and use them within DeFi to generate additional returns This is exactly what I've been waiting to see in crypto for many years We even have @Bitwise jumping into the mix with automated thematic portfolios too This ecosystem is going to grow massively in the coming months and I think this will be one of the big drivers of growth in crypto in the next 1-2 years If we want to onboard the world onchain, we need to first onboard the world's best assets onchain. That is now happening! By the way, want to see how me and the other Milk Road PRO analysts are investing in this trend? You can do so inside Milk Road PRO by tracking our real-time portfolios. We're increasing prices at midnight tonight, but if you sign up today you can lock in current prices for life:

Earnings are growing FASTER than stock prices and ya'll still talking about a bubble? This is one of the ingredients of the EVERYTHING bull market Combine that with a rising ISM, cooling inflation and now Treasury intervention via buybacks and we have a recipe for MUCH HIGHER prices across the board The areas to invest in right now are: 1. The AI infrastructure layer is growing as demand for compute increases 2. The AI application layer is growing as token costs become cheaper and more use cases are unlocked 3. Less investible, but even the model layer is growing as more users adopt AI for more use cases 4. And finally, the debasement trade is back on the table as Treasury and eventually the Fed work together to maintain the bond market, bringing gold, bitcoin, crypto and the long tail of risk assets back into the party I think we finish this year MUCH higher than where we sit today The only assets that don't go up are the ones sitting outside both trades. If it isn't levered to AI and it isn't levered to debasement, it's going to feel like a bear market I prefer to allocate my portfolio across the layers mentioned above: Own the buildout, own the hard assets, and own the companies reinventing themselves with AI You can track my entire portoflio alongside 4 other top-tier analysts inside Milk Road PRO. We share our real-time portfolios, ongoing research and have a private community with 1000s of smart investors inside. At the end of today we are increasing the prices to join, but if you sign up now you can lock in current prices for life. Learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

THE EVERYTHING BULL MARKET IS UPON US Right now, we might be entering a world where stocks, crypto AND old will all join the EVERYTHING bull market party together. Here are the key points behind this thesis: 1. The ISM is (finally) accelerating higher, last month printing above 56, showing the economy is expanding fast. (chart 1) 2. At the same time, earnings across the S&P 500 are absolutely crushing, well above bull market levels from 2021! (chart 2) Now here’s where the Goldilocks moment kicks in. Generally, when the economy and companies are doing so well, inflation heats up due to increased consumption as the job market is usually very robust and wages increase. As a result, the FED needs to step in to slow down demand, usually through raising rates or some form of quantitative tightening, putting an end to the bull market (remember 2022?). However, today’s world is unfolding a little differently. Earnings are booming, yet payrolls aren’t moving. (chart 3) In addition, inflation has actually been coming down over the last 2 months rather than increasing. (chart 4) And to be fair, the only reason it’s above 3% in the first place is because the price of oil is artificially high due to the U.S. / Iran war, it has nothing to do with a booming economy. So this is the ‘Goldilocks moment’ for markets: - A booming economy - Incredible earnings - Tamed inflation Our analysts have been calling out this thesis for MONTHS now directly to PRO members. If you were inside Milk Road PRO, you would have gotten the alpha before it was too late. Use the link below to join PRO so you don't miss out on the next big ideas/trades.

Listen up, you degens. I know you’re tired of losing money. If you’ve been waiting for the right time to get some help, this is it. Milk Road PRO pricing is going up substantially, so this is your last chance to lock in today’s lower price before it’s gone. Stop trying to research every corner of the market by yourself, whether it’s stocks, crypto, AI or robotics, we have analysts covering all of it and searching for the best opportunities every day. You’ll see exactly what we’re buying, why we’re buying it and the risks you need to understand before putting your money to work. Join now and keep today’s lower price for as long as you remain a member.

Now we're talking! Stocks onchain only matter once it has the same rights as holding in a brokerage AND I can do it more with it 24/7 is cool, but its the composability with DeFi that is the REAL unlock This is what I've been waiting for Giving retail the ability to borrow, lend and earn with their stocks is something that will actually move retail investors from holding stocks in brokerages to holding stocks onchain There have been many half-way attempts so far in crypto on tokenized stocks, but nothing that outcompetes the current way the world uses stocks (without a lot more added risk) I figured Coinbase would be the first to figure this out Now the question is can they get non-crypto users to move from off-chain assets to onchain assets? They will need to make this "no-brainer". My guess is solid incentives will be user for users to trade in their old stocks on brokerages and move into tokenized stocks onchain Even better, if can Coinbase find a way for people to easily transfer their assets over, like how you can from investing accounts in tradfi today Love to see this finally launched. Big step forward for RWAs onchain!

I think $BE is one of the best ways to invest in the AI infra build out right now As I've said before, POWER is the biggest bottleneck in AI Bloom Energy is one of the few companies that can provide power to almost any data centre in the country It's down 42% from ATHs, just bounced off its bull market trend line and had an absolute stellar Q2 earnings Even if we overbuild chips and can't energize them, while most of the AI infra stocks will get crushed, Bloom Energy SHOULD continue to perform well as its product becomes even more in-demand I believe Bloom will be able to hold or grow margins for multiple years out as the USA will not be fixing its power issue anytime soon due to politics and regulatory concerns... not to mention its not an easy thing to fix and takes many years to build solutions In the interim, Bloom will be the solution for many data centers The main thing in question is can Bloom scale its operations enough to meet the growing demand for its product. If they can, I think Bloom can go much higher from here Milk Road PRO members received a signal to buy $BE earlier this year, before its big run up. They are up 100s of % on that trade. If you want more trades like this, you can join Milk Road PRO and track 5 top-tier analysts real-time portfolios. The price of PRO is going up on Aug 26, but if you join now, you can lock in current prices for life. Learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets

Finding a great investment early is difficult. Doing it while trying to research every stock, cryptocurrency, earnings report, and market development alone is nearly impossible. Milk Road PRO gives you five analysts helping you cut through the noise. Our team helped members discover $MU, $NBIS, $BE, $SOL, $COIN, and $HYPE before some of their biggest runs. Now they are searching for the next opportunities and sharing what they find directly with members. Prices are going up substantially next week. Join now and keep today’s lower price for as long as you remain a member.