Okay so $SNDK earnings played out exactly as expected, with liquidity flowing down the entire chain. Now where should we put our money? So we have $AMD earnings in 2 days... 99% chance they beat earnings. Might see a very short-lived dip and bounce right back, as we saw with $SNDK. > Revenue guidance at $9.8B. But $INTC beating by $1.4B on server CPUs tells you everything you need to know about what $AMD's EPYC business is probably seeing right now. > Can't forget the MI450 stacked pipeline. OpenAI, $META (both 6GW commitments), $ORCL supercluster in Q3... > As most of you know, I'm a sucker for valuation gap fills... $AMD's market cap is ~$587B. $AVGO is $1.9T. $NVDA is approaching $5T. Execution dependent, it's only a matter of time before $AMD catches up (hence my long-term position). Now the most interesting part... since the entire ecosystem around it will benefit, where do we put our money? > Semiconductors & Chip Manufacturing. Heavily rallied already and has priced in the strong demand - $AMD, $NVDA, $TSM, etc. > Photonics & Interconnects. Most rallied amongst the chain. Priced in aggressively already - $AAOI, $IQE, $LITE, etc. > Memory & Storage. Significantly rallied already, but has a bit more room to go IMO - $SNDK, $MU, etc. > AI Infrastructure & Data Centers. Moderately rallied, way more room to go than semis and photonics - $CIFR, $APLD, $IREN, etc. > Power & Energy. Least rallied and the most overlooked layer in the whole chain. $AMSC, $POWL, $SLNH (currently have a short-term position), etc. To find the most asymmetric trades in any of these sectors, look for names that are still in early-stage development. Higher risk. Much higher reward. As usual, I'll share all notable finds.