⚡ Market Trends

• Energy stocks are resurging. Game on. 2

🪙 Market Narratives

• Gold is the new BTC. 4
• Gold is one of the greatest memes of all time. 10

🚀 Space Sector & M&A

• A SpaceX tie-up with $TSLA or xAI would be bullish for Rocket Lab ($RKLB), removing the only other scaled pure-play space company from public markets and positioning $RKLB as the sole pure-play option. 19

🍎 Tech & Supply Chain

• $AAPL faces supply constraints due to $TSM’s tight leading-edge node capacity, impacting advanced SoC builds despite strong demand. Rising memory prices from $MU are already baked into Apple’s 48% gross margin guide. 12

📈 IPOs & AI

• The OpenAI IPO definitely won’t be the top. 15
• OpenAI is laying the groundwork for a potential Q4 IPO, building out its finance team. This aggressive push is a defensive play to beat Anthropic to public markets. 23

💼 Investment Strategy

• Elon has created more shareholder value faster than anyone in capital markets history. If less than 3% of your portfolio is in $TSLA, you’re effectively shorting a stock with the potential to become the most valuable company ever. 24