🚀 Space & New-Space Stocks

• SpaceX still looks expensive at $167. Great company, but not yet profitable, so the valuation is hard to underwrite. After an intraday drop of nearly 10%, the better risk/reward sits in adding Rocket Lab instead. 1

• $RKLB screens much cheaper than SpaceX. EPS is close to turning positive, and the team’s execution plus vertical integration deserve more confidence. SpaceX still needs a few more financial reports before becoming buyable. 2

• $RKLB and $ASTS are becoming compelling again after the pullback. The reset from the $150s/$130s back to the $90s/$70s puts them back on the radar. 3

🧠 AI / Cloud / Big Tech Rotation

• The current market logic for $META, $GOOGL, $MSFT, and $ORCL has converged: names spending aggressively are getting punished. It no longer matters whether they have large models, whether the models are better, or whether they can monetize them. The trade is to follow where the money is flowing; putting SpaceX into the Neucloud bucket now also makes sense. 4

• Cloudflare having scheduled maintenance and then seeing half the internet apps stop working is a red flag. That level of dependency is not acceptable infrastructure resilience. 5

💾 Semis & Memory Cycle

• Chasing Micron after the run is a bad setup. Better to wait for earnings. If already holding Micron, staying in is acceptable only with position size under control. 6

• With no existing position, the cleaner add is Mag 7 over Micron and SanDisk. Nvidia, Meta, Microsoft, even Google and Amazon, now carry low valuations and offer steadier long-term holding profiles. Micron and SanDisk have already multiplied several times; they need several more earnings reports to prove the old cyclical-stock narrative is broken before downside risk clears. 7

• Micron reaching 25-35x PE is only upside optionality, not a base case. The current backdrop is 2026, early in the AI wave, so comparing it mechanically with 2000 has limited value. The real downside is the cyclical narrative returning: if PE compresses back to 5, the stock likely falls back to 500-600. 8

📉 Trading Discipline & Portfolio Behavior

• Single-stock investors often want to beat the index, but impatience usually does the opposite. Chasing strength and panic-selling weakness is how portfolios lag. The benchmark check is simple: after all the trading, did returns beat the market’s 9.5% this year? 9

📊 Technical Setups

• $NVO is worth watching for a potential major breakout. The key trigger is a break above a multi-year downtrend line. 10