The deteriorating macro backdrop, from bonds to inflation, could create a meaningful headwind for stocks, but that doesn’t necessarily mean the secular bull market is over. Below, we map out the headwinds at play, and what key factor could keep the bull market on track after a correction. io-fund.com/broad-market/bon… $SPY $QQQ

When the leading supplier producing 50% of global HBM signs an agreement with the world’s leading consumer that could account for 37% of HBM capacity in 2027, the queue for everyone else waiting to access memory gets longer. io-fund.com/ai-stocks/nvidia… $SKHY $MU $NVDA

What stocks could win big from the shift to AI inference? I break down my thoughts in the clip below. @cvpayne

Hyperscalers' bonds to fuel capex offer institutional investors an attractive 100-180+ basis point yield premium over Treasuries, meaning marginal balance sheet capacity is being funneled away from government debt auctions. io-fund.com/broad-market/ai-… $MSFT $AMZN $GOOG $ORCL

“Compute is worthless if you can’t power it.” With @cvpayne, I break down the I/O Fund’s early call on Bloom $BE at $16—and another company well positioned to meet the scale of power AI will require over the next decade.

In 2019 I said $NVDA would become the world's most valuable company. In 2021, that it would surpass $AAPL. In July 2024, I said AMD's $AMD returns would outpace Nvidia's over five years. So far, so good. This week, I cover why the next chapter could be AMD’s biggest. Link in bio.

AMD’s battle with Nvidia on GPUs looks surprisingly similar to $INTC, but there’s one major difference – AMD does not need to overtake $NVDA to win. Below, I map out why AMD’s $AMD next-generation GPU roadmap could continue to support higher returns than Nvidia through 2028. io-fund.com/ai-stocks/amd-st…

Model complexity and the KV cache are two primary drivers for memory, especially for inference requiring increasingly large context windows. Context windows for OpenAI’s leading models have risen 230-260X in three years to 1.05M tokens, while Meta’s Llama 4 Scout is 10X higher at 10M. $MSFT $AMZN $META $GOOG $MU io-fund.com/ai-stocks/micron…

“We still forecast that customer demand will remain higher than our supply capacity even beyond 2030.” — SK Hynix CEO $SKHY $MU $NVDA $AMD

The Dark Horse is officially a trillion-dollar company. $AMD

Micron alleviated some of the typical cyclicality concern by locking in 5-year terms. Yet this creates the opposite concern — that it may not fully benefit from the boom-like nature of this cycle. Our latest analysis breaks down what is changing for $MU and memory stocks. io-fund.com/ai-stocks/micron…

Spending to secure AI systems is forecast to rise at a 64.8% CAGR through 2028, more than 5X faster than overall security spending at a ~12% CAGR. io-fund.com/cybersecurity-st… $CRWD $ZS $PANW

In early 2025, Palo Alto saw GenAI-related data loss prevention (DLP) incidents rise from 2.5% to 14% of total DLP incidents, a more than 5X increase in just 2.5 months. $PANW $CRWD $ZS

Google Cloud $GOOG CEO Thomas Kurian: “We offer 2.7x better price performance for training, 80% better price performance for inference, 30% better price performance for CPUs.” $NVDA $AMD $AVGO

CoreWeave $CRWV CEO Michael Intrator: “We are struggling to meet demand every day. Every GPU we have could be sold to multiple different clients.” $NVDA

Nvidia $NVDA CEO Jensen Huang previously called Palantir $PLTR Ontology “probably the single most important enterprise stack in the world today.” Now, the relationship between the two AI leaders is expanding, and it could open the door to a much bigger opportunity for Palantir. Read our latest analysis⬇️ io-fund.com/ai-stocks/nvidia…

Memory capex is forecast to be $97 billion in 2026, rising to $146 billion in 2027 and accounting for 56% of total semiconductor capex next year. $MU $SKHY $NVDA $AMD

At $6 million, the average cost of an AI-enabled breach is roughly 20% higher than the global average breach cost of $4.99 million. $CRWD $PANW $ZS

Nvidia $NVDA has stated Vera Rubin can deliver 50X more throughput per MW and 35X lower token cost relative to Blackwell Ultra, and in the event that higher throughput can rise faster than TCO, customers will be more willing to pay higher prices. io-fund.com/ai-stocks/nvidia…

Depending on how you model the two-quarter lumpiness, Nvidia's $NVDA ACIE can conservatively overtake hyperscalers in 5-6 quarters at a 14% QoQ growth rate versus 10% QoQ growth rate for hyperscalers, or as soon as 2 quarters if the Q2 pace continues. io-fund.com/ai-stocks/nvidia…