Trump just gave America’s biggest AI companies room to keep racing, if they agree to police themselves. President Trump brought the leaders of major AI companies to the White House, where they signed a voluntary agreement for developing superintelligence more safely. Executives from companies including Meta, OpenAI, Nvidia, Google, Microsoft, Anthropic, Amazon, xAI and Palantir attended the meeting. Under the agreement, companies will build stronger internal controls, conduct their own risk reviews, bring in outside auditors and evaluators, and require their boards to independently review the auditors’ reports. Zuckerberg described it as an industry starting point rather than a complete safety framework. The key point is that this is self regulation, not a strict new federal law. Trump is allowing AI companies to continue moving quickly while asking them to monitor their technology and document their safety work. The DOJ and FBI would remain available for serious legal or national security emergencies rather than supervising development every day. For AI companies, this is largely positive because it reduces the immediate threat of strict licensing requirements, development limits or a government mandated slowdown. Meta, OpenAI and their competitors can continue investing aggressively while telling customers and lawmakers that their systems face independent review. For the market, the message is supportive of the broader AI trade. The Trump administration appears to view superintelligence as a strategic race with China that the United States must win and that supports continued spending on AI models, agents, chips, data centers, networking equipment and power infrastructure. This is overall a win for the AI industry!

Bloom Energy is up more than 11% today, and this chart explains exactly why (Save this). Global data center electricity demand is projected to rise from roughly 400 terawatt hours in 2024 to 1,570 terawatt-hours by 2032 and that would represent nearly fourfold growth in only eight years. Utilities often need years to approve grid connections, expand transmission networks, and build enough generation capacity to support a large AI data center. AI companies cannot afford to wait that long because every delayed data center leaves expensive GPUs sitting idle and prevents the operator from generating cloud revenue. Bloom Energy offers an alternative by installing fuel-cell systems that generate electricity directly at the data center. Bloom says it can deploy these systems in approximately 90 days, while traditional utility upgrades can take several years. This speed makes Bloom more than a clean-energy company because it effectively makes Bloom a time-to-power company. A more expensive megawatt available today can be worth more than a cheaper megawatt that arrives several years later. Bloom is not the only company positioned to benefit from this trend. GE Vernova can supply the natural gas turbines and grid equipment required to power enormous AI campuses, while Caterpillar and Cummins can provide rapidly deployable generators and distributed power systems. Generac could benefit as data centers adopt more microgrids, backup generation, and on site energy management systems. Eaton, Powell Industries, and nVent do not generate electricity, but they provide the switchgear, power distribution, electrical connections, and control equipment required to move that power safely through a data center. Vertiv benefits after the electricity reaches the facility because higher rack densities require increasingly advanced power management and liquid cooling. Fluence could benefit from the need for large battery systems that stabilize on-site generation, manage peak demand, and provide backup power. Oklo and NuScale offer longer-term exposure through small nuclear reactors that could eventually provide continuous power directly to large data-center campuses, although those projects face much longer construction and regulatory timelines. The full value chain includes the companies that generate, store, distribute, manage, and cool every additional megawatt consumed by AI. If you want to see the other power and AI infrastructure names I’m positioned in alongside Bloom Energy, check out my full Milk Road Pro portfolio below. link.milkroad.com/d8cj6v

If you own Micron stock, You NEED to read this! Wall Street is currently expecting roughly $51 billion in revenue and around $31.50 to $31.60 in adjusted EPS. I think Micron comes in higher. My estimate is around $52.2 billion in revenue, 87.5% gross margins and $33.00 in adjusted EPS. That would put my revenue estimate roughly $1.2 billion above the Street and EPS around 4% to 5% above consensus. The reason I am comfortable being slightly above the Street is pretty simple. Memory pricing continues to remain extremely strong while supply is still struggling to keep up with demand. Micron originally guided for around $50 billion in revenue, 86% gross margins and $31.00 in EPS, so expectations have already moved meaningfully above management's original outlook. I think pricing has remained strong enough for Micron to come in above those expectations again. Gross margin is going to be one of the most important numbers for me. The Street is already looking for margins around 87%, which is insane when you think about where this business was just a few years ago. I am looking for around 87.5%. If Micron can continue growing revenue while keeping margins anywhere near these levels, the amount of earnings and free cash flow this company can produce becomes ridiculous. DRAM is another big reason I am staying above consensus. AI infrastructure continues to become more memory intensive with every generation. Larger models, longer context windows, inference and eventually AI agents all require more memory alongside the compute. At the same time, customers are trying to lock up supply years in advance because they are worried future capacity will not be available when they need it. This is also why the long term agreements are probably one of the most important things I will be listening for on the call. Last quarter Micron had signed 16 strategic customer agreements and I want to know how much that number has increased since then. Are we talking about 18 agreements now? 20? Even more? More importantly, I want to know whether the size and duration of these agreements are getting larger as customers become increasingly worried about securing enough memory. These agreements matter because they give Micron something the memory industry historically has not had much of, which is long term demand visibility. Memory has always been extremely cyclical because manufacturers usually do not know exactly what demand or pricing will look like several years into the future. If customers are now willing to commit to supply years in advance, provide deposits, agree to minimum purchases or accept pricing protections, Micron suddenly has much better visibility into future revenue and utilization. I also want more detail around HBM because this is becoming an increasingly important part of the Micron thesis. The company has already started high volume HBM4 shipments for its lead customer and has sent qualification samples to additional customers. I want to know whether Micron is maintaining or gaining HBM market share as the industry moves from HBM3E into HBM4 and eventually HBM4E. If Micron can hold around 20% share or move even higher, it becomes an even bigger beneficiary of the AI infrastructure buildout. HBM4E is another area I want management to talk about. I want to know when additional customers are expected to qualify the product, how much of 2027 HBM capacity is already committed and whether customization allows Micron to capture even better pricing. The more customized HBM becomes for specific AI accelerators, the harder it becomes to look at Micron as just another commodity memory company. The most important part of the entire earnings report, though, is probably going to be next quarter guidance. The market already expects a monster fiscal Q4, so whether Micron reports $51.8 billion, $52 billion or $52.5 billion might not matter nearly as much as what management says comes next. I would personally like to see Micron guide toward roughly $58 billion in revenue next quarter, gross margins around 88% and EPS somewhere in the high $30s. If management gets anywhere near those numbers, that would tell me the memory pricing environment is still extremely strong heading into 2027. The biggest risk I want addressed is supply. Samsung, SK Hynix, Micron and Chinese memory manufacturers are all investing heavily because the economics are so attractive right now. Eventually that capacity will come online (I personally believe it has no meaningful effect but I want the management to address the Chinese memory makers) .The real question is whether AI memory demand can continue growing faster than the industry can add supply. I want management to give us more clarity on 2027 DRAM supply growth, how quickly new fabs can actually contribute meaningful capacity and whether Chinese memory companies are starting to change the supply picture. If supply suddenly starts growing much faster than demand, pricing could turn very quickly, but right now I still think demand is winning. I also want to hear more about capital returns. Micron is spending aggressively because it needs more capacity but if revenue and margins remain anywhere near current levels, the company should also generate an enormous amount of cash. At some point investors are going to start asking how much of that cash gets reinvested versus eventually being returned through buybacks or other capital returns. Overall, I am going into Wednesday expecting another beat. My numbers are around $52.2 billion in revenue, 87.5% gross margins and $33.00 in adjusted EPS, compared with the Street at roughly $51 billion and around $31.50 to $31.60 in EPS. But I am not going to make a prediction on whether the stock goes up or down after earnings because honestly that is basically a coin toss at this point. Micron has already had a massive run and expectations are extremely high. The company could beat the Street and still sell off if guidance does not clear the bar investors have built into the stock. It could also report numbers close to expectations and move higher if management gives an extremely bullish outlook for pricing, long term agreements and 2027 demand. That is why I care much more about what Micron actually tells us about the business than trying to guess how the stock trades the next morning. If you enjoyed reading this and you want to see exactly how I’m positioned in Micron ahead of earnings and the rest of the memory names I hold, check out my portfolio below. link.milkroad.com/tx5qip