HERE'S WHAT THE 🇺🇸 STOCK MARKET HAS LOOKED LIKE IN 2026 SO FAR Memory chips and oil refiners are running the year Best performers in the S&P 500 this year: SanDisk $SNDK +483.7% Dell $DELL +261.7% Micron $MU +219.5% Marathon Petroleum $MPC +192.9% Marvell $MRVL +181.4% Valero $VLO +168.4% Bloom Energy $BE +163.7% AMD $AMD +153.0% Worst performers in the S&P 500 this year: AppLovin $APP -59.9% Intuit $INTU -50.6% Nike $NKE -41.4% CRH $CRH -33.4% Oracle $ORCL -33.1% KKR $KKR -31.7% Carvana $CVNA -30.3% Blackstone $BX -30.3% Even after last week's selloff, tech is up +41.5% this year, with 41 of 54 names in the green. Memory and storage have led the way, but the biggest names are lagging. Nvidia $NVDA is up +16.8%, Microsoft $MSFT +10.5%, Google $GOOGL +10.5% and Meta $META +7.0%. Energy is the best sector of 2026 at +54.6%, with refiners leading. Software has been the weak spot, and alternative asset managers have struggled too, with KKR, Blackstone, Ares $ARES and Apollo $APO all down more than 20%.

The 10-year yield is the highest it has been since the 2008 financial crisis.

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WHY I THINK THE NEXT 10X OPPORTUNITY IS HIDING IN NUCLEAR ENERGY One of the next potentially 10x investment opportunities is emerging in nuclear energy because the AI infrastructure buildout is beginning to expose a problem that cannot be solved simply by manufacturing more GPUs or building additional data centers, which is securing enough reliable electricity to power everything. We've spent the past several years watching enormous amounts of capital flow into semiconductors, networking, memory and cooling infrastructure but I think investors are only beginning to appreciate how valuable the companies capable of delivering dependable electricity could become over the next decade. That's particularly interesting for advanced nuclear developers like $OKLO because small modular reactors could eventually allow hyperscalers to secure dedicated power capacity without relying entirely on increasingly constrained electricity grids. The recent correction across nuclear stocks has been enormous, with Oklo falling more than 75% from its previous highs, but I think the bigger question is whether investors are confusing the collapse in speculative valuations with a deterioration in the underlying opportunity. Nuclear power is becoming increasingly important to the long term AI infrastructure story, and I think the companies that successfully commercialize reliable, scalable generation could capture an enormous amount of value as electricity becomes one of the industry's most important bottlenecks. What makes Oklo particularly interesting today is that we're finally beginning to see meaningful progress beyond simply announcing ambitious reactor development plans. The company's Groves facility reached first criticality in August after construction reportedly took just 229 days, which is an important milestone because it demonstrates that management can coordinate suppliers, navigate government authorization requirements and bring a nuclear facility into operation. Now, I wouldn't confuse an isotope demonstration reactor with proving that Oklo can commercially operate its much larger Aurora Powerhouse because those are two very different engineering and economic challenges, but I think the experience provides a valuable foundation for future deployments. The much more important catalyst is Aurora-INL, where preliminary safety analysis approval, construction activity and procurement progress are moving the company toward its targeted 2028 startup. If that project succeeds, I think the investment thesis could change dramatically because Oklo would begin transitioning from a speculative reactor developer into a company with a potentially repeatable commercial product. That's where the proposed 1.2 GW Ohio campus backed by $META becomes particularly interesting because the real opportunity isn't necessarily generating electricity from one reactor, but eventually manufacturing and deploying the same reactor design across dozens of facilities while improving construction timelines, reducing costs and creating increasingly predictable recurring revenue from long term power agreements. The other part of the nuclear opportunity I think investors are overlooking is fuel because building reactors is only half the challenge if the industry cannot secure enough nuclear material to operate them economically for decades. High-assay low-enriched uranium or HALEU, remains extremely constrained in the United States, which creates a potentially enormous competitive advantage for companies capable of securing supply agreements and eventually developing their own fuel capabilities. Oklo has already made progress through its relationship with $LEU including a preliminary arrangement that could support fuel requirements for as many as five Aurora Powerhouses beginning in 2029, while also exploring surplus government nuclear material and investing in recycling and fabrication capabilities. I think the long term opportunity here is that Oklo could eventually become more than a reactor manufacturer or electricity provider by developing an integrated nuclear platform spanning reactor deployment, fuel production, power generation and potentially isotope commercialization. However, vertical integration is incredibly capital intensive, and that's where I think investors need to remain disciplined because Oklo ended Q2 with approximately $3 billion in cash and marketable securities largely after raising substantial equity capital, with outstanding shares increasing nearly 30% year over year. That gives management meaningful financial flexibility, but it also demonstrates that the opportunity comes with dilution risk, and shareholder returns will ultimately depend on whether the economic value created by new reactors grows faster than the capital required to build them. For Oklo itself to appreciate tenfold from these levels would require an equity valuation above $70 billion before accounting for additional dilution, which would demand far more than successfully launching its first Aurora reactor. It would require demonstrating attractive construction economics, securing sufficient fuel, expanding into a much larger operational fleet and eventually generating billions of dollars in sustainable revenue and cash flow. That's why I think the next several years will be so important because the real catalysts aren't necessarily quarterly earnings beats, but whether Aurora-INL becomes operational on schedule, whether the Ohio project moves toward commercial deployment and, most importantly, whether management can demonstrate that subsequent reactors can be built faster and more cheaply than the first. That's why I'm paying increasingly close attention to nuclear today because the opportunity to identify those winners may be arriving well before the industry reaches commercial maturity.

On this day in 1987 the 🇺🇸 stock market had the WORST DAY 🔴 in its history The S&P 500 was down by 20.5% 🔴 on that day, the largest single day percentage loss in its history DOWN ALMOST 21% IN JUST 1 DAY October 19th, 1987 is now known as Black Monday because of it You know those stock market circuit breakers we talk about on huge days ... They were implemented because of Black Monday

Only 7 Vanguard ETFs have beaten the Vanguard S&P 500 ETF $VOO over the last decade. Here they are, ranked by average annual return: 1. $VGT Vanguard Information Technology ETF +24.72% 🟢 2. $MGK Vanguard Morningstar Mega Cap Growth ETF +19.00% 🟢 3. $VONG Vanguard Russell 1000 Growth ETF +18.07% 🟢 4. $VUG Vanguard Morningstar Growth ETF +17.95% 🟢 5. $VOOG Vanguard S&P 500 Growth ETF +17.86% 🟢 6. $MGC Vanguard Morningstar Mega Cap ETF +16.16% 🟢 7. $VV Vanguard Morningstar Large-Cap ETF +15.32% 🟢 8. $VOO Vanguard S&P 500 ETF +15.30% 🟢