The SpaceX IPO finally arrived this week, shining a spotlight on one of the most important investment themes we've been tracking: the rise of the Elon Musk ecosystem.

Our takeaway is simple. Tesla was never just a car company. As SpaceX, Starlink, xAI, Neuralink, and Tesla continue to grow, investors are increasingly viewing them as pieces of a much larger vision centered on AI, robotics, energy, connectivity, and transportation.

The IPO also validates the broader space economy story. More capital, more attention, and more investment are now flowing into a frontier that remains in its early innings.

As always, we're focused on the long game. Many of the biggest winners spend years building foundations before reaching an inflection point.

That same pattern runs through this week's updates.

Tesla (TSLA) is pushing deeper into an AI-driven future. Amazon (AMZN) is monetizing the infrastructure it spent decades building. And Google (GOOGL) is willing to spend nearly $1 billion per month to secure the computing power needed to compete in the AI race.

Plus, we'll share our latest thinking on Redwire (RDW) – including whether the stock has earned a spot back on our watchlist after delivering a 143% gain in less than four months.

Here’s what we’re watching…

Infinite Hold Updates

Tesla (TSLA) and the Death of Coding

This week, Elon Musk made one of his boldest predictions yet, saying traditional computer coding could become obsolete as AI systems learn to write machine code directly. Whether that happens by year-end or takes longer, the direction is clear: AI is moving from assistant to creator.

And the evidence is already showing up. Anthropic recently revealed that more than 80% of the code merged into its systems now comes from AI. The average engineer is producing roughly eight times more code than just two years ago.

Why does that matter for Tesla investors?

Because Tesla's future increasingly depends on AI. Full Self-Driving, Optimus, Dojo, and the company's next-generation AI chips all benefit as AI becomes more capable of improving and building software on its own.

At the same time, Tesla continues making real-world progress on autonomy.

Denmark became the fourth European country to approve Full Self-Driving (Supervised) in the past two months, joining the Netherlands, Lithuania, and Estonia. More approvals are working through the pipeline, expanding Tesla's footprint across Europe and creating a larger base of drivers generating valuable real-world data.

We’re watching AI move from a software tool into the operating system for the physical world. And TSLA is leading the charge.

The stock may continue to bounce around in the short term. But the autonomy network keeps getting bigger. The AI gets smarter. And the long-term thesis remains firmly intact.

Amazon (AMZN) Sells Its Infrastructure

This week, Amazon expanded its less-than-truckload freight business nationwide, opening up a logistics network built over nearly three decades to businesses of all sizes. Companies can now tap into Amazon's fleet of 80,000+ trailers, 24,000 intermodal containers, real-time GPS tracking, and fulfillment infrastructure without ever selling a product on Amazon's marketplace.

Think about what's happening here.

Amazon isn't just using its infrastructure anymore. It's monetizing it.

At the same time, AWS signed a multibillion-dollar agreement with Corning (GLW) to secure fiber-optic components for its growing data center footprint. The deal will create 1,000 manufacturing jobs and help support Amazon's massive AI buildout across the U.S.

These stories may seem unrelated. They're not.

One reinforces Amazon's position as the operating system for physical commerce. The other strengthens its role as the backbone of the AI economy.

Both point to the same conclusion: Amazon keeps finding new ways to turn internal capabilities into revenue-generating businesses.

Google (GOOGL) Writes a $920 Million Monthly Check

The AI arms race just produced another eye-popping number.

Alphabet recently agreed to pay roughly $920 million per month to secure access to more than 110,000 Nvidia GPUs and related infrastructure from SpaceX's growing AI compute business. That's on top of a separate $1.25 billion-per-month compute deal SpaceX signed with Anthropic.

Google is spending nearly a billion dollars a month because access to compute has become one of the most valuable resources in the world.

Every major AI company is scrambling for chips, data centers, electricity, and computing capacity. The winners won't just be the companies building AI models. They'll also be the companies with the scale, infrastructure, and balance sheets needed to deploy massive amounts of capital.

That's where Google stands out.

Few companies are better positioned to profit from the AI boom than Google, which now owns critical pieces of the stack – from AI models to cloud infrastructure to custom silicon. Deals like this reinforce the size of the opportunity still ahead.

The AI boom is no longer a future story. Companies are committing billions of dollars right now to secure the computing power they need. Google remains one of the clearest ways to participate in that long-term buildout. 

Q&A: Is Redwire (RDW) Back on the Watchlist? 

MegaTrends member John S. recently asked whether RDW is back on our watchlist after our 143% winning trade. The short answer: yes – but we're not ready to buy it again just yet. 

Redwire (RDW) remains one of the most interesting names in the space sector. The stock still carries a bullish Social Heat Score of 75/100 and continues to benefit from one of our highest-conviction themes: space infrastructure.  

That said, a lot of good news is already reflected in the stock price. RDW has more than doubled in 2026, and today's SpaceX IPO could create additional volatility across the sector as investors digest the news and reposition. 

We also have to remember why we sold. A 143% gain in less than four months is the kind of win we believe in taking. Much of that move was driven by narrative and momentum, and after a near-vertical run higher, we felt the risk/reward had shifted. 

Could RDW keep climbing? Absolutely. 

But our job isn't to squeeze out every last percentage point. It's to lock in gains, protect capital, and patiently wait for the next setup. 

If RDW pulls back into the $14 to $15 range, it's a stock we'll be watching very closely. We think there's a good chance we'll revisit this name in the future. For now, we're staying patient and waiting for the right price. 

If you want to learn more about MegaTrends, click here.

The New Arms Race: Our Defense Stock Picks

Everyone knows defense spending is booming. Fewer people know that the legacy giants are guiding for 4–5% growth while a handful of smaller specialists are quietly posting double-digit revenue growth with record backlogs.

We dug into the data, found two names where the LikeFolio scores are flashing strong buy signals, and built full trade plans with profit targets above 100% and risk/reward ratios north of 3:1.

Read the full playbook →

Apple Opted Out of the AI Arms Race. This Week We Find Out If It Pays Off.

Amazon is spending $43 billion a quarter on AI infrastructure. Microsoft, Google, and Meta have all roughly doubled their capex. Apple spent $2 billion last quarter, and that number is actually shrinking.

Instead of building its own AI, Apple is betting it can own the distribution layer and let everyone else burn cash on the models. WWDC kicked off today with Tim Cook's final keynote as CEO, and it's the first real test of whether that bet holds up.

We break down what to watch and what it means for the stock →

Consumers want more. Companies are racing to keep up…

Wall Street spends a lot of time focusing on stock prices.

We spend more time focusing on demand.

That's because demand usually shows up first.

It shows up when a telehealth platform expands across multiple continents to keep pace with growing interest in GLP-1s, longevity, and preventative health. It shows up when consumers rush to buy Cybertrucks. And it shows up when technology giants spend hundreds of billions of dollars building the infrastructure needed to power the AI boom.

This week, we're seeing that signal across multiple holdings in the portfolio.

Hims & Hers (HIMS) – Demand Outruns Supply in Digital Health

Hims continues to expand its footprint at an impressive pace.

The company just closed its acquisition of an Australian digital health platform, adding more than 850,000 customers and extending its reach across 10 countries.

That's important on its own.

But we're paying even closer attention to what's happening beneath the surface.

Consumer demand across GLP-1s, longevity, and preventative health remains strong. Those themes continue to rank Bullish or Very Bullish in our system, helping support a LikeFolio Score of 74.

At the same time, Hims is positioning itself for what could become the next major growth category: peptides.

The company recently acquired peptide manufacturing capabilities, and an FDA review scheduled for July could reopen opportunities around several highly discussed peptide therapies. Management has already signaled plans to launch a longevity-focused specialty in 2026.

The market remains focused on today's business.

ICYMI: We're watching where consumer demand appears headed next.

Infinite Hold Updates

Tesla (TSLA) Demand Outruns Supply on the Road

The latest Cybertruck inventory lasted about as long as a fresh batch of concert tickets.

Tesla began offering used Cybertrucks directly from its inventory this week, with prices ranging from roughly $66,000 to $95,000. By the next day, the available trucks appeared to be gone.

Searches for used Cybertruck continue to trend higher, confirming that interest extends well beyond the earliest buyers.

Queries for Tesla Cybertruck price have surged more than 200% year over year. And Tesla web visits are climbing – up 10% year over year on a 30-day moving average:

These are the kind of early consumer demand signals that show up in our data before Wall Street fully appreciates the trend.

Most vehicles are transportation. The Cybertruck has become something else entirely: a cultural product.

People aren't just shopping for it. They're talking about it, searching for it, sharing it, and increasingly looking for ways to get behind the wheel.

Strong consumer demand fuels the entire Tesla ecosystem. Every Cybertruck on the road acts as a rolling advertisement for the brand and reinforces Tesla's position as one of the most talked-about companies in the world.

The headlines may come and go. The consumer demand signals remain clear. And that's exactly what we want to see as long-term Tesla shareholders.

• Date Added: April 24, 2018

• Current P/L: +2,114%

Amazon (AMZN) Demand Outruns Supply in the Data Center

We're no longer measuring the AI boom in chatbot users or chip sales.

We're measuring it in gigawatts.

Electricity demand in Texas surged 9% over the past six months – nearly five times the national average. The biggest driver? AI data centers.

That's important for Amazon investors because AWS sits at the heart of the AI infrastructure buildout. As companies rush to train larger models and deploy more AI applications, demand for computing power continues to rise.

Amazon is spending accordingly.

Goldman Sachs now expects the largest hyperscalers to invest $5.3 trillion through 2030. Amazon alone could invest roughly $200 billion next year as it expands data centers, computing capacity, and supporting infrastructure.

That's not the behavior of a company preparing for AI demand to cool. It's the behavior of a company racing to stay ahead of demand.

We've said for months that AI isn't just a software story. It's an infrastructure story. Every new model requires more chips, more servers, more networking equipment, and more electricity.

When power demand starts growing faster than almost anyone expected, it's another signal that the AI buildout remains in full swing. And Amazon remains one of the most important long-term beneficiaries of that trend.

• Date Added: April 23, 2020

• Current P/L: +166%

Google (GOOGL) Demand Outruns Supply in AI

One of the biggest risks in AI right now isn't demand.

It's keeping up with it.

Alphabet just announced plans to raise $80 billion in fresh capital, including a $10 billion investment from Berkshire Hathaway, to fund an even larger AI infrastructure buildout. The reason is simple: demand for Google's AI services is now exceeding the company's available supply.

Think about that for a moment.

Google isn't raising money because business is slowing. It's raising money because customers want more AI capacity than Google can currently deliver.

CEO Sundar Pichai recently said the biggest thing keeping him up at night is compute capacity. Power. Land. Supply chains. The physical infrastructure required to support the AI boom.

That's exactly the trend we've been tracking.

Alphabet, Amazon, Microsoft, and Meta are expected to spend more than $700 billion combined on capital expenditures this year alone. Wall Street expects industrywide AI spending to top $1 trillion by 2027.

This is another powerful confirmation that the AI buildout remains in its early innings. Google continues to strengthen its position across Search, Cloud, Gemini, and AI infrastructure at a time when demand is accelerating faster than supply.

When companies are scrambling to build more capacity, it's usually because the opportunity ahead is larger than most investors realize.

• Date Added: January 12, 2026

• Current P/L: +13%

Bitcoin (BTC) – ICYMI: Slowly, Then Suddenly

Not every opportunity announces itself with exploding demand or billion-dollar spending plans.

Sometimes the best opportunities are the ones investors have stopped paying attention to.

Bitcoin hasn't given investors much to talk about lately.

That's exactly why we spent time discussing it in this week's Founders Call.

History shows that some of Bitcoin's most frustrating periods have also been some of its most rewarding for patient investors. While capital has been flowing into AI, space, and other market leaders, Bitcoin has quietly faded into the background.

That doesn't change the long-term thesis.

In the call, we discuss why the current environment looks familiar to previous periods when Bitcoin tested investors' patience before making its next major move. We also break down one inexpensive hedge against potential quantum computing and privacy risks that most investors aren't thinking about today.

If you missed this week's call, it's worth a watch.

Watch the full Founders Call here.

• Date Added: February 22, 2023

• Current P/L: +159%

Founders Call Bitcoin Update: Slowly, Then Suddenly 

Bitcoin's been boring lately — and perhaps that's exactly the point.

In this week's Founders Call, Andy walks through why the most frustrating stretches have historically been the best times to build — and the one cheap hedge he's been quietly buying himself against quantum and privacy risk.

Watch the full call here.

A Telehealth Disruptor's Global Land Grab — and a Hidden Peptide Catalyst 

HIMS just closed another international acquisition, pushing the platform into ten countries and adding hundreds of thousands of customers overnight.

But the quieter story is the one we think matters more: a peptide catalyst tied to an FDA review the Street isn't modeling yet.

We break down both.

Read here.

ICYMI — LikeFolio.ai Posts from Last week

The Pentagon's Drone Dominance Push Lights a Fire Under Defense Tech 

Last week a Wall Street Journal report sent drone stocks ripping: the government is in active talks to take stakes in domestic drone makers, underwriting an entire industrial vertical.

The market's chasing the obvious hardware names — but we see bigger setups elsewhere. We lay out five ways to play it.

Read here.

Humanoid Robots Could Be One of the Biggest Wealth Events of the Decade 

Tesla is ripping out Model S/X lines in Fremont to build a humanoid factory — the clearest sign yet the build-out phase is here.

Every robot needs a brain, eyes, and a builder, and the cycle Musk is projecting runs into the trillions.

We name five stocks to watch across the stack.

Read here.

Founders Call: We Just Booked a Win — Now What?

We closed a MAJOR Space-theme win in Redwire (RDW) this week.

Many of you have asked — what’s next?

We've been watching where the momentum heads now. One segment is clear: defense.

Washington is pouring money into modern warfare — autonomous systems, missile defense, the technology that's quietly reshaping how conflicts are fought.

This week it became impossible to ignore: the Pentagon signaled it may start taking direct ownership stakes in U.S. defense companies, the kind of government backing that almost never happens. The whole sector moved on the news.

This is a multi-year buildout with bipartisan funding behind it. And it reaches well past the battlefield — the same push is opening doors in everyday areas most investors aren't connecting to defense yet.

We're watching two names sitting right in the middle of it.

One builds the hardware.

One builds the intelligence behind it.

On both, our data is reading differently than Wall Street — and we lay out exactly why on the call.

Watch the LikeFolio Founders Call here:

Infinite Hold Updates

One of the biggest mistakes investors make is confusing headlines with trends.

Headlines change every day.

The underlying trends that create massive winners can play out for years.

This week delivered another reminder of why Tesla (TSLA), Amazon (AMZN), and Google (GOOGL) remain infinite holds.

Meanwhile, Bitcoin (BTC) is suffering from a case of abandoned-stepchild syndrome.

AI, space, and the broader market are sucking all the oxygen out of the room.

That's exactly when we like to pay attention.

Because the long-term story hasn't changed.

If anything, the evidence supporting our long-term thesis keeps getting stronger.

Tesla (TSLA) and the Musk Network Effect

Tesla is in the spotlight after reports surfaced that SpaceX could begin trading publicly under the ticker SPCX.

That news quickly sparked another conversation: how much value sits inside Elon Musk's broader network of companies.

Tesla investors should pay attention.

The market is increasingly treating Tesla as more than an automaker. It's becoming the centerpiece of an ecosystem that spans AI, robotics, energy infrastructure, autonomous driving, and some of the world's most ambitious engineering projects.

This is what we’ve been pounding the table on all along.

Many of the same technologies powering Tesla's future growth – battery storage, AI compute, advanced manufacturing, autonomous systems, and energy infrastructure – are becoming increasingly valuable across Musk's broader ecosystem.

Meanwhile, the core business delivered encouraging news of its own.

Tesla's European sales jumped 67% year over year in April, with more than 9,100 vehicles sold during the month. Year-to-date sales climbed 62% as EV adoption continued accelerating across the region.

While Wall Street tries to estimate the value of robotaxis, Optimus, AI infrastructure, and Tesla's ties to the broader Musk ecosystem, Tesla continues expanding the foundation underneath it all. The company delivered nearly 1.64 million vehicles last year, operates one of the world's largest fast-charging networks, and continues growing its energy storage business.

The stock won't move in a straight line. But our long-term thesis remains intact. Tesla is steadily evolving from an EV manufacturer into a platform company positioned at the intersection of transportation, energy, AI, and robotics.

• Date Added: April 24, 2018

• Current P/L: +2,212%

Amazon (AMZN) Prime Day Gets Bigger – And AWS Just Landed Another AI Whale

Tesla isn't the only company strengthening multiple growth engines at once.

Amazon spent the week reminding investors why it remains one of the most powerful platform businesses in the world.

On the consumer side, the company recently announced that Prime Day will return in June across 26 countries.

Prime Day has evolved into one of the most powerful demand engines in retail. Last year's event was the biggest in company history. Amazon delivered more than 13 billion items same-day or next-day in 2025, and Prime members saved an average of $550 on delivery costs alone. The result is a habit-forming ecosystem that keeps shoppers coming back more often and spending more money.

This year's event will feature discounts on electronics, apparel, beauty products, groceries, household essentials, and many of the socially trending brands consumers are searching for right now. That gives Amazon another opportunity to deepen customer loyalty while generating a massive wave of high-margin advertising and marketplace revenue.

Meanwhile, AWS quietly delivered another reminder of why we own this stock.

Snowflake (SNOW) just announced plans to spend $6 billion on Amazon Web Services (AWS) over the next five years. That's more than double its previous commitment and another sign that the AI buildout is driving enormous demand into AWS. The agreement includes Amazon's custom Graviton AI chips and cloud infrastructure, which are becoming increasingly important as companies shift from simple chatbots to more complex AI agents.

Put it all together and Amazon continues to fire on both cylinders: consumer spending on one side, AI infrastructure on the other.

• Date Added: April 23, 2020

• Current P/L: +187%

Google’s (GOOGL) AI Engine Gets a $5B Vote of Confidence

Amazon's AWS win with Snowflake is part of a much bigger trend.

Every major company racing to build AI products needs more computing power. And increasingly, investors are discovering there may be more than one winner supplying it.

Earlier this month, Blackstone (BX) committed an initial $5 billion to a new joint venture built around Google's Tensor Processing Units, or TPUs – the custom AI chips that power Gemini and many of Google's most advanced AI services.

That's a significant endorsement.

Blackstone manages more than $1.3 trillion in assets and has become one of the world's largest investors in digital infrastructure. Instead of placing that capital behind another AI startup, it chose to help expand access to Google's AI hardware.

The venture plans to bring 500 megawatts of capacity online in 2027, with ambitions to scale much further over time.

What's important here is what it says about demand.

Google originally designed TPUs for its own internal AI needs. Now demand has grown so quickly that the company is creating entirely new channels for customers to access them outside of Google Cloud.

We've talked often about Google's transformation from a search company into an AI company. This is another step in that evolution.

The market still tends to focus on Gemini, AI Search, and consumer-facing products. But behind the scenes, Google is quietly building one of the world's most valuable AI infrastructure businesses.

As AI adoption spreads, that gives Google another powerful engine for long-term growth – one that many investors still underestimate.

• Date Added: January 12, 2026

• Current P/L: +17%

Bitcoin (BTC) Is Quiet – And That’s When It Gets Interesting

Not every winning investment gets rewarded right away.

AI, space, and the broader stock market are sucking most of the oxygen out of the room. That has left Bitcoin feeling like the abandoned stepchild of this market.

The price action has been frustrating. We won’t sugarcoat that.

But frustrating price action has defined much of Bitcoin’s history.

Long stretches of sideways action. Sharp pullbacks. Months where investors lose patience and start looking elsewhere.

Then the next move begins.

That’s why we continue to dollar-cost average into Bitcoin as a long-term play. The thesis has not changed. Bitcoin remains a scarce digital asset with growing institutional adoption and a fixed supply.

The market’s attention may be elsewhere today.

But historically, some of Bitcoin’s best long-term opportunities have appeared when it felt quiet, ignored, and frustrating to own.

We’re staying patient.

• Date Added: February 22, 2023

• Current P/L: +205%

Space Trade Playbook Update: Booking a Winner and a NEW TRADE ALERT

We closed a 103% gain on Redwire (RDW) this morning — in 13 days. One of three opening trades in our Space Stocks to Own Before SpaceX Lifts Off Playbook.

Here's what triggered it: SpaceX filed its S-1 last week, targeting a June 12 IPO at a $1.75–$2 trillion valuation. The entire space sector repriced overnight. RDW ripped 26% in a single session.

When a stock blows past every analyst target on the Street in under two weeks, you ring the register. So we did.

But we've already moved the capital into the next setup — and we think this one is bigger.

The new trade has:

• A larger backlog than Redwire

• Margins that are inflecting right now

• A valuation the market still hasn't priced in

It's up 32% on the SpaceX wave — but lagging every space peer. That gap shouldn't exist. We think it closes fast.

→ Read the full trade setup

Robinhood Just Handed the Keys to AI Agents

This week, Robinhood (HOOD) launched agentic trading and an agentic credit card — letting AI agents place trades and make purchases on a customer's behalf.

It's another layer of optionality on a stock already core to our conviction list. Here's what it means for the thesis.

→ Read the full HOOD breakdown

Quantum Stocks Just Exploded — Too Late to Play?

Quantum stocks ripped higher this week. RGTI, QBTS, IONQ, and IBM all caught aggressive bids as headlines around quantum breakthroughs and government contracts flooded the tape.

If you were positioned ahead of the move, congratulations. If you weren't, it's not too late — but several names have already blown past our near-term price targets.

We broke down the LikeFolio data across four tickers.

Two still have real upside to our targets. Two are trading in momentum overshoot territory.

And the most interesting risk/reward in the group might surprise you.

→ Read the full quantum breakdown

LikeFolio Weekly Roundup: The Next Digital Empire

SpaceX, Amazon, and Google are all racing toward the same massive AI infrastructure opportunity…

SpaceX is pulling space infrastructure into the mainstream investment conversation. Amazon is racing to own the connectivity layer that powers it. And Google is rebuilding the internet itself around AI agents that work on your behalf instead of simply showing you links.

Different companies. Same mega trend.

The biggest winners over the next decade likely won't just sell products. They'll control the platforms, data, infrastructure, and AI ecosystems everything else runs on. That's where capital is flowing. And this week gave us another clear glimpse of where the world is heading next.

Infinite Hold Updates

Tesla's (TSLA) SpaceX Halo Effect

For years, SpaceX has been one of the most valuable private companies on the planet. Ordinary investors could only watch from the sidelines while insiders captured the upside.

That may finally be changing.

According to reports, Elon Musk's SpaceX is preparing for a potential IPO as soon as June — with some estimates floating around a staggering $2 trillion valuation. If that happens, it would instantly become one of the biggest and most talked-about public offerings in market history.

Most investors are focused on what the IPO could mean for the space sector. We think they may be missing the bigger story.

Because a successful SpaceX debut would not just validate one company. It would validate Elon Musk's entire ecosystem of AI, robotics, autonomy, satellites, energy, and infrastructure plays that many investors still underestimate.

Tesla included.

We've already seen how powerful the Musk halo effect can become. Every major SpaceX milestone — Starlink growth, Starship launches, reusable rocket breakthroughs — tends to reignite excitement around Tesla as investors reconnect with the bigger long-term vision behind Musk's companies.

And this moment feels especially important.

Tesla is entering the next phase of its story. The market is slowly shifting away from viewing Tesla as "just a car company" and toward what it is actually becoming: a real-world AI and robotics platform with massive data advantages.

A blockbuster SpaceX IPO could accelerate that shift in perception very quickly.

Meanwhile, Tesla's Social Heat Score remains bullish, confirming that consumer and investor interest around the company continues to hold strong even through volatility.

The way we see it, the SpaceX IPO is not a separate story from Tesla. It is part of the same mega trend.

Amazon (AMZN) Wants a Piece of the SpaceX Boom

The SpaceX IPO story is reminding investors of something important: the next generation of tech winners will not just dominate software or devices. They will control infrastructure.

That shift is exactly why we continue watching Amazon (AMZN) so closely.

This week, Amazon quietly scored a major win in the satellite race after Delta Air Lines (DAL) defended its decision to choose Amazon's new LEO satellite network over Starlink for future in-flight connectivity.

Delta says Amazon's network offered lower pricing and stronger entertainment capabilities — including streaming, gaming, and live video support for passengers. In other words, Amazon is not just trying to launch satellites into orbit. It is trying to build a full consumer ecosystem around connectivity.

Amazon has spent years building massive infrastructure layers most consumers never fully see — AWS cloud computing, logistics networks, AI chips, warehouses, robotics, and now low-earth-orbit satellite communications through Project Kuiper.

As SpaceX pushes space further into the mainstream investment conversation, investors may start paying closer attention to the companies building alongside it. Amazon is one of the few giants with the capital, engineering talent, and long-term ambition to compete at scale in this next wave of infrastructure.

The key takeaway is not "Amazon versus SpaceX." Both companies are helping accelerate the same mega trend: a future where space-based connectivity becomes part of everyday life.

Google (GOOGL) Wants to Reinvent the Internet Again — with AI Agents

Amazon is building that infrastructure in orbit. Google is trying to rebuild the experience sitting on top of it.

This week, Google made its biggest AI push yet — making it harder to separate the company from the future of how people search, shop, work, create, and interact with the internet itself.

At this week's I/O conference, Google rolled out a wave of new AI products that push Gemini far beyond a chatbot. The company is turning AI into a full operating layer across Search, YouTube, Docs, Chrome, Android, and Google Cloud.

The biggest announcement may have been the complete overhaul of Google Search. AI Mode now has more than 1 billion monthly users, and Google is rebuilding Search around conversational AI, real-time agents, and personalized workflows.

In plain English, Google wants users spending less time clicking links… and more time living inside its AI ecosystem.

The company also unveiled "Search agents" that can monitor the web 24/7 on your behalf, new AI-powered shopping and booking tools, voice-driven productivity features inside Docs and Gmail, and "Gemini Spark" — a personal AI agent designed to handle long-running tasks in the background.

Meanwhile, the infrastructure behind all this keeps scaling at an incredible pace.

Google says it now processes more than 3.2 quadrillion AI tokens per month across its products — up 7x year over year. The company expects to spend roughly $180-$190 billion this year building out AI infrastructure and next-generation TPUs — Google's custom AI chips that train and run Gemini models faster and more efficiently than traditional hardware.

Wall Street still tends to value Google like a search and advertising company. What we're watching emerge is something much bigger — an AI platform embedded into the daily digital habits of billions of people worldwide.

Target beat on revenue this morning. Beat on EPS. Posted 5.6% comp growth and the strongest traffic numbers in over a year.

The stock dropped as much as 6% today.

Wall Street didn't sell Target because the quarter was bad. They sold it because of what it cost to get there. SG&A expenses climbed to 21.9% of revenue as the company poured money into extra labor hours, training, and promotional activity just to pull shoppers through the door.

Target is working harder — and spending more — for every dollar of traffic. The market looked at the quarter and said: we see the revenue recovery, but we don't trust the margin trajectory.

Now look at TJX, which also reported this morning. Same consumer, completely different outcome — 6% comps, 28% profit growth, stock up 5%. TJX's flexible buying model lets them scoop up excess inventory created by tariff disruption and cautious ordering from full-price retailers, then pass those deals straight to the consumer.

The off-price model is catching the exact shopper Target is spending to keep.

The read here isn't that the consumer is totally tapped out. They’re just extremely selective. Traffic was up at both retailers. But today’s consumer is a trade-down consumer — spending, engaged, but hunting value aggressively and willing to shift where they shop to find it.

The companies that can deliver value profitably are thriving.

The ones paying up to manufacture traffic are getting punished for it, even on a beat.

And we get the next read on this consumer tomorrow morning.

Walmart reports before the open, and the setup is layered.

On the last earnings call, CEO John Furner said the majority of the company's market share gains came from households earning more than $100,000 — higher-income shoppers actively seeking value. At the same time, he acknowledged that households earning under $50,000 are "managing spending paycheck to paycheck." That's the K-shaped economy in one paragraph, straight from the biggest retailer on the planet.

What separates Walmart from Target right now goes beyond the register. Walmart has built revenue streams on top of traditional retail that Target simply doesn't have at scale:

• Advertising: The global ad business grew 46% to nearly $6.4B. Brands pay Walmart to reach shoppers on its platform the way they'd pay Google or Amazon — and that revenue is almost pure margin.

• Marketplace and fulfillment: Third-party marketplace sales grew roughly 20%, and more than half of those sellers now use Walmart's own fulfillment services — which means WMT clips a fee on storage, shipping, and advertising from each one.

• E-commerce leverage: Online sales hit a record 23% of total mix, and CFO John David Rainey said every incremental e-commerce dollar now earns double-digit margins. That was nowhere close to true two years ago.

These businesses are the reason Walmart can grow operating income faster than sales. Target doesn't have that cushion — which is why TGT has to spend more just to hold its ground.

The question tomorrow: Can Walmart deliver the same top-line strength we saw from TGT and TJX today without the margin erosion that spooked Target investors?

Pay attention to:

• Traffic vs. ticket split. Last quarter Walmart posted +2.6% transactions and +2.0% average ticket. If that flips — ticket up more than traffic — it suggests inflation pass-through rather than genuine demand strength. The market will parse that closely.

• The valuation bar is sky-high. WMT is trading at roughly 46x earnings near all-time highs. Even bulls acknowledge the stock is pricing in near-perfect execution. A beat-and-hold-guidance scenario might not be enough to move the stock higher — they may need to raise. And a beat-and-sell reaction (like TGT just had) is very much on the table if the margin story wobbles at all.

• Separating VIZIO from organic ad growth. The 46% global advertising headline includes the VIZIO acquisition. Walmart Connect grew 41% excluding VIZIO — still excellent, but the market will want to see organic momentum holding, not just M&A layering in. If that organic number decelerates, it chips away at the premium multiple story.

Today told us the trade-down is real, it's accelerating, and the market is repricing around it. 

We've been tracking this exact dynamic across our consumer demand data — the gap between where stock prices are and where consumer interest is actually heading. 

TGT is one of three names where that divergence is widest. 

The full breakdown dropped today on LikeFolio.ai.

The Middle Class Squeeze — Short Targets

The playbook features three core picks and the macro setup behind why middle-class-exposed stocks are the most vulnerable part of this market.

We expect to be adding to this playbook in the coming weeks – be sure you are ahead of it.

SaaS: Not All Dips Are Created Equal

The latest 13F filings show big-name allocators loading up on beaten-down software stocks during Q1. The SaaSpocalypse-is-over trade is on.

But 13F filings are rear-view mirrors. They tell you what someone bought three months ago — not whether it's working today.

We ran LikeFolio's real-time demand data across five of the most prominent SaaS casualties. Two have genuine demand recoveries backing them up. One is quietly the best risk/reward of the bunch. And one consensus smart-money favorite just posted the worst demand score in our entire universe.

The divergences are stark — and they're actionable.

→ Read the full SaaS breakdown

Secondhand Luxury Is Having a Moment

A $9 luxury reseller just posted strong earnings — transaction volumes climbing, agent growth accelerating — and it has a 62-point gap between its Main Street Score and Wall Street's rating.

One of the widest disconnects on our entire platform.

Down 46% from its high.

Our data implies 142% upside. As the K-shaped economy pushes more consumers toward authenticated resale, this name is sitting right in the sweet spot.

→ Read: The $9 luxury play Wall Street is completely missing

TGT: Turnaround Story or Value Trap?

Target reports earnings this week. Annual sales have been flat since 2021. Customer traffic has declined four straight quarters.

Andy is breaking down whether the new CEO's turnaround plan can overcome the structural headwinds of a K-shaped economy — or whether TGT's middle-class problem is getting worse.

→ Watch: Target's earnings problem, explained

Quantum computing stocks got crushed after last year's massive run. In fact, they’re trading lower today. Most investors have moved on.

We haven’t.

LikeFolio has been tracking a quiet resurgence in Main Street interest across the three leading pure-play quantum names — and this week, McKinsey dropped a report that confirms exactly what our data has been showing.

They're calling it a "commercial tipping point." Over 300 companies are already spending real money on quantum. $12.6 billion in startup investment poured in last year alone.

We broke down the three names we're watching, where the demand signals are strongest, and which setup has 88% implied upside.

→ Read the full quantum breakdown on LikeFolio.ai

Plus: Credit card delinquencies just hit 13.1% — levels we haven't seen since 2008.

Nearly $800 billion in balances are now held by debt-stressed consumers.

That kind of stress creates losers, but it also creates winners.

We found four bullish signals across fintech and lending names that are positioned to benefit from the reshuffling — including two where the gap between consumer demand and Wall Street skepticism is unusually wide.

→ Read: Who wins and who loses as consumer credit cracks

Two big themes. Eight tickers. The data is moving — don't sit on this one.

This week’s roundup feels like a snapshot of a world being rebuilt in real time. Everywhere you look, the biggest winners aren’t just selling products anymore – they’re building ecosystems, infrastructure, and strategic advantages that compound on themselves.

Whether it’s Tesla (TSLA) tightening its global grip on AI, autonomy, and energy… Amazon (AMZN) redefining convenience at massive scale… or Google (GOOGL) looking to space itself for the next phase of the AI race… the message is the same: the companies thinking biggest are pulling even further ahead.

Infinite Hold Updates

Tesla (TSLA) Gets a Seat at the Table 

The headline grabbing attention right now is Tesla CEO Elon Musk joining President Trump’s China delegation alongside some of the most powerful CEOs on the planet – Apple’s (AAPL) Tim Cook, Nvidia’s (NVDA) Jensen Huang, and other corporate heavyweights shaping the future of technology, finance, and global trade. 

That matters: China controls roughly 80% of the global rare earth market – the same materials Tesla needs for batteries, robotics, AI hardware, and energy infrastructure. Any thaw in U.S.-China relations could ease pressure on Tesla’s supply chain at exactly the right time. 

But this story goes far beyond tariffs and trade talks. 

Tesla is evolving into one of the most vertically integrated industrial and AI companies on Earth. The company is building its own lithium refinery in Texas, scaling energy storage, pushing deeper into solar, and expanding Full Self-Driving (FSD) inside China under its “Intelligent Assisted Driving” rollout. 

That last piece matters most. 

Every mile driven feeds Tesla’s AI engine. More drivers. More data. Better autonomy. That flywheel keeps spinning faster. 

Wall Street still values Tesla mostly like an automaker. We continue to view it as an AI, robotics, autonomy, and energy platform with years of runway ahead.

Amazon (AMZN) Knocks on $3T 

Amazon is closing in on a milestone only a handful of companies in history have reached – a $3 trillion market cap. Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), and Alphabet (GOOGL) already sit in that club. Amazon earned its spot in the conversation by turning AI into a profit engine across AWS, advertising, logistics, and retail.

This week, the company pushed even harder on that last advantage with the rollout of “Amazon Now” across dozens of U.S. cities. The service delivers groceries, household essentials, and even electronics in 30 minutes or less. Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle are already live, with millions more customers expected by year-end.

That may sound like a simple convenience upgrade. It’s much bigger than that.

Amazon is conditioning consumers to expect near-instant delivery as the standard.

Every shorter delivery window makes Prime more valuable, increases purchase frequency, and pulls more spending into Amazon’s ecosystem.

The company keeps stacking advantages across AI, logistics, and consumer data – and each one strengthens the next.

That’s exactly the kind of dominant long-term compounder we want to keep riding.

Google’s (GOOGL) Big Bet on Space-Based Computing

Google just tipped its hand on where the AI race is heading next – and it’s bigger than search, cloud, or even chips.

The Wall Street Journal reported this week that Google and SpaceX are in advanced talks to build data centers in orbit. That may sound like science fiction. But if you’ve read our “Solar’s Time to Shine” report, you know this fits perfectly with Google’s broader Project Suncatcher vision.

The core idea is simple: AI is running into a power wall here on Earth. Data centers already consume massive amounts of electricity – and demand is exploding. So Google is looking up. Literally.

Project Suncatcher aims to power AI infrastructure with uninterrupted solar energy in space. And now SpaceX – the world’s dominant launch provider and satellite operator – could become the backbone that makes it possible.

This matters because it confirms what we’ve been saying for months: the AI boom is becoming an energy story.

The winners won’t just be the companies building chatbots. The real opportunity sits deeper in the stack – power infrastructure, grid systems, energy optimization, satellite connectivity, and the firms solving AI’s growing electricity bottleneck.

When trillion-dollar tech giants start chasing sunlight in orbit, investors should pay attention. The next great AI fortunes may be built on energy, not software.

The SpaceX trade is heating up – and the next major catalyst is only weeks away.

Check out this week’s Founder’s Call for an insider’s look at what we’re watching now.

Bitcoin (BTC) Gets Clarity

This week, the Senate Banking Committee advanced the CLARITY Act in a 15-9 vote – a major step toward creating the first real regulatory framework for crypto in the United States.

For over a decade, crypto operated inside a regulatory gray zone where developers, exchanges, investors, and institutions never knew where the SEC or CFTC would draw the line next. The CLARITY Act aims to finally establish clear rules around digital assets while creating guardrails for exchanges and stablecoins.

Washington is moving closer to treating crypto like a permanent part of the financial system instead of a temporary experiment.

You can see the momentum building. Coinbase, Circle, Ripple, and venture capital giant Andreessen Horowitz all backed the bill publicly. Senate Banking Chair Tim Scott said developers and investors have spent years trapped in “confusion and enforcement actions” instead of clear rules.

The bill still faces hurdles before becoming law. It must clear the full Senate and House. Opposition from banks, labor groups, and some lawmakers remains intense.

But Bitcoin doesn’t need perfection. It needs adoption, infrastructure, and legitimacy. And every major regulatory step lowers the barrier for institutions, retirement money, banks, and corporations to move deeper into the space.

We’re still early in a multi-year institutional adoption cycle that most investors dramatically underestimate. With exposure today, you’re already positioned ahead of the next massive wave of institutional capital entering the market.

Landon and I are coming to you from Washington, DC – where we’re spending the week inside one of the biggest investing conferences of the year.

Picture a room packed with hedge fund managers, analysts, venture capital insiders, and macro thinkers all trying to answer one question:

Where is the next tidal wave of money going?

This year, one theme swallowed the room whole.

Space.

More specifically, the coming SpaceX IPO – and the MASSIVE opportunity it could unleash across the market.

We recorded a quick video update from the conference floor because we wanted LikeFolio members to hear this directly from us while it’s still early.

Inside the video, we share the surprising corner of the space market drawing the smartest money in the room.

Even better, it’s a stock MegaTrends members already own.

Now we’re identifying the next wave of opportunities that could benefit from what we’re calling the SpaceX Supernova – the massive flow of capital, attention, and infrastructure spending that could follow the biggest IPO of the decade.

Watch our quick-hit video update here:

And don’t miss the lastest playbook LIVE on LikeFolio.ai 

This week’s roundup is really about one thing: infrastructure is becoming the story again. Amazon (AMZN) is turning logistics into a profit machine.

Google (GOOGL) is quietly cementing itself as one of the biggest winners of the AI buildout.

Tesla (TSLA) keeps extending its real-world autonomy lead.

And emerging players in robotics and voice AI are starting to bring automation into the physical world in ways that actually matter.

Let’s dig in!

Infinite Hold Updates

Amazon’s (AMZN) Next AWS Moment?

This week, Amazon flipped one of Wall Street’s biggest assumptions on its head.

For years, investors treated Amazon’s $130 billion logistics network like an expensive necessity. Warehouses. Cargo planes. Delivery vans. A giant machine built to support retail margins. Now Amazon is opening that machine to the outside world – and turning it into a profit engine.

Big brands like Procter & Gamble (PG), 3M (MMM), and American Eagle (AEO) can now plug directly into Amazon’s freight, warehousing, fulfillment, and delivery network. That matters because Amazon already ships 6.7 billion packages a year – more than UPS (UPS) or FedEx (FDX) individually.

This isn’t just another side business. It’s Amazon repeating a pattern we’ve seen before: build massive infrastructure first, monetize it later. AWS followed that playbook. Advertising did too.

The ripple effects go far beyond Amazon. Some companies just gained a powerful new advantage. Others may have lost their moat overnight. We break down the losers – and the one position we believe could benefit most – in this update.

The market still views Amazon as an e-commerce giant. Increasingly, it looks more like the operating system underneath modern commerce.

Google (GOOGL) Hits ATHs, Locks in $200B

This week, reports surfaced that Anthropic committed to spend $200 billion on Google Cloud and Google’s AI chips over the next five years. That’s not a typo. And it tells us something important: the companies building the world’s most powerful AI models increasingly need Google’s infrastructure to survive.

The market still talks about Nvidia (NVDA) as the AI kingmaker. But Google quietly built one of the most valuable positions in the entire AI stack – chips, cloud capacity, data centers, distribution, and consumer reach. Now we’re watching that advantage turn into massive long-term revenue commitments.

Last week, Google revealed its cloud backlog had doubled to $462 billion. If reports are accurate, the Anthropic deal alone could account for more than 40% of that committed demand.

Even more important, this deal strengthens the bullish case we’ve outlined for months: AI isn’t just boosting Google Search. It’s transforming Google Cloud into a cash machine tied directly to the explosive growth of generative AI.

We bought the high on GOOGL – and we’re glad we did.

The stock continues to hit new highs. GOOGL is now neck and neck with NVDA as the largest company in the world. And this news gives us another strong signal that enterprise AI spending remains in full acceleration mode.

Bitcoin (BTC) Clears $80K

Bitcoin is holding back above $80,000. And this move looks different.

For years, crypto bulls waited for Washington to stop fighting the industry and finally write real rules. Now that moment may be here.

The long-stalled CLARITY Act suddenly has momentum again after lawmakers reached a compromise on stablecoin yield rules – and the market noticed fast. Bitcoin climbed 19% over the past month, nearly doubling the S&P 500’s gain.

We’ve said for years that Bitcoin’s biggest gains would come after institutions, regulators, and Wall Street finally built the rails for mainstream adoption. That process is happening in real time now.

Tesla’s (TSLA) 10 Billion-Mile Lead

Tesla just put up another strong month in China. Deliveries of China-made Model 3 and Model Y vehicles jumped 36% year over year in April to nearly 80,000 units – Tesla’s sixth straight monthly gain.

This marks a sharp turnaround after a brutal stretch of market share pressure from lower-cost Chinese EV rivals.

Remember that China is still the center of the global EV fight. If Tesla can stabilize demand there while competitors slash prices, it says the brand still carries real weight with consumers.

The latest Tesla safety data shows that drivers have now logged more than 10 billion miles on FSD Supervised with 7x fewer major collisions than the U.S. average.

The company still has a massive advantage over traditional automakers.

Every mile feeds Tesla’s AI engine. Every mile helps train autonomy faster. No competitor comes close to this real-world driving dataset.

Meanwhile, the new Model Y L just earned a 5-star ANCAP safety rating. Safety still matters enormously for family buyers, especially in overseas markets where Tesla wants to keep expanding.

Regulators may continue slowing FSD approvals in China and Europe. But the long-term thesis remains intact: Tesla keeps widening the gap in AI, autonomy, and real-world driving data.

Trend Watch: Richtech (RR) and SoundHound (SOUN) Bring Robots to Life

Most restaurant robots today feel like vending machines with wheels.

Richtech Robotics and SoundHound AI want to change that.

Richtech’s robots can already pour drinks, make noodles, and handle repetitive work inside restaurants. But adding SoundHound’s voice AI changes the experience completely. Now customers can speak naturally to a robot, place an order in real time, and watch the machine fulfill it on the spot.

That may sound simple.

It’s not.

This is the missing link between flashy robotics demos and real-world adoption at scale.

Restaurants don’t just need automation. They need automation customers actually enjoy using. A robot that can “hear,” respond, upsell, answer questions, and keep the interaction flowing feels far more human than a touchscreen kiosk.

That opens the door to something much bigger.

Think airports. Stadiums. Casinos. Hotels. Cruise ships. College campuses.

Anywhere labor costs keep climbing and businesses need faster service without sacrificing customer experience.

For RR, this pushes the company beyond pure hardware. Hardware alone is tough to scale. Margins get squeezed. Competition rises quickly. But layering recurring AI subscriptions and Robotics-as-a-Service onto the platform could create a much stickier business model over time.

And for SOUN, this expands the company’s reach far beyond drive-thrus and call centers.

Voice AI becomes the operating system for physical commerce.

Every robot, kiosk, or automated service station becomes another endpoint powered by SoundHound’s conversational engine.

That’s the long-term opportunity investors need to watch.

Not just robots serving drinks at a trade show.

An entirely new service layer where AI doesn’t live on your phone screen anymore – it lives in the physical world around you.

Trade Alert: RCL | Royal Caribbean — CLOSED (+359%)

We're closing our position in Royal Caribbean at ~$283, locking in a 359% gain since our March 2023 entry at $62.

Let that sink in for a second. We nearly quintupled our money.

We added RCL when cruise demand was surging back post-COVID and the stock was still priced like the industry might never recover. Consumer data told a different story — booking intent was through the roof, and the market hadn't caught up. We rode that signal all the way here.

So why exit now, when the company just posted strong Q1 numbers?

Because we've seen this movie before.

The headlines surrounding a viral outbreak on a cruise are getting louder by the hour.

Sound familiar? In early 2020, the Diamond Princess became the global symbol of COVID risk — and cruise stocks cratered. RCL fell from ~$135 to under $20.

To be clear: We are NOT saying this is COVID 2.0.

But here's what matters for us: consumer perception doesn't wait for the science to settle. When people see "deadly virus" and "cruise ship" in the same headline, booking intent softens. Period. We watched it happen in real time six years ago.

With a 359% gain in the bag, we don't need to stick around and find out whether this blows over or becomes a prolonged headwind.

The risk/reward has shifted.

We're taking profits, protecting our win, and not rocking the boat.

Entry: $62 (03/30/23) Exit: ~$283 (05/07/26) Return: +359%

A monster trade. On to the next one.

Our next playbook with 3 new trades is coming up on LikeFolio.ai very soon — don't miss it!

GOOGL is now neck and neck with NVDA as the largest company in the world.

Eighteen months ago, the consensus take was that Google was finished.

ChatGPT was going to eat its lunch. Search was dead. The stock would never recover.

On January 12, 2026, we issued an Infinite Hold BUY ALERT on Alphabet — placing it in the company of only Tesla, Amazon, and Bitcoin in the LikeFolio universe. The stock was already trading near all-time highs.

Some thought, "you're chasing it."

We weren't. Here's what our consumer data was showing at $340:

• Gemini was taking real mindshare from ChatGPT inside the workflows people use every day.

• Google Cloud was locking in the largest AI labs as long-term customers.

• Apple was about to hand over the keys to Siri.

• Cloud, streaming, and ads were all accelerating at the same time.

The chart said the stock was high. The data said the business was just getting started.

We bought. The stock pulled back in the weeks that followed. We held. Less than four months later, we're up more than 20%.

But the gain isn't the point. The lesson is.

A stock being high doesn't mean it can't go higher.

This is the single most expensive mistake retail investors make: they refuse to buy a winner because the chart "already ran." So they wait for a pullback that either never comes — or stops at a price higher than the entry they were originally waiting for.

Look at the names that taught this lesson over and over again, and consider:

• Apple — bought right at ATH, then held through an 18% drawdown. On Sept 1, 2020, AAPL closed at $134.18 (split-adjusted) — a fresh all-time high right after the 4-for-1 split. Anyone buying that day immediately watched the stock fall ~18% over the next three weeks. As of May 4, 2026, AAPL closed at $276.83. More than doubled from that "top."

• Nvidia — bought after the parabolic move, kept running. On May 25, 2023, NVDA had its largest single-day rally in history (+24%) on Q1 earnings, crossing roughly $400 pre-split — at a market cap near $975B. Calls of "parabolic top" were everywhere. As of May 5, 2026, NVDA closed at $204.98 (post-split — equivalent to ~$2,050 pre-split). More than 5x in three years.

• Costco — bought when "the multiple looked stretched," kept compounding. COST broke $300 for the first time in late 2019, trading at one of the richest forward P/Es in its public history. As of May 4, 2026, COST closed at $1,012.79. 3.4x in six and a half years, and the stock is still within ~5% of its all-time high.

The price of a stock at any given moment doesn't tell you whether it's overvalued. It tells you what the market thinks the business is worth based on what's already known. If something new is happening inside the business — a new product, a new customer, a new tailwind — the price hasn't priced that in yet.

That's why we don't trade off charts. We trade off what the consumer is doing.

In January, GOOGL's chart looked stretched to some. Our data did not.

That gap — between what the chart shows and what the data already knows — is where the best trades live.

Sixteen Blackwell GPUs. Mounted on a wall. In a tract home in suburbia.

That's the partnership Nvidia, smart-panel startup Span, and homebuilder PulteGroup (PHM) recently unveiled — Nvidia GPUs powering the units, and PulteGroup testing the systems in a handful of communities.

The pitch: the average U.S. home runs at only ~40% of peak electrical capacity, so Span's panels harvest the headroom, the wall-mounted compute node runs AI inference workloads, and the homeowner gets discounted electricity and Wi-Fi in exchange.

A 100-node pilot is planned for Q3 2026, with a pipeline targeting gigawatt-scale deployment in 2027.

Zoom out from the deal itself for a second.

Nvidia closed its fiscal 2026 in late January with revenue up 65% to $216B and net income up 65% to $120B — extraordinary numbers at that scale, the kind most large-cap tech companies can't produce at any size. And the stock still trades at a forward P/E less than half of AMD's.

NVDA trades at less than half AMD's forward P/E

• NVDA: ~24x forward earnings

• AMD: ~54x forward earnings

Both as of early May 2026.

The Span deal won't move Nvidia's P&L on its own — a 100-home pilot is a rounding error against $216B in annual revenue. But it's a useful tell on why betting against this company keeps getting harder.

Nvidia is finding distribution in places nobody was modeling a year ago, including the side of a tract home in Phoenix.

Span's CEO framed the goal as "collapsing the speed-to-power gap" — routing around the multi-year permitting and interconnection queues that choke traditional data center builds. U.S. data center electricity use is projected to climb from ~4% of national consumption in 2024 to over 9% by 2030, and that's only achievable if new compute shows up where the grid already has slack.

The cleanest exposure to all of this is NVDA itself, and that long-term thesis holds well beyond this single deal.

The stocks below are secondary plays we're watching if the home data-center model actually scales.

Watchlist: secondary plays on a home data-center rollout

• PHM (PulteGroup) — Third-largest U.S. homebuilder, already installing Span's smart panels. First in line if pilot economics work.

• DELL — Each node is built on a Dell PowerEdge server. Direct beneficiary every time one ships.

• LEN / DHI — The most likely fast-followers if PulteGroup proves the model. Watch for partnership announcements.

• ETN (Eaton) — Smart electrical infrastructure sits in the path whether compute centralizes or decentralizes. Distributed compute still needs panels, switchgear, and battery integration at every node.

Bottom line: AI keeps showing up in unexpected corners of the economy. We'll keep flagging the pin action when it does.

Just when you think Amazon (AMZN) can’t get any bigger—it bakes a whole new pie.

This morning, Amazon launched Amazon Supply Chain Services—opening its freight, warehousing, fulfillment, and parcel shipping network to outside businesses. Procter & Gamble (PG), 3M (MMM), Lands’ End, and American Eagle (AEO) are among the first customers signed on.

Translation: the same logistics machine that delivers 100 million same-day Prime orders a year is now for sale to anyone with a SKU. And the ripples reach further than the obvious targets—squarely at UPS and FedEx, and rippling through Shopify’s back end.

Quick Context: The Amazon Engine Map

To understand why this matters, it helps to see how many engines Amazon is running at once. The market still tends to file Amazon under “retailer with a cloud business.” That hasn’t been accurate for a while – Amazon has many more levers:

• Retail — $717B in 2025, the largest sales engine in the world, ahead of Walmart for the first time.

• AWS — $244B revenue backlog, AI demand outrunning supply, custom chips (Trainium, Graviton) widening the moat.

• Advertising — $21.3B in Q4 2025 alone, ~50%+ margins, conversion rates 7-10x the rest of e-commerce.

• Healthcare — Amazon Pharmacy + GLP-1 distribution + One Medical, all riding on existing infrastructure.

• Connectivity — Project Kuiper LEO satellites and the pending $11.6B Globalstar acquisition extend the network everywhere a signal reaches.

Today’s news expands a sixth engine: logistics-as-a-service. Take the chassis Amazon built for itself, open it up, and turn the largest fulfillment network in the world into a third-party revenue line.

The Playbook Is AWS, Round Two

• Build the infrastructure for yourself first

• Run it at scale until it’s the cheapest in the market

• Open it to the rest of the world

• Watch the margin compound

Amazon already moves more U.S. parcels than UPS or FedEx individually—6.7 billion in 2025 vs. UPS at 4.4B and FedEx at 3.6B (ShipMatrix, March 2026). Cost-to-serve has fallen for three straight years. Over a million robots run the back end. Amazon now controls every link in the chain—from the click, to the warehouse, to the doorstep, to the data feedback loop.

Amazon overtook USPS in 2025—and laps UPS and FedEx individually • Source: ShipMatrix

Incredible.

Amazon spends roughly $130B+ on its own logistics every year — that's the cost base that just became a potential revenue line. Even capturing 10-15% of the U.S. 3PL market over a few years is $30-40B in incremental revenue at margins better than retail.

Implications: UPS, FDX, SHOP

UPS (United Parcel Service): The most direct hit. UPS has spent 18 months actively reducing Amazon volumes to “improve mix.” Amazon just made it clear it doesn’t need them. Worse, Amazon is now competing for the non-Amazon parcel volume UPS was counting on to backfill. Watch enterprise client churn through 2027.

FDX (FedEx): Cut ties with Amazon back in 2019, betting it could win e-commerce on its own. Today reframes that decision. P&G and 3M are exactly the enterprise freight accounts FedEx has been pitching for years. Amazon Supply Chain Services bundles freight + warehousing + last-mile in a single contract—something FedEx can’t match without a major capex cycle.

SHOP (Shopify): A tailwind, not a threat. Worth flagging because we hold both. Shopify wound down its in-house Shopify Fulfillment Network in 2023 and embraced Amazon as a partner instead—Buy with Prime has been live on Shopify since 2024, letting merchants tap Amazon’s fulfillment muscle while keeping the Shopify storefront. Today’s announcement broadens that bundle to freight and warehousing—meaning the Shopify merchants already plugged in just got more to plug into. SHOP’s value layer is the merchant-facing software: storefront, checkout, payments, marketing, and increasingly AI-driven discovery (Shopify’s AI-search-driven orders are up 15x since January). Letting Amazon run the heavy logistics behind it is the strategy, not a threat to it. The risk to watch isn’t logistics—it’s if Amazon ever bundles a storefront/checkout layer on top of this. Today’s announcement isn’t that.

The Bottom Line

Our thesis hasn’t changed—it just got stronger.

AMZN’s Social Heat Score remains a bullish 70 / 100. Consumer engagement is holding. The flywheel keeps adding spokes.

Amazon just turned its single largest cost center—logistics—into a high-margin, third-party revenue line. Healthcare, satellites, and AI infrastructure keep building in the background. Every layer makes the next one cheaper to add.

AMZN remains an Infinite Hold.

The market spent three years underestimating the ad business. Then it underestimated the AI infrastructure bet. Today it’s underestimating the 3PL pivot. We’ve seen this movie before—and we know how it ends.

Total gains: +188% since entry, and counting…

Four of the most important companies on Earth just made one thing clear: the AI race is accelerating—fast.

In a single round of earnings, Amazon (AMZN), Google (GOOGL), Microsoft (MSFT), and Meta Platforms (META) pushed projected 2026 AI capex from roughly $670 billion to $725 billion.

That’s a full-scale buildout of the next economic backbone.

And this week’s results show exactly where that money is going, and why it matters now.

Infinite Hold Updates

Amazon’s (AMZN) AI Engine Hits Another Gear 

Amazon just put up one of its strongest quarters ever.

Revenue jumped 17% to $181.5 billion. Operating margins hit a record 13.1%.  

But the number that matters most sits inside AWS. 

Cloud revenue surged 28% – with a $2 billion sequential jump, the biggest Q4-to-Q1 increase in company history.  

This is the AI engine we’ve been tracking. 

AWS is now running at a $150 billion annual pace… and already pulling in over $15 billion from AI services alone.  

Even more telling: Amazon’s backlog hit $364 billion – and that doesn’t include a new $100+ billion deal with Anthropic. That’s locked-in demand. 

At the same time, Amazon is becoming a major chip player. Its custom silicon business is already at a $20 billion run rate, growing nearly 40% quarter over quarter.  

Translation: Amazon isn’t just selling AI infrastructure. It’s building the stack from the ground up. 

Yes, costs are rising – from chips to satellites to logistics. That will pressure near-term cash flow.  

But we’ve seen this playbook before. Amazon spends big when demand is clear. Then it scales into it. 

For long-term holders, this report didn’t crack the story. It reinforced it. 

Amazon just showed why we own it – and why we’re not letting go. 

Google’s (GOOGL) AI Stack Hits Escape Velocity 

Google also opened at an all-time high on Thursday as revenue jumped 22% to $109.9 billion. Profits surged even faster, up 81%. But the real signal sits underneath those headlines. 

Cloud revenue exploded 63%… and the backlog quietly doubled to $462 billion. 

That’s committed future demand – and more than half of it converts within the next two years. 

This is what we’ve been tracking from the start. 

Google owns the full stack – chips, models, data, and distribution.  Now that edge is turning into signed deals. 

GenAI cloud revenue grew nearly 800% year over year. Enterprise adoption is accelerating fast, with Gemini usage up 40% in a single quarter.  

At the same time, Search is expanding – not shrinking. AI Overviews and conversational queries are pushing usage to all-time highs.  

There is one constraint: supply. 

Management made it clear they can’t keep up with demand for compute. In plain English – they could be growing even faster if they had more capacity. 

That’s why CapEx is climbing toward $190 billion this year.  

Short term, that pressures margins. 

Long term, it builds the moat. 

We’re not chasing a headline here. We’re watching a platform scale across every layer of AI – with demand already locked in. 

Tesla’s (TSLA) Semi Moves from Concept to Scale 

The first Tesla Semi rolled off the high-volume line this week. And just like that, Tesla enters a new lane. 

Tesla is now pushing into a 500,000-unit global trucking market with a product that changes the math overnight. At $116 oil, fuel is a pain point. The Semi cuts that cost by as much as 70%. For fleet operators, that’s a reason to switch. 

And Tesla is aiming straight at scale – 50,000 units per year. 

Most investors are looking right past this. They’re locked in on robotaxis and robots. Fair enough. Those matter. 

But this is how Tesla builds. One layer at a time. Each one tied to the same core advantage: batteries, software, and real-world data. 

The Semi adds another demand engine. More vehicles. More miles. More data flowing back into the system. 

That feeds everything else. 

And Tesla is scaling that system fast – lifting 2026 capex to $25 billion, building 130,000-GPU training clusters in Texas, and pushing deeper into its own AI hardware. 

These ramps can be slow at first. Then they stack faster than most investors are ready for. 

The sharps at Churchill Downs don't blow their bankroll picking the winner of the Run for the Roses.

Twenty horses break out of the gate.

The favorite hits the wire first roughly a third of the time. Even the lifers — the guys who've been reading the form since Reagan was president — know the smart money isn't on being right about which horse wins. It's on structuring the bet so your horse doesn't have to win for you to walk away with money.

That's the difference between a $2 win bet and a place bet.

A win bet only pays if your horse finishes first. A place bet pays if your horse finishes first or second. Same horse. Same race. Two very different definitions of "right."

We made a trade on United Airlines (UAL) last week that played out exactly like a well-structured place bet. Up 22% in five trading days. Here's how it ran.

The Thesis: Main Street Was Already Boarding First Class

Our edge starts in the same place every time — with the consumer.

And what the consumer has been telling us all year is that the K-shaped economy is alive and well.

The top half of America is still spending freely.

The bottom half is pulling back hard.

Premium travel sits squarely on the upper leg of that K.

Social mentions around airline travel — premium cabins, status, lounges, points — have stayed resilient even as discretionary spend wobbles in other categories. UAL, with its outsized international and premium mix, was set up to ride that wave.

We liked the setup.

The Trade

Instead of buying shares — or buying naked calls and praying — we used a vertical call spread: a single trade that defined our risk and reward before we ever clicked submit.

The numbers we cared about:

• Most we could lose: $150 per contract. Capped. Period. Even if UAL got grounded on a Sunday, we knew exactly what was at stake.

• Most we could make: $50 per contract. A 33% return on what we put up.

• What we needed for it to work: UAL didn't have to rocket. It just had to not fall apart.

That last line is the whole story.

A vertical spread is a place bet. Where buying shares only pays if the stock runs hard in your direction, the vertical pays out across a band of outcomes. UAL could rally, drift sideways, or even fade modestly into Friday and we'd still cash a ticket. The structure gave us multiple ways to be right and a hard cap on the cost of being wrong.

That's the whole game.

The Race

UAL didn't sprint. It didn't crash either. It chopped through the week and gave us multiple chances to take profits as the spread crept higher. By Friday afternoon we closed the position for a clean +22% gain.

A place bet that paid. Cashed ticket. Done.

The Lesson

The market is a 20-horse field. You will be wrong sometimes. The question isn't whether you can pick the winner every time — it's whether your bet structure lets you cash a ticket when you don't.

Risk-defined trading is the place bet. It pays across a wide band of outcomes, caps your downside before the gates ever open, and leaves you with capital for the next trade no matter how the race runs. You don't need to nail the winner. You just need to be in the money when they cross the wire.

Win, place, or show — we'll take a cashed ticket every time.

🌹 And to our subscribers heading to Louisville this weekend: may your juleps be cold and your horses run true. We'll see you back at the window Monday.

Spotify (SPOT) is on over 2000 devices.

Your car. Your speaker. Your watch. Your TV. Your gaming console.

Last Wednesday, it added one more. And this one is worth paying attention to.

Anthropic — the AI company behind Claude — just opened its platform to consumer brands.

If you haven't been tracking Claude, here's the short version: it overtook ChatGPT as the #1 app on the App Store in February.

• Paid subscribers more than doubled this year.

• Web traffic hit 288 million visits in February alone — up 31% in a single month.

• Eight of the Fortune 10 are customers.

• At the HumanX conference two weeks ago — the biggest AI industry event of the year — TechCrunch noted: "everyone was talking about Claude."

This is the platform consumer brands are racing to get inside right now.

Anthropic calls them connectors. Third-party services that plug directly into Claude so users can act through conversation instead of bouncing between apps. Order dinner through Instacart. Book a table on Resy. Find a hike on AllTrails. In one week, Anthropic added Uber Eats, Booking.com, TurboTax, StubHub, and over a dozen more. The directory now has 200+ partners.

Spotify was one of the first through the door.

The integration connects the two platforms at the seam. You talk to Claude — describe a mood, ask for a podcast for your commute, request high-energy tracks for the gym. Claude interprets the request. Spotify's recommendation engine tee up personalized music discovery on the spot.

Within days, Spotify was already the seventh most-popular connector on the entire platform.

And notably absent: it’s competitors. Apple Music isn't there. Apple launched its ChatGPT integration last fall alongside Spotify — but it hasn't joined Claude. Spotify moved first.

This is the pattern.

Smart speakers. Car dashboards. Gaming consoles. AI assistants. Every time consumer attention shifts to a new surface, Spotify is already there.

Our data says the strategy is working.

 Click here to get the full Spotify (SPOT) breakdown on LikeFolio.ai

Spotify accounts for 73% of all consumer demand volume in music streaming over the past 90 days.

That's more than 6x Apple Music's 11%. Sirius XM sits at 8%. Pandora at 7%. There's no close second.

And the trend is going the right way. Spotify's web visits are up +11% YoY on a 90-day basis. Sirius XM is down -10%. Pandora down -17%. Apple Music is up +22% off a much smaller base — but Spotify is the only platform growing meaningfully at scale.

The chart below shows why Spotify continues to hold its spot on our Core Conviction list:

Our consumer demand data has steadily climbed while the stock has pulled back.

Spotify closed Friday ~34% below its peak.

That's the kind of demand-versus-price divergence we pay attention to.

The company has pricing power, too. Spotify raised US Premium pricing to $12.99 in early 2026.

Third US price hike since 2023.

Management said churn came in line with expectations. Margins are expanding. Free cash flow hit €2.9 billion last year — up from €2.3 billion the year before. The stock still trades well below highs.

Spotify reports Q1 tomorrow morning before the bell.

We like the setup.

📎 DON’T MISS: Our latest playbook just dropped on how to position around the AI infrastructure buildout. Complete with 4 trades, each reporting earnings this week. Huge!