Consumers are still spending.

Costco (COST) posted July sales up 10.7% from a year ago, with digital sales growing twice as fast as the rest of the business.

The market spent the rest of the week grading last week's reports. Amazon (AMZN) held its post-earnings jump and closed at a 52-week high Monday. Alphabet (GOOGL) gave back part of its own run after reshuffling its AI leadership.

Tesla (TSLA), meanwhile, picked the Texas site for the chip factory it is building with SpaceX.

Core Conviction Spotlight

Costco (COST): Demand Is Accelerating Into Back-to-School

Costco reported $23.1 billion in July sales this week, covering the four weeks ended August 2.

Comparable sales rose 8.9%. Digital comparable sales, the company's e-commerce measure, rose 17.7%, twice the company pace.

Our web-visits are in lockstep, and have climbed every month since February.

The impending shopping season plays straight into that channel.

The National Retail Federation expects a record $146.8 billion in combined back-to-school and college spending this year, with college spending topping $100 billion for the first time.

Costco stocks the season's list end to end, from bulk supplies to laptops and school clothes.

The first days of August already show the season arriving: visits are running above July's pace and pulling away from last year's curve.

Shares sit near $946, down about 2% over the past year while monthly sales compound at 10%.

Our data points at acceleration into the season.

Infinite Hold Updates

Tesla (TSLA): A Chip Factory, a Starlink Tie-Up, and a Bigger Map

Tesla is building its own chip factory with SpaceX, and the site is now set: Texas, with a $16.8 billion first phase. Elon Musk says the finished plant will be the largest and most valuable building on Earth.

Musk told investors in January that chip supply would become a constraint within a few years without it. The plant is designed to make the AI chips Tesla's cars and Optimus robots run on.

SpaceX ties run through the Tesla product line too.

The Cybercab robotaxi ships with Starlink satellite internet built in, and Musk says the service will eventually reach every Tesla: a driverless fleet needs connectivity that cellular networks cannot promise everywhere.

Andy covered the recent SpaceX report on this week’s founders call.

Meanwhile, Tesla's driverless map keeps widening. Robotaxi service opened in Austin in June 2025, the Bay Area a month later, Dallas and Houston in April, and three Florida metros in July. Every market opened this year runs without safety monitors.

Phoenix and Las Vegas are the two named markets still to open.

Tesla delivered just over 480,000 vehicles in the second quarter, and the robotaxi fleet is already running early versions of the next self-driving software release.

Consumer visits to Tesla's site still run below last year, though the gap has been narrowing since spring.

We’re still betting on Musk’s massive vision.

Alphabet (GOOGL): A New Chief Scientist, and a Breather for the Stock

Alphabet reshuffled its AI leadership this week. Demis Hassabis, who won a Nobel Prize and ran its DeepMind AI lab, moved up to become chief scientist for the whole company, focused on long-term research. His deputy took over the lab.

Shares fell 4% Wednesday as investors weighed the shake-up.

Shares fell 4% Wednesday as investors weighed the shake-up.

But AI plans are still accelerating.

Alphabet plans $195 billion to $205 billion of infrastructure spending this year, more than double last year's $91 billion, a target it raised with its latest quarterly report.

Free cash flow ran negative $5.9 billion last quarter, the first negative quarter since Alphabet came public in 2004. Revenue grew 24% in the same stretch; the cash is going into data centers.

Amazon (AMZN): The Pop Held

Amazon closed at a 52-week high just above $284 on Monday, extending the 15% jump that followed last Thursday evening's report.

Amazon Web Services moved the needle: revenue grew 36.7% in the quarter, the fastest pace in 18 quarters, on $42.2 billion in sales.

CEO Andy Jassy said Amazon's AI and chips businesses each run at more than $25 billion a year.

Goldman Sachs charts the squeeze across the whole group: the big cloud builders' combined free cash flow dips negative right now, with a recovery penciled in from 2027 as the new capacity starts earning.

Amazon has run this play before. Its cash flow went negative in 2021 and 2022 because it was building data centers as fast as it could pour concrete.

That spending is today's AWS: the data centers built through that stretch are the ones customers are filling now.

So read the negative bars the way we do: as the next major revenue unlock getting built. The last time the chart looked like this, shareholders were rewarded.

This is one of our favorite times of the year.

Earnings season gives us a chance to see whether the trends we've been tracking are accelerating or starting to fade.

Stock prices don't always react the way you'd expect. That's why we don't rely on Wall Street's first impression. We compare the results with what our real-time consumer data is already telling us.

This week, the evidence kept stacking up.

Robinhood Markets (HOOD) showed consumers becoming more deeply embedded in its ecosystem. Amazon (AMZN) reinforced that demand for AI infrastructure continues to outpace supply. We'll also revisit Tesla's (TSLA) growing AI foundation and explain why Google's (GOOGL) aggressive AI buildout is creating an even bigger long-term opportunity than Wall Street seems to recognize.

Let's dig in.

Core Conviction Spotlight

Robinhood Markets (HOOD): The Platform Keeps Getting Stickier 

Robinhood delivered another quarter that reinforced why we’re holding it as a Core Conviction stock.

Revenue climbed 32% to a record $1.31 billion. Earnings crushed expectations by nearly 45%. Gold subscriptions reached another all-time high, climbing 39% from a year ago to 4.8 million paying members. 

That last number matters most. 

Every new Gold subscriber is another customer choosing to make Robinhood a bigger part of their financial life. That's the long-term story. 

Crypto revenue fell 38% from last year, but investors were already bracing for something worse. Meanwhile, stock trading revenue nearly doubled and options trading continued to grow, showing Robinhood is becoming much more than a company that rides crypto cycles. 

Our own data tells the same story. Robinhood web visits are up 18% from a year ago – and demand continues to accelerate.  

Consumers aren't pulling back. They're spending more time inside the platform and adopting more of its products. 

We continue to see Robinhood evolving into what we call the "Amazon of Finance." Every new product gives consumers another reason to stay. Over time, that turns a trading app into a financial platform that becomes harder to leave. 

That's the opportunity we're following. Web traffic continues to accelerate, Gold subscriptions keep climbing, and consumers are engaging with more of the ecosystem. 

Stay bullish.

Infinite Hold Updates

Tesla (TSLA): 10 Million Cars – And a Much Bigger Opportunity

Tesla reached another major milestone this week: the company has now built 10 million electric vehicles.

That's an incredible jump from the one million mark just six years ago. More important, it represents something Wall Street often overlooks.

Every Tesla on the road expands the company's installed base.

Today, that means more potential Full Self-Driving subscribers. Tomorrow, it means more vehicles that can join Tesla's robotaxi network as autonomous technology rolls out. Every car sold becomes another platform the company can monetize for years after it leaves the factory.

Yes, vehicle sales have slowed from the breakneck pace of the past few years.

But Tesla's long-term story has never depended on selling more cars alone. It's about turning millions of vehicles into recurring software, AI and mobility revenue.

That's why we're paying closer attention to the foundation Tesla is building than quarterly delivery numbers.

The company recently reported another strong quarter with 480,126 vehicle deliveries and a record 13.5 GWh of energy storage deployments. Just as important, our Main Street Score for Tesla remains a solid 75 out of 100, comfortably in bullish territory. Consumers continue engaging with the brand even as Wall Street focuses on near-term challenges.

We've said for years that Tesla is evolving from an automaker into an AI and robotics platform. Reaching 10 million vehicles doesn't complete that transition. It gives the company an even larger foundation to build on.

Wall Street is still valuing Tesla largely as a car company. We continue to see one of the world's largest AI platforms taking shape.

Google (GOOGL): Building for the Next Decade, Not the Next Quarter

Google stock pulled back after earnings, even though the business continues firing on all cylinders.

The concern wasn't demand. It was spending.

Management boosted its 2026 capital spending forecast to as much as $205 billion as Google accelerates construction of AI data centers and expands the computing power behind Google Cloud and Gemini. Wall Street immediately focused on what that could mean for near-term profits.

We're looking at the same numbers from a different perspective.

Google Cloud revenue surged 82% from a year ago because demand continues outpacing available capacity. The company isn't pouring another $205 billion into AI infrastructure because it hopes demand will arrive. It's expanding capacity because customers are already knocking on the door.

We've been saying for months that the AI race won't be won by the companies spending the least. It will be won by the companies building the infrastructure everyone else needs.

Our Main Street Score for Google remains an exceptionally strong 88 out of 100, reinforcing what we're seeing across the business. Consumers continue embracing Gemini, enterprises keep adopting Google's AI tools, and Cloud remains one of the fastest-growing businesses in the entire market.

Wall Street is treating higher AI spending as a headwind. We see it as another sign that demand remains far stronger than supply.

Amazon (AMZN): AI Demand Just Keeps Accelerating

Amazon drove the point home with its own earnings this week, and reminded us why it remains an Infinite Hold.

AWS revenue jumped 37% from a year ago to $42.2 billion, one of its fastest growth rates in years. Its backlog now stands at an enormous $496 billion and continues growing at a triple-digit pace.

Amazon also revealed that both its AI business and its custom AI chip business have surpassed a $25 billion annualized revenue run rate. Management responded by increasing planned AI infrastructure spending to roughly $220 billion.

CEO Andy Jassy said planned server capacity for 2027 is already largely booked into 2028.

That's the pattern we're seeing across the AI landscape. The companies building the infrastructure aren't racing to create demand. They're racing to keep up with it.

The market rewarded Amazon with a double-digit gain after earnings. We think the bigger story is what those results say about the next several years. Every new AI application needs computing power to run, and Amazon remains one of the companies supplying it.

Hims & Hers Health (HIMS): The Peptide Door Just Opened Wider

Hims & Hers Health (HIMS) has been handed a bigger menu.

An FDA advisory committee voted this week to add BPC-157 and KPV to the short list of substances pharmacies can legally compound. That is the green light the peptide market has been waiting years for.

BPC-157 is promoted for injury recovery and gut repair. KPV is promoted for calming inflammation. They rank among the most requested peptides in the wellness world, and until this week pharmacies could not legally make them.

Hims & Hers Health (HIMS) has been preparing for this. The company built a California compounding operation for exactly this moment. Every peptide added to the list is a new product line, sold through a platform that already has the customers, the prescribers, and the fulfillment. Shares closed 3% higher on the day of the vote.

Bottom line: The market is finally catching on. 

HIMS has more than doubled off its February low, up 125% from the bottom, and our demand data says the move has fuel: web visits are running 24% above last year on our 90-day view and still climbing.

Infinite Hold Updates

Tesla (TSLA): A Hard Selloff on Earnings

Tesla (TSLA) fell 14% after second-quarter earnings missed on profit.

The quarter was strong on volume: record revenue of $28.2 billion and 480,126 deliveries, roughly 74,000 ahead of the Wall Street consensus. The market punished the cost of that volume. Tesla is discounting to keep factories full, and gross margin slipped to 16.8% from 17.2%.

For a long-term holder, the question is what the discounting buys. Deliveries grew 25% in a quarter when the consensus expected far less, which reads as market share. The bet is that volume now converts into pricing power later, with energy and autonomy carrying margins over time.

The energy business supports that bet.

Storage deployments reached 13.5 GWh in the quarter, up 41% from a year ago. Deployments land in batches, so the quarters swing. The trailing year tells the direction: 49 GWh deployed against 38 the year before.

Robotaxi kept expanding: unsupervised rides opened in Dallas and Houston during the quarter and Miami this month, bringing the service to seven US markets, with miles driven growing more than 10% week over week. Active FSD subscriptions rose 56% in the quarter, to 1.48 million.

Behind that, Cybercab production started at Gigafactory Texas, and the first Optimus production lines are going in, with early units earmarked for training rather than customers. Musk told analysts Optimus could become the company's biggest product ever.

We agree.

Alphabet (GOOGL): Spending Cramps Earnings

Alphabet (GOOGL) grew second-quarter revenue 24% to $119.8 billion, with Google Cloud up 82% to $24.8 billion, and raised this year's capital spending guidance to as much as $205 billion.

Shares fell 7% on massive spending.

Most of the quarter argued for the stock.

Cloud accelerated for a third straight quarter: 48% growth, then 63%, now 82%. The backlog grew more than $50 billion, to $514 billion, and Alphabet expects over half of that to become revenue within 24 months.

Nearly 90% of the Fortune 100 uses Gemini Enterprise, and more than 9 million developers build on Google's models every month.

However, the costs climbed faster than anything else.

Quarterly capital spending doubled from a year ago to $44.9 billion, the full-year guide moved to $195 to $205 billion, and Other Bets lost $1.8 billion on revenue of $382 million, with Waymo's expansion a big piece of that bill.

What we are watching next: whether cloud growth holds as new capacity comes online, and how quickly that backlog turns into reported revenue. A half-trillion-dollar order book is the strongest answer to a capex scare we have seen this earnings season.

We are staying put.

Ahead of Next Week

Amazon (AMZN): AWS Interest Is Climbing Into Thursday's Report

Amazon (AMZN) reports next Thursday, July 30, after the close. The Wall Street consensus calls for revenue near $196.7 billion, up 17%, with earnings of $1.82 per share.

Our early web read splits the company in two.

The retail side is steady: amazon prime traffic is running about even with last year, which supports the consensus revenue number without arguing for a beat.

The signal is in the cloud: traffic to Amazon Web Services is up 17% from last year on our 90-day view and still rising.

The week's selloff already lowered expectations across big tech, and Amazon shares drifted lower with the group. Steady retail plus accelerating cloud interest against a freshly lowered bar: that is a setup we like.

Earnings Season Pass members will get our full trade read before the report.

Earnings season is underway, and over the next few weeks Wall Street will spend countless hours dissecting revenue, margins and guidance.

We'll be watching those numbers, too.

But we'll also be watching something Wall Street cannot measure from an earnings release: how consumers are behaving in real time.

This week, we're looking at one of our Core Conviction picks where consumer demand keeps improving even as the stock has struggled this year. Then we'll preview Tesla (TSLA) ahead of earnings before checking in on two Infinite Holds where Main Street continues telling a much stronger story than Wall Street: Amazon (AMZN) and Alphabet (GOOGL).

We're also following that same kind of gap somewhere much less obvious: deep in the AI supply chain, in four companies most investors have never heard of.

Let's get into it.

Core Conviction Spotlight

Shopify (SHOP): Convenience Keeps Winning

Convenience keeps raising the bar. Shoppers now expect free delivery in an average of 2.7 days, down from more than 3.5 days just a few years ago.

Shopify is keeping pace. It just gave merchants another built-in way to reach millions of DoorDash (DASH) customers.

This week, the company announced a direct integration that lets merchants publish inventory to DoorDash directly from Shopify. Products, inventory and orders stay synchronized automatically, giving local retailers access to millions of DoorDash customers without changing how they run their business.

Shopify powers the storefront. DoorDash helps fulfill the order.

Both companies are building on top of consumer demand that is already accelerating.

Shopify merchants processed $100.7 billion in sales during the first quarter, up 35% year over year and the first $100 billion first quarter in company history. Momentum inside the Shop app accelerated even faster, with sales jumping 70% and unique buyers climbing more than 50%.

Now Shopify is getting help reaching even more customers. Every order strengthens the network both companies are building, exactly the kind of setup that keeps Shopify one of our Core Conviction picks.

Wall Street has knocked roughly 24% off Shopify this year. Meanwhile, SHOP Main Street demand is heading in the opposite direction, up 70% year over year as of this writing.

Let the analysts debate the future of online commerce. Consumers are already living it. And that kind of demand rarely stays hidden for long.

Infinite Hold Updates

Tesla (TSLA): Beyond the Earnings Report

Tesla reports earnings next Wednesday, July 22, after the close. By now, Wall Street has already digested the biggest headline.

Second-quarter deliveries came in at 480,126 vehicles, up 25% from a year ago and well ahead of expectations. The company also deployed 13.5 GWh of energy storage, a second-quarter record and another reminder that Tesla has grown into much more than an electric vehicle company.

That stronger-than-expected delivery report sparked another round of price target increases across Wall Street ahead of earnings.

We're more interested in what consumers are doing.

Analysts spend earnings season adjusting models based on what already happened. We spend it watching the demand signals that point to what could happen next.

Our early read: Tesla's web traffic is running about 2% above last year's levels, and its Main Street Score remains bullish at 76 out of 100. Those are steady signals, but they're also arriving after the stronger-than-expected delivery report sent expectations higher. In other words, the consumer data is supportive, but it stops short of a clear earnings edge today.

From a long-term perspective, the conversation continues to shift beyond vehicle sales. Consumers are talking more about robotics, autonomous driving and AI, reinforcing that Tesla's long-term story extends well beyond how many cars it delivers each quarter.

We'll be watching the earnings numbers next week. Earnings Season Pass members will be able to trade along with us if there's a clear opportunity. But we'll be listening even more closely for updates on Optimus, Robotaxi and the company's AI roadmap.

Whether the stock jumps or drops after earnings, our long-term thesis stays the same: Tesla is evolving from an electric vehicle company into an AI and robotics platform. That's why it remains one of our Infinite Holds.

Amazon (AMZN): The Disconnect Keeps Growing

Some of our best opportunities begin when Main Street and Wall Street tell different stories.

Right now, Amazon is one of the biggest examples.

Our Main Street Score sits at 92. Wall Street's score is just 31. That's a 61-point gap, one of the widest divergences in our universe.

History tells us those gaps rarely last.

Eventually, either consumer demand fades or Wall Street catches up. We're betting on the latter.

The consumer story keeps getting stronger.

During June's four-day Prime Day event, Americans spent $26.4 billion, up 9.3% from a year ago. Consumer research firm Numerator projected that about 43% of U.S. households would shop the event. Consumers spent $8.3 billion in the first 24 hours alone, more than they spent online on Thanksgiving Day 2025. Electronics sales ran 120% above a typical June day, while purchases of baby products like strollers surged 195%.

The momentum extends well beyond retail. AWS grew 28% last quarter, its fastest growth in 15 quarters, as businesses continue investing heavily in AI infrastructure.

Consumers are spending. Businesses are spending. Yet Wall Street has given Amazon little credit for either. And that disconnect is your opportunity.

Alphabet (GOOGL): Demand Is Outrunning Capacity

The same split shows up at Alphabet.

Alphabet's Main Street Score sits at 90, even as many investors remain focused on rising AI spending and shrinking free cash flow.

They're looking at the cost. We're watching the demand.

Gemini reached 900 million monthly active users in May, up from 350 million just over a year ago. Enterprise adoption is accelerating just as quickly. As of February, more than 2,800 companies were paying for Gemini Enterprise, the business version of the product, covering 8 million paid seats.

That demand is flowing straight into Alphabet's cloud business.

Google Cloud revenue jumped 63% last quarter to $20 billion, making it one of the company's fastest-growing businesses. Management says demand is now so strong that it's compute constrained, meaning it could sell even more AI services if it had enough capacity.

That's an important distinction.

Wall Street sees billions of dollars flowing into new data centers and AI infrastructure. Main Street sees customers lining up to use those investments.

We're far more interested in the second story. Rising demand is what turns today's AI spending into tomorrow's earnings.

Sneak Peek at July's MegaTrends Watchlist: The Supply Chain Nobody's Watching

If AI demand is outrunning capacity at Alphabet, the same squeeze is showing up somewhere far less visible.

We're putting the finishing touches on this month's MegaTrends issue, and as we dug through the data, one theme kept rising to the top: the AI memory shortage.

Most investors will stop at the memory makers.

We kept following the supply chain.

That's where we found four businesses that get paid every time another AI memory chip is built. Most investors have never heard of them. Several are already seeing demand accelerate.

This full watchlist, along with the LikeFolio Scores behind it, goes out to MegaTrends members next Tuesday.

Click here for more information about MegaTrends.

Your July Main Street Gut Check

Our monthly read on where the American consumer is actually spending, built from real demand data across the 600-plus companies we track.

This month digs into shoppers heading back to the mall, a World Cup beer summer that's minting some brewers and skipping others, and a fresh trend out of the most squeezed corner of the family budget.

Nine themes, the charts behind each one, and the four things we're watching into August.

If you open one thing we’ve covered this week, make it this.

Read here →

Robot Hands Just Got Good Enough to Feel a Glass Slip

1X's NEO humanoid can now hold a wine glass, feel it start to slip, and adjust its grip before it drops. 25 degrees of freedom and, more to the point, a sense of touch.

That points at a corner of the robotics supply chain that gets far less attention than the cameras and AI chips: the sensors, actuators, and connectors that let a hand feel contact instead of dropping it.

We put a fresh set of pin-action plays on the watchlist and mapped where the cleanest US exposure actually sits.

Read here →

PepsiCo Just Tripped as GLP-1s Squash Snacking

PepsiCo beat on revenue but missed on earnings, and the weakness landed exactly where appetite suppression bites hardest: North American snacks and beverages.

With McKinsey projecting 25 to 50 million GLP-1 users by 2030, up from around 10 million today, that basket shift is only accelerating, and the market is still underpricing the winner on the other side of the trade.

We name the enabler we think owns the customer, the app, and the prescription flow, plus the CPG names now on the defensive.

Read here →

The Biggest Robinhood Catalyst Since 2021

Over the July 4 weekend, the government launched savings accounts for American children and routed them through Robinhood (HOOD).

Parents registered more than 6 million kids before contributions even opened, with Robinhood named the exclusive brokerage and initial trustee.

We've been long HOOD since $13.71 (near $118 today), web traffic just hit a 13-month high, and Q2 earnings land July 29.

We break down what becoming the first brokerage for a generation is worth, and the ripple effects we're watching next.

Read here →

LikeFolio Weekly Roundup: 3 Infinite Holds Strengthen Their Grip

Data. Compute. Energy. Three different stories, one long-term trend…

This week, three of our Infinite Holds all strengthened the same thing: their competitive advantage.

Tesla (TSLA) expanded its data advantage.

Amazon (AMZN) expanded its compute advantage.

Google (GOOGL) expanded its energy advantage.

Each company is investing in an asset that becomes more valuable as AI adoption accelerates, and harder for competitors to replicate.

Each move matters for one reason: it deepens the long-term investment thesis.

Infinite Hold Updates

Tesla (TSLA) Takes Robotaxi to Miami

Tesla's Robotaxi service is now operating in Miami, following last month's commercial launch in Austin.

The service currently covers parts of western and central Miami, but every new market exposes Tesla's Full Self-Driving (FSD) system to different roads, traffic patterns, weather conditions, and driving behavior. Those real-world miles help improve the software for the entire fleet.

Tesla has now accumulated more than 11 billion miles on Full Self-Driving. By comparison, Waymo, the current leader in commercial autonomous ride-hailing, has logged roughly 200 million fully autonomous miles. AI systems improve by learning from actual road miles rather than simulations. The company collecting the most high-quality driving data has the best chance to build the strongest autonomous system.

Tesla is already selling millions of vehicles equipped with the hardware needed for Full Self-Driving. Every new vehicle expands the potential Robotaxi network while generating even more real-world driving data.

That growing AI advantage is also becoming more valuable across Elon Musk's other companies. Reports this week reignited speculation about a future combination of Tesla and SpaceX (SPCX). Whether that ever happens matters far less than what is already taking place today. The companies share engineering talent, collaborate on AI and compute infrastructure, and SpaceX relies on Tesla Megapacks to power the data centers of xAI, Musk's AI startup.

We have consistently said Tesla's biggest opportunity extends far beyond selling cars. Every vehicle the company sells is another AI-powered machine collecting data that makes the entire network smarter. That is an advantage few companies can match, and it becomes more valuable every time Tesla expands into a new market.

Amazon (AMZN) Expands Its AI Foundation

Amazon plans to raise at least $25 billion as it expands the infrastructure powering artificial intelligence.

The company expects to invest roughly $200 billion this year, with most of that spending directed toward data centers, AI chips, and cloud capacity.

Every major AI application needs enormous computing power. Whether businesses are building AI agents, training large language models, or deploying new enterprise software, they need the infrastructure to make it all work.

That is where Amazon has the advantage.

AWS, Amazon's cloud computing arm, already powers a significant share of the world's cloud computing. Every new data center it builds expands the capacity available for customers while strengthening Amazon's own AI capabilities across shopping, logistics, advertising, and cloud services.

We have said before that AI is driving one of the largest infrastructure buildouts in decades.

Amazon sits in the middle of that buildout. As AI adoption accelerates, we believe its cloud platform becomes more valuable, because thousands of other companies depend on it for the computing power behind their own AI.

Google (GOOGL) Bets on AI’s Bottleneck

Google just made another bet on a future most investors are still ignoring.

The company joined a €411 million funding round for Proxima Fusion, a startup working to build Europe's first commercial nuclear fusion power plant. Fusion is the reaction that powers the sun, and it promises abundant carbon-free electricity if anyone can make it work at scale.

Fusion will not move Google's earnings next quarter. The first demonstration plant is not expected until the early 2030s, and commercial deployment would come later in the decade.

So why invest now?

Because Google expects electricity to become the binding constraint on AI, ahead of chip supply.

Every new AI model requires enormous amounts of power to train and operate. We have already seen Google invest in nuclear fission, geothermal energy, and long-term power agreements. Fusion is another piece of the same strategy: securing reliable, carbon-free energy before demand overwhelms supply.

A single large AI data center can consume as much electricity as two million homes. The extra power the U.S. grid needs by 2030 has climbed from 24 gigawatts to 166 gigawatts in just a few years. McKinsey, a consulting firm, expects data center investment to reach $7 trillion by 2030.

The AI race will be won by the companies that secure the computing power and the electricity to run it. Google is planning for both.

Infinite Hold Updates

Tesla’s (TSLA) Fleet Keeps Growing

Tesla bounced back in the second quarter.

It delivered 480,126 vehicles, up 25% from a year ago and its best second quarter ever, and deployed 13.5 GWh of energy storage, up 40% from a year ago.

The stock fell 7% on the news anyway.

Shares ran about 13% higher in the four sessions before the report, so the beat was largely priced in, and attention has already moved to margins ahead of the July 22 earnings report. Price cuts and incentives helped drive the delivery number, and the market wants to see what they cost. Watch that print, but a pullback on record deliveries changes nothing about why we hold the stock.

Each delivered vehicle adds to the fleet collecting the driving data that trains Full Self-Driving (FSD), the same work behind Cybercab and Optimus. Tesla Energy keeps growing too: its Megapack battery systems supply power for AI data centers, including facilities run by Musk's own xAI.

The vehicle business is executing. We hold Tesla for what sits one layer deeper: autonomy, robotics, and AI infrastructure.

Amazon (AMZN) Prime Day Keeps Getting Bigger

Consumers spent $26.4 billion online across U.S. retailers during the four-day event, up 9.3% from last year, per Adobe. That tops what shoppers spent across Black Friday and Cyber Monday 2025 combined. And Amazon was not the only one benefiting.

Amazon built an event so powerful that the rest of retail now plans around it.

Amazon keeps giving more than 200 million Prime members another reason to keep coming back. This year, shoppers went beyond TVs and electronics, stocking up on groceries, household essentials, school supplies, and other everyday purchases that make Amazon part of their weekly routine. 

The more often consumers rely on Amazon, the harder it becomes to leave. 

The stock fell about 12% in June. We do not see that changing the long-term story. Our LikeFolio Score remains an extremely bullish 91/100, telling us consumer engagement is still running hot at levels we typically see in long-term winners.

Google (GOOGL) Marks a New Milestone

Google officially joined the Dow Jones Industrial Average this week, replacing Verizon (VZ).

It's a meaningful milestone, but probably not for the reason most investors think.

Joining the Dow does not create a flood of new buying. Most large investment funds already own Google through the S&P 500 and Nasdaq-100, so the addition will not materially change demand for the stock.

What it does signal is that Google has joined the ranks of America's most established blue-chip companies.

That's a remarkable evolution for a business that started as a search engine less than three decades ago.

Today, Google runs one of the world's largest digital platforms. Billions of people rely on Search, Gmail, Chrome, Maps, Android, YouTube, and Workspace every day. Now the company is embedding AI across all of those products.

That's why we continue to believe Google is one of the strongest long-term AI investments available. AI is deepening Google's core business, making one of the world's most valuable platforms even more useful.

The Dow inclusion recognizes what we've believed for years: Google has become essential infrastructure for the digital economy. We believe AI will make that position even stronger.

Portfolio Spotlight: Why Our Hims & Hers (HIMS) Conviction Keeps Growing

Hims & Hers shares have climbed roughly 65% since late May as Wall Street begins to catch up to what we've been saying for months. This story goes beyond a short-term stock move: consumers are fundamentally changing how they manage their health.

For decades, healthcare has been reactive. You waited until something went wrong, then went to the doctor.

That model is changing.

AI is making it possible to detect disease earlier. GLP-1 therapies are helping millions of people lose weight. New technologies are beginning to target the aging process itself.

Together, these advances are creating what we call the longevity economy, a shift away from treating illness and toward helping people stay healthier for longer.

As consumers embrace that shift, they need a trusted platform that connects them with treatments, testing, and ongoing care.

Hims is becoming that platform.

The company has already built direct relationships with millions of subscribers. It's expanding beyond hair loss and telehealth into weight management, hormone optimization, biomarker testing, and other longevity-focused services. Every new offering makes the platform more valuable to consumers.

Most importantly, our data continues to confirm the story. Consumer demand remains near all-time highs. Visits to HIMS’ platforms are up 19% year over year, outrunning the stock’s recent performance:

There will be volatility along the way. That's normal for an emerging category.

But our core thesis has not changed: longevity is becoming one of the biggest consumer trends of the next decade, and Hims & Hers is building the platform consumers will use to navigate it.

Why McDonald's selloff caught our eye

Wall Street is selling McDonald's stock on fears the squeezed consumer is still cracking.

LikeFolio data, and macro data from major firms like PNC suggest otherwise.

The budget consumer is heading back to the counter instead, and the McDonald’s is stacking catalysts: six new crafted drinks, the Fried Apple Pie back after 34 years, and a World Cup meal running all summer.

We break down what our consumer demand data shows and why we think the selloff has it backward.

Read the full breakdown →

Andy broke it down live on Schwab

Andy took the McDonald's call to the Schwab Network today and walked through the consumer signal and why it matters right now. Catch the segment if you missed it.

Watch the segment →

We’re digging into the resilient consumer theme this week. Watch out for more opportunities!

The Meme Frenzy Is Back. We’re Watching Pin Action…

The meme-stock frenzy returned this week, with Wendy's (WEN) drawing the heaviest retail flows. The stock ran as much as 42% intraday off a chart sitting near 20-year lows, halted once for volatility, then gave most of the move back the following session.

We are more interested in the pin action here.

Retail trading volume of this size benefits the platforms that process it. Order flow, options, and margin lending all scale with participation, and that revenue does not depend on any single squeeze working out. One of our Core Conviction names is already showing the lift in its consumer data.

Perhaps more revealing: the willingness of retail to commit capital to a long-shot turnaround also signals how much discretionary spending power remains in these accounts. That read runs counter to the case for a consumer under pressure, and it is the thread we are following into next week.

We examine both inside.

Read here →

Why We Are Still Pounding the Table on a Core Conviction Stock

On this week’s Founders Call, Andy walks through why this core conviction stock is turning into the Amazon Prime of finance: one subscription that pulls users into banking, investing, retirement accounts, credit cards, and managed portfolios, then keeps them there long after any single trade.

The meme frenzy sends a wave of new accounts through the front door.

The subscription layer converts that wave into recurring revenue.

Watch the full call →

Infinite Hold Updates

Google (GOOGL) Is Putting Gemini in Front of Billions of Users

GOOGL shares fell 5% in a single day this week, the stock's worst decline in more than a year, after two prominent AI researchers left for rival companies. One helped lead Gemini. The other spent nearly a decade building Google's AI capabilities. That is the kind of headline Wall Street loves to obsess over.

While investors debated talent departures, Google kept shipping products at a remarkable pace. The company gave Gemini the ability to navigate websites, applications, and digital workflows on a user's behalf, another step toward AI agents that complete tasks instead of simply answering questions. At the same time, Google Wallet expanded TSA PreCheck Touchless ID access to travelers across roughly 100 participating airlines, making airport security faster and easier.

That is where we think Wall Street is looking in the wrong place. Google is not simply building an AI model. The company is embedding AI across Search, Android, Chrome, Gmail, Maps, YouTube, Workspace, Wallet, and dozens of products consumers already use every day.

• Google's Gemini app has grown from 400 million to more than 900 million monthly users in just one year

• Daily requests have increased more than sevenfold

• AI Mode in Search has already surpassed one billion monthly users

• AI Overviews now reaches more than 2.5 billion consumers

Could competitors hire away talented researchers?

Of course.

But Google still possesses something few companies can match. The company now operates 13 products with more than one billion users each. Five of those products have more than three billion users. Every improvement to Gemini reaches an audience that already spans billions of consumers.

That is why we focus on product adoption, consumer behavior, and long-term demand rather than one bad trading day. Our Social Heat Score on GOOGL remains extremely bullish at 87/100, a sign that consumer engagement is strong despite all the noise surrounding the stock.

Consumers are using Google's AI products more than ever before, and the company keeps finding new ways to weave Gemini into the products they already reach for every day. That is the trend we are watching.

Tesla (TSLA) Makes a Big Energy Move With Sunrun

Tesla faced another round of scrutiny this week after a fatal crash in Texas reignited debate around Full Self-Driving, the company's AI-powered driver assistance software.

While that debate continues, Tesla made a big move in energy through a new partnership with Sunrun and Renew Home.

Sunrun brings one of the nation's largest residential solar and battery networks. Renew Home manages more than 8 million connected thermostats and smart devices. Tesla brings the batteries, software, and energy platform to tie it all together.

Together, the companies aim to create a distributed power network capable of delivering more than 16 gigawatts of electricity capacity, enough to power roughly 12 million homes. One hyperscale AI data center can consume as much electricity as 2 million homes, roughly the power demand of a city the size of Houston. This partnership is designed to bring new capacity online in months rather than years.

Most investors know Tesla for EVs. Fewer appreciate how quickly the company is becoming a major energy player.

Tesla's energy division sells everything from home Powerwall batteries to utility-scale Megapacks, the massive battery systems that store electricity and help stabilize the grid when demand surges. As AI data centers place unprecedented strain on power infrastructure, those products are becoming increasingly valuable.

Last quarter alone, Tesla generated $2.4 billion in energy revenue and deployed 8.8 gigawatt-hours (GWh) of energy storage, enough to power millions of homes for several hours during periods of peak demand. The company now has 60 GWh of annual Megapack production capacity across California and Shanghai, with a new Houston-area Megafactory preparing to launch Megapack 3 production later this year.

The Sunrun partnership pushes Tesla's energy strategy one step further. Instead of simply selling batteries, Tesla is helping build a network that can direct electricity where and when it is needed most.

The crash investigation will dominate headlines for a few days. The opportunity to help power the AI economy could create value for years.

Amazon (AMZN) Expands Its Fulfillment Network Around Prime Day

Amazon is closing out one of its most important weeks of the year. For four days, more than 200 million Prime members shopped hundreds of thousands of deals across virtually every major retail category.

Most investors will focus on how much consumers spend. We are paying attention to something that matters more over the long run: why consumers continue choosing Amazon in the first place.

Prime Day works because Amazon has spent decades building advantages that competitors still struggle to match. Fast shipping. Massive selection. Competitive prices. Streaming content. Grocery delivery. All bundled into a membership that consumers use throughout the year.

The most telling Prime Day move this week happened before the deals even started. Amazon announced plans to dramatically expand its fulfillment network, adding more than 100 new Urban Fulfillment Centers designed to bring four times more product selection closer to customers while maintaining delivery times measured in minutes.

Amazon knows that every improvement in fulfillment makes Prime more valuable. A more valuable Prime membership attracts more members. More members attract more sellers. More sellers expand selection. The flywheel keeps spinning.

Meanwhile, competitors are responding in the only way they can. Walmart (WMT) and other major retailers launched competing sales events during the same week to capture some of the consumer attention surrounding Prime Day. We view that as a sign of Amazon's strength. When competitors build their promotions around Amazon's calendar, it tells you who is setting the pace.

Prime Day functions as a test of Amazon's competitive moat. We are already monitoring the demand data flowing through our system. Once Prime Day wraps up, we will dig into the traffic trends, shopping behavior, and demand signals to see what consumers are telling us about Amazon's business. Expect a full post-Prime Day update soon.

Hims & Hers (HIMS) stock sat near $21 in late May. It is up roughly 60% since, including a ~12% jump on June 15 alone, and Wall Street is scrambling to explain a move it never saw coming.

But we did.

Our May MegaTrends research went all-in on longevity while the rest of the Street ignored it.

This month the news caught up, fast.

And HIMS is only the start. We have spotted several pin action plays to watch as consumers seek longevity.

Here is what you might have missed:

Midjourney Just Pivoted to Healthcare

Until this week, Midjourney was an AI image generator. A small, self-funded lab best known for turning text prompts into art, with no footprint in medicine whatsoever. Then its CEO, the founder behind the hand-tracking company Leap Motion, unveiled a full-body ultrasound scanner and a plan to put 50,000 of them around the world by 2031. When one of the sharpest builders in AI walks out of his lane to bet the next decade on keeping people alive longer, that is the same thesis driving our longevity book. We map what the pivot means for the consumer side of the trade.
Read here →

The Obesity Line Just Bent for the First Time in 40 Years

The adult obesity rate fell for the first time in four decades, and GLP-1 use more than doubled. Wall Street treated what that means for HIMS as a margin problem. We pulled the consumer data and reached a very different read.
Read here →

Reverse Aging Just Crossed Into Human Trials

Life Biosciences dosed its first human patient with a gene therapy built to reverse aging in the optic nerve, the first epigenetic rejuvenation therapy ever cleared for people. The science is early. The investable layer is not. We walk through who actually benefits as this moves from the lab toward the clinic.
Read here →

A Telehealth Land Grab, and the Peptide Catalyst Hiding in Plain Sight

HIMS just closed an acquisition that extends it across nine countries and folds in hundreds of thousands of new customers. The bigger story is the catalyst almost no one is modeling: an FDA meeting next month that could reopen a restricted drug class right as HIMS is built to monetize it. We lay out why the timing matters.
Read here →

Infinite Hold Updates

Tesla (TSLA) Remains the Core Musk Bet

Cathie Wood, founder of ARK Invest and one of Wall Street's most closely followed growth investors, made headlines this week after trimming Tesla and buying roughly $444 million worth of newly public SpaceX (SPCX) shares.

When Wood makes a move, investors pay attention. She's built her reputation by making big bets on disruptive technologies long before they become mainstream.

Many investors are treating SpaceX and Tesla like competing bets.

We see it differently.

Elon Musk isn't building a collection of separate companies. He's building an ecosystem.

Tesla, SpaceX, Starlink, xAI, and Neuralink all push toward the same future of AI, robotics, autonomy, energy, and connectivity.

The SpaceX IPO shines a spotlight on that entire ecosystem. And the stronger the ecosystem becomes, the stronger the long-term case for Tesla becomes.

More importantly, the consumer demand story remains intact. Tesla web visits are currently up 8% year over year, and the stock carries a bullish 75/100 Social Heat Score. That's a powerful combination – one that tells us consumers remain engaged with both the brand and its long-term vision.

Wall Street is beginning to notice, too. Goldman Sachs recently raised its delivery forecast above consensus expectations, Piper Sandler pointed to growing evidence that Tesla's autonomy strategy is working, and JPMorgan upgraded the stock while highlighting Tesla's scale, vertical integration, and pace of innovation.

We don't buy stocks because analysts raise price targets. But when consumer demand stays strong and Wall Street starts catching up, we'll gladly take the confirmation.

Could SpaceX become a great investment? Absolutely.

But we're not selling Tesla to chase it.

If anything, the SpaceX IPO strengthens our conviction. The more investors understand how these companies fit together, the easier it becomes to see why Tesla remains an infinite hold.

The SpaceX IPO may be the hottest story on Wall Street right now. But the data still points us back to Tesla.

Amazon (AMZN) Keeps Building

Two Amazon headlines crossed the tape this week.

Reports surfaced that the FTC could pursue a lawsuit tied to Amazon's advertising practices. At nearly the same time, Amazon announced plans for a massive new AWS data center campus in Missouri as part of its AI infrastructure expansion.

We're paying far more attention to the second story.

Companies don't spend billions building new data centers unless they see enormous demand ahead.

Amazon plans to spend roughly $200 billion on capital expenditures in 2026, with most of that investment flowing into AI compute, cloud infrastructure, and networking capacity. The new Missouri campus is just one piece of that buildout.

The project will support AWS, which powers everything from streaming services and hospital systems to financial transactions and AI applications. Amazon is also investing in power generation, grid upgrades, and local infrastructure to support the expansion.

Meanwhile, the FTC investigation appears focused on whether Amazon properly disclosed certain advertising pricing terms to marketers. While the headlines may sound dramatic, we've seen this movie before.

Amazon has faced FTC scrutiny multiple times over the years, including a high-profile case involving Prime subscriptions that ultimately resulted in a settlement and business practice changes. The company's long-term growth trajectory remained intact.

That's because Amazon's value isn't tied to any single regulatory headline. It's tied to the infrastructure it continues to build for the future.

This week's announcement tells us management sees AI demand accelerating for years to come. That's the signal we're focused on.

Google (GOOGL) Pushes AI Into Everyday Life

The biggest technology winners rarely rely on a single product.

They build ecosystems that become harder and harder for consumers to leave.

That's what we saw from Alphabet this week.

The company rolled out a series of updates across Waymo, Wear OS, and Google Home that all point in the same direction: putting AI in front of consumers throughout the day.

Waymo, Alphabet's self-driving ride-hailing business, launched a premium subscription service for frequent riders. The move reinforces something we've been watching closely: autonomy is shifting from an experimental technology into a real consumer business with recurring revenue.

Google also announced new Gemini-powered features for Wear OS smartwatches. That's particularly interesting given our long-term longevity theme. As wearable devices become smarter and more personalized, they're increasingly positioned to help consumers monitor their health, track behaviors, and make better decisions every day.

Finally, Google unveiled its first Gemini-powered smart speaker, bringing more advanced AI capabilities directly into the home.

Individually, none of these announcements are game changers.

Collectively, they show Alphabet extending its reach across transportation, health, and the connected home.

That's exactly the kind of ecosystem expansion we like to see. The more places consumers interact with Google each day, the stronger the company's long-term position becomes.

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.