Heather Anne

CAPACITY ADDITIONS FOR AI DATA CENTERS TO ACCELERATE ⚡️ Raw Schedule (dark blue): All announced projects - 133 gigawatts by 2028 Goldman Sachs forecast (light blue): 95 gigawatts by 2028 - taking into account cancelations and delays The U.S. is extremely compute constrained with half of all planned data centers either cancelled or delayed. Nonetheless, AI infrastructure continues to supercharge.

🚨 GOLDMAN SACHS PROJECTS U.S. DATA CENTER POWER DEMAND TO DOUBLE BY 2027 • 66 gigawatts in 2027 from 31 GW in 2025 • Only About 50-60% of data center capacity scheduled for the next one to two years is expected to come online

$SPY $QQQ SPX Week ahead is out: yamtrades.substack.com/p/positioning-… Market data from @ConvexValue Net positioning from @OptionsDepth If the weekly posts, daily commentary, or flow shows are of any use, please like/repost. #MDFS on Tuesday at 1245 EST with @tony_mansour and @iV_trader. It's our last one for a while - we'll be back later in the summer! We got this from the Whitehouse after market close on Friday. The post-OPEX wobble was interesting (see this from last week)

The 🇺🇸 Trump administration is awarding $2 billion in grants to 9 quantum-computing companies in deals that include U.S. government equity stakes $IBM is getting the biggest package worth $1 Billion GlobalFoundries $GFS is getting $375M in funding Then most of the other companies including D-Wave $QBTS, Rigetti $RGTI, and Infleqtion $INFQ will get $100M (Source WSJ)

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Blackstone partners with Google in a JV to create a next-generation TPU cloud service.

Micron is one of the most UNDERVALUED stocks in the entire AI trade right now and everyone should be buying at these prices. (Save this). Jensen laid out the situation in one sentence, the supply chain is lined up, the HBM is lined up with the Grace Blackwell GPUs, the only problem is that demand is much greater than the overall capacity of the world. And Michael Dell said it before Jensen even finished that memory is the single biggest supply constraint in the entire AI buildout right now. Every HBM chip that Micron, SK Hynix, and Samsung produce consumes three times the silicon wafer area of standard DRAM. Nvidia's Rubin GPU requires 288GB of HBM per chip, a 260% increase over the H100 in just two generations. Every major hyperscaler has locked up contracts through 2026, and Micron has said publicly it can only fulfill about two-thirds of medium-term demand for some customers. And it's HBM production is sold out entirely for 2026 and HBM4 is also already sold out. The numbers tell the story, DDR4 spot prices surged roughly 15x in eight months. DRAM contract prices rose 90-95% in a single quarter, TrendForce called it "essentially unprecedented" in the history of the memory market. Micron has rallied roughly 68% year to date in 2026, and yet it still trades at a P/E of 37.6x against an industry average of 75.3x. The shortage does not resolve until new fabs come online, Micron's new factories are not producing until 2027 and 2028 at the earliest, and the memory shortage is forecast to run until at least 2027. Milk Road Pro has been covering the HBM memory trade as a core AI infrastructure thesis before it became a consensus Wall Street call and our Pro members are already up massively in $MU. Come join us at the link in bio/below to see our full portfolio and the names we're watching before the rest of the market catches on.

Micron will be a $2,000 stock within the next couple of years and Jensen Huang just gave the most important reason why (Save this). Jensen was asked if memory cyclical is just another boom and bust like it's always been? Jensen's answer was remarkable. He said three years ago he sat down with Micron CEO Sanjay Mehrotra and explained exactly what the future of memory demand would look like and it is playing out exactly as he described. He did the same with SK Hynix's Tony Chey years earlier, Jensen was pre aligning Micron's entire product roadmap to a vision he had already mapped out years in advance. Then he explained why this cycle is structurally different from every previous one. AI has crossed the threshold into agentic, productive capability and the way to think about AI agents is as digital workers. Michael Dell put it plainly, you might soon have hundreds or thousands of digital agents working for you simultaneously, and each one requires compute, memory, storage, and networking at scale. The earnings confirm it. Micron reported Q2 fiscal 2026 revenue of $23.86 billion up 196% yearover-year, beating estimates by 24%. Gross margins hit 74.4%, more than doubling in a single year and Q3 guidance is where it gets truly staggering. Micron guided for Q3 revenue of $33.5 billion up over 200% year over year with gross margins expected to exceed 81% and EPS projected at $19.15 against a consensus of $12.05. Analyst consensus sees full-year fiscal 2027 revenue reaching $88 billion. and yet the valuation still has not caught up. Micron's HBM TAM forecast has been pulled forward two years to $100 billion by 2028, its entire 2026 HBM supply is already sold out, and HBM4 is already sold out too while the stock still trades at a forward P/E of just roughly 8x on FY2026 consensus earnings. The memory shortage is forecast to run until at least 2027 and new fabs don't come online until 2027 and 2028 at the earliest. Milk Road Pro has been covering the HBM memory trade as a core AI infrastructure thesis before it became a consensus Wall Street call, and our subscribers are already positioned in $MU. Come join us at the link in bio/below to see our full portfolio and the names we're watching before the rest of the market catches on.

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Google is set to create an AI cloud business with Blackstone, aiming to compete with companies like CoreWeave, according to the Wall Street Journal bloomberg.com/news/articles/…

TRUMP ON IRAN: THERE APPEARS TO BE A STRONG LIKELIHOOD THAT AN AGREEMENT CAN BE REACHED

LEOPOLD’S SITUATIONAL AWARENESS 13F IS OUT New positions included $NVDA, $AMD, $INTC, $TSM, $ASML, $MU, $SMH, $GLW, $HIVE, $TE and $SHAZ. Added to AI power and compute names including $IREN, $APLD, $CLSK, $RIOT, $BTDR and $CRWV. Trimmed $SEI, $CORZ and $BE, while exiting $COHR, $LBRT, $TSEM, $HUT, $LITE, $KRC and $EQT.

“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” - President Donald J. Trump

US monitors attack drone threat from Cuba - Axios Cuba has obtained over 300 military drones and started discussing plans to target US base at Guantanamo Bay, US military vessels

BREAKING: China said it reached a tentative agreement with the United States on tariff reductions and trade cooperation after the Trump-Xi summit in Beijing.

U.S. President Donald J. Trump meets Chinese President Xi Jinping at China’s Great Hall of the People

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TRUMP, XI TO WEIGH TARIFF CUTS ON $30B OF IMPORTS

Air Force One has officially landed in China with President Trump, $TSLA CEO Elon Musk and $NVDA CEO Jensen Huang onboard. Other CEOs reportedly joining the trip: • $AAPL CEO Tim Cook • $MU CEO Sanjay Mehrotra • $QCOM CEO Cristiano Amon • $GS CEO David Solomon • $BLK CEO Larry Fink • $BX CEO Stephen Schwarzman • $BA CEO Kelly Ortberg • $GE CEO Larry Culp