Michael

THE COMPUTE CAPACITY BOTTLENECK $GOOGL just admitted Google Cloud is leaving revenue on the table because it cannot build capacity fast enough with shifts the bottleneck to companies with the power, real estate & operational scale to deploy AI compute: 1. $NBIS building the AI-native cloud layer through vertically integrated GPU clusters & software optimized for training + inference. $NVDA just wrote wrote a $2B check & Nebius now has a $46B contracted backlog, anchored by ~$19B $MSFT deal & ~$27B Meta partnership through 2032. 2. $IREN building the renewable-powered AI compute layer by turning low-cost power into GPU cloud capacity. The pivot to AI cloud is now backed by a ~$10B $MSFT contract, 2.9 GW of grid-connected power expanding to 4.5 GW+ & targeted 140K GPU buildout that could drive $3.4B of ARR by year-end 2026. 3. $DOCN building the agentic inference cloud layer for developers & long-tail AI workloads. AI customer ARR is up 150% YoY to $120M, over 70% comes from inference services & $1M+ customer ARR is up 123% to $133M. 4. $CRWV building the dedicated AI cloud platform for frontier model developers. The company has ~$67B of contracted revenue backlog (nearly $88B including Anthropic) with major commitments from OpenAI & Meta. 5. $CIFR building the Google-backed AI data center layer through contracted power & hyperscale leases. Barber Lake has 300 MW fully contracted with Fluidstack (Google backstops $1.4B with a ~5% equity stake) and AWS signed a separate $5.5B 15-year deal for another 300 MW of capacity. 6. $WULF building the power-backed AI compute layer through long-term data center leases. Lake Mariner has 360 MW tied to Fluidstack backed by a $3.2B Google guarantee & new Abernathy JV adds 168 MW over 25 years representing $9.5B in contracted revenue with $1.3B of Google lease support. 7. $APLD building the purpose-built AI data center layer through its Polaris Forge 1 campus in North Dakota. The full 400 MW critical IT load is contracted to CoreWeave under ~15-year leases worth ~$11B in expected revenue with first 100 MW delivered in Q4 2025 & another 300 MW targeted through 2027.

MY 3 FAVORITE SPACE ECONOMY STOCKS 1. $RKLB (Vertically Integrated Defense Prime) Rocket Lab is the only company outside of SpaceX that's executing as a vertically integrated space prime with Q1 2026 revenue growing 64% YoY to a record $200M, backlog jumped to $2.2B (+108% YoY, +20% sequentially) & management booked more Electron, HASTE & Neutron launches in Q1 alone than it did in all of 2025. Rocket Lab is becoming a launch, space systems & national security platform with real scale, real backlog & a $2B+ liquidity position to keep consolidating the space stack. The $190M Anduril HASTE deal, $816M SDA award, Mynaric, Geost & Motiv acquisitions all point toward a company that could become a $100B space prime one day with Neutron’s first launch in Q4 2026 as the next major catalyst. 2. $ASTS (Tower in the Sky) AST SpaceMobile building one of the most ambitious communications networks in the world with a D2C satellite broadband that works with unmodified smartphones with largest commercial phased-array antennas ever placed in low Earth orbit. The constellation is the wireless infrastructure layer for the 4 billion people without reliable cellular coverage with carrier partnerships already locked in across AT&T, Verizon, Vodafone, Rakuten & dozens more covering several billion subscribers globally. AST also has $1.2B in contracted revenue commitments, BlueBird 8-10 scheduled on a SpaceX Falcon 9 in mid-June & 32 next-gen satellites in advanced assembly at its 500K+ square foot Texas factory. 3. $PL (Eyes From Above) Planet Labs is becoming the AI-enabled global monitoring that defense & intelligence agencies are standardizing on with Q4 revenue growing 41% YoY to a record $87M & customer list now includes NATO, the NRO, U.S. Navy, NASA & international defense agencies. AI changes the value of Planet’s data because daily satellite imagery alone can become commoditized but daily imagery combined with AI-enabled change detection & broad-area monitoring becomes an intelligence platform. With $GOOGL AI partnership & a customer mix shifting toward sticky multi-year defense subscriptions, Planet is becoming more of an operating system for global visibility.

$AMD JUST CROSSED A $750B MARKET CAP FOR THE FIRST TIME EVER

Trainium is becoming the key to the $AMZN story with over $225B in commitments, Trainium2 sold out & Trainium3 nearly fully subscribed. The bigger shift is AWS now bringing in more Trainium chips than $NVDA chips on a unit basis giving Amazon more control over inference costs.

$AMD is up over 20% today as the market wakes up to it being more than a “second GPU” story and the turnaround has been incredible: AMD two years ago • Data Center was a ~$9B run-rate business • Annual operating profit was ~$600M AMD today • Data Center is a ~$23B run-rate business • Annual operating profit is ~$4.4B • 12 GW of committed hyperscaler deployments across $META & OpenAI AMD is becoming a broader AI infrastructure story across CPUs, inference and rack-scale systems.

I shared a new trade 5 weeks ago buying these $MU options when the market sold off on the ridiculous $GOOGL TurboQuant headlines (those same options are now up more than 300%). Sometimes the market hands you a layup when FUD ignores the bigger picture that better compression may reduce memory per task but if it makes AI cheaper & drives more usage then total memory demand can still go higher.