Blue Oceans

The global middle class is expected to grow by 1.2 billion people over the next decade, mostly in Asia, and that means an explosion in demand for everything from healthcare to technology to consumer goods. The companies building the infrastructure for that growth right now are sitting where Amazon was in 2005.

Oncology could become a $750 billion market in under 10 years. $SMMT beat the world's best-selling oncology drug, Keytruda ($32B annual drug), in a head-to-head trial. The FDA decides in November. Why I'm long on these three oncology drugs: blueoceaninvesting.substack.com/p/3-cancer-sto…

Data is only valuable if you can make decisions with it. 3 companies turning data into decisions: $PLTR — AI-powered decision intelligence for the US military and largest enterprises (+56%) $FICO — the score that decides if 260M Americans can get a mortgage (90%+ of US lending) $TEM — AI that recommends which cancer treatment a specific patient will most likely respond to. Decision AI at three different scales: warfare, credit, medicine.

$PLAB makes the one thing no chip can be built without. A photomask. The precision quartz stencil behind every GPU, every AI chip, every memory chip ever made. It's the only pure-play public company that makes them. My full article on why I'm long: blueoceaninvesting.substack.com/p/the-invisibl…

537 million people worldwide have diabetes. For decades, they managed it with finger pricks — painful, infrequent, and easy to misinterpret. $DXCM makes a continuous glucose monitor that reads your blood sugar every 5 minutes automatically, alerts you before dangerous lows, and talks to your insulin pump. Type 1 diabetics are almost fully penetrated. Type 2 — the other 460 million are largely untapped. The TAM for glucose monitoring is still in the second inning.

Every AI application in production needs three things: Monitoring. Streaming. Search: → $DDOG monitors it in real time (288K log events/sec per customer) → $CFLT streams live data into it as it happens → $ESTC stores and retrieves the data AI searches

AI agents need somewhere to work. These three heavily sold-off companies could be central to the rise of AI agents. $NOW orchestrates workflows across IT, HR, legal, finance for 7,700 enterprises $MNDY coordinates tasks between human teams and increasingly, AI agents $HUBS CRM built into one platform for 215,000+ businesses Agents need orchestration layers. These companies built them before AI arrived. Enterprise AI deployment isn't about the model. It's about the workflow layer underneath.

71% of cancer deaths come from cancers that have no recommended screening test. $GRAL is building Galleri, a blood test that screens for 50+ cancers simultaneously before any symptoms appear. If Stage 1 detection rates could replace Stage 4 diagnoses, survival rates could jump from ~15% to ~90% for many cancers. The early detection market is a $50B opportunity. Most of it is still untouched.

AI is about to collapse the 12-year drug discovery timeline. 3 companies attacking it from different angles: $TEM — largest clinical + genomic database; AI recommends real-time treatment for cancer patients (+83%) $RXRX — 2 million biology experiments/week using robotics + ML to find drug candidates $IONQ — quantum computing that simulates molecular interactions classical computers can't handle (+113%) Drug discovery + AI + quantum = the next decade's biggest biotech catalyst. Where do you think AI has the most impact in pharma?

$AXSM grew revenue 66%. Its flagship drug Auvelity treats depression through a completely different mechanism, with many patients seeing effects in ~1 week vs. 4–8 weeks for SSRIs. In this article, I explain why I think Axsome could become a future CNS powerhouse: open.substack.com/pub/blueoceani…

AI is leaving the data center and entering the physical world. 3 companies deploying AI at the edge: $SOUN — voice AI taking orders at drive-throughs and in car dashboards (+120%) $IOT — sensors and cameras turning 2.6M vehicles into intelligent fleets $AEVA — FMCW lidar that gives autonomous systems depth perception in all weather. The AI at the edge market is still in year one. Physical deployment is where it gets real. Which edge AI use case do you think scales fastest?

AI chips are useless without somewhere to live. 3 companies building the physical home for AI compute: $APLD — develops and operates AI-optimized data centers (+104%) $SMCI — assembles the server racks that house the GPUs $CLS — manufactures the circuit boards and assemblies inside those racks. The physical AI stack most investors ignore. How many data center plays are on your radar?

$WRD operates fully autonomous vehicles across 7 countries. While American AV companies debate liability, WeRide is running robotaxis in the UAE, Singapore, China, and EU — simultaneously. The global autonomous vehicle market is projected to hit $2 trillion by 2030. Geography turns out to be the biggest variable in AV deployment. Who's winning the global race?

Bladder cancer has the highest recurrence rate of any cancer — 50-70% of patients relapse. For decades, treatment options barely changed. $IBRX got FDA approval for the first new intravesical immunotherapy for bladder cancer in 20+ years. Revenue up 668%. 500,000 new bladder cancer cases globally every year. The treatment pipeline was a desert. Not anymore. Which cancer type do you think is most underserved by pharma investment?

The S&P 500 is only ~3% off its all-time high. Yet beneath the surface, the biggest tech names are quietly in correction territory: $MSFT -29% $TSLA -20% $AMZN -19% $META -19% $NVDA -15% $GOOGL -11% $AAPL -9% The index looks fine. The stocks inside it? Not so much. Market-cap weighting is hiding a lot of pain right now.

In EVERY midterm election year since 1950, the S&P 500 has averaged a peak-to-trough drawdown of 17.5%. 2026 is a midterm year. We're barely 3% off the high right now. History says the real pain is still ahead.

What if you could silence a disease-causing gene permanently? $ARWR uses RNA interference to "turn off" genes responsible for liver disease, cardiovascular disease, and more. Their RNAi pipeline targets diseases affecting hundreds of millions of people globally. Gene silencing is becoming the new surgery. Is there a more exciting therapeutic modality right now?

In several Chinese cities right now, you can hail a taxi that has no driver, no steering wheel operator, and no one in the front seat. $PONY operates fully driverless robotaxis commercially. Not a pilot. A service. The global ride-hailing market is $85 billion and growing. Autonomous vehicles don't need breaks, don't get tired, and never call in sick. Why is the West ignoring what China is already deploying?

The global cybersecurity market is $300B by 2028. And every company on earth is a potential customer. 3 platform companies consolidating fragmented security stacks: $CRWD — Falcon platform: endpoint security + threat intelligence + cloud protection in one agent $PANW — platformization: convincing CISOs to replace 15-20 point solutions with one Palo Alto stack $ZS — zero trust: every user, every app, every device authenticated at the edge before access. The shift from products to platforms is the biggest cybersecurity trend of the decade.