Because some of the most market-moving stocks just made big announcements.

And what they announced is definitely worth your attention.

#1: SpaceX’s First Earnings Report… Ever

Here's what SpaceX delivered:

Revenue: $7.81 billion vs. $6.93 billion expected

Loss per share: 9 cents.

Here’s how the company’s three segments performed:

Space: $962 million vs. $835 million expected

Connectivity: $4.29 billion vs. $3.83 billion expected

AI: $2.56 billion vs. $2.18 billion expected

The company also spent $18.4 billion on capital expenditures during the quarter.

Of that, $15.8 billion went toward AI.

This is the point most investors are missing.

Today, SpaceX is primarily a connectivity business. Starlink generates billions of dollars in recurring revenue by providing internet service around the world.

But management is taking those cash flows and investing aggressively in AI.

So while SpaceX is known for rockets, the company's financials tell a different story.

The connectivity business is funding an enormous AI buildout.

This is the part investors need to be watching over the next several years.

Rockets are secondary.

#2: Newsflash… The AI Buildout Isn't Stopping

To find out if AI demand is actually slowing...

Look no further than the CEOs taking the orders.

Amazon CEO Andy Jassy:

"We have so much [data center] demand right now. Apart from what we've talked about in 2026, the lion's share of capacity in 2027... is largely reserved. And we have quite a bit of capacity that's already been reserved for 2028."

Meta CEO Mark Zuckerberg:

"I mean, look, the high-level observation is that there's just nowhere near enough compute for all the demand. So that is why we see that like basically, we are getting a large number of offers for the compute that we have, but also we have a lot of internal uses that we think are quite valuable."

Caterpillar CEO Joe Creed:

"There is a lot of discussion around AI demand. We have constant discussions with our customers, and all I can tell you is no one is slowing down at the moment. In fact, if we can get more units out, they're asking us to give them more units... We're starting to take orders into 2029 and 2030 already."

AMD CEO Lisa Su:

“AI is driving a significant expansion in demand for compute across all of our markets, and our leadership portfolio and growing customer visibility position us exceptionally well to capture this expanding opportunity and deliver substantial revenue and earnings growth in the years ahead.”

Four CEOs.

Four different industries.

One message.

The AI buildout isn't slowing down.

It's accelerating.

Final Takeaway: Don’t Listen to the Noise

Over the last few weeks, the market acted like the AI buildout was over.

This week, the companies actually building it told us the exact opposite.

• SpaceX accelerated AI investment.

• Amazon says customers are reserving capacity years in advance.

• Meta says there still isn't enough compute.

• Caterpillar says customers are placing orders into the end of the decade.

This is why the recent panic never changed my long-term thesis.

I hope it didn’t change yours.

While stock prices can swing wildly from one month to the next… Business fundamentals usually don't.

This week was a good reminder of that.

I’ve overlooked it for years.

But after listening to the company’s earnings call and doing some research over the weekend, it’s now one of my favorite AI stocks.

Hint #1: You Use Its Products Every Day

This company doesn't make flashy consumer products.

They manufacture specialty glass, fiber-optic cable, optical connectivity products, and advanced materials.

Its products show up in smartphones, automobiles, data centers, telecommunications networks, and more.

In other words, there's a good chance you interact with one of its products every single day without even realizing it.

Hint #2: The Biggest Companies in the World Are Customers

This company has partnerships with Amazon, Apple, Meta, and Nvidia.

These companies are investing hundreds of billions of dollars in AI, cloud infrastructure, and next-generation technology.

And every time they build another data center, expand another fiber network, or launch another device… this company benefits.

Hint #3: Management Says Revenue Is About to Explode

This is the part that really caught my attention.

Management laid out what it calls its “Springboard Plan.”

After generating revenue of $15.6 billion in 2025, the company is aiming to nearly triple that by the end of 2030.

• $20 billion annualized sales run rate by the end of 2026

• $30 billion by the end of 2028

• $40 billion by the end of 2030

This is the boldest roadmap I've heard all earnings season.

The Answer: Corning (GLW)

Did you guess it?

I'll be the first to admit that I didn't appreciate just how attractive this business was until I listened to the earnings call.

Even more interesting?

The stock is now 50% below its recent high.

Yet despite that pullback, analysts' earnings estimates continue to move higher.

This is exactly why I keep reminding you that the stock market is forward looking.

In the short term, stock prices and business fundamentals don't always move together.

But eventually, something usually gives.

Why I Love Earnings Season

Most investors spend earnings season focusing on whether a company beat earnings by a few cents.

But I'm listening for something much more important.

I want to hear where management thinks the business will be one, three, and five years from now.

That's how you find companies the market doesn’t fully appreciate.

That's exactly what’s happening with Corning.

And that's why I'll be listening again this week.

Monday: Palantir kicks off the week with one of the most anticipated AI earnings reports of the season. I'll be listening for any updates on government contracts, commercial growth, and AI demand.

Tuesday: SpaceX, AMD, Caterpillar, Astera Labs, and a host of energy companies report. This will be SpaceX’s first earnings report as a public company. Plus we’ll get updates on the current state of AI chips, data centers, and energy infrastructure.

Wednesday: Sandisk, Uber, Western Digital, and several large biotech companies take center stage. I'll be paying especially close attention to memory demand and Uber's autonomous vehicle commentary.

Thursday: Constellation Energy, ConocoPhillips, and several other energy companies report. I'm particularly interested in what they have to say about electricity demand from AI data centers.

Friday: Vistra and Oklo wrap up the week. Both have become closely watched names as investors look for companies that could benefit from AI's rapidly growing power requirements.

We’ve got another busy week coming up.

Remember to listen for more than just earnings beats or misses.

Listen for companies that quietly tell us its future will be much bigger than its present.

Who knows?

Maybe we'll find another Corning.

It's time for another reader Q&A.

Each week, I answer every question in my inbox.

As always, I can't provide personalized financial advice, but I'm happy to share my thoughts, research, and how I'm thinking about the market.

Let's get started.

I read the "Micron is Down 13%... Here’s My Take" e-mail. I am wondering what your opinion is on the circular financing headlines which have affected memory stock prices, along with other stocks. – Bob

Great question, Bob. If customers are financing one another to buy GPUs, servers, or memory, eventually investors start asking whether the demand is truly organic – or even a house of cards.

I think the circular financing headlines are weighing on sentiment more than fundamentals.

These aren't undercapitalized startups trying to survive. They're some of the most well-capitalized companies in the world.

OpenAI just raised a $122 billion funding round and will likely go public within the next year. Anthropic raised $65 billion in May and also has an IPO on the horizon.

As long as hyperscalers and leading AI labs continue spending aggressively on AI, my long-term thesis hasn't changed.

I’m sticking with AI stocks.

I'm on Gemini every day and I have no need for search, which is Google's main source of income. Perplexity AI is my other source. And I'm paying zero for both. How is all this spending going to be monetized? – Dennis

Dennis, you're asking the trillion-dollar question.

Today, AI is incredible for users... but not nearly as incredible for a company’s bottom line.

Right now we're in the "land grab" phase. Companies like Google, OpenAI, Anthropic, and Perplexity want to become your default AI assistant before they worry about maximizing profits.

Once they've won your attention, they'll figure out how to monetize it – whether that's subscriptions, advertising, transaction fees, or AI agents that make purchases on your behalf.

We've seen this movie before. Amazon prioritized growth over profits for years. Google gave away Search. Facebook was free. They built massive user bases first and monetized them later.

But it’s also important to note that AI isn't a standalone product. It's already making the rest of their businesses more valuable.

Google is using Gemini to improve Search, YouTube, Cloud, Workspace, and advertising. Microsoft is embedding AI across Office, Azure, GitHub, and Windows. Amazon is doing the same with AWS, Alexa, shopping, and logistics.

So while it's fair to question whether today's spending will pay off, the bigger opportunity is how AI improves – and ultimately grows – the rest of these companies' businesses.

Your Fannie Mae (FNMA) investment is getting cheaper. Any chance they get privatized before midterms? – Peach Boy

Good question, Peach Boy. I still believe President Trump will end the conservatorship of Fannie and Freddie.

We go through phases where this is top of mind and then radio silence.

So in all honesty, I don’t know when it will happen. But I want to make sure that I’m invested when it does.

Should we buy Anthropic? Or at least the public companies that own stakes in Anthropic? – Jean

Great question, Jean. The public companies that own stakes in the big AI labs are finally getting some recognition.

Did you see Amazon’s earnings beat on Thursday? The company reported earnings per share of $5.75 vs. $1.82 expected.

The massive EPS beat is primarily due to Amazon recognizing a $53.4 billion gain on its Anthropic investment.

That’s not insignificant! And if Anthropic and OpenAI go public at the rumored $2-$3 trillion valuation, there’s a lot more upside for Amazon, Alphabet, and Microsoft who own big stakes.

To answer your question – YES! I’d own these companies for this reason, but also because these businesses are dominant in their respective industries.

What happens to an option contract if the stock splits forward or reverse? – Chris

Hi, Chris. In both cases, your option contract is automatically adjusted so you're economically no better or worse off.

Important Update: The Million Mission website is live!

I constantly get questions regarding where to find previous alerts. Well, The Million Mission website is live and you can check out archived alerts here.

Portfolio Overview

Here’s what I’m currently holding in The Million Mission portfolio:

Fannie Mae (FNMA) – 3,500 shares @ $6.86/share

Uber Technologies (UBER) – 200 shares @ $80/share

Nvidia (NVDA) – 200 shares @ $179/share

Micron (MU) – 50 shares @ $935/share

• Graduated from Columbia University as valedictorian at 19 years old.

• Joined OpenAI, where he worked on the company's Superalignment team alongside some of the brightest minds in artificial intelligence.

• Published a series of essays arguing that AI will require an unprecedented buildout of chips, memory, data centers, and electricity. These essays became must-reads in Silicon Valley and turned him into one of the most recognizable voices in AI investing.

• Left OpenAI after a very public firing.

• Launched his own hedge fund.

• Raised billions of dollars.

• Watched the fund swell to $45 billion all before his 25th birthday.

If you were writing the script...

The next chapter would probably involve a long and successful investing career.

He would grow old and wise like Warren Buffett and impart his wisdom on the next generation of great investors.

Instead...

It ended on Thursday with a margin call.

According to multiple reports, Aschenbrenner's fund was forced to unwind its public stock portfolio after the sharp pullback in AI stocks.

The irony?

I own many of the same companies he did. And you probably do too.

Micron, Nvidia, and several adjacent AI infrastructure stocks.

I didn't lose my portfolio. I assume you didn’t either.

Why?

Because Leopold's biggest mistake wasn't the stocks he bought.

It was the way he bought them.

“When you combine ignorance and leverage, you get some pretty interesting results.” – Warren Buffett

Here's where things went wrong.

Leopold wasn't simply buying AI stocks with his own money.

He was using 4-to-1 leverage to buy even more.

Think of it this way...

Say you have $1 million to invest.

Instead of buying $1 million worth of stocks, you borrow another $3 million.

Now you're controlling a $4 million portfolio.

If your stocks rise, your gains are amplified.

But losses are amplified too.

And when your lender believes their money is at risk, they can demand additional collateral.

If you can't provide it… your investments get sold to repay the loan.

According to regulatory filings, the fund was up 440% for the year through June as the AI trade ripped higher.

But then came July…

Its largest public holdings included Nebius, Sandisk, Micron, and CoreWeave.

All four of these stocks were down more than 35% this month.

As the losses mounted, so did the pressure from lenders.

When the fund couldn't meet those demands, they reportedly pulled the plug.

According to reports, much of the portfolio was sold directly to rival hedge fund manager Ken Griffin.

Just like that, one of Wall Street's hottest hedge funds was knocked out of the market.

But Here's the Real Gut Punch

One of Wall Street's cruelest ironies is that the market's biggest rallies often happen when fear is at its highest.

Just look at the chart below.

Largest Single Day Gains in S&P 500 History

All of the 10 biggest one-day gains in S&P 500 history occurred during the depths of financial crises, market crashes, and periods of extreme uncertainty.

Unfortunately for Leopold, this is exactly what happened to him.

His lenders forced him to liquidate his portfolio on Thursday morning.

That very same day the stock market exploded higher.

• Sandisk surged 26%.

• Micron rallied 18%.

• Bloom Energy jumped 26%.

What a brutal way to learn one of Wall Street's oldest lessons.

But the stock market doesn't care.

It doesn't care that you graduated first in your class.

It doesn't care that you worked at OpenAI.

It doesn't care that your AI thesis may ultimately be proven correct.

If you borrow so much money that a normal correction forces you to liquidate your fund...

You don't get to participate in the recovery.

It’s an important lesson that you need to remember when you’re investing your own portfolio.

And it’s a lesson that I constantly think about here at The Million Mission.

Unfortunately for Leopold, this is one lesson they must have not taught at Columbia.

So he had to learn the hard way.

My Micron (MU) position is down 13% in just over a week.

Nearly every other AI-related stock has sold off as well.

Nvidia… Broadcom… Alphabet… Bloom Energy… Corning.

All have been caught in the downdraft.

But the interesting part?

The fundamentals haven’t changed.

In fact, I'd argue the opposite.

Here’s why I’m sticking with these stocks.

Reason #1: Earnings Estimates Continue Moving Higher

Whenever one of my investments pulls back, the first thing I check is earnings estimates.

Not the headlines.

Not social media.

If Wall Street starts cutting revenue and earnings estimates, that's a sign something may actually be wrong.

But that's not what’s happening here.

Check out how earnings estimates have moved higher over the last two months.

Below are Wall Street's earnings estimates for next year from 60 days ago, 30 days ago, and today:

Micron (MU): $102.72 → $117.95 → $153.74

Nvidia (NVDA): $12.65 → $12.73 → $12.87

Intel (INTC): $1.54 → $1.55 → $1.99

Alphabet (GOOG): $14.44 → $14.50 → $14.72

These aren’t cherry-picked.

You name an AI company and estimates are likely moving higher.

So while the stocks are going down, it’s important to know that the expectations aren’t.

Reason #2: The Biggest Customers Keep Spending

Ultimately, the fate of AI stocks comes down to one thing:

Are the world's largest AI companies still spending?

So far, the answer is a resounding yes.

Last week, Alphabet raised its full year 2026 Capex guidance range to $195 billion to $205 billion, up from their previous estimate of $180 billion to $190 billion.

Tonight, Microsoft and Meta report earnings.

My prediction is that both companies also raise their AI spending forecasts.

Looking specifically at memory, demand remains unprecedented despite the recent negative sentiment.

Deloitte released an article with this title yesterday: “Why the memory chip crunch is greater than expected, and may not ease until 2029”

And Elon Musk literally stopped the Tesla earnings call last week to say this:

“I'd also like to thank Micron for giving us the memory allocation. They're going to make some very tough decisions on memory allocation, and we really appreciate Micron making room for Tesla in the years to come and giving us actually a very significant allocation on reasonable terms given the pretty insane pricing of memory these days.”

To me, this is far more important than a few days of negative price action.

Reason #3: I’m Not Losing Sleep Over China

Seemingly the biggest reason memory stocks have sold off is renewed concern about China.

A Chinese memory manufacturer recently went public. Another Chinese company announced plans to manufacture memory equipment.

Suddenly, investors are acting as if Micron woke up with major new competition.

This reasoning is just flat out wrong.

CXMT is the name of the Chinese memory manufacturer that recently went public.

The company was founded in 2016, so it’s not new to the chip market… just the stock market.

Plus, the company faces a long list of restrictions on international sales because its investor list is a who's-who of Chinese government entities.

And then there’s the fact that we've seen this movie before.

In 2023, China's largest semiconductor company, SMIC, announced it had produced an advanced chip despite U.S. export restrictions.

Investors immediately worried China had caught up to the West.

It didn’t.

The chip cost significantly more to produce and wasn't competitive with the best products coming out of Taiwan and the United States.

Could China become a formidable competitor five or ten years from now?

Absolutely. This is a risk worth monitoring.

But that's a very different question than whether Micron's competitive position fundamentally changed over the past week.

The Real Test is Tonight

The most important question isn't what China does… or how investors are feeling on any particular day.

It's what company management teams say about demand and AI spending, starting with Microsoft and Meta this afternoon.

These companies are two of the largest buyers of AI infrastructure in the world.

If they continue talking about expanding data centers and increasing AI investment, it reinforces the demand story for memory and the broader AI ecosystem.

That's why I'll be paying much closer attention to capital expenditure guidance than a few days of falling stock prices.

Because while stock prices can change overnight, business fundamentals rarely do.

And right now, the companies writing the biggest AI checks don't appear to be slowing down.

If anything, they're speeding up.

"How am I supposed to know what Trump is going to do? I'm asking because whether or not the Iran war is over or restarting seems to have an outsized impact on the stock market. The latest news says the U.S. and Iran are 'pausing' fighting for peace talks. Markets look like they're going to rip higher Monday. I'm getting whiplash from all the back and forth... and so is my portfolio." – Eugene

It's a great question. And I suspect plenty of investors are feeling exactly the same way.

One day President Trump is tweeting about Iran.

Then it's tariffs.

Then it's something else entirely.

Markets swing wildly based on whatever headline happens to hit the newswire that morning.

So how do you invest through all of that?

My answer is simple.

I don't try to predict politicians.

Not Donald Trump.

Not Kevin Warsh.

Not Iran, China, Congress or anyone else.

Could you occasionally guess correctly?

Sure.

But can you consistently build wealth by predicting the next geopolitical headline?

I don't think so.

There are simply too many variables outside our control.

Instead, let’s spend our time analyzing things that can actually be analyzed – like the businesses we own.

Because this week, we're about to get a flood of new information.

Earnings Season Ramps Up This Week

While everyone else is debating what the next headline might be...

We're about to hear directly from some of the most important companies in the world.

Meta, Microsoft, Amazon, and Apple are collectively worth more than $12 trillion and sit at the center of the global AI boom.

If you want to know whether the AI buildout is accelerating or slowing, these earnings calls will provide the answer.

How fast are customers spending?

Is demand strengthening or weakening?

Are companies continuing to pour billions of dollars into AI infrastructure?

Remember, capital expenditures (capex) is the money companies invest to build for the future.

This includes things like:

• New AI data centers.

• More Nvidia GPUs.

• More Micron memory.

• More networking equipment.

• More power infrastructure.

Alphabet reported earnings last week and increased its capex forecast again.

If Meta, Microsoft, and Amazon echo Alphabet's message and continue raising – or at least maintaining – their massive AI spending plans, it will reinforce my highest-conviction investment theme:

The AI buildout isn't slowing down.

Other Reports to Watch

It’s not just Magnificent Seven stocks reporting this week.

Here’s what else I’ll be watching.

Are Consumers Still Spending? – Visa and Mastercard report on Tuesday and Thursday, respectively. We hear a lot about consumer confidence and inflation eroding our buying power. Earnings reports from Visa and Mastercard give us a unique look into whether that’s actually true.

The Latest on Crypto – Crypto has had a volatile couple of months. Prices have been in constant decline, and government regulations have flip-flopped as much as US-Iran peace talks. Let’s see what Coinbase management has to say about the state of the industry on Thursday.

Don’t Forget the “Other” AI Stocks – I’ll also be watching KLA, who makes the equipment used to manufacture semiconductors. I’ll be watching Cadence, who makes software used in the design of semiconductors. And I’ll be watching Amphenol and Seagate, who both make products used extensively in data centers.

Here’s How to Follow Along

If you want to cut through the noise this week, there are two easy ways to do it.

First, every public company posts its earnings release, investor presentation, and conference call webcast on its Investor Relations (IR) website.

If you really want to understand a business, there's no substitute for hearing directly from management.

Second, if you don't have the time to listen to hours of earnings calls, that's exactly what The Million Mission is for.

Over the next several days, I'll be breaking down the biggest announcements, explaining what actually matters, and separating the headlines from the long-term investment implications.

Because while everyone else is trying to predict the next geopolitical headline, I'll be focused on what ultimately drives stock prices:

Earnings.

It's time for another reader Q&A.

Each week, I answer all of the questions in my inbox.

As always, I can't provide personalized financial advice, but I'm happy to share my thoughts, research, and how I'm thinking about the market.

Let's get started.

I own shares of USA Rare Earth (USAR), Planet Labs (PL), and AST SpaceMobile (ASTS). I’m down on all three positions. What would you do? Sell and take the loss or just wait until they come back up? – Cindy

Hi, Cindy. Yesterday, I talked about how the stock market is forward looking and how a handful of industries are about to see exponential growth.

The three stocks you mentioned fit that description.

USAR Revenue 2025-2027: $1.6M → $73M → $677M

PL Revenue 2025-2027: $308M → $436M → $571M

ASTS Revenue 2025-2027: $71M → $169M → $722M

None of these investment theses will be decided over the next few weeks or even the next few months.

They'll be decided by whether those businesses execute over the next several years.

Personally, I’m sticking with them.

SpaceX is down to $112. Is this a green light to buy? – B

Let’s wait until after the lockups expire, B.

That’s when all the SpaceX employees and insiders can begin selling shares.

This added selling pressure will likely drop the stock price even further – probably under $100.

SpaceX reports its first earnings results as a public company on August 4. Then, two days later, 20% of shares will unlock and become freely traded.

Let’s check back in a few months around Q3 earnings season. For now, I’m staying away.

I bought Destiny Tech100 (DXYZ) trying to get some exposure to SpaceX. DXYZ has been falling. What do you think? – Roberto

Hi, Roberto. I’ve talked about the risks of these funds before. Here’s what I’ve said:

The biggest risk is that these funds typically trade at a premium to the value of their underlying assets. This happens because the underlying assets are shares of heavily demanded private companies like SpaceX, OpenAI, Anthropic, etc.

But now ask yourself… What happens when SpaceX, OpenAI, Anthropic, etc. go public?

Do investors need to buy DXYZ, BPTRX, XOVR, etc.?

No. They’ll buy shares of these companies directly. The premium investors are currently paying for “proxy” funds will likely evaporate.

I hope this helps.

I’ve had a little bit of experience with trading years back, but never in the stock market. Is there a video that helps explain exactly how to go about this? – Lisa

Hi Lisa, I think you’ve come to the right place.

First, I’d point you to our Wealth Desk.

Here you'll find a collection of free beginner's guides covering many of the investing tools and strategies I use myself.

Second, I truly believe The Million Mission is a great place to learn about investing.

Yes, I'm investing my own money in real time. But because of emails like yours, this newsletter has also evolved into an educational resource.

So stick with The Million Mission as I continue breaking down the stock market and sharing everything I've learned along the way.

Which day and/or email do you post the stocks in your portfolio? – Wanda

Every Saturday! See below!

Important Update: The Million Mission website is live!

I constantly get questions regarding where to find previous alerts. Well, The Million Mission website is live and you can check out archived alerts here.

Portfolio Overview

Here’s what I’m currently holding in The Million Mission portfolio:

Fannie Mae (FNMA) – 3,500 shares @ $6.86/share

Uber Technologies (UBER) – 200 shares @ $80/share

Nvidia (NVDA) – 200 shares @ $179/share

Micron (MU) – 50 shares @ $935/share

The stock market is forward looking.

I’ll say that again.

The stock market is forward looking.

It’s important to remember this when investor sentiment turns negative and stocks sell off.

We’ve seen this play out over the last few weeks.

The three themes I talk about most here in The Million Mission have gotten hit hardest:

• Artificial Intelligence
• Space
• Autonomous Vehicles

But there’s a reason why I focus on these technologies… and why I continue to recommend the stocks.

Yes, even after the minor pullback.

The next time your favorite stock sells off sharply, ask yourself one question:

Are investors reacting to today's news... or tomorrow's results?

Because right now, the outlooks for these businesses keep getting better while their stock prices keep getting cheaper...

The Future of Tech Is Exponential

The reason I spend so much time researching AI, space, and autonomous vehicles is simple.

Many of the companies leading these industries aren't expected to grow revenue by just 10% or 20% per year.

Wall Street expects revenue to explode over the next few years.

Take a look at the current estimates:

Artificial Intelligence

This AI buildout is only ramping up. As data centers continue being built around the world, companies supplying the infrastructure are expected to see enormous revenue growth.

Nvidia (NVDA) Will Nearly 3x Revenue

• 2025: $216 billion
• 2026: $394 billion
• 2027: $561 billion

Micron (MU) to 6x Revenue

• 2025: $37 billion
• 2026: $130 billion
• 2027: $239 billion

Bloom Energy (BE) to 3x Revenue

• 2025: $2 billion
• 2026: $3.7 billion
• 2027: $6.5 billion

Space

After years of building satellites, launch vehicles, and communications networks, many space companies are finally approaching the commercialization phase.

AST SpaceMobile (ASTS) to 10x Revenue

• 2025: $71 million
• 2026: $169 million
• 2027: $722 million

Rocket Lab (RKLB) to 2x Revenue

• 2025: $602 million
• 2026: $919 million
• 2027: $1.3 billion

SpaceX (SPCX) to 5x Revenue

• 2025: $15 billion
• 2026: $39 billion
• 2027: $73 billion

Autonomous Vehicles

Driverless technology has been in development for years. Now, many of the leading companies are finally generating meaningful revenue.

Aurora Innovation (AUR) to 62x Revenue

• 2025: $3 million
• 2026: $15 million
• 2027: $186 million

Kodiak AI (KDK) to 10x Revenue

• 2025: $4 million
• 2026: $10 million
• 2027: $40 million

Don't Let Today's Headlines Distract You From Tomorrow's Opportunity

Over the last few weeks, the market has been focused on fear.

Instead, let’s focus on the future.

Because that's what the stock market eventually rewards.

Not yesterday's earnings.

Not today's headlines.

Tomorrow's results.

The next time AI, space, or autonomous vehicle stocks sell off on sentiment alone, remember what you're actually buying.

You're buying businesses that will be dramatically larger and more important two years from now.

That's why I continue to own these stocks.

That's why I continue recommending them.

And that's why it’s important to remember these six words:

The stock market is forward looking.

For the past several weeks, AI stocks have been punished for one reason:

Emotion.

• Not disappointing earnings.

• Not slowing demand.

• Not companies cutting AI spending.

Investors simply fell out of love with AI stocks.

That changes today.

Earnings season is about to kick into high gear, and the market is finally going to focus on what actually matters: how these businesses are performing.

Alphabet, Tesla, IBM, GE Vernova, and ServiceNow all report today.

Tomorrow, we'll hear from Intel.

Then next week comes the biggest test yet, with Microsoft, Amazon, Apple, Meta, and dozens of other AI-related companies reporting results.

Today, I want to share my biggest predictions for these upcoming announcements.

And what this means for AI stocks going forward.

Here Are My Earnings Season Predictions

Alphabet (GOOG) – Capex Goes Higher

Capital expenditures (capex) is simply the money a company spends building for the future – new AI data centers, servers, networking equipment, and other infrastructure.

Over the past two years, hyperscalers have spent hand over fist building out AI.

I don't think that changes.

In fact, I think Alphabet raises its capex guidance once again.

That directly benefits several Million Mission positions, including Nvidia (NVDA), which supplies the AI chips, and Micron (MU), whose high-bandwidth memory is critical for those systems.

ServiceNow (NOW) – Finally Bets on Themselves

I think ServiceNow announces that it aggressively repurchased its own stock during the recent software selloff.

The company already has $9.5 billion authorized for share repurchases – enough to retire about 10% of the company.

Before I call the bottom in software, one of the signals I've been waiting for is management teams themselves to step in and buy their beaten-down stocks.

Salesforce did it in a big way last quarter. I expect ServiceNow to do the same this quarter.

Intel (INTC) – Somehow Keeps Rising

For the life of me, I don't know how this stock clawed its way back above $100.

But I do know one thing: This AI buildout isn't slowing down.

Every new AI data center needs CPUs alongside GPUs, and Intel remains one of the world's leading CPU suppliers.

Regardless of this quarter's numbers, I expect management to sound increasingly bullish about demand for its CPUs and the progress of its foundry business.

For those reasons, I expect the stock to continue moving higher.

(Warning: I’ve been consistently wrong about Intel, so take this prediction with a grain of salt)

Microsoft, Amazon, and Meta – Can’t Stop Won’t Stop

Over the past few weeks, investors have worried that AI spending might slow.

I don't buy it.

I think Microsoft, Amazon, and Meta all reaffirm – or even increase – their AI capex plans alongside Alphabet.

The AI race hasn't slowed down.

If anything, it's becoming more competitive.

No CEO wants to tell investors they're falling behind in artificial intelligence.

I think the hyperscalers continue spending hand over fist to build AI infrastructure, and that remains one of the biggest tailwinds for companies like Nvidia, Micron, Dell, Broadcom, Bloom Energy, and the rest of the AI supply chain.

SpaceX (SPCX) – $100 Here We Come

SpaceX officially reports earnings on August 4, but I think the bigger story begins two days later.

That's when the first lock-up restrictions expire, allowing eligible insiders to sell up to 20% of shares.

That additional supply could put further downward pressure on the stock.

For now, I’m sticking with my original prediction – SpaceX stock falls to under $100.

One Final Thought

Over the past few weeks, many of the market's best AI companies sold off despite very little changing underneath the surface.

While investors were focused on fear and short-term sentiment, these businesses kept doing what they've always done:

• Building products

• Signing customers

• Investing billions in AI infrastructure

• Growing earnings.

This is why earnings season matters.

It gives us the chance to tune out the daily noise and focus on what actually drives long-term stock prices – the performance of the underlying business.

The next time the market sells off on emotion rather than fundamentals, remember this moment.

The headlines may change overnight.

The business usually doesn't.

A reader named Mark sent in a question so relevant to many investors that it deserves a full response.

I enjoy reading your insights. Thank you! As a Paradigm member, my biggest problem is holding too many positions because I want in on the potential the many recs have to offer. What I admire most about your approach is your ability to look at so many good stocks and pair it down to a select few to invest in. Can you please provide some insight into your process and how to avoid having too many positions? – Mark

Thanks for the question, Mark.

There are a lot of great companies out there.

The challenge isn't finding them.

The challenge is deciding which ones actually deserve your money.

Over the years, the overwhelming majority of the money I've made in the stock market hasn't come from owning dozens of positions.

It's come from making large investments in a handful of companies I had tremendous conviction in.

This has become one of the core principles behind The Million Mission.

My Biggest Winners Fall Into Two Categories

Looking back over my investing career, my biggest winners almost always fall into one of two categories.

Category #1. Early investments in emerging technologies.

Buying Nvidia before the AI boom is a perfect example.

Back then, very few investors realized that Nvidia's graphics chips would become the backbone of artificial intelligence.

Today, AI has become one of the biggest investment themes in the world.

Looking ahead, I believe autonomous vehicles and quantum computing will become the next major technology waves.

Category #2. High-quality companies that temporarily fall out of favor.

Meta in 2022 is one of my favorite examples.

The stock collapsed. Investors hated it.

Yet the underlying business remained one of the greatest companies ever built.

Eventually, the market recognized that.

A few companies fit this description today.

Nvidia, Microsoft, Uber, and Netflix are a few of my favorites.

A Great Company Isn't Always a Great Investment

Finding a great business is only half the battle.

The other half is deciding what you're willing to pay for it.

One of the quickest ways I narrow my list is through valuation.

In fact, I almost never buy stocks trading at valuations I consider expensive.

This simple rule immediately eliminates a huge number of companies and naturally keeps my portfolio much smaller.

Of course, valuation isn't everything.

A fast-growing company deserves to trade at a higher multiple than a slow-growing one.

That's why I'm looking at several things together:

• Revenue and earnings growth

• Whether Wall Street's expectations are moving higher or lower

• The valuation I'm paying today

• The size of the opportunity ahead

You can find most of this information for free on the Analysis tab of Yahoo Finance.

Generally speaking, I want to see analysts raising their expectations and I want to make sure the valuation I'm paying makes sense relative to expected growth.

A stock trading at 40x earnings isn't automatically expensive if earnings are expected to grow 50% next year.

In fact, it may actually be cheap.

Likewise, a stock trading at 20x earnings isn't automatically a bargain if the business has stopped growing.

Putting It All Together

In my portfolio, every stock is competing for the same investment dollars.

So when someone asks me about a company, the question I’m trying to answer isn’t:

"Should I buy this stock?"

Instead, I ask:

"Should I buy this stock instead of one of my other favorite picks?"

Take Apple, for example.

It’s one of the greatest companies ever built.

But today, it trades at roughly 34x next year's earnings while analysts expect earnings growth of around 10%.

Now compare that to Nvidia.

Nvidia trades at roughly 16x next year's earnings, yet analysts expect earnings growth of around 45%.

So I have to ask myself:

Should I buy Apple instead of Nvidia?

I'm not saying Apple is a bad investment.

Far from it.

I'm simply saying I think Nvidia offers a better combination of business quality, growth, valuation, and upside.

For this reason, I’d much rather allocate investment dollars toward Nvidia versus Apple.

Concentration Isn't for Everyone

Before I wrap up, I want to make one thing clear.

This approach isn't right for everyone.

A concentrated portfolio naturally comes with bigger swings and more volatility than a diversified one.

If watching one position fall 20% causes you to lose sleep, there's absolutely nothing wrong with owning more stocks and spreading out your risk.

Every investor has a different risk tolerance and a different capacity for volatility.

For me, however, concentration has been responsible for the vast majority of my success.

I didn't build wealth by making tiny investments in dozens of companies.

I built it by making meaningful investments in a handful of businesses I understood well and believed in deeply.

At the end of the day, every dollar has a job.

I want as many of those dollars as possible working in my highest-conviction ideas – not my fifteenth-best one.

That's the framework I use.

And it's exactly how I'm managing The Million Mission.