The boom loop we’ve been discussing for the past few months continues to materialize in corporate earnings.
More compute. More revenue. More profit. More compute (…).
We’ve seen it in the earnings of chip and memory stocks.
Now, it’s broadening.
Let’s step through the AI stack.
Start with the chips.
As we’ve discussed in these notes, Nvidia put up another huge quarter — almost $82 billion of revenue in a single quarter, more than ten times its revenue of three years ago (and guided to $91 billion for the next). Its CFO told the market AI infrastructure spending is now on track to reach three to four trillion dollars a year by the end of the decade.
Those chips have to be built.
Taiwan Semiconductor, which manufactures the most advanced ones in the world, reported a 20% jump in revenue in a single month and greenlit $45 billion in new capacity.
The chips can’t compute without memory.
Micron posted $23.9 billion in its most recent quarter, up 196% from a year earlier, and guided to a record $33.5 billion quarter at margins near 80%. Moreover, Micron has already sold out its entire 2026 production of these chips, under binding contracts. This week, the valuation crossed $1 trillion.
The chips also produce oceans of data that needs to be stored.
SanDisk reported $3 billion in a quarter and then followed it with a $5.9 billion quarter — a near doubling of revenue in ninety days.
Then the data has to be organized and put to work.
This week, Snowflake (the data-cloud company) reported product revenue of $1.33 billion, up 34%, the strongest quarterly dollar growth in its history. It raised full-year guidance, signed a $6 billion infrastructure deal with Amazon, and told us the number of customers using its AI tools jumped from 9,100 to 13,600 in a single quarter. The stock rose 37% in a day.
The AI applications need a database to run on.
MongoDB just reported revenue up 25%, its cloud database growing 29%, as it positions itself as the working memory for the coming wave of AI agents. It raised guidance too. The stock trading up as much as 36%.
And all of it has to run on servers.
Today, Dell reported an AI server backlog of $51 billion, after AI-server revenue grew 757% compared to the same quarter last year. It raised its target for this year toward $60 billion. The stock rose 40%.
So, while the daily headlines argue tenths of a tick in inflation and the price of oil, every single layer of the AI stack is telling this story: accelerating demand, raised guidance, and not enough supply.
This is the boom loop we’ve been describing, broadening across the entire AI stack — which should broaden across the entire economy.
As we’ve discussed over the past three years, AI is indeed making the pie bigger. The trillion-dollar valuation club is indeed growing.
In a world racing toward abundance, you want to own the scarce things that abundance can’t exist without.
That’s what our two portfolios are built around. Our AI-Innovation Portfolio owns the scarce physical inputs the buildout cannot exist without — the power, the fiber, the connectors, the chip equipment, the network edge. Our Billionaire’s Portfolio owns the still-undervalued producers of the hard assets that feed it — the copper, the gold, the oil and gas, and the legacy technology being revalued as AI-critical infrastructure.
Two portfolios driven by one thesis. If you’re not yet a member, it’s a good time to get positioned for what the stack just told us is coming.
Learn more here.
