I don’t think Elon actually plans for SpaceX to be a neocloud long-term I think he’s rushing to build as much compute as possible right now bc it can be paid for by other companies within 6-9 months at current spot prices Then, in 2 years from now as pricing begins to stabilize he can re route that same compute to Grok, FSD, robotaxis and humanoids as they scale up So all that compute he’ll need in a couple years is just getting paid for by other companies now And the most interesting thing from this is right now he builds a GW for $30-$45B (with Vera Rubin) and then rents it for $50B/year Once he re routes that compute to his products, he’ll generate upwards of $100B+/GW, which is the current return for companies like OpenAI and Anthropic Obviously there’s risk if the demand for compute subsides in the short-term, before his other products scale, but I think it’s an incredibly smart move that’s going to pay off massively For that reason, $SPCX has become a core asset in my portfolio. You can see my entire real-time portfolio here: link.milkroad.com/t5837z

I don’t think Elon actually plans for SpaceX to be a neocloud long-term I think he’s rushing to build as much compute as possible right now bc it can be paid for by other companies within 6-9 months at current spot prices Then, in 2 years from now as pricing begins to stabilize he can re route that same compute to Grok, FSD, robotaxis and humanoids as they scale up So all that compute he’ll need in a couple years is just getting paid for by other companies now And the most interesting thing from this is right now he builds a GW for $30-$45B (with Vera Rubin) and then rents it for $50B/year Once he re routes that compute to his products, he’ll generate upwards of $100B+/GW, which is the current return for companies like OpenAI and Anthropic Obviously there’s risk if the demand for compute subsides in the short-term, before his other products scale, but I think it’s an incredibly smart move that’s going to pay off massively For that reason, $SPCX has become a core asset in my portfolio. You can see my entire real-time portfolio here: link.milkroad.com/t5837z

The next leg up for memory stocks is buybacks, get in NOW before the companies start buying ahead of you (Save this) $400 Billion in free cash flow is expected from Micron alone through 2028 Sk Hynix just said: "We are actively considering additional shareholder return measures to enhance shareholder value, with the details to be finalized and announced during the third quarter." And they are likely try to get ahead of Micron who will do the same, but cannot legally repurchase shares until December 9, 2026 (a CHIPS Act condition attached to its grants) These buybacks will be large becuase of how proftible these companies are and the interesting thing is that these memory companies already have inventory sold out into 2030, which means guaranteed buybacks for years Look at the table I shared, every major memory supplier has shared how much of its output is locked under long-term agreements: Micron: roughly 50% of revenue targeted, 16 supply agreements, five year terms through 2030, take-or-pay, around $100 billion of RPO at minimum prices, plus $22 billion of deposits and commitments with $18 billion already in cash SanDisk: over 50% of FY27 bits and about two thirds of FY28, $93.9 billion of minimum revenue at the floor, RPO going from $59.8 billion to $91.1 billion Samsung: 60 to 70% of capacity, rolling five plus one year deals, 25% of advance payments already collected, price floors set SK hynix: around 10 customers concluded, roughly five year terms Half of memory output is now sold years in advance at contracted floors, but here is the part the market isn't pricing in yet imo When demand is locked and prices have floors, you stop getting big earnings surprises, bc we know what's happening years out. So the upside now starts coming from what management does with its cash, and as I said above, that cash is huge! Free cash flow more than tripled in the last quarter from most of the memory companies and UBS models over $400 billion of free cash flow from Micron through 2028 and says that at current prices the company could retire more than 40% of its own shares! Meanwhile the stock is 30% off its high at <6x forwarding earnings, with 29 of 30 analysts giving a buy on an average target of $1,560. $MU won't be sitting in the $800s for much longer The analysts at Milk Road PRO were early to Micron, buying in the low $100s and we've been buying the dip on Micron and other memory stocks recently too. You can track 5 analysts research and real-time portfolios inside PRO. It's only $1 to try right now too (probably the highest ROI you'll get all year). Check out my link in bio to learn more Good luck out there!

Deutsche Bank expects SpaceX to sell future compute at $48M per MW, exiting 2027 at $216B of compute ARR Sounds bullish... it's actually BEARISH vs Elon's own guidance DB models 4.5 GW by EOY 2027. Elon says 13 GW Let me explain the gap (and who's likely right): Part of it is just accounting. DB only counts SIGNED customer leases, measured in IT megawatts: - Their megawatts are IT load. Elon's gigawatts are facility nameplate (add cooling and overhead) - And then of course Grok's internal compute (~15% of the fleet) isn't a "deal," so it doesn't exist in their table for leases either Adjust for both and DB's 4.5 GW is really around 6.5 GW in Elon-speak. So effectively, Deutsche Bank is discounting Elons compute numbers by 50% but holding him to the high end of the compute pricing for 2027 I agree with the pricing side of things, but very much disagree on the GW online. I think SpaceX will get close to 6 by end of Q1! Deutsche Bank's UPSIDE case ($216B exit ARR) is actually below MY BEAR case ($238B). I think we'll see spaceX exit 2027 with AI compute ARR near $500B (maybe above it) For this reason, I own alot of $SPCX and I got our Milk Road PRO members in for the first time at $115. We've added a few times on the way up as well For more signals like this and to see my entire real-time portfolio, check out Milk Road PRO here: link.milkroad.com/t5837z Good luck out there!

A brutal year for Bitcoin is just getting started. Give me three minutes to explain why you should dump it now. Outflows from ETFs are signal and will continue. We will test the 57k low again in the next 12 months. Why? Because there are far too many dynamic places to put your money that are creating MUCH more value. Why put your resources into a dead network that offers nothing beyond a store of value? What's the point of place the BTC be if Bitcoin's Ponzi-scheme nature has gone away!?! The viral nature of bitcoin was it's power... if you didn't own you were MOCKED! Now? Completely reasonable, heck, SMARTER, to ignore bitcoin and place other bets! No one is trying to convince people to buy Bitcoin anymore... the memes and NFTs are gone. No one is saying $ BTC can change the world, because it won't — and BECAUSE AI HAS! Just sell and shift from Bitcoin to Super Intelligence because one provides little to no value, and the other provides unlimited upside for humanity. This should be obvious to everyone right now. Bitcoin will never break its all-time high again.

Everyone is worried about SpaceX funding its $470 BILLION of capex to hit 13 GW But I think the market is missing how FAST $SPCX revenue is about to ramp up, specifically from AI My model suggests SpaceX hits $122B of Q4'27 revenue and $314B in FY'27 With $90B of cash on the balance sheet today, this should bring new debt needed to fund everything next year well below $200B (most estimates are $300B+ right now) I think the big thing the market is missing is that every 2-2.5 GW SpaceX adds in a quarter creates $25-35B of new QUARTERLY revenue at roughly 60% EBITDA margins. We already have proof it converts fast as they guided Q1'27 to $33-37B in revenue off 2.5-3GW So if we look at funding $470B: - ~$230B comes from the business itself (operating cash flow over the 5 quarters) - ~$60B comes from the $90B cash pile they're already sitting on That leaves $180B to raise in debt And that debt shouldn't be too difficult for Elon considering SpaceX exits 2027 generating EBITDA at a ~$290B annual pace. $150-180B of debt against that is less than 1x leverage. Most blue chips carry more And of course, if he doesn't hit the 13GW and revenue comes in lower, it just means the capex is lower too I continue to believe $SPCX is very undervalued, as I've been saying since I made my first buy at $115. Milk Road PRO members have been getting the signals to buy SpaceX on dips by tracking my real-time portfolio and research. You can find it all here: link.milkroad.com/t5837z

Novogratz just clarified whats happening with the second tenant for Helios 2! It turns out Galaxy walked AWAY from a Helios 2 lease this summer, passing because the power constraint got bigger Mike Novogratz on the call today: "we ultimately decided not to move forward on the terms being considered" He said the market for large-scale power data centers "has become increasingly constrained, while demand for capacity beginning in 2028 and beyond has strengthened" Galaxy's president added that new power approvals are harder to get and competing projects are getting delayed, which limits how much compute can actually be delivered from 2028 to 2030 That makes Helios 2's 800+ MW of secured power worth more, not less "we believe Helios 2 is an even more valuable asset today than it was just a few months ago" And they're in no rush: "we're not going to compromise on terms just to meet an announcement date" On top of a new tenant at a higher price incoming, they expect to exit 2027 at an $800-850M annualized leasing run rate This is huge for Galaxy!

Robinhood's Q3 earnings call is going to be a lot of fun They're going to end the quarter between $50-$100m in revenue from Robinhood Chain (meaningful) What's impressive though is that Robinhood just found their new $100m+/year product in prediction markets last quarter Just one quarter later they have found another one with their blockchain Robinhood has built an incredibly powerful community with 30m traders on their platform and now they can simply keep offering them new products Every time they do it they find more ways to monetize the same audience Robinhood is a beast of a company and it feels like they still have so much more room to innovate and expand $1T company incoming! ps Milk Road PRO members got the signal to buy $HOOD at $35. We are up big on Robinhood! If you want to track the real-time portfolios of 5 analysts across AI and crypto, you can do so inside Milk Road PRO. And its just $1 to try it out: link.milkroad.com/t5837z

$GLXY just reported its Q3 earnings and The Streets consensus was completely WRONG They expected a big loss and instead: - They made $0.83/share - Net income came in at $323M, up from an $85M loss in Q2 (most of that came from investment gains). - $455M of adjusted EBITDA with $395M coming from Treasury & Corporate Data Centers adjusted EBITDA hit $69M, up from $11M, in the first full quarter of Helios I Phase I (133 MW). That's right in line with $80M of lease revenue at a 90%+ margin They also: - Added a new $200M buyback - Closed a $3.5B note offering to fund Helios I Phase II - Grew AUM plus assets under stake 46% from Q2 to $10.4B - Have a power pipeline of 5.7 GW+ It’s time the market starts giving Galaxy credit where credit is due. They are growing 2 separate businesses across 2 different sectors and they are great at both!

$META just launched Muse Wonder, its most advanced model yet for personal and work agents, and it's behind a paywall Muse app users need a $20 or $100/month plan to use it. The bigger Muse Wonder Full is only in its Muse Code coding agent at $50 or $200/month Alexandr Wang says the API version is frontier-level but priced "meaningfully below" OpenAI and Anthropic Meta is now charging for AI directly, not just monetizing it through ads