Beth Kindig

Is there room for one more in the Old Boys' Club? Stanley Druckenmiller: 4.61% Ray Dalio: 6.91% Bill Ackman: 9.44% I/O Fund: 15.50%

After raising >25% cash in late Sept based on our cycle work, we went on our biggest buying spree yet: 🛒 20 buys Oct 30–Nov 5, with six on Thursday alone. Nearly double our prior record of 11 buys (April 4–7, 2025). 📈 See what we bought and get our next trade alert. Link in bio.

"They say be greedy when others are fearful. That was Thursday, Charles." @cvpayne

Optical transceivers follow as the second largest segment, with revenue forecast to reach $84.1 billion next year, followed by NIC/DPU revenue more than doubling to $57.4 billion on higher deployment volumes and bandwidth upgrades. $LITE $NVDA $AMD $GOOG

The AI networking and interconnect market is forecast to reach $278.9 billion in 2027, rising at a 95% CAGR from $37.9 billion in 2024, per TrendForce, with switches remaining the largest contributor next year at 38% of the market at $105 billion. $NVDA $AVGO $MRVL

According to BofA, global data center spending surpassed the $1 trillion threshold in 2026 and is projected to more than double to $2.1 trillion by 2028. $NVDA $AMD $AVGO

Arista $ANET CEO Jayshree Ullal: "By the end of '27, we are forecasting greater than 10 gigawatts of deployment across 10 or more different types of compute accelerators." $NVDA $AMD $AVGO

Oracle $ORCL has seen the sharpest growth among the hyperscalers in terms of quarterly capex over the past five years, with quarterly capex up 2,540% to $28.5 billion, followed by Alphabet $GOOG with a 705% increase to $51.4 billion. $AMZN $MSFT $META

Although air-cooled options still exist for the latest GPUs such as $NVDA Blackwell Ultra, liquid cooling is a necessity to maximize data center density and rack deployments within fixed power envelopes. As a result, liquid cooling adoption is forecast to accelerate sharply in 2026 and further in 2027, driven by the continued ramp of Blackwell Ultra and upcoming ramps for Rubin and $AMD Helios. io-fund.com/ai-stocks/beyond… $DELL $SMCI

Counterpoint Research on the memory market: “Even if prices drop by 30% in 2028, suppliers’ profit margins would arithmetically only ease from 80% to 70% level.” $MU $SNDK $SKHY

Our long-term thesis for Bitcoin reaching $2 million remains intact, but the path is unlikely to be a straight line. While the long-term outlook for $BTC remains promising, we believe that one more large drop is coming over the next several months. Global liquidity is the most consistent driver of $BTC cycles, and it is tightening -- the dollar is back in an uptrend, yields are climbing, with more hikes from the Fed on the way. Below, we outline how Bitcoin could get to $2 million with the least amount of risk, the key levels that confirm a drop toward $30,000, and the one breakout that would force us to buy. io-fund.com/crypto/bitcoin-t…

Intel $INTC CEO Lip-Bu Tan: “Applying even conservative estimates to the total number of digital agents, and agents serviced per CPU, it is easy to anticipate a massive dollar and unit TAM for CPUs over the coming 5 years. By our estimates, server CPU TAM, largely driven by agentic workloads, could increase as much as 5x from where it is today, from $40 billion to more than $200 billion over 5 years.” $AMD $ARM $NVDA

Rising rack complexity opens the door for AI server OEMs to capture more value per deployment, from greater system-level integration across power delivery, liquid cooling, storage, networking or even software – and Nvidia’s $NVDA Vera Rubin NVL72 racks are projected to drive total rack output value up more than 3X to $711 billion next year. $SMCI $DELL io-fund.com/ai-stocks/beyond…

SK Hynix $SKHY: “The volume already secured under LTAs and the demand currently being discussed with customers taken together means that our DRAM and HBM volumes for the next 3 years through 2029 are effectively sold out.” $MU $NVDA $AMD

In August 2025, we warned that the US dollar was closer to a major low than most thought, and that this reversal would line up with a major top in Bitcoin. Two months later, $BTC peaked, and it has since fallen 54%. The dollar is back in an uptrend, yields are climbing, and the bond market is signaling more Fed hikes ahead, all of which are draining global liquidity. While we believe Bitcoin will see +$2 million in the coming years, we must first deal with another large drop in the coming months. In this week’s article, we discuss the importance of global liquidity and its correlation to Bitcoin, the levels that would confirm a move toward $30K and the one level that will entice us to buy. Link in bio.

Amazon $AMZN: “Enterprises are still very early in using inference at scale, and yet inference already accounts for well over half of AWS' AI revenue and growing. And we have a lot of training revenue as well.” $GOOG $MSFT $NVDA

Cumulative AI debt issuance, including public corporate bonds and private placement transactions, reached $466 billion through September, more than 4x the $101 billion raised during the corresponding period in 2025, per Morgan Stanley. According to Goldman Sachs, AI-related debt issuance had reached $489 billion by late July, well over the total $322 billion raised across all of 2025. $MSFT $AMZN $GOOG $META

Three years ago, Micron $MU and SK Hynix $SKHY reported a combined ($15.5 billion) in TTM net losses, yet now the two generated more than $210 billion combined over the last twelve months.

SK Hynix $SKHY subsidiary Solidigm is said to be planning two NAND facilities in New York, what would mark its first US-based manufacturing facilities. Each fab could cost $40 to $50 billion, with total investment potentially reaching up to $100 billion. $MU $NVDA $AMD

Nvidia $NVDA has spent $23.6 billion on R&D over the last twelve months, roughly equivalent to AMD $AMD, Broadcom $AVGO and Marvell’s $MRVL spending combined.