To The Moon

$Advanced Micro Devices(AMD)$  In the second quarter, Druckenmiller opened a position in Nvidia rival Advanced Micro Devices (NASDAQ:AMD), buying 72,900 shares for a 0.8% portfolio weight. It's clearly not his biggest bet, but it does show some interest in getting exposure to a chip specialist during this phase of the AI story.

$SUPER MICRO COMPUTER INC(SMCI)$ Dell just gave the AI infrastructure space another major signal of validation. Q2 EPS printed at $7.04 versus $4.91 expected, revenue about $47B against $44.9B expected, and the stock moved up roughly 8%. The beat is clearly being driven by AI demand. Barron's even pointed out that Dell's server business is booming on AI infrastructure demand, that SMCI already posted better-than-expected Q4 earnings with a positive full-year outlook, and that Cisco also put up solid numbers tied to AI hardware. This is starting to look like more than a one-company story. It is shaping up as a full AI hardware capex supercycle. If Dell gets rewarded for explosive AI server demand, the market has a weaker case to keep ignoring

$Advanced Micro Devices(AMD)$  $NVIDIA(NVDA)$ $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $Broadcom(AVGO)$ Even if Nvidia has the powerful GPUs, AMD holds the industry's widest high-performance computing portfolio, spanning x86, ARM, FPGA, and GPU. Landing Google's custom ASIC is only a matter of time for AMD, because FPGA will scale into mainstream high-performance computing.

$Advanced Micro Devices(AMD)$ Helios vs. NVDA Vera Rubin, but SMCI could win either way. The AI battle is moving beyond individual GPUs. The next frontier is complete rack-scale AI infrastructure: GPUs + CPUs + networking + power + liquid cooling + software. NVIDIA Vera Rubin: 72-GPU rack-scale architecture, Vera CPUs, NVLink and the massive CUDA ecosystem. NVIDIA remains the platform to beat. AMD Helios: 72-GPU rack architecture built around Instinct accelerators, EPYC, ROCm and open infrastructure. AMD doesn't need to dethrone NVIDIA. Capturing even 10-20% of future hyperscale deployments could be massive. And this is why I'm especially bullish on SuperMicro. Whether customers choose AMD or NVIDIA, somebody has to turn those chips into dense

$Apple(AAPL)$ Sharp drops like this one very often get bought right back up with Apple. I'm expecting a push back toward 315 to 317.

$Advanced Micro Devices(AMD)$ Lotto calls. Not just because of this level and the potential inverse head and shoulders setup, or the tendency for 11%/12% moves, but also because I'm betting it won't close red for five straight days in a week.

$Apple(AAPL)$  BofA Securities reiterated Apple at Buy with a $380 price target, pointing to edge AI and new product optionality. They remain bullish on the name, with ecosystem strength, edge AI, and new product opportunities seen as drivers of long-term upside.

$Apple(AAPL)$  While plenty of other tech companies are burning money trying to push AI onto their customers, Apple is preparing a slate of new products over the next couple of years that seem designed to put AI to practical use. And they didn't need to go broke building data centres to do it.

$Advanced Micro Devices(AMD)$ AMD looks set to push toward the $505-506 area, right around where the 50-day average sits. We bounced off the 100-day moving average today, and the stock has been trading in a range this week. By the end of this week, $520-530 seems within reach. And with $NVIDIA(NVDA)$  earnings coming up next week, there's a chance AMD gets back to the $570-580 range.

$Advanced Micro Devices(AMD)$  Not too bad for us longs. AMD down 4%, NVDA down 5%, INTC down 7%. If the noise from the current administration would settle down, things could recover.