Here’s a preview of what we’ll cover this week: 

Macro: What’s Driving The Labor Market?; The Labor Market Is Disinflationary; The Consumer Is Spending

Markets: Positioning Is Getting Fuller; AI Capex Will Drive Better Returns?; AI Companies Might Become Utilities?; Positive Externalities of Venture Capital; The Call On Collegium

Lumida Curations: Ray Dalio: The Iran Conflict Is Really a US-China-Russia War; Jensen Huang: AI Is A Re-Industrialization Engine

Happy Mothers Day!

Here’s my philosophy in full.

Lumida Is Growing

Team Lumida was in New York recently, meeting new investors, founders, and industry leaders. In the last one month, we have added three licensed advisors to the team.

Our pipeline if converted, would represent a double of our business in just one quarter.

We also brought on Vikram Nair as our VP of Sales. He’s a rockstar. He grew up at GEICO as a leading sales rep then managed teams and teams of team.

There’s a tremendous amount to do. But, we feel excited about our future and potential.

The Lumida App will be in the Apple store this month. And the reviews have been fantastic.

If you’d like to get in on our growth, take a look at this page. We updated the page with pipeline numbers.

It’s a bit frustrating, because we can’t share our projected revenue growth under Crowdfunding Rules unless a VC raise where I can show you the math on LTV/CAC and all the rest.

We think we will cap our current raise at around $2 MM. We have a number of folks that can get us there but we haven’t pulled those levers as we truly want a bottoms-up community to lead the way.

The Lumida Invest app has a real shot of disrupting wealth management as we know it.

It’s kind of amazing Agentic AI startups aren’t focused on the $140 Tn wealth management market. We have the vision and team to do it.

Markets

This chart sums up a lot of what is happening in markets:

It’s a tale of two cities.

On the top, we see AI infrastructure names cranking to new highs, led by names in the semiconductor complex: Micron, Sandisk, Lumentum, Cien, Bloom Energy and others.

On the bottom, we have nearly everything else. But, also, some very high quality businesses: Berkshire Hathaway, NuBank, Medtronic, Accenture, American Express and plenty more.

Last year, in February, I had a newsletter called ‘The Bubble in Quality’. We’ve now seen a reversal in that factor – quality stocks (outside of Costco and Walmart) are as cheap as they’ve ever been.

Semiconductors now constitute ~17% of the S&P. It’s never been that high.

What’s just as interesting… You can argue Micron and other semiconductor heavy ETFs like South Korea (contains SK Hynix and Samsung) are still cheap!

These names are re-rating higher on fundamental demand from Nvidia.

Just as interesting, Nvidia has largely sat out this rally. It’s rival AMD has out-performed Nvidia despite halving a much lower gross margin, revenue growth, and earnings growth.

Now that Nvidia is set to report in the coming weeks and AMD’s reprot is behind it, I’d expect that Nvidia starts to move higher here, and indeed that move seems to have started this past week. (Nvidia is once again one of our largest positions).

We’ve seen a nearly relentless 6 month moves in memory names.

When do the ‘jaws’ between the two axes on the chart start to close? I think quite soon.

The values are simply too hard to ignore. At some point, investors say, ‘Gee I can buy this great business with an astounding 11% free cashflow yield and it’s linked to the AI enablement layer. Why don’t I buy this?’

The bargains on that lower leg are simply to hard to ignore. Take a look at Nu Bank at 15.7x Fwd PE and a 30%+ EPS growth.

Or, for a mean reversion idea in Brazil, Pag Seguro has a 5.7x PE and a 16% free cashflow yield.

Medical devices as we noted are even more of a bargain now.

Medtronic now has a 13.7x forward PE. They make medical devices. We fail to see how AI will disrupt aging and longevity anytime soon.

Knees still buckle. Hips still go. The robot uprising has not yet reached orthopedics.

The name is trading at valuations last seen around the Covid lows both on a PE and free cashflow basis.

Docusign now has a ~11X PE and also a record free cashflow yield. We don’t see any AI tools coming for this entrenched contract signing workflow anytime soon either.

Management authorized a $2 Bn stock buyback which is accretive at these levels.

In technology, Nvidia remains a bargain. The name has much higher gross margins, revenue growth, and earnings growth than AMD. Yet, the latter has lapped it.

We think that is done now that AMD has reported, and Nvidia is set to report.

Notice Nvidia’s valuation is still just off the lows. We agree with Brad Gerstner that Nvidia will be the first $10 Tn market cap company.

We haven’t seen the autonomous driving leg or the humanoid s-Curve. Kind of amazing you can buy this dominant market leader at this price.

Other names that are too cheap for the name: Broadridge. (Really, almost any name in that peer group has attractive valuations).

We’ve never seen a 15X PE ratio on that high quality business. MorningStar and SPGI and MarketAxxess – both in the same theme of financial services infrastructure – are also cheap.

If you are a true investor, you should be excited. I sure am. I expect these and other names will be up 20% in one years time.

What’s frustrating is we bought many of these names a few weeks too early. Several have continued to trade down in price as the memory complex has traded up.

That’s caused us to lag the overall S&P in recent weeks as memory stocks have taken off.

We do own Micron and DRAM etf and some other names – but not enough weight, and a bit too late.

Such is the nature of markets.

All you can really do is ‘play the odds’. Is there value here? Is the value pervasive and across industry groups, or within an industry?

Usually the kind of bargains we see here are on display when exiting a bear market.

And yet, the S&P is at all time highs with strong EPS growth and job creation.

If you’re an investor you should be happy.

The best moves come from pre-positioning in themes before Mr. Market notices. There are considerable bargains out there.

‘Price is what you pay; value is what you get.’

TradeDesk

We highlighted TTD last week. The name dropped 15% on earnings, then nearly closed the gap. (That’s a good sign.)

Trade Desk posted good number, but revenue guidance came in lower.

Meta is an amazing business. We love the name. But, Meta and Google are closed walled gardens.

The Trade Desk can go after these content spaces not in the Meta / Google ‘walled garden’. Connected network spaces like CNBC, ESPN, and Disney and others.

The CEO who has bought $150 MM of his own stock, along with company buybacks of a similar magnitude, said:

“I do not think there is an industry in the world that is better suited to be upgraded from Agentic AI than programmatic advertising.”

“We believe these trends are big opportunities for The Trade Desk… retail media… chatbots and AI search engines… linear television moving to CTV.”

What is CTV?

Think of Linear TV is a billboard on a highway.
You know many people will pass it, but you do not know exactly who saw it or what they did afterward.

CTV is a digital billboard that knows which household is watching, can avoid showing the same ad too many times, and can report what happened next.

Is AI A Bubble?

Asking the right question is everything.

The question boils down to whether enterprise inference can replace hyperscaler/lab self-consumption as the marginal buyer of compute.

The closest proxy for this is the revenue growth rate of the cloud providers: Microsoft, Google, Amazon and Oracle.

What do we see?

AI is not a bubble.

Google and Microsoft cloud growth excluding the AI labs (and their own consumption) is strong.

Really strong.

Google said enterprise AI solutions became the primary growth driver for Cloud for the first time, and gen-AI-model product revenue grew nearly 800% YoY.

We are going to do the baton hand off… a transition from the phase of hyperscalars dominating token inference to enterprise and government.

Microsoft Rolls out Enterprise Agentic AI

The AI baton handoff is underway.

The first phase of AI demand was driven by hyperscalers and labs building models and buying compute.

The next phase will be driven by enterprises using AI agents to do real work.

That is why Microsoft’s latest Copilot announcement matters.

Microsoft is moving Copilot from “assistant” to “agent.” Instead of just answering questions, Copilot can now help complete multi-step work across Word, Excel, PowerPoint, Outlook, Teams, and company files.

That is a big shift.

A chatbot can write a memo.

An enterprise agent can find the relevant documents, summarize the meeting, update the spreadsheet, draft the email, prepare the deck, and route the work — all while respecting permissions, security, compliance, and audit rules.

That is what enterprises actually need.

This is where Microsoft has the advantage.

Claude may have a strong model. But Microsoft owns the workflow.

The work already happens in Microsoft:

Email is in Outlook.
Meetings are in Teams.
Documents are in Word.
Models are in Excel.
Files are in SharePoint and OneDrive.
Identity runs through Entra.
Security runs through Defender.
Compliance runs through Purview.

Claude can connect to the enterprise.

Microsoft is already inside it.

That is the difference.

Enterprise AI will not be won by the smartest chatbot alone. It will be won by the system that can safely act inside the enterprise.

Microsoft has the distribution, trust, identity, security, and procurement rails.

That makes it one of the best-positioned companies for the next phase of AI: enterprise inference.

The market keeps asking who will pay for all this compute.

The answer is increasingly clear:

The enterprise will — once AI becomes useful, secure, and embedded in daily work.

Microsoft is making that happen.

Microsoft trades below its average valuation. I’m not a big fan of analyst consensus estimates, but noting the median analyst has a 35% price target higher than current levels.

The S&P is at all time highs, and has plenty more to go as names like Microsoft re-rate.

AGENTIC AI: Coming for Wealth Management

Wealth management hasn’t changed in 50 years. 

You pay 1% to a human advisor who reviews your portfolio quarterly and refers you out for everything else.

We ourselves are living the disruption we see in the world.

We are working on AI agents that know your full financial picture and can guide you.

Available 24/7, at a fraction of the cost.

Your AI agent suggests what to buy or sell, harvests losses, and minimizes capital gains.

Take a look at what people are saying:

And, this is just the beginning. 

We are launching new features on our app every week, and they are getting better every time. 

If you haven’t tried the app yet, download it here.

The app will be in the Apple store in a few weeks.

We are seeing solid results from early users with strong retention.

Lumida’s revenues have grown at a CAGR of 300%. 

If you want to join as an early investor in our future, visit www.lumidatribe.com.

Lumida’s crowdfunding campaign gives you a chance to own a share of the AI revolution that’s transforming the wealth management industry. 

Visit Lumida Tribe for all details including three years of audited financials.

Semis, Semis, Oh My

What’s driving the surge in semis? 

There are two forces at work, and it’s important to separate them.

Force one is real. Investors who spent the last two years owning cloud and Mag 7 names woke up and said: “This AI thing is actually happening. I need memory exposure.” 

They’ve been funding those purchases by selling Tesla, Microsoft (on the CapEx payer narrative), and trimming Nvidia. 

That’s a legitimate institutional rotation. Thoughtful capital moving into a structurally important category it was underexposed to.

Force two is momentum and animal spirits. Retail is piling in. The FOMO is real.

And the two forces have now blurred together into one parabolic move that’s making everyone uncomfortable — regardless of which side they’re on.

Maximum Frustration. Maximum Pain.

Here’s the thing about a move like this: it creates anxiety for everybody.

If you own memory here, you’re staring at the parabola and asking yourself whether you’re supposed to sell. 

Mark Minervini thought the same and sold his Micron on May 6th.

The stock was up another 15.5% on Friday. 

That’s a brutal outcome for a disciplined person doing the right thing for his strategy.

And still brutal for a retail trader, who got a 3x leveraged ETF, was up 45% and thought they had cracked markets.

It echoes Druckenmiller selling dot-com names in January 2000, then watching them run for another few months.

On the other side, If you don’t own it, the frustration is different but equally real. 

You’re watching names you’ve never heard of go vertical, and the pressure to chase is immense. 

Meanwhile, the quality businesses you do own are selling off — because someone has to fund the memory trade. 

See the following chart for high beta versus low volatility stocks, it is cranking at its all time highs. 

That extremely large green bar at the end is typical of an ‘end of move’ dynamic. You see that at bottoms and at tops.

We’ve seen this movie before. Gold went parabolic. Silver went parabolic. Nvidia went parabolic — from May to July 14th of 2024 to be precise. 

My mental model for Micron and semis is what happened to Nvidia in 2024. Even a great business can suffer from ‘over positioning’ and lag for a few months.

That’s what parabolas do. They end. Then they give you your entry.

Reds In The Rally

Here’s the part that concerns me.

1. Silver didn’t rally.

Silver is an input to memory manufacturing. If this move were purely fundamental — driven by a genuine, durable surge in memory demand — silver prices should be moving too. 

Silver didn’t participate in the memory bid even though it’s a key input. That tells you the recent bid in memory is trend chasing animal spirits.

Retail investors don’t buy silver futures. They buy SOXL (Semiconductors 3X Levered ETF).

2. Texas Instruments is running.

Last I checked, TXN doesn’t build GPUs. 

They make analog chips for industrial and automotive applications. Wonderful business, mission-critical infrastructure, makes a great TI-84 calculator. 

But TI going up 15% in a week because of a memory rally is a sign that the category bid has gone sloppy. 

This shows we’re in late innings.

3. Triple-levered ETF volumes are at record levels.

The 3x bullish and 3x bearish SMH ETFs are retail trader products. Their volumes have exploded to record highs. I use that as a contrarian signal. 

Historically, when you see record participation in leveraged ETF products tied to a theme, you are closer to the end of the move than the beginning. 

No, I don’t think it’s the top. And you should have exposure to memory. But, really hard to see that semis rally continue. I should note I’ve been wrong on this for the last two weeks.

Another reason this category keeps rallying? People keep trying to short this and call a top. I saw people do the same with Nvidia in 2024 and get carried out on a stretcher. Don’t make that mistake.

The market can remain irrational longer than you can remain solvent.

Semis market cap as a % of S&P 500 has tracked forward EPS almost perfectly over the past two years. 

There is a legitimate fundamental story in memory stocks, just like we saw in Nvidia in 2023 thru present. These are not bubble valuations.

(If you are truly masochist, you should avoid shorting these names until you see them definitively break the 14 day moving average. Why short a secular theme that still sports good valuations and is under-owned?)

The composition of the investor base has shifted. It went from diamond hands with a multi-year thesis to paper hands chasing a chart. That change condenses the red flags.

Cyclical or Secular? The Honest Debate.

The genuine intellectual tension in the memory trade is whether the demand for AI infrastructure, more specifically memory, is cyclical or secular. 

And, both views have weight to them. 

The traditional view: memory is a cyclical business.

You buy Micron when the PE is astronomically high — meaning earnings are at a trough — and you sell when earnings are strong and the multiple looks cheap. That’s how cyclicals work. You saw it in energy. Buy the despair, sell the euphoria.

The counter-view: we are building a world where AI is always-on, ubiquitous, eventually embedded in wearables, robotics, autonomous systems. The Internet of Things era is actually going to fulfill itself this time. In that world, Micron transitions from a cyclical to a secular compounder.

I think you can have an honest intellectual debate on that.

What you can’t debate is that the construction contractors building the data centers, the excavation crews, the integration teams, and the facility managers are pure cyclicals. Full stop. 

They might have a four or five-year story. But they’re not secular businesses, and they shouldn’t trade at secular multiples. 

A lot of them are starting to.

See Vertiv Holdings at 50x P/E for example. I’m sorry, a cooling business is not worth 50x earnings. (A cooling business trading at 50x earnings is itself in need of cooling.)

Or, Caterpillar at 36x P/E.

When Should You Exit?

If you have exposure to the semis trade, here are the rules I’ve found actually work in situations like this.

The gap-up reversal. If the stock gaps up on strong volume and then closes near the lows of the day — get out. We saw this with Nvidia when it reported blockbuster earnings last summer. Gap up. Finished at the lows. Everyone who bought the open became a future seller. The market was telling you something.

The massive red bar. One ugly, high-volume down day. You don’t need to be clever about it. Just exit. You’ll give up a week of gains at most. That’s the cost of the insurance.

The moving average break. Pick a reasonable one — 14-day, 20-day.

Shorter averages give more false signals; longer ones give you fewer signals but you surrender more on the way down. Pick one and stick to it.

The mixed approach is also valid. Trim some on the way up if you have gains. You don’t have to be all-in or all-out. That binary thinking is what gets people hurt.

Macro

What’s Driving The Labor Market?

April’s NFP jobs report came in at 115K, beating the 65K estimates. The US economy has now added over 300,000 jobs across two months — against a backdrop of an active conflict in Iran.

The improving labor market has an important underlying driver – Earnings strength.

BofA’s latest report published this chart. It highlights how nonfarm payrolls and S&P 500 forward EPS move together. 

And, this makes intuitive sense.

Healthy payrolls means more demand, and higher corporate revenues.

And, higher revenues lead to higher earnings, which ultimately enable corporates to expand, creating more demand for labor.

Earnings have been solid so far. ~75% of companies that have reported earnings this season have beaten on EPS estimates while ~70% have topped revenue forecasts. 

Companies are profitable, and profitable companies hire. That’s the loop, and it’s working.

We also see the evidence of confident corps in undergraduate’s unemployment data. 

The unemployment rate in undergrads has started to fall off the peaks it reached after the launch of ChatGPT.

Companies are hiring more recent graduates today as they feel more confident about their earnings.

The Labor Market Is Disinflationary

Last week we covered how AI is creating new employment opportunities. This week, we will look at how it’s making each worker more valuable as well. 

The NFP data points every new worker today is producing more output than the worker hired a year ago. 

Nonfarm business productivity rose 2.9% YoY in Q1 2026. 

Output grew 3.3% while hours worked rose just 0.4%.

Interestingly, the wage bill has been intact, and has only risen 1.2% in Q1 – the slowest pace since Q3 2023.

While wages are growing, productivity is growing faster. That spread is disinflationary by definition, and counteracts the inflationary pressures coming from energy prices and tariffs.

This is why we see more contained recent moves in CPI numbers despite higher energy prices.

Historically, the labor channel has been the most persistent and dangerous source of inflation — wage-price spirals are hard to break once they start. 

That channel is not just contained right now. It’s working in reverse.

The Consumer Is Spending

A strong labor market helps consumers’ confidence. And, confident consumers spend.

That’s exactly what we are seeing in earnings releases. 

Royal Caribbean (RCL) had their earnings last week, and the transcript signals a strengthening customer base. 

Royal Caribbean’s CEO Jason Liberty: “Our consumers remain very healthy, supported by excess cash, strong employment trends and a continued preference for consuming experiences over purchasing things.”

Royal Caribbean tracks consumer behavior through 170,000+ guests on their ships every single day. When Liberty says healthy, he has the receipts — strong booking volumes, onboard spending well above prior years, and a record season at record prices.

Travel + Leisure (TNL) CEO Michael Brown echoed the same confidence:

“Leisure demand remains robust and vacations continue to be a priority. Tour flow remained healthy. Our consumers’ appetite for travel remains strong.”

TNL has seen their revenue per guest rise about 7%, while overall, bookings were higher as well. 

Consumers are not only buying more discretionary services, but are also willing to pay higher prices. 

The Red book retail data confirms it from the top down.

Same-store retail sales grew 7.8% YoY in the recent week — an acceleration from the prior week and well above the 2025 full-year average of 5.8%. 

This is real spending at the register, running hot.

A strong labor market, confident consumers, and solid corporate earnings are exactly what you’d want in a bull market. 

Markets

Positioning Is Getting Fuller

S&P 500 and NASDAQ gained on Friday and ended this week at all-time highs.  While the rally has been strong, we see some red flashes in the latest data points. 

1. The put/call ratio on the Nasdaq 100 has dropped to its lowest level – it has dropped past the low it created in December when the market made the immediate top.

Investors are buying significantly more calls than puts, and it tells you the crowd is positioned for more upside (in semis). The fear of missing out is outweighing the fear of loss.

BoFA’s flow show report highlighted BofA’s private clients are now sitting at 65.3% equities — the highest allocation in equities since October 2021. Cash is at 9.9%, the lowest level this century.

And, bond allocations have fallen to their lowest since March 2022. This is contrarian bearish. 

However, the move in the semis has been an earnings story.  Price following fundamentals is not a bubble. It’s how markets are supposed to work.

The broader S&P tells the same story. The forward P/E sits at 21.6x today, still ~9% below the highs made in October 2025

Earnings have grown into valuations, and the multiple has compressed to a more reasonable level — even as the index creates new highs.

That’s a healthy setup. The market is climbing on earnings.

Agentic AI: The Capex Build Is Still Early Innings

Goldman Sachs published an AI report this week around how token consumption will drive revenues.

The core insight reframes the AI capex debate.

The bear case on AI infrastructure has always been around higher capex with uncertain returns.

The move is spend first, monetize later, and hope the math works out. 

Agentic AI changes that.

Think about how a basic AI interaction works today. 

You ask a question, you get an answer. One query, one response, done. That’s cheap to serve and easy to commoditize.

Now think about an AI agent. 

The agent doesn’t just answer a question — it reasons through a problem, checks its own work, calls external tools, monitors conditions in the background, and loops through multiple steps before delivering a result. 

Each of those steps consumes tokens. A single agent completing one task might consume a hundred times more compute than a standard query.

But, the agent is solving for a bigger problem, which is why the higher consumption makes sense.

As the cost of running AI falls, more of these complex agent use cases become economically viable for enterprises to deploy across their platforms for their customers.

More agents get deployed. Each agent consumes far more compute than a basic query, which means more demand for compute volumes, and everything related.

So even as the price per token drops, total token volume — and total revenue — grows faster.

Goldman projects consumer and enterprise agents could push token consumption to 24 times today’s estimated global capacity by 2030. 

AI UTILITIES

‘The enemy of my enemy is my friend.’

Isn’t that why Elon Musk’s xAI handed over a 220,000-GPU cluster to Anthropic?

Elon is helping Dario close the gap with OpenAI’s compute capacity.

In a future world, the excess tokens of OpenAI would be offered on a grid – like the ERCOT electrical grid in TX.

And, those with excess demand like Anthropic would consume it.

The issue is vertical integration – which does not confer a real competitive advantage.

We should see each layer specialize over time in the same way airliners are not the airline manufacturers.

Now, suppose tokens have a liquid trading price by grade.

Also suppose there is an AI ecosystem of agents that can profitably consume tokens and generate a return on such tokens.

That does not exist yet, but it is inevitable if you believe the AGI hypothesis.

Then, in equilibrium, tokens should be bid up to the opportunity cost of not owning tokens.

Tokens would emerge as an asset class and they should generate a competitive return (something like 6 to 12% per year).

One profitable use of such tokens would be, for example, short term trading profits.

Or, monetizing work that otherwise would be farmed out on Upwork.

Or, part time medical imagery diagnostics.

Whatever is the highest marginal use.

In short, we should see over the next decade AI token utility ecosystems emerge.

And those tokens should resemble money. Liquid, fungible, on demand…

except deflationary and productive!

The future of money has not been invented yet.

Collegium Pharmaceutical (COLL): Thesis On Track

We covered Collegium in last week’s newsletter, and it delivered. The stock was up four out of five days this week with earnings coming in solid. 

The headline numbers beat estimates across the board. Total revenues came in at $193.5 million, up 9% year-over-year. 

Adjusted EBITDA was $103.9 million, also up 9%. Adjusted EPS came in at $1.76 versus $1.49 in the prior year. 

The growth engine is JORNAY (medicine for ADHD patients). Prescriptions for the drug grew 14% year-over-year, net revenue grew 36%, and prescriber adoption hit an all-time high of 30,000. 

The adult segment — the underpenetrated opportunity — grew 23%.

The big strategic development is the AZSTARYS acquisition. 

CEO Vikram Karnani: “The addition of AZSTARYS accelerates our growth trajectory by strengthening our position in ADHD, complementing JORNAY PM and extending revenues into the late 2030s.”

The deal closes in Q2, is expected to be immediately accretive to EBITDA, and generates over $50 million in pro forma net revenues in the second half of 2026 alone. 

Cost synergies of more than $50 million (30% of 2025’s EBIT) are expected within 12 months of close.

Collegium is a cash-flowing specialty pharma pivoting from opioids to ADHD, and is a bargain if it works, and value trap if it doesn’t. 

The AZSTARYS deal, combined with JORNAY’s commercial momentum, is the clearest signal yet that the pivot is working.

We’re holding.

Also, talking about last week’s calls, we mentioned Trade Desk (TTD). The call didn’t go as expected. The stock was down ~1.75% on earnings, which were mostly mixed with double digit growth revenue, but a dip in earnings. 

We off-loaded it on Friday, and got into HUBS, which was down 24% on earnings despite posting a double beat.

The Positive Externalities Of Venture Capital

I’m not sure what is scarier.

(1) The U.S. venture market has financed 63 LLMs unicorns.

None of them make a penny of revenue.

(2) Europe has financed none of them.

(2) is worse.

The positive externalities of US venture capital are enormous.

I’m not a fan of the asset class in broad brush strokes… because the IRR on the category as a whole is terrible

But those wins are truly transformational for humanity

Deals, Deals, Deals

Lumida is eyeing opportunities in Defense Tech and Datacenter Compute.

One of our investments, Kraken, just closed on an acquisition and has filed confidentially to go public.

We see some good ideas…

If you are an accredited investor, or qualified purchaser, sign up at lumidadeals.com to receive priority communication on our private deals.

Lumida Curations

Ray Dalio: The Iran Conflict Is Really a US-China-Russia War

Ray Dalio argues the real variables to watch aren’t missiles or sanctions — they’re who controls the Strait of Hormuz and who controls nuclear materials, with China, Russia, and Iran quietly aligning while the U.S. carries record deficits that could become a strategic liability.

View Curation

Jensen Huang: AI Is A Re-Industrialization Engine

Nvidia’s CEO makes the case that building AI at scale requires chip plants, hardware facilities, and data centers — a multi-trillion-dollar physical buildout that is pulling manufacturing back to American soil.

View Curation 

Meme

Not Subscribed Yet? Don’t miss out on future insights—subscribe to the newsletter now!

For real-time updates, follow us on: 

X | Telegram | Youtube | TikTok | News | Ram’s X | Lumida Health | Lumida Tax

As Featured In

Disclaimer: Lumida Wealth Management LLC (‘Lumida”) is located in New York, NY, and is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Lumida only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Any direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

The information in this material has been obtained from sources believed to be reliable. While all reasonable care has been taken to ensure that the facts stated in this material are accurate and that the forecasts, opinions and expectations contained herein are fair and reasonable, Lumida, Inc. and Lumida Wealth Management LLC (collectively Lumida) make no representations or warranties whatsoever the completeness or accuracy of the material provided, except with respect to any disclosures relative to Lumida. Accordingly, no reliance should be placed on the accuracy, fairness or completeness of the information contained in this material. Any data discrepancies in this material could be the result of different calculations and/or adjustments. Lumida accepts no liability whatsoever for any loss arising from any use of this material or its contents, and neither Lumida nor any of its respective directors, officers or employees, shall be in any way responsible for the contents hereof, apart from the liabilities and responsibilities that may be imposed on them by the relevant regulatory authority in the jurisdiction in question, or the regulatory regime thereunder. Opinions,forecasts or projections contained in this material represent Lumida’s current opinions or judgment as of the day of the material only and are therefore subject to change without notice. Periodic updates may be provided on companies/industries based on company-specific developments or announcements, market conditions or any other publicly available information. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or projections, which represent only one possible outcome. Furthermore, such opinions, forecasts or projections are subject to certain risks, uncertainties and assumptions that have not been verified, and future actual results or events could differ materially. The value of, or income from, any investments referred to in this material may fluctuate and/or be affected by changes in exchange rates. All pricing is indicative as of the close of market for the securities discussed, unless otherwise stated. Past performance is not indicative of future results. Accordingly, investors may receive back less than originally invested. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The recipients of this material must make their own independent decisions regarding any securities or financial instruments mentioned herein and should seek advice from such independent financial, legal, tax or other adviser as they deem necessary. Lumida may trade as a principal on the basis of its views and research, and it may also engage in transactions for its own account or for its clients’ accounts in a manner inconsistent with the views taken in this material, and Lumida is under no obligation to ensure that such other communication is brought to the attention of any recipient of this material. Others within Lumida may take views that are inconsistent with those taken in this material. Employees of Lumida not involved in the preparation of this material may have investments in the financial instruments or securities (or derivatives of such financial instruments or securities) mentioned in this material and may trade them in ways different from those discussed in this material. This material is not an advertisement for or marketing of any issuer, its products or services, or its securities in any jurisdiction.