This Bull Market Has Legs

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The market refuses to slow down, powering to new all-time highs even as earnings season delivered plenty of mediocrity. Beneath the surface, $NVDA ( ▼ 0.79% ) showed cracks in Datacenter growth, but the real opportunity may now shift toward the suppliers fueling the AI buildout.

BULL MARKET STAYS RESILIENT

The bull market is alive and well, even as earnings season delivered mixed results. The market hit fresh all-time highs yesterday and is now up more than 10% YTD.

What makes this more remarkable is the context: just a few months ago, we saw an intraday 23% YTD drawdown. The rebound underscores how strong underlying momentum still is, even when earnings headlines look “just okay.”

NVIDIA EARNINGS: MIXED ON THE SURFACE, STRONGER UNDERNEATH

NVIDIA reported earnings that, on the surface, looked like a rare stumble. Its most important segment, Datacenter, missed expectations, and compute revenue posted its first sequential decline. That was enough to spook some investors.

But looking deeper:

• Guidance implies a QoQ reacceleration in Datacenter going forward

• Networking revenue surged 98% YoY, showing continued acceleration

• Margins remain resilient, leaving the long-term AI story intact

So while the headline Datacenter miss grabbed attention, the internals still point to sustained growth drivers under the hood.

Bitcoin is down 5% this month… if you think it's due for another run, here is a company worth a look. $CAN ( ▲ 1.4% )  Canaan designs ASICs for Bitcoin mining and holds $170M+ in BTC.

THE NEXT LEG: SUPPLIERS & COMPONENTS

Looking ahead, the next leg of leadership may shift. We see chip components and suppliers as the critical beneficiaries of AI infrastructure growth:

• $ALAB ( ▲ 5.55% ) Astera Labs - a pure play on AI connectivity

• $AVGO ( ▲ 2.8% ) Broadcom - dominant in custom silicon and networking

• $MU ( ▲ 3.61% ) Micron - driving HBM3E memory adoption at scale

Networking and supporting components are becoming just as vital as GPUs themselves. That’s where growth could compound next, and why we remain bullish on the broader AI supply chain.

Thanks for reading! Check out more content like this over on my X account.

Have a profitable week!

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