Goldman Sachs just updated its “Rule of 10” screen.
And the conclusion is clear: The strongest growth in the S&P 500 is still concentrated around AI infrastructure. Not consumer apps. Not speculative software. Infrastructure. ⚡ The screen focuses on companies expected to deliver >10% annual revenue growth from 2024–2028. The biggest projected winners for 2026? ➡️ Memory ➡️ Compute ➡️ Servers ➡️ Cooling ➡️ Storage ➡️ Networking Here’s where the growth is clustering: • Micron ($MU): +230% expected revenue growth AI demand is reshaping the memory cycle. High-bandwidth memory (HBM) and advanced packaging are becoming strategic bottlenecks. • Broadcom ($AVGO): +74% Custom AI chips, optical networking, VMware integration — one of the most diversified AI infrastructure plays. • Nvidia ($NVDA): +71% Still the dominant compute layer powering enterprise AI deployment at scale. But the AI stack goes far beyond semiconductors: • Super Micro ($SMCI): +68% AI server density demand remains explosive, despite profitability concerns. • Vertiv ($VRT): +33% Cooling and power are now mission-critical as GPU clusters scale. • Seagate ($STX): +29% AI creates massive storage demand through training data, inference logs, and cloud archives. • Arista Networks ($ANET): +27% Networking becomes essential as large-scale AI clusters increasingly rely on high-performance Ethernet fabrics. What stands out most: AI is no longer just a software story. The real bottlenecks — and the strongest projected growth — sit inside the physical infrastructure layer powering the AI economy. Goldman’s screen also highlights a second theme: Platform + healthcare compounders. • DoorDash ($DASH) → logistics scale • Axon ($AXON) → public safety software • Meta ($META) → AI-driven ad monetization • Eli Lilly ($LLY) & Insulet ($PODD) → durable healthcare demand The market narrative may evolve. But for now, capital expenditure still follows one core reality: No AI revolution without infrastructure. Source: Sergey
US stocks have completely decoupled from oil & bonds...
Source: www.zerohedge.com, Bloomberg
Cerebras Systems' shares jumped 89% above the initial public offering price in their US market debut, giving the chip designer a valuation of $106.75 billion.
Source: Reuters
BLOODBATH IN SOUTH KOREA.
KOSPI hit a new ATH of 8,000 today and then crashed 8.4% in the same session, wiping ₩509 Trillion ($370 billion) in 6 hours. Samsung, which makes up 42% of the entire index, crashed 8.61% Source: Bull Theory
How does the sp500 perform when the US 10 year yield crosses key levels?
With the long bond over 5% and the 10yr dancing around 4.50%, maybe it is worth to have a look at it again... Kantro had nice look back at the median weekly stock returns versus yields - see chart below. Source: Kantro, RBC
Renaissance Technologies filed their Q4 2025 holdings with the SEC in February.
This is the fund built by Jim Simons, a mathematician who beat Wall Street for 40 years using pure math and zero emotion. Their Medallion Fund averaged 66% annual returns before fees for over 20 years. The best track record in the history of investing. Here's what they were holding at December 31, 2025, and what those positions are worth today. MU – held $859M worth at ~$186/share. Now ~$768. Up 312%. BE – held $22.6M worth at ~$87/share. Now ~$287. Up 230%. AMD – held $267M worth at ~$211/share. Now ~$455. Up 116%. Source: The Assembly
Breadth within sp500 is narrowing
Source: Barclays, RBC
The Roundhill Memory ETF $DRAM is up 98% since launching 5 weeks ago, easily the best perf ETF out of the gate (while also being the fastest growing ETF- at least to $6.5b).
Source: Bloomberg, Eric Balchunas
