This edition has three different angles on the AI buildout. One company is locking in hyperscaler demand through long-term data center leases, one chip leader keeps proving the spending cycle has not peaked, and one rival is building the supply chain needed to compete at scale. The first two look actionable now, while the third still needs smoother execution to justify the multiple.
Now In Focus (Sponsored)
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Futures at a Glance📈
Futures are sliding as oil and Treasury yields jump, putting inflation worries back in the driver’s seat. Nvidia beat again, but the bar was sky-high, and traders now look more focused on the Iran headline risk than the AI victory lap.
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What to Watch
Earnings (Premarket):
• Walmart Inc. [WMT]
• Deere & Company [DE]
• NetEase, Inc. [NTES]
• Williams-Sonoma, Inc. [WSM]
• Ralph Lauren Corporation [RL]
Earnings (Aftermarket):
• Ross Stores, Inc. [ROST]
• Take-Two Interactive Software, Inc. [TTWO]
• Workday, Inc. [WDAY]
• Copart, Inc. [CPRT]
• Zoom Communications, Inc. [ZM]
Economic Reports:
• Initial jobless claims (May 16): 8:30 am
• Housing starts (April): 8:30 am
• Building permits (April): 8:30 am
• Philadelphia Fed manufacturing survey (May): 8:30 am
• S&P flash U.S. services PMI (May): 9:45 am
• S&P flash U.S. manufacturing PMI (May): 9:45 am
Elite Trade Club Insider
$86 Million Just Went Into Two Beaten-Down Names
A major insider bought nearly $73 million worth of stock in a coffee chain down about 77% over the past year, while a director at a home products company bought another $13.7 million near its own 52-week low.
Most readers will see two ugly charts. Elite Trade Club Insider readers will see where serious money could reveal some incredible gains.
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AI Infrastructure
Applied Digital Just Put a Bigger Number on Its AI Data Center Pivot
Applied Digital Corp (NASDAQ: APLD) just gave investors another reason to take its AI infrastructure pivot seriously. The company signed a 15-year take-or-pay lease with a U.S.-based investment-grade hyperscaler for its Polaris Forge 3 campus.
The deal covers 300 MW of critical IT load, supported by about 430 MW of grid-connected utility power, and is valued at roughly $7.5 billion in base-term contracted revenue.
That is not a small add-on. It pushes Applied Digital above 1 gigawatt of contracted AI data center capacity and brings total contracted lease revenue across four AI Factory campuses to $31 billion, or $73 billion including all renewal options.
Roughly 65% of that is backed by investment-grade hyperscalers, which matters because this is no longer just a speculative blockchain-to-AI pivot story. The company is locking in real customers on long-term contracts.
The stock has already moved hard, up nearly 483% over the past year, so expectations are not low. But the new lease gives the rally more support. The real question now is whether Applied Digital can execute construction, financing, power delivery, and tenant ramps without delays.
My Take For You: Applied Digital is becoming a more credible AI data center landlord with serious contracted revenue behind it. The stock is volatile, but the business case just got stronger.
My Verdict: Buy this. The risk is that construction delays, financing needs, or power constraints slow the conversion of contracts into cash flow.
Semiconductors
NVIDIA Keeps Proving the AI Spending Cycle Is Still Alive
NVIDIA Corp (NASDAQ: NVDA) delivered another quarter that showed AI demand is still bigger than the skeptics expected. Fiscal first-quarter revenue came in at $81.62 billion, beating the $79.18 billion consensus, while EPS of $1.87 topped expectations for $1.77. The company also guided second-quarter revenue to $89.1 billion to $92.8 billion, ahead of the $87.3 billion estimate.
The engine is still data center. That segment generated $75.2 billion in revenue, above the $73.47 billion estimate and up sharply from $39.11 billion a year ago.
Hyperscalers accounted for about 50% of data center revenue, with the rest coming from AI clouds, industrial, enterprise, and sovereign customers. That mix matters because it shows the demand base is broadening beyond only the biggest cloud platforms.
Competition is rising from Amazon Trainium, Google TPUs, Cerebras, AMD, and other custom silicon players. But NVIDIA is still the default standard for high-performance AI compute, and the numbers keep confirming it. At around 45.6x earnings, the stock is not cheap, but it is less extreme than many smaller AI infrastructure names with weaker earnings power.
My Take For You: NVIDIA remains the clearest large-cap proof that AI infrastructure spending has not peaked. Competition is real, but the revenue scale is still unmatched.
My Verdict: Buy this. The risk is that hyperscalers accelerate custom-chip adoption faster than expected and pressure future growth rates.
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Semiconductors
Advanced Micro Devices Is Investing Like It Wants More Than Second Place
Advanced Micro Devices Inc (NASDAQ: AMD) is pushing harder into the AI infrastructure race with a new $10 billion-plus investment across Taiwan’s semiconductor and AI ecosystem. The money will go toward partnerships that improve packaging, manufacturing, and chip performance for next-generation AI systems.
That matters because AMD’s AI case depends on execution across the full stack, not just designing strong chips. The company is working with Taiwan-based ASE and SPIL on advanced packaging and chip-linking technologies that can improve performance and efficiency.
It also named partners including Sanmina, Wiwynn, Wistron, and Inventec as part of the buildout for Helios, its AI server system expected to begin deployment in the second half of 2026.
AMD has already benefited from the AI spending boom, with the stock up nearly 300% over the past year and a market cap near $730 billion.
The valuation is demanding at roughly 147x earnings, but the Taiwan investment shows management is not treating the opportunity as a short-term trade. It is building the manufacturing and packaging ecosystem needed to compete for large-scale AI deployments.
My Take For You: AMD is strengthening the physical supply chain behind its AI ambitions. That makes the long-term case stronger, even if the stock already prices in a lot of success.
My Verdict: Hold this. The risk is that the valuation already assumes Helios ramps smoothly and closes the gap with NVIDIA faster than the market can verify.
Poll: What single factor matters most to you when sizing a new position?
Movers and Shakers
e.l.f. Beauty [ELF]: Premarket Move: +11%
e.l.f. is bouncing because the quarter was better than feared. Q4 sales rose 35% to $449.3 million, beating estimates of $423.2 million, and adjusted EPS came in at $0.32 versus $0.29 expected. That is enough to spark a rebound after the stock hit a fresh 52-week low.
The warning is guidance. Full-year sales and profit outlook both came in light, and the Iran war could add $15 million to $20 million in costs. Tariff refunds may help, but base elf cosmetics growth is slowing.
My Take: Trade the bounce, but do not trust it yet. The quarter was solid, but weak guidance keeps this from being a clean buy.
Enphase Energy [ENPH]: Premarket Move: +5%
Enphase is moving higher after Goldman Sachs lifted its price target to $57 from $51 and kept a Buy rating. The timing matters because investors are watching the July 4 solar tax credit deadline, which could pull demand forward for commercial and leased rooftop systems.
Retail interest is heating up too, with message volume jumping more than 300% in 24 hours. That can add fuel, but the real story is whether tax-credit demand can turn into orders.
My Take: Buy the pullback. Enphase finally has a near-term catalyst, and the stock can keep working if solar demand accelerates into the deadline.
Intuit [INTU]: Premarket Move: -13%
Intuit is getting hit because AI pressure is moving from theory to numbers. The company is cutting nearly 3,000 jobs, or about 17% of its workforce, while lowering its TurboTax revenue forecast to $5.277 billion to $5.282 billion from the prior $5.305 billion to $5.33 billion range.
The problem is simple: investors are questioning whether AI tools can weaken TurboTax’s premium tax-help model. Layoffs may protect margins, but they also confirm management is repositioning under pressure.
My Take: Stay away for now. Intuit is a great business historically, but the tax software moat is under attack, and the stock needs proof that AI is a tailwind, not a threat.
Dollar Pressure Rising (Sponsored)
Tanker traffic through Hormuz has collapsed. LNG capacity is offline. Countries are already rationing fuel.
Energy shocks don’t stay contained—they spread through the entire economy.
As a market technician, I’ve studied these cycles for decades, and they always lead to monetary response—and currency pressure.
See the four companies positioned for this shift.
Everything Else
💰 Dividend payers are back in focus, as investors look for companies that can keep delivering income through recessions, rising rates, and bear markets.
🎮 Ubisoft posted a full-year loss as Assassin’s Creed delays kept weighing on the turnaround story.
🛢️ Trump says U.S.-Iran peace talks are progressing, but Hormuz is still keeping oil traders on edge.
🏦 Japan’s megabanks are posting bigger profits, though growth risks are starting to look harder to ignore.
⚙️ Samsung shares jumped after a tentative wage deal suspended a strike, giving chip investors one less headache.
🤖 Anthropic is nearing its first quarterly profit, but a $1.25 billion monthly SpaceX bill is not exactly pocket change.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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