The AI infrastructure trade still has legs. One chipmaker is showing real data-center acceleration, while one server company gave the market enough guidance to look past a messy quarter. On the other side, a bitcoin-linked name just made its story less simple, and that weakens the case for chasing it now.
Biotech Milestone (Sponsored)
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Futures at a Glance📈
Futures are pushing higher on renewed hopes for an Iran deal, with AMD giving the chip trade an extra jolt after a strong report and upbeat outlook. The market still has that risk-on feel this morning, as easing war fears and sturdy earnings keep the rally moving.
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What to Watch
Earnings (Premarket):
• Novo Nordisk A/S [NVO]
• Walt Disney Company (The) [DIS]
• Uber Technologies, Inc. [UBER]
• CVS Health Corporation [CVS]
• Equinor ASA [EQNR]
• Marriott International [MAR]
• Johnson Controls International plc [JCI]
Earnings (Aftermarket):
• Arm Holdings plc [ARM]
• Applovin Corporation [APP]
• DoorDash, Inc. [DASH]
Economic Reports:
• ADP employment (April): 8:15 am
Fed Speakers:
• St. Louis Fed President Alberto Musalem speech: 9:30 am
• Chicago Fed President Austan Goolsbee speech: 1:00 pm
Elite Trade Club Insider
Nearly $200 Million Just Lined Up Near The Highs
Two officers at a biotech stock up nearly 94% over the past year filed proposed sales worth a combined $193.4 million, while three insiders at a streaming giant sold more than $40.8 million as the stock sat down roughly 23% over the past year. Most readers will see a pile of insider selling.
Our Insider readers will see the difference between cashing out after a monster run and selling from a stock still trying to recover.
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Semiconductors
Advanced Micro Devices Just Made the AI Runner-Up Case Much Stronger
Advanced Micro Devices Inc (NASDAQ: AMD) gave investors the quarter they needed to see. Adjusted EPS came in at $1.37 versus $1.29 expected, revenue reached $10.25 billion against the $9.89 billion consensus, and second-quarter revenue guidance of about $11.2 billion landed well above the $10.52 billion estimate. Revenue rose 38% year over year, but the real story was data center, where sales jumped 57% to $5.8 billion.
That matters because AMD is no longer just being valued on the hope that AI demand spills over from Nvidia. The company is now showing real data-center acceleration, stronger supply visibility, and traction with major customers.
Its upcoming Helios rack-scale AI system is expected to begin shipments in the second half of the year, with both OpenAI and Meta already signed up. That gives AMD a clearer role as the second major AI infrastructure option for hyperscalers that need more compute.
The valuation is not easy. AMD closed at $355.26, is up more than 260% over the past year, and trades around 136x earnings. But this quarter gave the market a reason to keep paying up.
My Take For You: AMD just strengthened the case that AI infrastructure demand is big enough for more than one winner. This is no longer just a catch-up story. It is becoming a real scale story.
My Verdict: Buy this. The risk is that the stock is already priced for flawless Helios execution and continued data-center acceleration.
AI Servers
Super Micro Computer Gets a Guidance Lifeline After a Messy Quarter
Super Micro Computer Inc (NASDAQ: SMCI) did not deliver a clean quarter, but it did deliver the one thing the market cared about: strong forward guidance. Fiscal third-quarter revenue came in at $10.24 billion, missing the $12.33 billion estimate, but adjusted EPS of $0.84 beat the $0.62 consensus. Revenue still more than doubled, rising 123% year over year, which shows the AI server demand is there even if timing was messy.
The company blamed delayed revenue recognition on customers not being ready with power and networking for cloud deployments. It also pointed to supply constraints, including higher memory prices and shortages of GPUs and Intel processors.
Those explanations matter because they suggest the miss was partly timing and supply-related, not a collapse in demand. Management then guided fiscal fourth-quarter revenue to $11 billion to $12.5 billion, above the $11.07 billion consensus at the midpoint, and EPS to $0.65 to $0.79, above expectations for $0.55.
The governance and legal overhangs are still real. The company has had to distance itself from individuals tied to a federal indictment involving server diversion to China, and investors are not going to forget that overnight. But customers appear to be sticking around, and the guidance says demand remains strong.
My Take For You: This is not the cleanest AI hardware story, but the guide was strong enough to keep the comeback trade alive. The market is willing to look past the messy quarter because future demand still looks intact.
My Verdict: Buy the recovery trade. The risk is that legal overhangs or another revenue-timing miss bring the credibility discount back fast.
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Bitcoin
Strategy Inc Class A Just Changed the Bitcoin Playbook
Strategy Inc Class A (NASDAQ: MSTR) just made a subtle but important shift away from its old never sell identity. Management said it is now open to selling bitcoin if doing so is accretive to bitcoin per share, whether that means raising dollars, managing debt, or improving the balance sheet.
That is a major philosophical change for a company that built its market identity around relentless bitcoin accumulation.
The numbers are massive. Strategy held 818,334 BTC at the end of the first quarter, acquired for $61.81 billion at an average cost of about $75,500 per coin. That represents almost 4% of total bitcoin supply.
The company also posted a $12.5 billion net loss in the first quarter tied to bitcoin weakness, while holding a $2.25 billion dollar reserve to meet preferred dividend and debt obligations.
The new strategy is not automatically negative. In fact, active balance-sheet management could make the business more rational if it protects bitcoin per share and reduces financing pressure. But it changes the story.
Shareholders are no longer just buying a company that stacks bitcoin at all costs. They are buying a financial vehicle that will trade around its bitcoin exposure when management thinks it improves shareholder economics.
My Take For You: This makes Strategy more flexible, but also less simple. The stock’s appeal now depends on whether management can manage bitcoin exposure better than just buying and holding.
My Verdict: Avoid this for now. The risk is that changing the bitcoin policy weakens the stock’s core identity without clearly improving returns.
Poll: When a company you've been watching reports blowout earnings, what's your first move?
Movers and Shakers
Compass [COMP]: Premarket Move: +27%
Compass is ripping because the Anywhere deal is already doing what management promised. EPS came in at $0.03 versus -$0.21 expected, revenue hit $2.70 billion, and adjusted EBITDA reached $61 million, above guidance. The bigger number is synergy upside: Compass raised its 2026 realized cost synergy target to $200 million from $100 million.
This is a real integration win, not just a housing bounce.
My Take: Buy it. Compass just proved the merger math works, and the stock has room if management keeps converting synergies into EBITDA.
Flex [FLEX]: Premarket Move: +19%
Flex is surging because the power infrastructure spin-off gives investors a cleaner AI data-center story. SpinCo will focus on power, thermal management, and mission-critical infrastructure, with management targeting 65% to 75% revenue growth in fiscal 2027 and more than 80% in fiscal 2028.
That is why the market is paying attention. Flex is separating the high-growth AI infrastructure business from the slower manufacturing base.
My Take: Buy the pullbacks. This spin-off can unlock real value, but after a 19% premarket jump, the smarter entry is weakness, not the opening rush.
Primoris Services [PRIM]: Premarket Move: -26%
Primoris is getting crushed because expectations got too far ahead of the numbers. The stock had already run more than 200% over the past year, traded near highs, and analysts were looking for proof that gas generation, data centers, and the PayneCrest deal could support the next leg.
A drop this sharp says the market did not get enough confidence on margins, backlog conversion, or near-term execution. In a high-multiple infrastructure winner, that matters immediately.
My Take: Do not buy this dip yet. The long-term power demand story is still attractive, but the stock needs to reset before it becomes buyable again.
AI Investing (Sponsored)
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Everything Else
🤖 AI stock rankings are gaining traction, because hedge-fund-style research is a lot more appealing when the machine does the heavy lifting before the bell.
🏦 Private credit is getting more scrutiny as stress risks raise fresh questions about financial stability.
✈️ Lufthansa is warning that Middle East conflict could add about $2 billion in fuel costs this year.
💾 Samsung’s AI-chip rally has helped lift Kospi optimism, with investors watching whether the index can push toward a major milestone.
☁️ Anthropic has reportedly committed to spending around $200 billion on Google’s cloud and chips, underscoring the scale of the AI infrastructure race.
🧠 DeepSeek is nearing a $45 billion valuation as China’s big fund leads new investment talks.
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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