We describe our newsletter as “free,” however the resources required to produce the research behind our weekly analysis are substantial. Delivering early, actionable insights consistently—and making them available to the public—is a deliberate investment by our firm and an approach that remains uncommon in traditional Wall Street research.

As we close out a defining year for tech, we’re proud to share a few media moments where our theses met the mainstream. We are grateful that our readers trust us to cut through the noise - and we want to wish you a wonderful holiday season and a successful close to the 2025 trading year. Below are some of our most impactful media appearances of the year, including in-depth conversations on Nvidia’s stock, the broader AI market, and—not to be missed—a few lesser-known AI stocks that anchors couldn’t help but ask about.

Meta’s stock sits at the center of the AI spending debate, as Big Tech continues to shock markets with outsized AI-driven capital expenditures. What is being overlooked is that Meta’s stock is already reporting a long-awaited return on investment from the AI data center buildout. Below, I highlight several key metrics from Meta’s latest earnings report that illustrate the company is beginning to offer measurable returns on its AI investments. When viewed alongside our prior analysis on Nvidia and Broadcom, this discussion broadens the perspective to include one of the most closely scrutinized AI stocks in terms of capital expenditure. Although AI remains in a nascent stage, the data presented below provides early evidence that elevated AI capex is starting to translate into a clearer path toward monetization.

The AI accelerator market will inevitably widen beyond Nvidia’s GPUs - the keyword is widen. More players will sell more AI systems as the market expands, and that growth supports both the clear leader (Nvidia) and those already in pole position, such as Broadcom.

Two weeks ago, Nvidia blew the doors off with an earnings report that defies the company’s mega-cap scale. The long-awaited Blackwell and Blackwell Ultra architectures are shipping in volume, leading to 25% QoQ growth in the data center segment and surpassing a $200 billion data center run rate. Despite this, Nvidia’s stock barely budged as the market ignored the magnitude of the QoQ inflection. Consider that Apple, trading at a similar market cap, has not seen 66% YoY growth for fourteen years, and it required a global pandemic for Apple to report 25%+ QoQ growth outside of its holiday quarter.

In August, the I/O Fund warned that Bitcoin was entering a high-risk phase as global liquidity stalled, and sentiment patterns flashed caution. Since then, Bitcoin has fallen more than -35%. In this article, follow up with the liquidity issues that are roiling risk assets, including Bitcoin. As investors will see, the technical outlook has shifted, increasing risk that a larger top could be in.

The headline that Nvidia could reach a $20 trillion market cap by 2030 will trigger plenty of emotion — it sounds fantastical, full of hype, or like a prediction made far too early in the AI cycle. Yet what I offer you below is a data-driven, fundamentally grounded case for how Nvidia can realistically reach a $20 trillion valuation by 2030. My brand new, updated prediction that Nvidia’s stock will see a $20 trillion market cap is shaped by a few key items: Nvidia’s aggressive 1-year product roadmap, an impenetrable software ecosystem through CUDA, and its evolution into a full-stack AI systems provider encompassing GPUs, networking, cloud-scale platforms, and software. When these elements are modeled together — alongside the rapid expansion in global AI infrastructure capex — the path to $20 trillion becomes less sensational and more a reflection of compounding fundamentals.

AI accelerators such as GPUs and custom silicon need no introduction. Compute has led the AI boom; a trend so powerful, it is displacing the FAANGs of the last decade with Nvidia firmly the world’s most valuable company and infrastructure suppliers like Broadcom has pushed past legacy peers such as Meta in market cap.