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Every major investment theme eventually runs into a bottleneck. During the internet boom, it was fiber-optic networks. During the first wave of artificial intelligence, it’s been GPUs and the enormous amounts of electricity needed to power massive data centers. As I researched the next phase of AI – the Physical AI revolution – I kept […]

You’ve made the first move, and you’re already a step ahead. And today it’s going to start paying off. Earlier this week, we established that artificial intelligence is beginning to leave the data center and enter the physical world. Yesterday, we looked at why businesses are investing billions of dollars in robotics… not because it’s […]

Yesterday, I introduced the idea that artificial intelligence is beginning to leave the data center and enter the physical world. That shift is what NVIDIA (NVDA) CEO Jensen Huang calls Physical AI, and I believe it will become one of the defining investment themes of the next decade. Today I’d like to answer a different […]

Over the past few years, nearly every conversation about artificial intelligence has revolved around the same topic: data centers. Investors have been obsessed with NVIDIA’s (NVDA) GPUs, Microsoft’s (MSFT) AI spending, and whether electric utilities can generate enough power to support the next wave of computing. Those have been the right questions to ask because […]

If you only looked at the headlines the last couple days, you might think something dramatic is happening at SpaceX (SPCX). But you’re smarter than that. You don’t just look at the headlines, you analyze the story underneath. How do I know? Because you’re here, reading this. Good for you. Now let’s get to it. […]

One of the reasons I love investing in innovation is that the best companies never stop innovating. They continue to evolve, creating entirely new businesses that many investors never saw coming. That’s why I always try to look beyond what a company does today. The biggest winners in the market are often businesses that reinvent […]

Yesterday afternoon, SpaceX (SPCX) reported its first earnings as a publicly traded company. As expected, Wall Street immediately focused on the headlines. Revenue came in at $7.8 billion compared to expectations of $6.8 billion. Earnings per share came in at a loss of -$0.09 versus estimates of -$0.23. Just as important as the company’s first […]

Yesterday, I wrote about the unusual market we’re experiencing. While the Nasdaq-100 slipped into correction territory and many of the biggest AI winners remained under pressure, the equal-weight S&P 500 quietly climbed to a new all-time high. It was another reminder that headlines rarely tell the entire story. This week offers another example. Most investors […]

Publisher’s Note: Welcome to the first issue of The First Move. Matt McCall is a bonafide innovations expert, relying on masterful intuition to build his career. His impeccable instinct is the whole reason we brought him here. Innovation investing gets a lot of lip service and not much follow-through, mostly because it means holding a […]

Every company worth trillions today started the same way: as an idea most investors ignored. Amazon was an online bookstore losing money in an industry already dominated by Barnes & Noble. Apple was a niche computer maker before the iPhone changed the question entirely. Nvidia was known for gaming chips years before anyone called it […]