RISK TERMINAL

Ticker	Side	Qty	AvgCost	Last	MktVal	P&L	P&L%	Wgt%	StopLoss	SL Dist	Sector	Signal
USO	LNG	1,000	76.18	76.18	76,180	0	0.0%	16.3%	71.61	6.0%	Energy	TRIM
PMVP	LNG	27,000	1.59	1.33	35,910	-7,020	-16.4%	7.7%	1.25	6.0%	Healthcare	EXIT
QCLS	LNG	5,900	3.57	3.57	21,063	0	0.0%	4.5%	3.36	5.9%	Technology	OK
INFY	SHT	-1,500	14.11	13.76	-20,640	525	2.5%	4.4%	14.59	-6.0%	Technology	OK
ZM	LNG	200	83.28	84.03	16,806	150	0.9%	3.6%	78.99	6.0%	Technology	OK
PANW	LNG	100	172.71	166.99	16,699	-572	-3.3%	3.6%	156.97	6.0%	Technology	WATCH
CVNA	SHT	-40	324.97	326.93	-13,077	-78	-0.6%	2.8%	346.55	-6.0%	Consumer Cyclicals	OK
SLNO	SHT	-200	46.68	52.51	-10,502	-1,166	-12.5%	2.2%	55.66	-6.0%	Healthcare	WATCH
TONX	LNG	4,508	2.09	2.10	9,467	45	0.5%	2.0%	1.97	6.2%	Technology	OK
SNDK	SHT	-10	799.88	851.57	-8,516	-517	-6.5%	1.8%	902.66	-6.0%	Technology	WATCH
WIT	SHT	-3,200	2.26	2.26	-7,232	0	0.0%	1.6%	2.40	-6.2%	Technology	OK
IDYA	LNG	200	35.72	31.00	6,200	-944	-13.2%	1.3%	29.14	6.0%	Healthcare	EXIT
DELFI	LNG	5,100	1.13	1.11	5,661	-102	-1.8%	1.2%	1.04	6.3%	Consumer Non-Cyc	OK
LITE	LNG	6	873.16	894.13	5,365	126	2.4%	1.1%	840.48	6.0%	Technology	OK
SYM	SHT	-100	53.59	53.59	-5,359	0	0.0%	1.1%	56.81	-6.0%	Industrials	OK
AAOI	LNG	40	128.63	133.30	5,332	187	3.6%	1.1%	125.30	6.0%	Technology	OK
BCRX	LNG	500	8.99	9.89	4,945	450	10.0%	1.1%	9.30	6.0%	Healthcare	OK
TSLA	SHT	-14	363.89	345.62	-4,839	256	5.0%	1.0%	366.36	-6.0%	Consumer Cyclicals	OK
MPT	SHT	-1,000	4.64	4.83	-4,830	-190	-4.1%	1.0%	5.12	-6.0%	Real Estate	WATCH
ANL	LNG	400	10.51	12.00	4,800	596	14.2%	1.0%	11.28	6.0%	Healthcare	OK
KNSA	LNG	100	42.40	47.33	4,733	493	11.6%	1.0%	44.49	6.0%	Healthcare	OK
3105	LNG	10	374.57	436.00	4,360	614	16.4%	0.9%	409.84	6.0%	Technology	STRONG
SANA	LNG	1,300	4.28	3.12	4,056	-1,508	-27.1%	0.9%	2.93	6.1%	Healthcare	EXIT
LQDA	LNG	100	34.37	40.32	4,032	595	17.3%	0.9%	37.90	6.0%	Healthcare	STRONG
SOFI	SHT	-200	15.33	16.27	-3,254	-188	-6.1%	0.7%	17.25	-6.0%	Financials	WATCH
APAD	LNG	309	10.06	10.27	3,173	65	2.1%	0.7%	9.65	6.0%	Financials	OK
CAPR	SHT	-100	29.91	31.61	-3,161	-170	-5.7%	0.7%	33.51	-6.0%	Healthcare	WATCH
CRVS	LNG	200	13.26	15.67	3,134	482	18.2%	0.7%	14.73	6.0%	Healthcare	STRONG
TECX	LNG	100	19.05	31.09	3,109	1,204	63.2%	0.7%	29.22	6.0%	Healthcare	STRONG
IVA	LNG	500	6.92	5.50	2,750	-710	-20.5%	0.6%	5.17	6.0%	Healthcare	EXIT
LNG	SHT	-10	300.64	265.77	-2,658	349	11.6%	0.6%	281.72	-6.0%	Energy	OK
OWL	SHT	-300	8.75	8.28	-2,484	141	5.4%	0.5%	8.78	-6.0%	Financials	OK
PCRX	LNG	100	22.61	23.82	2,382	121	5.3%	0.5%	22.39	6.0%	Healthcare	OK
ASAN	SHT	-400	6.33	5.73	-2,292	240	9.5%	0.5%	6.07	-5.9%	Technology	OK
DOCU	SHT	-50	47.37	45.55	-2,278	91	3.8%	0.5%	48.28	-6.0%	Technology	OK
SRPT	LNG	100	16.85	22.23	2,223	538	31.9%	0.5%	20.90	6.0%	Healthcare	STRONG
ZBIO	LNG	100	18.01	21.28	2,128	327	18.2%	0.5%	20.00	6.0%	Healthcare	STRONG
PALI	LNG	1,000	1.89	1.98	1,980	90	4.8%	0.4%	1.86	6.1%	Healthcare	OK
KD	SHT	-150	12.66	12.79	-1,918	-20	-1.0%	0.4%	13.56	-6.0%	Technology	OK
RGNX	LNG	200	8.09	8.96	1,792	174	10.8%	0.4%	8.42	6.0%	Healthcare	OK
QURE	LNG	100	14.80	16.30	1,630	150	10.1%	0.3%	15.32	6.0%	Healthcare	OK
UGRO	SHT	-100	24.24	15.48	-1,548	876	36.1%	0.3%	16.41	-6.0%	Consumer Non-Cyc	STRONG
TRIN	SHT	-100	14.71	15.09	-1,509	-38	-2.6%	0.3%	16.00	-6.0%	Financials	WATCH
IBRX	LNG	200	8.53	7.48	1,496	-210	-12.3%	0.3%	7.03	6.0%	Healthcare	EXIT
TENX	LNG	100	14.90	14.96	1,496	6	0.4%	0.3%	14.06	6.0%	Healthcare	OK
HTGC	SHT	-100	14.09	14.74	-1,474	-65	-4.6%	0.3%	15.62	-6.0%	Financials	WATCH
TEAM	SHT	-25	68.02	58.96	-1,474	226	13.3%	0.3%	62.50	-6.0%	Technology	OK
FIVN	SHT	-100	15.12	13.82	-1,382	130	8.6%	0.3%	14.65	-6.0%	Technology	OK
GBDC	SHT	-100	12.11	12.58	-1,258	-47	-3.9%	0.3%	13.33	-6.0%	Financials	WATCH
TCPC	SHT	-300	3.64	3.83	-1,149	-57	-5.2%	0.2%	4.06	-6.0%	Financials	WATCH
OBDC	SHT	-100	11.04	10.76	-1,076	28	2.5%	0.2%	11.41	-6.0%	Financials	OK

RULE VIOLATIONS (5)

PMVP concentration

Position 7.7% of NAV exceeds max 5%. Reduce by $12,538.

PMVP overweight

PMVP at 7.7% is overweight. Max 5%. Historical pattern: MSFT at 19.45% avg weight led to -1.64% CTR loss. Oversized conviction bets destroy risk-adjusted returns.

ZM sector_tailwind

BLOCKED: ZM is in uninvestable sector "Traditional SaaS platforms being disrupted by AI". Reason: AI agents replacing workflow SaaS. Seat-based pricing model broken. Structural decline.

USO concentration

Position 16.3% of NAV exceeds max 5%. Reduce by $52,808.

USO overweight

USO at 16.3% is overweight. Max 5%. Historical pattern: MSFT at 19.45% avg weight led to -1.64% CTR loss. Oversized conviction bets destroy risk-adjusted returns.

WARNINGS (89)

AAOI stop_loss

AAOI: No stop-loss set!

AAOI sector_tailwind

AAOI (Technology) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

AAOI position_count

51 positions is excessive. Target 15-20 max. Historical pattern: 50+ symbols led to overdiversification and attention dilution.

ANL stop_loss

ANL: No stop-loss set!

ANL sector_tailwind

ANL (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

APAD stop_loss

APAD: No stop-loss set!

APAD sector_tailwind

APAD (Financials) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

ASAN stop_loss

ASAN: No stop-loss set!

BCRX stop_loss

BCRX: No stop-loss set!

CAPR stop_loss

CAPR: No stop-loss set!

CAPR sector_tailwind

CAPR (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

CRVS stop_loss

CRVS: No stop-loss set!

CRVS sector_tailwind

CRVS (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

CVNA stop_loss

CVNA: No stop-loss set!

CVNA sector_tailwind

CVNA (Consumer Cyclicals) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

DOCU stop_loss

DOCU: No stop-loss set!

FIVN stop_loss

FIVN: No stop-loss set!

GBDC stop_loss

GBDC: No stop-loss set!

HTGC stop_loss

HTGC: No stop-loss set!

IBRX stop_loss

IBRX: No stop-loss set!

IBRX sector_tailwind

IBRX (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

IDYA stop_loss

IDYA: No stop-loss set!

INFY stop_loss

INFY: No stop-loss set!

INFY concentration

Position at 4.4% of NAV, approaching limit of 5%.

IVA stop_loss

IVA: No stop-loss set!

IVA sector_tailwind

IVA (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

KD stop_loss

KD: No stop-loss set!

KNSA stop_loss

KNSA: No stop-loss set!

KNSA sector_tailwind

KNSA (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

LITE stop_loss

LITE: No stop-loss set!

LNG stop_loss

LNG: No stop-loss set!

LQDA stop_loss

LQDA: No stop-loss set!

MPT stop_loss

MPT: No stop-loss set!

MPT sector_tailwind

MPT (Real Estate) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

MPT penny_stock

MPT at $4.83 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

OBDC stop_loss

OBDC: No stop-loss set!

OWL stop_loss

OWL: No stop-loss set!

PALI stop_loss

PALI: No stop-loss set!

PALI sector_tailwind

PALI (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

PALI penny_stock

PALI at $1.98 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

PANW stop_loss

PANW: No stop-loss set!

PCRX stop_loss

PCRX: No stop-loss set!

PCRX sector_tailwind

PCRX (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

PMVP stop_loss

PMVP: No stop-loss set!

PMVP sector_tailwind

PMVP (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

PMVP penny_stock

PMVP at $1.33 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

QCLS stop_loss

QCLS: No stop-loss set!

QCLS sector_tailwind

QCLS (Technology) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

QCLS concentration

Position at 4.5% of NAV, approaching limit of 5%.

QCLS penny_stock

QCLS at $3.57 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

QURE stop_loss

QURE: No stop-loss set!

RGNX stop_loss

RGNX: No stop-loss set!

SANA stop_loss

SANA: No stop-loss set!

SANA sector_tailwind

SANA (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

SANA penny_stock

SANA at $3.12 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

SLNO stop_loss

SLNO: No stop-loss set!

SLNO sector_tailwind

SLNO (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

SNDK stop_loss

SNDK: No stop-loss set!

SNDK sector_tailwind

SNDK (Technology) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

SOFI stop_loss

SOFI: No stop-loss set!

SRPT stop_loss

SRPT: No stop-loss set!

SYM stop_loss

SYM: No stop-loss set!

SYM sector_tailwind

SYM (Industrials) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

TCPC stop_loss

TCPC: No stop-loss set!

TCPC penny_stock

TCPC at $3.83 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

TEAM stop_loss

TEAM: No stop-loss set!

TECX stop_loss

TECX: No stop-loss set!

TECX sector_tailwind

TECX (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

TENX stop_loss

TENX: No stop-loss set!

TENX sector_tailwind

TENX (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

TONX stop_loss

TONX: No stop-loss set!

TONX sector_tailwind

TONX (Technology) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

TONX penny_stock

TONX at $2.10 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

TRIN stop_loss

TRIN: No stop-loss set!

TSLA stop_loss

TSLA: No stop-loss set!

UGRO stop_loss

UGRO: No stop-loss set!

UGRO sector_tailwind

UGRO (Consumer Non-Cyc) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

WIT stop_loss

WIT: No stop-loss set!

WIT penny_stock

WIT at $2.26 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

ZBIO stop_loss

ZBIO: No stop-loss set!

ZBIO sector_tailwind

ZBIO (Healthcare) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

ZM stop_loss

ZM: No stop-loss set!

DELFI stop_loss

DELFI: No stop-loss set!

DELFI sector_tailwind

DELFI (Consumer Non-Cyc) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

DELFI penny_stock

DELFI at $1.11 is a penny stock. Historical pattern: PMVP ($1.33, -$7K loss), MTEN (-2.16% CTR). These have asymmetric downside. Reduce sizing by 50%.

3105 stop_loss

3105: No stop-loss set!

3105 sector_tailwind

3105 (Technology) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

USO stop_loss

USO: No stop-loss set!

USO sector_tailwind

USO (Energy) not in defined tailwind sectors. Consider whether this has genuine structural momentum.

STOP-LOSS PROXIMITY

Click SCAN STOPS or switch to Alerts tab to check stop-loss proximity.

MARKET PULSE — X/TWITTER via Grok

Click SCAN X to check what's moving markets on Twitter right now.

141 SECTORS/THEMES — 31 EARLY | 72 MID | 10 LATE | 19 POST-HYPE | 9 UNINVESTABLE — 141/141 cached (0.8d old)

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SECTOR CYCLE MAP (113 sectors)

AI training & inference cloud infrastructure (hyperscaler capex)

18.2T LATE

Hyperscaler capex still growing but 2+ years priced in. Margin compression risk as competition intensifies.

NTM PE 20.0x LTM PE 29.3x REV $5.8T GROWTH 22.8%

NVDA 4.6T MSFT 2.8T GOOGL 3.8T AMZN 2.6T META 1.6T ORCL 397.2B TSM 1.9T SNOW 41.9B DDOG 37.3B MU 474.3B

AI-native agents, copilots, and autonomous software

563.5B MID

Enterprise adoption inflecting. Revenue proving out but multiples still reasonable for growers.

NTM PE 11.4x LTM PE 26.3x REV $61.5B GROWTH 22.5%

CRM 154.6B PLTR 306.3B AI 1.2B PATH 5.0B SNOW 41.9B HUBS 10.1B DDOG 37.3B MNDY 3.0B FRSH 2.1B ADPT 2.0B

On-device AI inference, edge computing chips

290.7B EARLY

Next wave after cloud AI. On-device inference demand just starting to inflect with AI PCs/phones.

NTM PE 25.5x LTM PE 33.9x REV $58.9B GROWTH 22.1%

QCOM 136.8B MRVL 112.4B CEVA 571M LSCC 14.5B SWKS 8.5B SITM 11.1B NPTN SLAB 7.0B

Industrial & humanoid robotics, factory automation

303.6B EARLY

Humanoid robots transitioning from demos to pilots. Labor shortages structural tailwind.

NTM PE 30.9x LTM PE 57.1x REV $858.2B GROWTH 11.9%

ISRG 160.0B ABB FANUY 37.0B ROK 44.5B TER 57.6B IRBT BRKS NOVT 4.5B RWLK HYND

Self-driving technology, robotaxis, ADAS

1.4T MID

Waymo scaling, Tesla robotaxi launched. Revenue real but path to profitability still uncertain.

NTM PE 7.2x LTM PE 158.1x REV $308.4B GROWTH 0.9%

TSLA 1.3T GM 71.3B MBLY 6.1B APTV 15.0B ON 27.0B LAZR INVZ 145M OUST 1.3B LIDR 72M

Machine vision, video analytics, visual AI

718.8B MID

Embedded in surveillance, manufacturing QA, medical imaging. Steady enterprise pull.

NTM PE 37.0x LTM PE 78.5x REV $36.1B GROWTH 37.5%

CDNS 73.3B ISRG 160.0B AXON 27.8B PLTR 306.3B SNPS 75.1B TER 57.6B CGNX 8.9B VIAV 9.7B

Large language models, NLP platforms, foundation models

11.5T LATE

Commoditization accelerating. Open-source catching up. Margin pressure on API pricing.

NTM PE 21.6x LTM PE 28.1x REV $1.7T GROWTH 19.9%

MSFT 2.8T GOOGL 3.8T META 1.6T AMZN 2.6T AI 1.2B PLTR 306.3B SNOW 41.9B ORCL 397.2B

GPU/accelerators for AI model training

10.0T LATE

NVDA dominance priced in. Training capex growth decelerating as models get more efficient.

NTM PE 20.6x LTM PE 38.5x REV $337.9T GROWTH 26.6%

NVDA 4.6T AMD 399.5B AVGO 1.8T INTC 313.2B TSM 1.9T MU 474.3B MRVL 112.4B SSNLF 430.3B

Custom chips optimized for AI inference workloads

2.3T MID

Inference volume growing faster than training. Custom ASIC demand from hyperscalers accelerating.

NTM PE 23.8x LTM PE 57.2x REV $174.7B GROWTH 22.1%

AVGO 1.8T MRVL 112.4B QCOM 136.8B INTC 313.2B LSCC 14.5B

Application-specific integrated circuits for cloud/AI

4.1T MID

Hyperscalers building custom silicon to reduce NVDA dependency. Design wins ramping.

NTM PE 23.8x LTM PE 57.2x REV $3.9T GROWTH 22.1%

AVGO 1.8T MRVL 112.4B TSM 1.9T INTC 313.2B LSCC 14.5B

High-speed ethernet, InfiniBand, data center networking

2.6T LATE

Arista and Broadcom priced for continued 40%+ growth. Any decel punished hard.

NTM PE 22.3x LTM PE 72.4x REV $188.5B GROWTH 29.2%

ANET 185.6B CSCO 324.9B AVGO 1.8T MRVL 112.4B JNPR CIEN 70.2B CALX 3.1B INFN LITE 64.1B HPE 33.1B

High-bandwidth memory for AI accelerators

732.0T MID

HBM3E/HBM4 demand still outstripping supply. Micron benefiting but cyclical risk ahead.

NTM PE 17.5x LTM PE 35.5x REV $434.7T GROWTH 26.6%

MU 474.3B SSNLF 430.3B 000660.KS 727.4T TSM 1.9T AVGO 1.8T AMKR 14.4B

NAND flash storage, SSDs

728.9T MID

Supply discipline holding. Enterprise SSD demand strong from AI data pipelines.

NTM PE 18.1x LTM PE 32.5x REV $430.9T GROWTH 23.8%

SSNLF 430.3B WDC 117.4B MU 474.3B STX 112.7B 000660.KS 727.4T KIOXIA PSTG 20.1B NTAP 19.0B LRCX 331.2B

DRAM for servers, PCs, mobile

728.3T MID

Server DRAM benefiting from AI build-out. DDR5 transition tailwind. Cyclical caution warranted.

NTM PE 9.5x LTM PE 19.8x REV $430.8T GROWTH 44.9%

SSNLF 430.3B MU 474.3B 000660.KS 727.4T AMKR 14.4B

Wafer fab equipment, metrology, testing

1.5T LATE

Record order books but capex cycle maturing. Export controls add uncertainty.

NTM PE 32.1x LTM PE 52.6x REV $102.5B GROWTH 6.1%

ASML 580.5B AMAT 317.0B LRCX 331.2B KLAC 228.3B TER 57.6B ONTO 12.8B COHU 1.8B ACLS 3.4B UCTT 3.4B FORM 9.7B

Extreme ultraviolet lithography (ASML monopoly)

603.5B LATE

High-NA EUV ramping but ASML priced for perfection. Single-stock concentration risk.

NTM PE 32.9x LTM PE 37.4x REV $285.6B GROWTH -4.8%

ASML 580.5B CZMWY 2.7B LSRCF 20.4B

CoWoS, chiplet packaging, 2.5D/3D integration

4.4T MID

CoWoS capacity still bottleneck for AI chips. TSMC expanding aggressively. Demand structural.

NTM PE 26.9x LTM PE 43.1x REV $4.6T GROWTH 12.8%

TSM 1.9T AVGO 1.8T AMKR 14.4B ASX 54.4B BESI ONTO 12.8B AMAT 317.0B COHU 1.8B INTC 313.2B

Semiconductor foundries, wafer fabrication

3.0T MID

TSMC dominant. Intel turnaround uncertain. Reshoring subsidies flowing. Geopolitical premium.

NTM PE 20.7x LTM PE 33.1x REV $338.4T GROWTH 9.6%

TSM 1.9T INTC 313.2B SSNLF 430.3B GFS 26.9B UMC 24.7B ASX 54.4B SMIC TXN 195.5B

Quantum key distribution, quantum internet

22.5B EARLY

Pre-commercial but government funding flowing. Quantum-safe networking a real need.

NTM PE -31.6x LTM PE 32.8x REV $163M GROWTH 119.3%

QTUM N/A IONQ 10.6B RGTI 4.9B ARQQ 196M QBTS 5.3B QUBT 1.6B

Network security, endpoint, identity, zero trust

340.1B MID

AI-driven threats expanding TAM. Platformization trend favoring leaders. Steady compounder.

NTM PE 24.1x LTM PE 31.7x REV $32.3B GROWTH 14.9%

PANW 127.1B CRWD 96.1B FTNT 57.0B ZS 19.0B OKTA 11.2B S 4.1B CYBR 20.6B TENB 1.9B QLYS 2.7B RPD 334M

Public cloud IaaS/PaaS (AWS, Azure, GCP)

10.4T LATE

Cloud growth re-accelerated on AI but largest providers fully valued. Mature growth.

NTM PE 21.6x LTM PE 24.0x REV $2.6T GROWTH 17.4%

AMZN 2.6T MSFT 2.8T GOOGL 3.8T ORCL 397.2B IBM 216.5B BABA 304.5B CRM 154.6B SNOW 41.9B DDOG 37.3B NET 58.8B

Content delivery, edge compute, serverless

243.8B MID

Edge inference and low-latency AI driving renewed demand. Cloudflare executing well.

NTM PE 57.0x LTM PE 56.5x REV $22.5B GROWTH 16.4%

NET 58.8B AKAM 13.4B FSLY 3.5B LLNW EQIX 101.6B DLR 66.1B CLFD 376M

AI-first SaaS, outcome-based pricing, vertical AI

372.5B EARLY

New category emerging. Companies pricing on outcomes not seats. Early innings of adoption.

NTM PE 12.2x LTM PE 77.5x REV $16.8B GROWTH 27.9%

PLTR 306.3B AI 1.2B HUBS 10.1B UPST 2.7B DDOG 37.3B FRSH 2.1B GLBE 5.1B DUOL 4.2B BRZE 2.2B ASAN 1.3B

Dev platforms, CI/CD, code collaboration, AI coding

2.9T MID

AI coding assistants expanding developer productivity. GitHub Copilot proving stickiness.

NTM PE 32.1x LTM PE 30.0x REV $322.3B GROWTH 23.2%

MSFT 2.8T GTLB 3.3B MDB 18.4B ESTC 4.6B CFLT 11.1B FROG 5.2B DOCN 7.9B TEAM 15.1B NEWR DDOG 37.3B

Augmented/virtual reality, spatial computing

5.6T EARLY

Apple Vision Pro catalyzed ecosystem. Enterprise use cases proving out. Consumer still nascent.

NTM PE 13.8x LTM PE 21.5x REV $13.8T GROWTH 12.9%

AAPL 3.8T META 1.6T SNAP 8.1B MVIS 186M VUZI 200M SONY 124.3B U 9.4B IMMR 184M

Video games, esports, game engines

3.1T MID

AI-generated content reducing dev costs. Engagement metrics strong. Steady sector.

NTM PE 17.2x LTM PE 23.2x REV $13.6T GROWTH 12.8%

MSFT 2.8T SONY 124.3B NTES 72.5B EA 50.7B TTWO 36.5B RBLX 39.4B U 9.4B PLTK 1.2B GMGI 8M SE 50.9B

Layer 1/2 protocols, crypto infrastructure

138.6B MID

Institutional adoption via ETFs normalized crypto. Post-halving cycle maturing. Selective.

NTM PE -2.2x LTM PE 32.5x REV $11.1B GROWTH 7.2%

COIN 45.3B MSTR 44.6B MARA 3.6B RIOT 6.3B CLSK 2.6B HUT 7.3B BITF 1.2B CIFR 6.7B WULF 8.0B IREN 13.0B

Decentralized finance protocols and platforms

66.7B MID

TVL recovered. Real yield protocols gaining traction. Regulatory clarity helping.

NTM PE 11.2x LTM PE 27.2x REV $79.0B GROWTH 18.1%

COIN 45.3B AAVE UNI MKR CRV COMP 5.3B SUSHI SNX 16.1B DYDX LDO

Stablecoin issuers, payment rails, CBDC infra

1.3T EARLY

Stablecoin legislation passing. Circle IPO. New payment rail for global commerce.

NTM PE 20.6x LTM PE 32.0x REV $133.5B GROWTH 17.6%

V 586.8B MA 445.0B PYPL 41.7B COIN 45.3B SQ SOFI 20.7B HOOD 62.3B NU 72.7B AFRM 16.2B MSTR 44.6B

Payment processing, digital wallets, BNPL

1.2T MID

Secular shift to digital payments continuing. Cross-border and B2B are next legs.

NTM PE 10.3x LTM PE 27.2x REV $136.4B GROWTH 14.6%

V 586.8B MA 445.0B PYPL 41.7B SQ AFRM 16.2B FIS 22.5B FISV 30.0B GPN 18.3B ADYEN NU 72.7B

Oil & gas exploration and production

1.5T MID

Capital discipline maintained. Free cash flow yields attractive. AI power demand adds support.

NTM PE 12.1x LTM PE 19.3x REV $785.3B GROWTH -6.8%

XOM 633.9B CVX 375.6B COP 149.8B EOG 73.1B DVN 29.7B FANG 52.9B MPC 65.6B HES OXY 57.5B APA 13.7B

Oilfield services, drilling, completion

223.9B MID

International activity strong. Offshore cycle still early. Pricing power intact.

NTM PE 17.1x LTM PE 24.2x REV $111.5B GROWTH 5.0%

SLB 77.9B HAL 31.5B BKR 62.3B FTI 29.6B CHX WHD 3.8B LBRT 4.5B OII 3.6B RIG 7.2B HP 3.5B

LNG export, natural gas infrastructure

327.5B MID

European demand structural. New export capacity coming online. AI data center gas demand.

NTM PE 19.4x LTM PE 18.7x REV $95.6B GROWTH 13.1%

LNG 55.8B EQT 36.6B AR 11.7B SWN NEXT 2.0B TELL GLNG 5.4B KMI 72.7B WMB 89.0B OKE 54.3B

Nuclear utilities, SMRs, nuclear services

266.8B MID

AI power demand making nuclear essential. SMR hype cooled but utility PPAs are real.

NTM PE 14.5x LTM PE 48.1x REV $78.0B GROWTH 3.0%

CEG 103.8B VST 52.4B NRG 34.8B CCJ 50.5B BWX OKLO 8.7B SMR 2.9B LEU 3.7B UEC 6.6B DNN 3.2B

Uranium miners and enrichment

81.4B MID

Structural supply deficit. Utility contracting accelerating. Price discovery ongoing.

NTM PE 32.0x LTM PE 83.8x REV $4.4B GROWTH -1.1%

CCJ 50.5B UEC 6.6B NXE 7.5B UUUU 4.4B DNN 3.2B LEU 3.7B URG 596M PALAF 4.3B ENCUF BQSSF 520M

Grid-scale batteries, energy storage systems

15.5B MID

Grid storage deployments accelerating. Falling battery costs expanding addressable market.

NTM PE 8.3x LTM PE 7.1x REV $8.5B GROWTH -0.6%

FLNC 2.5B ENVX 1.3B QS 3.9B STEM 80M ATKR 2.3B GWH 35M MVST 548M EOS 1.1B ARRY 1.1B SEDG 2.5B

Grid upgrades, transformers, transmission, smart grid

916.2B EARLY

Transformer lead times 3+ years. AI/EV/reshoring all converge on grid bottleneck. Multi-year cycle.

NTM PE 21.5x LTM PE 38.6x REV $166.7B GROWTH 4.7%

ETN 156.5B PWR 87.6B EMR 80.8B GEV 267.2B HWM 101.3B ITRI 4.2B GNRC 12.1B AES 10.3B NEE 196.2B ABB

Power generation & delivery specifically for AI data centers

915.8B MID

Data center power demand outpacing supply. Vertiv, GE Vernova well-positioned but run-up limits upside.

NTM PE 23.4x LTM PE 63.6x REV $202.0B GROWTH 13.3%

VRT 112.9B GEV 267.2B ETN 156.5B PWR 87.6B CEG 103.8B VST 52.4B NRG 34.8B AAON 7.6B EMR 80.8B GNRC 12.1B

Rare earth mining, processing, magnets

51.9B EARLY

China export restrictions escalating. Western supply chain nonexistent. Strategic necessity.

NTM PE 44.1x LTM PE 257.2x REV $1.8B GROWTH 62.7%

MP 9.8B UUUU 4.4B TMRC 60M RETO 9M LYC.AX 21.9B REMX N/A ILUKA HREE LYSCF 15.7B MNEAF

Copper mining, electrification demand

737.0B MID

Electrification + AI power demand = structural deficit. Supply growth constrained. Price support.

NTM PE 14.7x LTM PE 25.9x REV $378.8B GROWTH 14.6%

FCX 97.4B SCCO 159.1B TECK 27.7B COPX N/A BHP 195.1B RIO 159.8B VALE 73.2B HBM 9.7B IVPAF 11.8B ERO 3.2B

Gold miners, bullion, royalty companies

556.8B MID

Central bank buying record. De-dollarization bid. Gold above $3000 but miners still cheap to metal.

NTM PE 15.8x LTM PE 24.7x REV $64.3B GROWTH 73.0%

GLD 113.8B NEM 131.5B GOLD 1.2B GDX N/A FNV 50.5B WPM 65.9B AEM 110.2B RGLD 22.6B KGC 40.6B AGI 20.4B

Silver miners, industrial + monetary demand

143.0B MID

Industrial demand (solar, electronics) + monetary premium. Gold/silver ratio still elevated.

NTM PE 13.3x LTM PE 32.5x REV $10.0B GROWTH 103.3%

SLV 23.6B WPM 65.9B PAAS 24.3B AG 10.1B HL 13.0B MAG FSM 3.2B SIL N/A SILV EXK 2.8B

Platinum, palladium, rhodium mining

407.0B EARLY

Hydrogen fuel cell demand emerging. Supply constrained from South Africa. Deeply out of favor.

NTM PE 11.2x LTM PE 27.1x REV $865.1B GROWTH 22.3%

IMPUY 14.1B SBSW 9.3B ANGPY 24.4B PPLT SPPP 702M VALE 73.2B BHP 195.1B GLNCY 90.2B

Carbon capture, utilization, and storage (CCUS)

1.6T EARLY

45Q tax credits driving investment. Still pre-commercial scale. Policy dependent.

NTM PE 16.9x LTM PE 23.5x REV $664.0B GROWTH 5.0%

LIN 233.2B APD 66.5B OXY 57.5B XOM 633.9B CVX 375.6B AKER SLB 77.9B BKR 62.3B DVN 29.7B EQT 36.6B

Enhanced geothermal systems, geothermal power

679.3B EARLY

Next-gen enhanced geothermal systems showing promise. Google/Fervo pilots working. Very early.

NTM PE 21.4x LTM PE 32.8x REV $195.7B GROWTH 12.6%

ORA 7.1B EVA NEE 196.2B BEP 22.4B EQNR 97.1B GE 325.3B XYL 31.3B

Water treatment, desalination, water infrastructure

221.5B EARLY

Water scarcity worsening globally. AI data center cooling needs massive water. Secular trend.

NTM PE 20.2x LTM PE 24.0x REV $56.6B GROWTH 4.8%

AWK 26.8B XYL 31.3B ECL 77.2B WTRG 11.5B WMS 11.5B PNR 14.7B FBIN 4.8B WTS 10.1B SCI 11.4B VLTO 22.2B

In-vivo gene therapies, viral vector delivery

123.2B EARLY

Approval pathway proven. Manufacturing costs falling. Pipeline value not in stock prices.

NTM PE 3.0x LTM PE 127.5x REV $16.2B GROWTH 6.6%

BLUE QURE 962M RGNX 454M SGMO BOLD 25M GERN 1.1B RARE 2.3B APLS 5.2B SRPT 2.2B VRTX 111.0B

CAR-T cell therapy, adoptive cell therapies

882.3B MID

Moving from liquid to solid tumors. Allogeneic platforms reducing cost. Market expanding.

NTM PE 8.7x LTM PE 21.1x REV $176.9B GROWTH 9.1%

GILD 172.5B BMY 119.7B JNJ 574.7B LEGN 3.4B CART 9.4B IOVA 1.5B FATE 144M ALLO 663M ADRO CABA 348M

CRISPR-Cas9/base editing/prime editing platforms

123.1B MID

Casgevy approved and selling. Next-gen editing (base, prime) expanding addressable conditions.

NTM PE -4.6x LTM PE 28.5x REV $12.3B GROWTH 9.5%

CRSP 4.9B NTLA 1.6B BEAM 2.8B EDIT 288M VERV VRTX 111.0B SGMO PRME 619M GRPH AGIO 1.9B

Rare/orphan disease therapeutics

212.6B EARLY

FDA prioritizing orphan drugs. Premium pricing. Pipeline optionality not priced in by market.

NTM PE 10.0x LTM PE 28.5x REV $27.0B GROWTH 17.0%

VRTX 111.0B SRPT 2.2B BCRX 2.4B IONS 12.4B BMRN 10.5B RARE 2.3B RCKT 381M LQDA 3.4B ALNY 43.0B UTHR 25.1B

GLP-1 agonists, obesity/metabolic disease treatments

1.7T LATE

Biggest pharma theme of decade but Lilly/Novo priced for perfection. Competition incoming.

NTM PE 9.6x LTM PE 24.7x REV $532.3B GROWTH 6.3%

LLY 840.8B NVO 167.4B AMGN 189.2B PFE 153.1B AZN 316.3B VKTX 4.0B GPCR 3.9B TERN 6.1B ALT 422M ZEAL

Checkpoint inhibitors, bispecifics, cancer immunotherapy

2.4T MID

Keytruda franchise massive. Next-gen bispecifics expanding. Combo therapies improving outcomes.

NTM PE 13.6x LTM PE 19.8x REV $499.0B GROWTH 3.3%

MRK 300.2B BMY 119.7B RHHBY 322.3B AZN 316.3B GILD 172.5B JNJ 574.7B PFE 153.1B REGN 79.2B MRNA 20.2B ABBV 367.8B

Antibody-drug conjugates for targeted cancer therapy

1.7T MID

ADCs becoming standard of care. Multiple approvals. M&A activity validating platform.

NTM PE 12.9x LTM PE 19.8x REV $2.4T GROWTH 4.8%

AZN 316.3B DSNKY 32.2B PFE 153.1B GILD 172.5B RHHBY 322.3B MRK 300.2B ADCT 475M RCUS 2.8B ABBV 367.8B REGN 79.2B

CNS disorders - Alzheimers, depression, neuro

1.8T MID

Alzheimers drugs launched (Leqembi/Kisunla). Depression pipeline improving. Large TAM.

NTM PE 15.9x LTM PE 21.6x REV $232.4B GROWTH 9.4%

LLY 840.8B BIIB 25.4B ABBV 367.8B JNJ 574.7B PRAX 8.8B SAGE AXSM 9.1B ACAD 3.7B CERE ARVN 695M

Longevity science, senolytics, aging research

371.6B EARLY

Science advancing rapidly. Billionaire funding (Altos Labs). Pre-revenue but catalysts coming.

NTM PE 7.1x LTM PE 49.9x REV $61.8B GROWTH 39.6%

ABBV 367.8B UNITY AGEN LIFE 868M CERS 363M REATA RXRX 1.7B OMER 827M

Surgical robots, implants, medtech

818.2B MID

Procedure volumes recovered. Robotic surgery expanding. AI integration adding value.

NTM PE 16.1x LTM PE 31.7x REV $178.1B GROWTH 11.2%

ISRG 160.0B ABT 174.3B SYK 129.9B MDT 112.0B BSX 91.8B EW 45.2B BDX 55.9B ZBH 18.2B HOLX 17.0B PODD 13.9B

Clinical diagnostics, liquid biopsy, lab testing

132.6B MID

Liquid biopsy reimbursement expanding. Multi-cancer early detection a game-changer if approved.

NTM PE 15.7x LTM PE 22.2x REV $31.0B GROWTH 8.8%

A 32.5B DGX 21.2B ILMN 18.5B GH 10.3B NTRA 27.4B NEO 1.0B CDNA 825M BNR 171M CSTL 701M VEEV

DNA/RNA sequencing platforms, genomics tools

367.8B MID

Cost per genome still falling. Multiomics emerging. Clinical genomics adoption inflecting.

NTM PE 8.6x LTM PE 27.9x REV $76.6B GROWTH 5.0%

ILMN 18.5B TMO 184.4B DHR 134.2B PACB 405M TXG 3.0B TWIST NTRA 27.4B OMIC VCNX 3M BNGO 13M

Biosimilar drug developers and manufacturers

909.5B MID

Patent cliffs on major biologics creating massive opportunity. Humira biosimilars just the start.

NTM PE 9.8x LTM PE 22.3x REV $254.5B GROWTH 7.8%

AMGN 189.2B PFE 153.1B TEVA 36.8B VTRS 15.7B BIIB 25.4B SNY 113.9B ABBV 367.8B CORT 4.5B HRMY 1.7B PRGO 1.5B

mRNA and traditional vaccine platforms (ex-COVID)

1.6T MID

mRNA platform expanding to RSV, flu, cancer vaccines. Moderna pivoting successfully.

NTM PE 9.2x LTM PE 19.8x REV $365.8B GROWTH 4.5%

PFE 153.1B MRNA 20.2B GSK 116.3B BNTX 24.2B NVAX 1.3B SNY 113.9B AZN 316.3B JNJ 574.7B MRK 300.2B DYAI 32M

Dental technology, clear aligners, dental implants

33.7B MID

Volume recovery post-COVID. International expansion. AI-assisted treatment planning.

NTM PE 13.7x LTM PE 45.5x REV $26.2B GROWTH 6.2%

ALGN 12.4B HSIC 8.6B XRAY 2.3B NVST 4.3B SDC APEN OSUR 205M LMAT 2.6B SWAV ICUI 3.1B

Womens health therapeutics, fertility, menopause

30.0B EARLY

Historically underfunded. New entrants targeting menopause, endometriosis. Pipeline rich.

NTM PE 13.7x LTM PE 31.5x REV $9.0B GROWTH 21.1%

RXRX 1.7B CORT 4.5B HRMY 1.7B VNDA 427M HIMS 4.4B ORGO 306M AMED HOLX 17.0B

Animal health, veterinary diagnostics, pet pharma

121.7B MID

Pet humanization trend secular. Diagnostics penetration growing. Defensive compounder.

NTM PE 14.2x LTM PE 45.8x REV $39.8B GROWTH 5.8%

IDXX 44.8B ZTS 49.8B ELAN 11.6B CHWY 10.5B TRUP 1.1B PET PETS 49M WOOF 793M FRPT 3.2B HSKA

Financial technology platforms, embedded finance

234.6B MID

Survivors of 2022 washout proving business models. AI integration adding moats.

NTM PE 12.9x LTM PE 41.6x REV $60.7B GROWTH 28.1%

SQ PYPL 41.7B SOFI 20.7B AFRM 16.2B FI TOST 15.0B BILL 3.5B HOOD 62.3B NU 72.7B UPST 2.7B

Digital-only banks, challenger banks

177.5B MID

SoFi and Nu profitable. Scale advantages materializing. Traditional banks losing share.

NTM PE 8.6x LTM PE 17.4x REV $29.5B GROWTH 24.6%

NU 72.7B SOFI 20.7B ALLY 12.8B LC 1.7B HOOD 62.3B DAVE 2.5B NRDS 761M OLO OPEN 4.1B VARO

Industrial/logistics/warehouse REITs

175.9B MID

Reshoring + e-commerce demand structural. Vacancy rates still low despite new supply.

NTM PE 35.7x LTM PE 29.2x REV $16.1B GROWTH 5.4%

PLD 127.9B REXR 8.1B STAG 7.4B FR 8.3B EGP 10.3B TRNO 6.9B COLD 3.4B IIPR 1.4B LPT GTY 2.0B

Apartment/multifamily REITs

134.2B MID

Housing shortage structural. Rent growth moderating but occupancy high. Affordability crisis.

NTM PE 38.7x LTM PE 25.2x REV $18.6B GROWTH 2.1%

EQR 24.0B AVB 23.8B MAA 15.1B INVH 15.9B AMH 12.4B ESS 17.3B UDR 13.2B CPT 10.7B AIV 588M NXRT 1.3B

Mortgage lenders, homebuilders, housing market

177.4B MID

Housing shortage supports builders. Mortgage rates still elevated but purchase demand resilient.

NTM PE 10.9x LTM PE 10.8x REV $132.4B GROWTH -5.7%

LEN 21.9B DHI 41.5B NVR 18.9B PHM 23.1B TOL 13.3B RKT 41.9B UWMC 5.9B KBH 3.2B MTH 4.4B MHO 3.2B

Cryptocurrency exchanges, trading platforms

401.3B MID

Volume correlated to crypto cycle. Institutional products (ETFs) adding stable revenue.

NTM PE 11.0x LTM PE 28.4x REV $35.6B GROWTH 7.9%

CME 107.1B COIN 45.3B HOOD 62.3B MSTR 44.6B CBOE 31.0B ICE 91.2B MARA 3.6B RIOT 6.3B CLSK 2.6B HUT 7.3B

Asset managers, private equity, alternatives

619.2B MID

Alternatives AUM growing. Fee-related earnings compounding. AI integration early.

NTM PE 11.2x LTM PE 34.4x REV $191.5B GROWTH 30.9%

BLK 155.4B BX 140.4B KKR 84.5B APO 60.5B ARES 33.2B BN 95.3B CG 17.1B OWL 12.8B TPG 14.8B HLNE 5.1B

High-end fashion, accessories, luxury brands

709.1B MID

China demand recovering but not booming. Aspirational buyers pulling back. Selective.

NTM PE 21.1x LTM PE 25.8x REV $155.5B GROWTH 3.9%

LVMUY 279.4B CFRUY 114.0B HESAF 214.3B CPRI 2.4B TPR 30.8B RL 23.0B BRBY MONC PPRUY 39.7B BURBY 5.6B

E-commerce platforms, online marketplaces

3.4T MID

Mature growth in US. International still growing. AI personalization improving conversion.

NTM PE 17.0x LTM PE 33.7x REV $3.6T GROWTH 12.8%

AMZN 2.6T BABA 304.5B SHOP 144.1B MELI 89.9B SE 50.9B PDD 142.2B JD 41.9B CPNG 36.1B EBAY 43.1B ETSY 5.2B

Social media shopping, livestream commerce

1.8T EARLY

TikTok Shop gaining share. Instagram/Facebook Shops scaling. Asia playbook coming to West.

NTM PE 10.3x LTM PE 28.9x REV $227.3B GROWTH 12.2%

META 1.6T SHOP 144.1B PINS 11.3B SNAP 8.1B ETSY 5.2B WISH POSH REAL 1.2B BZFD 23M CARG 3.3B

Video streaming, music streaming, content

897.6B LATE

NFLX won the war but priced for it. Ad-tier monetization mature. Content costs rising again.

NTM PE 10.8x LTM PE 38.9x REV $333.5B GROWTH 6.0%

NFLX 437.0B DIS 175.9B CMCSA 101.8B SPOT 98.0B WBD 68.8B PARA ROKU 15.1B FUBO 344M LGF.A AMC 787M

Online sports betting, iGaming, fantasy sports

52.1B MID

State-by-state legalization continuing. DraftKings approaching profitability. Hold growth.

NTM PE 11.2x LTM PE 49.1x REV $52.7B GROWTH 26.4%

FLUT 17.9B DKNG 11.0B MGM 10.2B PENN 2.0B RSI 4.9B BALY 526M GAN AGS GENI 1.0B SRAD 4.6B

Airlines, travel booking, online travel agencies

384.7B MID

Travel demand normalized post-COVID. Premium/business travel resilient. Capacity discipline.

NTM PE 8.6x LTM PE 29.0x REV $339.4B GROWTH 9.4%

BKNG 137.4B ABNB 77.3B EXPE 27.9B DAL 44.6B UAL 31.3B LUV 19.4B AAL 7.5B TCOM 33.5B TRIP 1.3B ALK 4.5B

Quick service restaurants, fast casual, food delivery

483.5B MID

Traffic trends mixed. Value wars ongoing. Automation reducing labor costs. Selective.

NTM PE 23.4x LTM PE 29.1x REV $103.9B GROWTH 7.0%

MCD 217.3B SBUX 110.1B CMG 45.1B YUM 44.7B QSR 34.8B CAVA 9.9B DPZ 12.3B WING 4.9B SHAK 4.2B JACK 219M

Defense primes, military technology, aerospace

955.2B MID

Global defense budgets rising structurally. NATO rearmament. Multi-year order backlogs.

NTM PE 20.9x LTM PE 27.1x REV $414.0B GROWTH 13.0%

LMT 141.4B RTX 271.3B NOC 95.7B GD 90.8B LHX 66.0B BA 171.0B TDG 68.2B HII 15.5B TXT 15.9B LDOS 19.3B

Space launch, satellites, space infrastructure

398.6B MID

Rocket Lab executing. Satellite constellation demand growing. Launch costs falling.

NTM PE 9.4x LTM PE 32.3x REV $166.7B GROWTH 21.7%

BA 171.0B LMT 141.4B RKLB 39.2B IRDM 3.6B BKSY 1.3B LUNR 3.8B ASTS 36.3B RDW 1.8B MNTS 6M SPCE 246M

Commercial and military drones, UAV technology

37.1B EARLY

Ukraine war proved drone warfare. Commercial delivery use cases emerging. eVTOL catalysts ahead.

NTM PE -3.4x LTM PE 270.7x REV $3.6B GROWTH 35.1%

AVAV 9.1B KTOS 13.2B JOBY 8.2B ACHR 4.0B RCAT 1.5B DRIO 53M EH 772M UAVS 53M EVTL 239M BLDE

Factory automation, PLCs, industrial IoT

0 MID

Reshoring driving factory investment. Labor shortage making automation ROI compelling.

REV $0

HON EMR ABB ROK FANUY AME KEYS TER ZBRA NOVT

Smart grid technology, grid management, DERMS

0 EARLY

Grid stability critical as renewables + AI loads grow. Software layer is green field.

REV $0

ETN PWR ITRI GNRC ABB ENPH SEDG EMR GEV NEE

EV charging networks, charging equipment

0 EARLY

Charging infra still way behind EV adoption. NEVI funding disbursing. Utilization improving.

REV $0

ABB CHPT BLNK EVGO VLTA DCFC ETN SHLS PWR TSLA

Container shipping, freight logistics, last mile

0 MID

Tariff disruption reshuffling supply chains. Near-term volatility but trade volumes resilient.

REV $0

UPS FDX XPO ZIM MATX CHRW JBHT EXPD ODFL SAIA

Class I railroads, rail equipment

0 MID

Defensive compounders. Pricing power. Fuel efficiency advantage over trucking.

REV $0

UNP CP CSX NSC WAB GWW TT GBX RAIL FSTR

Construction technology, building materials, modular construction

0 EARLY

Housing shortage + infrastructure bill spending just starting. Multi-year construction cycle.

REV $0

VMC MLM BLDR SITE MAS JCI CARR AZEK TREX BECN

Steel production, EAF steelmakers

0 MID

Tariffs protecting domestic producers. Infrastructure spend supporting demand. Cyclical.

REV $0

NUE STLD CLF X RS CMC ATI ZEUS TMST HAYN

Aluminum smelting, recycling, downstream

0 MID

EV lightweighting + packaging demand. Energy costs key input. Tariff beneficiary.

REV $0

AA CENX ARNC KALU CSTM ACR RIO BHP NHYDY VEDL

Assets benefiting from USD reserve status erosion

0 MID

BRICS alternatives to SWIFT. Central bank gold buying. Tariff wars accelerating trend.

REV $0

GLD BTC-USD GDX FXE CEW NEM GOLD WPM UDN GLDM

Companies benefiting from manufacturing returning to US/Mexico

0 MID

CHIPS Act + IRA + tariffs = reshoring supercycle. Factory construction at multi-decade highs.

REV $0

ETN EMR ROK GE UFPI VMC MLM NUE STLD CAT

India equities, beneficiaries of India GDP growth

0 MID

India GDP 6%+. Demographics, digitization, manufacturing diversification all tailwinds.

REV $0

INDA INDY IBN HDB WIT INFY RDY TTM SIFY YTRA

Vietnam and SE Asia as China+1 manufacturing beneficiaries

0 MID

China+1 strategy accelerating. Vietnam FDI surging. SE Asia becoming global factory floor.

REV $0

VNM ASEA EWM EWT EWS EPHE THD IDX EIDO FM

Japan equities benefiting from reflation, governance reform

0 MID

Corporate governance reform driving buybacks. Yen weakness helping exporters. BOJ normalizing.

REV $0

TM SONY EWJ DXJ BBJP MUFG SMFG MFG NTDOY HMC

Chinese technology companies, internet platforms

0 MID

Regulatory crackdown easing. AI catch-up play. DeepSeek moment showed competitiveness. Cheap.

REV $0

BABA PDD JD BIDU KWEB NTES TCOM LI NIO XPEV

Latin American commodity producers, resource economies

0 EARLY

Commodity supercycle beneficiary. Nearshoring tailwind. Political risk is the discount.

REV $0

VALE PBR EWZ EWW SQM MELI ABEV BSAC ILF ARGT

African equities, frontier market growth

0 EARLY

Youngest demographics globally. Mobile-first economies. Resource-rich. Very early innings.

REV $0

AFK NGE FM MFEMF EZA JMIA SAFRY SBSW GFI HAR

Gulf states economic diversification (Saudi Vision 2030)

0 EARLY

UAE brand/safety perception damaged after high-profile incidents. Tourism may suffer structurally. Saudi diversification continues but UAE ($UAE ETF) faces headwinds from reputational risk. Sovereign wealth deployment ongoing but discount warranted.

REV $0

KSA UAE NORW FLSA QAT GULF IQDF EMQQ FM APTS

Liquid cooling, thermal management for AI data centers

0 MID

AI GPU power density requires liquid cooling. Vertiv dominant. Retrofit cycle multi-year.

REV $0

VRT AAON COOL LII JCI CARR TT EMR NVENT GFF

Data labeling, annotation, synthetic data for AI training

0 MID

Every AI model needs training data. Synthetic data reducing but not eliminating need.

REV $0

APPEN TELUS CG PLTR SNOW DDOG ESTC MDB AI SOUN

Small modular nuclear reactors (SMRs)

0 EARLY

No SMR operating commercially yet but orders building. 2028+ revenue. Speculative but real demand.

REV $0

GEV BWX CEG OKLO SMR LEU CCJ NNE BWXT LTBR

Defense software, AI for military, autonomous systems

0 EARLY

Pentagon pivoting to software-defined warfare. Palantir, Anduril winning contracts. Growth accelerating.

REV $0

PLTR LDOS BAH KTOS RCAT AVAV MRCY CACI SAIC TRMR

Critical minerals (graphite, cobalt, nickel) for batteries/defense

0 EARLY

Supply chain vulnerability exposed by tariffs. Government stockpiling programs launching.

REV $0

MP LAC UUUU GATO NOVR TMRC SGML VALE BHP GLNCY

Precision agriculture, agtech, crop science

0 EARLY

AI/drone crop monitoring. Climate adaptation. Food security becoming national priority.

REV $0

DE AGCO CTVA FMC ANDE CF MOS NTR TRMB AGFY

Commercial space stations, space tourism, in-orbit services

0 EARLY

ISS replacement needed by 2030. Commercial space stations in development. AST SpaceMobile catalysts.

REV $0

BA LMT RKLB LUNR ASTS RDW MNTS SPCE GSAT IRDM

Synthetic biology, biomanufacturing, engineered organisms

0 EARLY

Biology as a manufacturing platform. Materials, pharma, food applications. Costs falling.

REV $0

TMO DHR DNA TWST RXRX AMRS CDXS BEAM SDGR ABCL

Digital ID verification, biometrics, identity security

0 MID

Zero trust requires identity-centric security. Deepfake threats increasing verification need.

REV $0

OKTA CYBR TENB SAIL PING IDYA QLYS RPD SWI VRNS

IoT platforms, industrial edge, connected devices

0 MID

Industrial IoT scaling. 5G enabling more connected devices. Data gravity at the edge.

REV $0

KEYS AIOT IOT CEVA SLAB STM TXN SWKS QCOM ON

LEO satellite internet, direct-to-device connectivity

0 MID

Starlink dominant but D2D (AST SpaceMobile) is new frontier. FCC approvals progressing.

REV $0

ASTS GSAT IRDM RKLB VSAT DISH TMUS LUNR BKSY RDW

Advanced water filtration, PFAS remediation

0 EARLY

PFAS regulations tightening globally. Municipal water infrastructure aging. Multi-decade spend.

REV $0

AWK XYL ECL WTRG FBIN WTS VLTO PNR AQUA NXDT

Waste management, recycling technology, circular economy

0 MID

Defensive compounders. Pricing power. Landfill gas-to-energy adds optionality.

REV $0

WM RSG WCN CLH CWST GFL SRCL ECOL ARIS MEG

Food delivery platforms, ghost kitchens

0 MID

DoorDash gaining share. Profitability proving out. Autonomous delivery could transform economics.

REV $0

UBER DASH GRAB DHER GLBE TKWY FVRR GRUB CARG LYFT

Private prisons, security services, monitoring

0 MID

Immigration enforcement tailwind. Security spend increasing. Controversial but profitable.

REV $0

JCI ALLE CXW GEO AXON DGII BRC SCTY NSSC ARLO

Traditional tobacco, nicotine alternatives, vaping

0 LATE

Cigarette volumes declining but cash flows still massive. Nicotine pouches (Zyn) bright spot.

REV $0

PM MO BTI JAPAY STZ TPB VGR UVV IMBBY SWMAY

SECTOR ALLOCATION

Sector	Long	Short	Net	#
Technology	$79,092	$45,732	$33,360	15
Healthcare	$88,796	$13,663	$75,133	20
Financials	$3,173	$12,204	$-9,031	8
Consumer Cyclicals	$0	$17,916	$-17,916	2
Energy	$76,180	$2,658	$73,522	2
Real Estate	$0	$4,830	$-4,830	1
Industrials	$0	$5,359	$-5,359	1
Consumer Non-Cyc	$5,661	$1,548	$4,113	2

POST-HYPE (AVOID / TRIM)

Silicon photonics for data center interconnects

2.1T POST-HYPE

Huge run in 2024-2025. Demand real but priced to perfection. Retail crowded.

NTM PE 41.4x LTM PE 223.4x REV $92.7B GROWTH 32.7%

AVGO 1.8T MRVL 112.4B LITE 64.1B COHR 57.7B AAOI 11.7B CIEN 70.2B VIAV 9.7B CALX 3.1B

Optical transceivers, fiber optics, co-packaged optics

2.1T POST-HYPE

800G/1.6T upgrade cycle priced in after massive 2024-2025 rally. CPO still early but stocks ran.

NTM PE 41.4x LTM PE 223.4x REV $92.7B GROWTH 32.7%

AVGO 1.8T LITE 64.1B COHR 57.7B AAOI 11.7B CIEN 70.2B MRVL 112.4B VIAV 9.7B CALX 3.1B INFN

Quantum hardware, algorithms, QaaS

22.5B POST-HYPE

Massive retail mania in late 2024/early 2025 crashed. No commercial revenue. Years from utility. Excludes mega-caps (GOOGL, IBM, HON) where quantum is negligible revenue.

NTM PE -31.6x LTM PE 32.8x REV $163M GROWTH 119.3%

IONQ 10.6B RGTI 4.9B QUBT 1.6B QBTS 5.3B ARQQ 196M QTUM N/A

Visual development platforms, citizen developer tools

22.2B POST-HYPE

AI coding agents making low-code unnecessary. Why drag-and-drop when AI writes the code?

NTM PE 14.6x LTM PE 74.0x REV $6.6B GROWTH 18.6%

APPN 1.5B MNDY 3.0B ASAN 1.3B PCOR 7.3B FROG 5.2B BASE WIX 3.8B SQSP

Solar panel manufacturing, solar project developers

35.9B POST-HYPE

Tariffs crushing imports. Overcapacity in China. Interest rates hurting rooftop economics.

NTM PE 11.5x LTM PE 14.3x REV $87.0B GROWTH -10.3%

FSLR 21.9B ENPH 4.1B SEDG 2.5B RUN 3.1B NOVA CSIQ 846M JKS 1.2B ARRY 1.1B SHLS 1.2B MAXN 29M

Onshore and offshore wind turbines, developers

605.8B POST-HYPE

Offshore wind projects cancelled. Turbine margins compressed. Policy uncertainty.

NTM PE 19.2x LTM PE 31.4x REV $154.2B GROWTH 17.6%

NEE 196.2B AES 10.3B CWEN 8.4B ORA 7.1B VWDRY 30.5B GE 325.3B TPIC DQ 1.4B BEP 22.4B CSAN 4.3B

Lithium mining and processing for batteries

47.3B POST-HYPE

Massive oversupply from new mines + China. Prices collapsed 80% from 2022 peak. Capitulation phase.

NTM PE 14.1x LTM PE 32.4x REV $9.8B GROWTH 15.9%

ALB 20.5B SQM 23.5B LAC 1.4B PLL SGML 1.7B LTUM ALTM IONR 297M LIT N/A ALLKEM

Green/blue hydrogen production, fuel cells

352.6B POST-HYPE

Stocks cratered 80%+. Green hydrogen economics still dont work without massive subsidy.

NTM PE 8.8x LTM PE 34.5x REV $49.6B GROWTH 17.6%

PLUG 3.8B BE 47.4B FCEL 352M BLDP 846M NKLA APD 66.5B LIN 233.2B HYSR CLNE 496M HTOO 9M

Telehealth platforms, remote patient monitoring

16.9B POST-HYPE

COVID pull-forward unwound. Teladoc crushed. Direct-to-consumer (Hims) is only bright spot.

NTM PE 9.2x LTM PE 38.1x REV $19.6B GROWTH 6.6%

TDOC 920M HIMS 4.4B GDRX 750M AMWL 86M DOCS 4.0B TALK 864M LFMD 166M PHR 490M CERT 883M OSCR 4.3B

Psychedelic-assisted therapy (psilocybin, MDMA)

3.8B POST-HYPE

FDA rejected MDMA therapy. Regulatory path harder than expected. Stocks cratered.

NTM PE -7.5x REV $4M GROWTH 0.0%

MNMD CMPS 713M ATAI 1.3B CYBN DRUG 818M SILO 7M MSET 539,299 GHRS 975M

Insurtech, AI-driven underwriting, digital insurance

62.0B POST-HYPE

Most insurtechs burned cash without achieving scale. Loss ratios still poor. Prove it phase.

NTM PE 10.0x LTM PE 11.6x REV $40.1B GROWTH 18.2%

LMND 4.2B ROOT 684M HIPO 666M OSCR 4.3B ACGL 34.2B KNSL 8.1B RYAN 9.1B EVER 544M MILE KINS 218M

Data center REITs, colocation, hyperscale

364.0B POST-HYPE

AI demand real but priced in at 30-40x FFO. Cap rates compressed to absurd levels.

NTM PE 29.4x LTM PE 34.2x REV $45.2B GROWTH 7.5%

EQIX 101.6B DLR 66.1B AMT 83.6B CCI 37.7B CONE SBAC 23.7B UNIT 2.6B REXR 8.1B CRUS 8.2B IRM 32.5B

Cannabis cultivators, MSOs, ancillary

7.2B POST-HYPE

Federal rescheduling stalled. Oversupply in legal states. Cash burn continues.

NTM PE -4.5x LTM PE 13.9x REV $6.3B GROWTH -1.1%

TLRY 766M CGC 472M CRON 992M CURLF 1.8B GTBIF 1.6B TCNNF 1.2B VRNOF AYRWF 2M CCHWF SNDL 368M

Alcohol brands, breweries, spirits

283.0B POST-HYPE

Gen-Z drinking less. GLP-1 drugs reducing alcohol consumption. Secular headwind.

NTM PE 13.6x LTM PE 17.9x REV $190.1B GROWTH -6.1%

BUD 147.1B DEO 43.1B STZ 28.9B BF.B SAM 2.7B TAP 8.5B MGPI 401M WDDD 5,711 ABEV 50.0B CCU 2.3B

Cruise operators

401.7B POST-HYPE

Record bookings but stocks recovered fully. Debt loads still massive. Priced for perfection.

NTM PE 12.2x LTM PE 24.8x REV $117.0B GROWTH 11.7%

RCL 75.5B CCL 38.8B NCLH 9.1B VIK 34.4B BKNG 137.4B ABNB 77.3B EXPE 27.9B TRIP 1.3B

3D printing / additive manufacturing

1.7B POST-HYPE

Consumer 3D printing dead. Industrial adoption slow. Revenue growth stagnant.

NTM PE 34.4x LTM PE 24.6x REV $1.3B GROWTH 1.2%

DDD 280M SSYS 720M DM XONE MKFG NNDM 360M VJET MTLS 328M PRNT N/A

Electric vehicle manufacturers

0 POST-HYPE

China competition crushing margins. Tesla multiple depends on autonomy/robotics, not cars.

REV $0

TSLA RIVN LCID NIO XPEV LI PSNY VFS FFIE GOEV

Online education, edtech platforms, skill training

0 POST-HYPE

ChatGPT devastated Chegg. Duolingo sole survivor via AI integration. Most edtech structurally impaired.

REV $0

DUOL CHGG COUR TWOU LRN STRA UDMY SKIL PRDO BFAM

Metaverse-focused companies (not core social/gaming)

0 POST-HYPE

Metaverse hype dead. Meta pivoted messaging back to AI. No consumer demand. Enterprise VR niche at best.

REV $0

RBLX U MVIS VUZI IMMR WIMI NTAR SOND MTTR HOLO

UNINVESTABLE (SHORT ONLY)

Traditional SaaS platforms being disrupted by AI

40.6B

AI agents replacing workflow SaaS. Seat-based pricing model broken. Structural decline.

NTM PE 8.6x LTM PE 30.2x REV $14.0B GROWTH 7.8%

DOCU 8.3B ZM 23.5B ASAN 1.3B BOX 3.1B FIVN 1.0B RNG 2.9B SUMO ZUO EVBG BAND 507M

Business development companies, private credit funds

40.4B

Credit cycle turning. Default rates rising. Dividend yields trap capital in declining NAVs.

NTM PE 8.0x LTM PE 9.5x REV $10.9B GROWTH 2.5%

ARCC 13.0B MAIN 4.8B GBDC 3.3B HTGC 2.7B OBDC 5.4B TRIN 1.3B TCPC 324M PSEC 1.3B FSK 2.8B BXSL 5.4B

Office/commercial REITs

30.5B

Remote work permanently reduced demand. Vacancy rates at record highs. Loan maturities looming.

NTM PE 27.4x LTM PE 23.0x REV $10.4B GROWTH -1.6%

BXP 9.4B VNO 5.6B SLG 2.9B KRC 3.4B HIW 2.5B OFC PDM 890M CUZ 3.8B DEI 2.0B PGRE

Fast fashion retailers, direct-to-consumer apparel

26.5B

Shein/Temu disrupted pricing. Tariffs on China imports hurting margins. Structural headwinds.

NTM PE 9.3x LTM PE 13.2x REV $34.9B GROWTH 5.3%

GAP 9.8B HBI ANF 4.5B URBN 6.2B AEO 3.1B EXPR TLYS 154M CATO 58M GES BKE 2.8B

Plant-based meat, alternative proteins

37.4B

Consumer rejection clear. Sales declining. BYND approaching zero. Fad over.

NTM PE 5.7x LTM PE 23.6x REV $66.5B GROWTH 4.0%

BYND 277M OTLY 384M TTCF SMPL 966M DTIL 172M LNTH 5.2B INGR 7.2B TSN 23.1B

IT services and outsourcing disrupted by AI coding

AI coding agents replacing outsourced dev work. Body-shop model structurally broken.

REV $0

ACN CTSH INFY WIT KD EPAM GLOB DXC PRFT TASK

Traditional TV, cable networks, print media

Cord-cutting accelerating. Ad dollars moving to digital/AI. Linear TV in permanent decline.

REV $0

CMCSA PARA WBD NWSA FXC GTN TGNA SSP LEE GCI

Pure-play EV charging companies (not diversified industrials)

Cash burn with no path to profitability. Utilization rates abysmal. NEVI funding slow to disburse. Dilution machines.

REV $0

CHPT BLNK EVGO VLTA WKHS GOEV EVEX DCFC NKLA MULN

Former SPACs trading below cash value, zombie companies

SPAC bubble aftermath. Most will go to zero. Chronic dilution, missed projections, cash burn.

REV $0

NKLA QS RIDE GOEV HYLN ARVL REE PTRA FSR MVST

ORDERS ACCESS

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