Twelve structural themes. Heat is computed from the names inside each — not vibes. Cooling ≠ dead: in a risk-off tape, cooling is where the buy zones are.
Accelerators, foundry, equipment, networking — the decade's capex cycle.
The HBM supercycle. The entry is the crowd's exit.
AI's real bottleneck is electrons: nuclear, turbines, cooling, grid.
War premium + a decade of underinvestment = a bid for cheap barrels.
Rearmament is a decade programme, not a headline trade.
Megacaps that own distribution and fund AI from cash flow.
The AI-fear discount created value in franchises that aren't dying.
Higher-for-longer is a revenue line for banks, not a risk.
Own the rails and regulated moats — never the leverage.
GLP-1 is the biggest drug market ever built.
Copper, machines, cooling — reshoring's picks and shovels.
Pricing power survives regimes; promises don't.
| Name | LT Trend | ST Trend | Decision | Valuation | Price | Zone | To zone | Momentum 3M | Rev YoY | Fwd P/E | Thesis |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 01RKLB ◆Rocket Lab | Defense & Space | WAR PREMIUM | BUY NOW · in zone | RICH | $78.81 | $107.01 | -26.4% | +9.1%12M +76.7% · -47.8% off-hi | +63.5%margin -26.9% | 2627.0 | Neutron optionality on a real launch business |
| 02NOK ◆Nokia | AI Compute | TECH RISK-OFF | BUY NOW · in zone | UNDERVALUED | $11.70 | $13.89 | -15.7% | +13.0%12M +146.3% · -33.0% off-hi | +2.4%margin 4.0% | 23.8 | Networks + patents; deep value on AI backhaul |
| 03COHRCoherent | AI Compute | TECH RISK-OFF | BUY NOW · in zone | FAIR | $310.77 | $368.27 | -15.6% | -0.8%12M +223.5% · -29.4% off-hi | +20.5%margin 7.1% | 37.8 | Optics and transceivers for AI clusters |
| 04MOD ◆Modine | Power & Grid | TECH RISK-OFF | BUY NOW · in zone | FAIR | $229.57 | $268.62 | -14.5% | -9.5%12M +155.0% · -29.0% off-hi | +47.5%margin 3.8% | 20.3 | Datacenter cooling ramp |
| 05SLBSLB | Energy Security | WAR PREMIUM | BUY NOW · in zone | UNDERVALUED | $47.54 | $52.65 | -9.7% | -7.7%12M +35.6% · -19.2% off-hi | +2.7%margin 9.3% | 14.3 | Oil services cycle, international tilt |
| 06CLSCelestica | AI Compute | TECH RISK-OFF | BUY NOW · in zone | FAIR | $345.03 | $375.28 | -8.1% | -10.2%12M +115.0% · -27.2% off-hi | +52.8%margin 7.0% | 23.1 | Hyperscaler ODM compounder |
| 07PWRQuanta Services | Power & Grid | QUIET | BUY NOW · in zone | RICH | $660.94 | $714.33 | -7.5% | +11.2%12M +71.0% · -16.2% off-hi | +26.3%margin 3.7% | 40.1 | Grid-buildout backlog machine |
| 08VRTVertiv | Power & Grid | TECH RISK-OFF | BUY NOW · in zone | FAIR | $303.58 | $324.23 | -6.4% | -2.2%12M +138.3% · -20.1% off-hi | +30.1%margin 14.4% | 34.2 | Cooling + power gear for AI datacenters |
| 09MRVLMarvell | AI Compute | TECH RISK-OFF | BUY NOW · in zone | FAIR | $222.44 | $233.83 | -4.9% | +66.2%12M +207.2% · -32.6% off-hi | +27.6%margin 29.0% | 36.0 | Custom silicon + optics for AI datacenters |
| 10AVGOBroadcom | AI Compute | TECH RISK-OFF | BUY NOW · in zone | RICH | $389.11 | $405.46 | -4.0% | +2.2%12M +38.5% · -21.4% off-hi | +47.9%margin 38.8% | 20.1 | Custom AI silicon + software; expensive for a reason |
| 11GOOGL ◆Alphabet | Platforms | TECH RISK-OFF | BUY NOW · in zone | UNDERVALUED | $359.51 | $372.29 | -3.4% | +8.0%12M +97.5% · -12.0% off-hi | +21.8%margin 37.9% | 24.6 | Search + Gemini + TPUs; still the cheapest megacap |
| 12FCXFreeport-McMoRan | Real Economy | QUIET | BUY NOW · in zone | UNDERVALUED | $61.95 | $63.55 | -2.5% | -9.3%12M +40.4% · -14.3% off-hi | +8.8%margin 10.3% | 15.4 | Copper is the electrification bottleneck |
| 13AMZNAmazon | Platforms | TECH RISK-OFF | BUY NOW · in zone | FAIR | $247.49 | $253.37 | -2.3% | -0.6%12M +9.3% · -11.2% off-hi | +16.6%margin 12.2% | 25.0 | AWS reacceleration + retail margin lever |
| 14COP ◆ConocoPhillips | Energy Security | WAR PREMIUM | BUY NOW · in zone | UNDERVALUED | $111.87 | $114.46 | -2.3% | -5.8%12M +20.9% · -17.7% off-hi | -5.3%margin 12.3% | 12.4 | Lead pick: low-cost barrels, war-premium tailwind |
| 15TSM ◆TSMC | AI Compute | EARNINGS WK | BUY NOW · in zone | UNDERVALUED | $420.39 | $424.99 | -1.1% | +10.7%12M +77.4% · -12.2% off-hi | +35.1%margin 46.5% | 20.7 | Everyone's foundry; record June sales, Q2 print Thursday |
| 16FANGDiamondback | Energy Security | WAR PREMIUM | BUY NOW · in zone | UNDERVALUED | $190.69 | $192.64 | -1.0% | +2.2%12M +38.3% · -11.1% off-hi | +4.2%margin 2.0% | 11.0 | Permian consolidator |
| 17XOMExxon Mobil | Energy Security | WAR PREMIUM | BUY NOW · in zone | FAIR | $145.09 | $146.47 | -0.9% | -2.8%12M +28.5% · -17.8% off-hi | +2.6%margin 7.8% | 13.6 | Integrated scale + Guyana growth |
| 18CVXChevron | Energy Security | WAR PREMIUM | BUY NOW · in zone | FAIR | $181.76 | $182.31 | -0.3% | -2.8%12M +20.6% · -15.3% off-hi | +2.3%margin 5.9% | 14.5 | Yield + Hess finally closed |
| 19NVDA ◆Nvidia | AI Compute | TECH RISK-OFF | BUY NOW · in zone | FAIR | $211.80 | $209.33 | +1.2% | +7.8%12M +24.1% · -10.5% off-hi | +85.2%margin 63.0% | 16.6 | The AI franchise; forward multiple back at pre-boom levels |
| 20EOGEOG Resources | Energy Security | WAR PREMIUM | BUY NOW · in zone | UNDERVALUED | $138.01 | $135.88 | +1.6% | +3.3%12M +15.3% · -9.1% off-hi | +15.6%margin 23.3% | 9.4 | Best-in-class shale returns |
| 21ETNEaton | Power & Grid | QUIET | BUY ≤ $405 | FAIR | $415.52 | $405.06 | +2.6% | +3.4%12M +14.7% · -4.9% off-hi | +16.8%margin 14.0% | 26.3 | Electrification of everything |
| 22GEVGE Vernova | Power & Grid | QUIET | BUY ≤ $1,038 | RICH | $1,066 | $1,038 | +2.7% | +8.0%12M +90.5% · -10.9% off-hi | +16.3%margin 23.8% | 43.3 | Gas turbines sold out for years |
| 23LRCXLam Research | AI Compute | TECH RISK-OFF | BUY ≤ $333 | FAIR | $346.10 | $332.68 | +4.0% | +27.1%12M +242.4% · -21.1% off-hi | +23.8%margin 30.9% | 42.8 | Etch & deposition leader; memory-capex proxy |
| 24ASMLASML | AI Compute | TECH RISK-OFF | BUY ≤ $1,697 | FAIR | $1,776 | $1,697 | +4.7% | +16.9%12M +115.7% · -11.2% off-hi | +13.2%margin 29.7% | 40.3 | Litho monopoly; the toll booth of Moore's Law |
| 25TLNTalen Energy | Power & Grid | WAR PREMIUM | BUY ≤ $379 | FAIR | $396.95 | $378.58 | +4.9% | +14.8%12M +48.0% · -12.0% off-hi | +96.7%margin -0.6% | 13.2 | Nuclear-adjacent IPP; hyperscaler campus power |
| 26LLYEli Lilly | Health Innovation | QUIET | BUY ≤ $1,098 | RICH | $1,153 | $1,098 | +5.0% | +24.9%12M +49.3% · -7.8% off-hi | +55.5%margin 35.0% | 25.6 | GLP-1 franchise + pipeline depth |
| 27WFCWells Fargo | Financials H4L | HIKE TRADE | BUY ≤ $81 | FAIR | $85.29 | $80.79 | +5.6% | +4.4%12M +8.2% · -12.8% off-hi | +5.7%margin 26.7% | 10.8 | Post-asset-cap growth case; ±5.5% priced today |
| 28RTXRTX | Defense & Space | WAR PREMIUM | BUY ≤ $183 | FAIR | $193.39 | $182.68 | +5.9% | -4.6%12M +30.1% · -9.8% off-hi | +8.7%margin 8.0% | 25.5 | Missiles + engines; Iran demand pull |
| 29NVONovo Nordisk | Health Innovation | QUIET | BUY ≤ $46 | UNDERVALUED | $49.07 | $45.69 | +7.4% | +24.8%12M -27.0% · -31.7% off-hi | +24.0%margin 37.2% | 2.3 | GLP-1 #2 at a discount after stumbles |
| 30JPMJPMorgan | Financials H4L | HIKE TRADE | BUY ≤ $316 | FAIR | $342.89 | $316.18 | +8.4% | +10.2%12M +19.7% · -0.5% off-hi | +12.7%margin 33.9% | 14.3 | The fortress; NII guide lands today |
| 31LNGCheniere | Energy Security | WAR PREMIUM | BUY ≤ $243 | FAIR | $265.03 | $243.31 | +8.9% | +2.1%12M +12.6% · -11.9% off-hi | +24.2%margin 7.1% | 13.6 | US LNG tollbooth Europe still needs |
| 32SCHWCharles Schwab | Financials H4L | HIKE TRADE | BUY ≤ $92 | FAIR | $101.10 | $91.99 | +9.9% | +2.8%12M +10.4% · -6.0% off-hi | +15.8%margin 38.0% | 13.5 | Cash sorting done; NII rebuild |
| 33METAMeta | Platforms | TECH RISK-OFF | BUY ≤ $601 | FAIR | $661.04 | $601.18 | +10.0% | -0.2%12M -6.9% · -17.0% off-hi | +33.1%margin 32.8% | 18.2 | Strongest Mag7 chart; AI ad engine |
| 34BACBank of America | Financials H4L | HIKE TRADE | BUY ≤ $55 | UNDERVALUED | $60.62 | $54.61 | +11.0% | +13.6%12M +31.4% · -1.0% off-hi | +8.1%margin 29.0% | 11.8 | Rate-sensitive book repricing upward |
| 35AMDAMD | AI Compute | TECH RISK-OFF | BUY ≤ $490 | FAIR | $548.13 | $489.71 | +11.9% | +114.9%12M +252.2% · -6.3% off-hi | +37.8%margin 13.4% | 41.2 | Zen 6 + Helios racks; the credible #2 in accelerators |
| 36GSGoldman Sachs | Financials H4L | HIKE TRADE | BUY ≤ $1,017 | FAIR | $1,140 | $1,017 | +12.1% | +25.3%12M +62.3% · -0.3% off-hi | +14.5%margin 29.4% | 17.0 | Capital-markets thaw + rates desk |
| 37ANETArista | AI Compute | TECH RISK-OFF | BUY ≤ $161 | RICH | $182.57 | $160.79 | +13.5% | +18.3%12M +70.0% · -3.8% off-hi | +35.1%margin 38.3% | 41.0 | AI networking share leader |
| 38AMATApplied Materials | AI Compute | TECH RISK-OFF | BUY ≤ $516 | FAIR | $595.70 | $516.04 | +15.4% | +50.6%12M +198.9% · -19.5% off-hi | +11.4%margin 29.3% | 35.8 | Broadest chip-equipment franchise |
| 39DDOGDatadog | Software & Cyber | TECH RISK-OFF | BUY ≤ $226 | RICH | $270.73 | $226.15 | +19.7% | +144.8%12M +92.6% · -2.9% off-hi | +32.2%margin 3.7% | 94.0 | Observability + AI monitoring |
| 40PANWPalo Alto | Software & Cyber | TECH RISK-OFF | BUY ≤ $274 | FAIR | $352.89 | $273.54 | +29.0% | +118.4%12M +83.6% · -4.2% off-hi | +31.1%margin 7.9% | 85.7 | Platformization is working |
| 41DELL ◆Dell | AI Compute | TECH RISK-OFF | BUY ≤ $354 | UNDERVALUED | $457.54 | $354.12 | +29.2% | +148.0%12M +264.0% · -2.5% off-hi | +87.5%margin 6.3% | 21.3 | AI-server share at a value multiple |
| 42AVAVAeroVironment | Defense & Space | WAR PREMIUM | BUY · reclaim $250 | RICH | $143.47 | $249.76 | -42.6% | -26.2%12M -45.6% · -65.7% off-hi | +133.3%margin -13.4% | 31.7 | Drones are the new artillery |
| 43KTOSKratos | Defense & Space | WAR PREMIUM | BUY · reclaim $78 | RICH | $50.36 | $78.23 | -35.6% | -31.6%12M -1.5% · -62.4% off-hi | +22.6%margin 2.1% | 46.2 | Drones + hypersonics pure-play |
| 44ADBEAdobe | Software & Cyber | TECH RISK-OFF | BUY · reclaim $284 | UNDERVALUED | $220.78 | $283.83 | -22.2% | -6.3%12M -39.4% · -41.3% off-hi | +12.7%margin 28.7% | 8.0 | AI anxiety fully priced; cash machine intact |
| 45IREN ◆IREN | Crypto Infra | TECH RISK-OFF | BUY · reclaim $49 | FAIR | $38.59 | $49.15 | -21.5% | -18.5%12M +128.6% · -49.8% off-hi | -0.0%margin 20.9% | -41.1 | Miner-to-AI-compute pivot |
| 46CRMSalesforce | Software & Cyber | TECH RISK-OFF | BUY · reclaim $210 | UNDERVALUED | $167.56 | $209.54 | -20.0% | -2.2%12M -34.9% · -38.8% off-hi | +13.3%margin 18.7% | 10.8 | Agentforce optionality at a value multiple |
| 47CEG ◆Constellation Energy | Power & Grid | WAR PREMIUM | BUY · reclaim $314 | UNDERVALUED | $256.43 | $314.00 | -18.3% | -13.5%12M -19.4% · -37.9% off-hi | +63.8%margin 12.7% | 18.9 | Largest US nuclear fleet + Calpine; the AI-power core |
| 48APP ◆AppLovin | Software & Cyber | TECH RISK-OFF | BUY · reclaim $535 | FAIR | $448.98 | $535.39 | -16.1% | +3.6%12M +27.2% · -39.8% off-hi | +59.0%margin 64.3% | 20.7 | Ad-engine cash flows |
| 49NOCNorthrop Grumman | Defense & Space | WAR PREMIUM | BUY · reclaim $612 | FAIR | $528.67 | $611.59 | -13.6% | -22.3%12M +2.3% · -31.7% off-hi | +4.4%margin 10.8% | 17.5 | B-21 + the nuclear triad |
| 50MSFTMicrosoft | Platforms | TECH RISK-OFF | BUY · reclaim $441 | UNDERVALUED | $384.93 | $441.06 | -12.7% | -2.1%12M -23.9% · -30.7% off-hi | +18.3%margin 39.3% | 19.9 | Azure AI at a beaten-down multiple |
| 51CCJCameco | Power & Grid | QUIET | BUY · reclaim $104 | FAIR | $91.57 | $104.45 | -12.3% | -21.1%12M +20.8% · -32.3% off-hi | +7.1%margin 18.4% | 34.3 | Western uranium duopoly |
| 52KKRKKR | Financials H4L | HIKE TRADE | BUY · reclaim $109 | FAIR | $97.21 | $108.98 | -10.8% | -3.2%12M -29.2% · -36.8% off-hi | -6.6%margin 11.7% | 13.2 | Alt-asset compounding despite rates |
| 53UBERUber | Consumer & Mobility | QUIET | BUY · reclaim $80 | FAIR | $72.08 | $80.30 | -10.2% | -1.1%12M -21.8% · -29.3% off-hi | +14.5%margin 15.9% | 16.3 | Platform FCF inflection; AV partnership hub |
| 54BWXTBWX Technologies | Power & Grid | QUIET | BUY · reclaim $199 | FAIR | $179.83 | $198.54 | -9.4% | -24.5%12M +30.8% · -25.6% off-hi | +26.1%margin 10.2% | 34.6 | Naval reactors + SMR optionality |
| 55LHXL3Harris | Defense & Space | WAR PREMIUM | BUY · reclaim $317 | UNDERVALUED | $290.01 | $316.74 | -8.4% | -18.4%12M +11.0% · -23.5% off-hi | +190.0%margin 10.4% | 21.2 | Comms & ISR, cheap versus the primes |
| 56LMTLockheed Martin | Defense & Space | WAR PREMIUM | BUY · reclaim $542 | UNDERVALUED | $514.99 | $542.17 | -5.0% | -15.8%12M +9.5% · -25.6% off-hi | +0.3%margin 6.4% | 16.1 | Rearmament backlog at a value multiple |
| 57VSTVistra | Power & Grid | WAR PREMIUM | BUY · reclaim $167 | FAIR | $158.43 | $166.79 | -5.0% | -3.4%12M -17.2% · -27.9% off-hi | +43.4%margin 11.5% | 14.7 | Gas + nuclear IPP with datacenter deals |
| 58OKLOOklo | Power & Grid | TECH RISK-OFF | WATCH | PRICED FOR PERFECTION | $46.24 | $81.46 | -43.2% | -21.1%12M -24.1% · -76.1% off-hi | —margin 0.0% | -55.0 | SMR story stock — buy fear only |
| 59CRCLCircle | Crypto Infra | TECH RISK-OFF | WATCH | RICH | $63.22 | $94.58 | -33.2% | -40.1%12M -67.6% · -76.0% off-hi | +20.0%margin -2.8% | 33.4 | Stablecoin rails; post-IPO froth |
| 60COINCoinbase | Crypto Infra | TECH RISK-OFF | WATCH | RICH | $161.50 | $225.07 | -28.2% | -12.4%12M -58.4% · -63.7% off-hi | -30.8%margin 12.7% | 33.3 | Regulated-exchange moat, pure BTC beta |
| 61SMCISupermicro | AI Compute | TECH RISK-OFF | WATCH | FAIR | $27.65 | $34.38 | -19.6% | +1.7%12M -48.0% · -55.7% off-hi | +122.7%margin 3.7% | 8.7 | AI racks; accounting scars demand a discount |
| 62TSLATesla | Consumer & Mobility | TECH RISK-OFF | WATCH | PRICED FOR PERFECTION | $396.18 | $417.75 | -5.2% | +8.8%12M +27.5% · -20.6% off-hi | +15.8%margin 3.9% | 153.3 | Robotaxi promise vs auto reality |
| 63SNDKSanDisk | Memory Cycle | MEMORY UNWIND | WATCH | FAIR | $1,758 | $1,714 | +2.6% | +86.1%12M +4014.7% · -25.3% off-hi | +251.0%margin 34.2% | 8.4 | NAND pure-play; knife until the cycle proves out |
| 64CRDOCredo | AI Compute | TECH RISK-OFF | WATCH | RICH | $236.18 | $227.36 | +3.9% | +48.1%12M +130.2% · -23.5% off-hi | +157.0%margin 35.4% | 26.5 | AEC cables; small, fast, violent |
| 65UNHUnitedHealth | Health Innovation | EARNINGS WK | WATCH | UNDERVALUED | $425.19 | $399.59 | +6.4% | +35.3%12M +45.8% · -2.1% off-hi | +2.0%margin 2.7% | 20.3 | Broken compounder; reports Thursday — still a knife |
| 66ALABAstera Labs | AI Compute | TECH RISK-OFF | WATCH | PRICED FOR PERFECTION | $361.78 | $331.81 | +9.0% | +112.1%12M +291.7% · -27.6% off-hi | +93.4%margin 26.7% | 84.0 | Connectivity picks-and-shovels; hot-money crowd |
| 67NETCloudflare | Software & Cyber | TECH RISK-OFF | WATCH | PRICED FOR PERFECTION | $281.75 | $234.01 | +20.4% | +57.7%12M +50.7% · -1.0% off-hi | +33.5%margin -3.7% | 178.5 | Edge-AI story at a story price |
| 68HOODRobinhood | Financials H4L | HIKE TRADE | WATCH | RICH | $113.45 | $91.14 | +24.5% | +43.4%12M +14.0% · -26.3% off-hi | +15.1%margin 41.1% | 36.7 | Retail flow + crypto beta |
| 69SKHY ◆SK Hynix (US) | Memory Cycle | MEMORY UNWIND | WATCH | FAIR | $193.92 | — | — | —12M — · -0.3% off-hi | +198.1%margin 56.9% | — | HBM leader; 4 days post-IPO — let it base |
| 70MU ◆Micron | Memory Cycle | MEMORY UNWIND | WAIT · crowded knife | FAIR | $983.12 | $916.74 | +7.2% | +111.1%12M +718.5% · -21.7% off-hi | +345.7%margin 55.9% | 6.6 | Bear market; Burry short vs ClearBridge long |
| 71ORCLOracle | Platforms | TECH RISK-OFF | HOLD | RICH | $127.94 | $193.91 | -34.0% | -21.5%12M -45.5% · -63.0% off-hi | +20.6%margin 25.4% | 11.7 | OCI backlog vs debt-funded capex |
| 72NFLXNetflix | Platforms | EARNINGS WK | HOLD | RICH | $73.53 | $94.47 | -22.2% | -30.8%12M -41.7% · -42.4% off-hi | +16.2%margin 28.5% | 19.2 | Ads tier compounding; reports Thursday |
| 73ISRGIntuitive Surgical | Health Innovation | QUIET | HOLD | PRICED FOR PERFECTION | $379.50 | $487.47 | -22.1% | -18.8%12M -25.9% · -37.2% off-hi | +23.0%margin 28.2% | 32.2 | Robotic-surgery monopoly at a monopoly price |
| 74NOWServiceNow | Software & Cyber | TECH RISK-OFF | HOLD | RICH | $104.85 | $130.04 | -19.4% | +19.4%12M -45.2% · -50.1% off-hi | +22.1%margin 12.6% | 20.9 | Best enterprise franchise, full price |
| 75PLTRPalantir | Software & Cyber | TECH RISK-OFF | HOLD | PRICED FOR PERFECTION | $133.72 | $156.31 | -14.5% | -1.5%12M -10.0% · -35.6% off-hi | +84.7%margin 43.7% | 63.8 | Great company, unforgiving multiple |
| 76ARMArm Holdings | AI Compute | TECH RISK-OFF | HOLD | PRICED FOR PERFECTION | $281.17 | $312.56 | -10.0% | +74.4%12M +91.1% · -37.9% off-hi | +20.1%margin 18.4% | 91.3 | Architecture royalty; multiple assumes perfection |
| 77BKNGBooking | Consumer & Mobility | QUIET | HOLD | FAIR | $174.85 | $187.30 | -6.6% | -3.5%12M -23.0% · -24.6% off-hi | +16.2%margin 22.2% | 14.2 | Travel cash machine |
| 78COSTCostco | Consumer & Mobility | QUIET | HOLD | PRICED FOR PERFECTION | $921.75 | $956.61 | -3.6% | -5.4%12M -4.7% · -15.9% off-hi | +21.5%margin 3.0% | 40.7 | Perfect retailer, perfect price |
| 79WMTWalmart | Consumer & Mobility | QUIET | HOLD | RICH | $113.70 | $117.40 | -3.2% | -9.1%12M +19.2% · -15.9% off-hi | +7.3%margin 3.1% | 34.6 | Ads + memberships re-rating |
| 80OXYOccidental | Energy Security | WAR PREMIUM | HOLD | FAIR | $54.57 | $55.17 | -1.1% | -1.5%12M +27.8% · -19.1% off-hi | -8.3%margin 22.4% | 14.2 | Buffett's barrel; deleveraging story |
| 81CATCaterpillar | Real Economy | QUIET | HOLD | FAIR | $933.34 | $928.95 | +0.5% | +17.5%12M +130.7% · -13.1% off-hi | +22.2%margin 13.3% | 30.7 | Datacenter gensets + infrastructure |
| 82DEDeere | Real Economy | QUIET | HOLD | FAIR | $584.40 | $581.36 | +0.5% | -2.0%12M +16.1% · -13.3% off-hi | -11.1%margin 10.1% | 25.6 | Ag trough with an autonomy option |
| 83BRK-BBerkshire Hathaway | Financials H4L | HIKE TRADE | HOLD | FAIR | $491.09 | $486.28 | +1.0% | +2.8%12M +4.5% · -5.0% off-hi | +4.4%margin 19.3% | 22.8 | Cash-mountain optionality |
| 84WMBWilliams | Energy Security | WAR PREMIUM | HOLD | FAIR | $75.98 | $74.35 | +2.2% | +6.4%12M +30.2% · -5.1% off-hi | +9.0%margin 23.1% | 29.4 | Gas pipes, steady yield |
| 85TTTrane | Real Economy | QUIET | HOLD | RICH | $483.55 | $470.59 | +2.8% | +2.8%12M +10.8% · -4.4% off-hi | +6.0%margin 13.4% | 28.3 | Cooling compounder with datacenter tailwind |
| 86VRTXVertex | Health Innovation | QUIET | HOLD | FAIR | $476.31 | $456.49 | +4.3% | +7.2%12M +2.6% · -10.7% off-hi | +7.8%margin 35.5% | 22.5 | CF fortress + pain franchise |
| 87AAPLApple | Platforms | TECH RISK-OFF | HOLD | RICH | $314.86 | $299.58 | +5.1% | +21.6%12M +50.6% · -2.7% off-hi | +16.6%margin 27.2% | 32.8 | Pricing power; iPhone 18 September catalyst |
| 88GDGeneral Dynamics | Defense & Space | WAR PREMIUM | HOLD | FAIR | $369.50 | $351.02 | +5.3% | +8.7%12M +22.8% · -2.9% off-hi | +10.3%margin 8.1% | 20.3 | Submarines + Gulfstream |
| 89TPLTexas Pacific Land | Energy Security | WAR PREMIUM | HOLD | PRICED FOR PERFECTION | $415.93 | $394.38 | +5.5% | +0.9%12M +27.0% · -24.0% off-hi | +20.8%margin 60.0% | — | Royalty jewel at a museum multiple |
| 90ABNBAirbnb | Consumer & Mobility | QUIET | HOLD | FAIR | $146.54 | $138.65 | +5.7% | +9.5%12M +7.3% · -2.4% off-hi | +17.9%margin 19.9% | 24.2 | Category owner with a margin lever |
| 91PHParker Hannifin | Power & Grid | QUIET | HOLD | FAIR | $964.55 | $905.61 | +6.5% | -2.1%12M +36.1% · -6.8% off-hi | +10.6%margin 16.6% | 28.3 | Industrial compounder with grid exposure |
| 92KLACKLA | AI Compute | TECH RISK-OFF | HOLD | RICH | $230.37 | $214.82 | +7.2% | +28.3%12M +146.0% · -25.1% off-hi | +11.5%margin 35.7% | 45.0 | Process-control king, priced like one |
| 93GEGE Aerospace | Defense & Space | EARNINGS WK | HOLD | RICH | $353.73 | $329.66 | +7.3% | +11.2%12M +33.6% · -7.6% off-hi | +24.7%margin 17.9% | 40.6 | Engine aftermarket machine; reports Thursday |
| 94MAMastercard | Financials H4L | HIKE TRADE | HOLD | RICH | $538.02 | $500.48 | +7.5% | +4.8%12M -2.2% · -10.6% off-hi | +15.8%margin 45.9% | 23.6 | Same tollbooth, same price |
| 95VVisa | Financials H4L | HIKE TRADE | HOLD | RICH | $356.02 | $331.06 | +7.5% | +14.3%12M +2.6% · -2.5% off-hi | +17.1%margin 51.7% | 23.9 | Tollbooth at steady state |
| 96AXPAmerican Express | Financials H4L | HIKE TRADE | HOLD | RICH | $355.06 | $326.03 | +8.9% | +8.6%12M +14.3% · -8.4% off-hi | +11.6%margin 16.3% | 17.6 | Premium-consumer resilience |
| 97CRWDCrowdStrike | Software & Cyber | TECH RISK-OFF | HOLD | RICH | $210.73 | $166.70 | +26.4% | +111.5%12M +78.1% · -0.1% off-hi | +25.6%margin -0.6% | 134.9 | Cyber platform premium |
| 98SNOWSnowflake | Software & Cyber | TECH RISK-OFF | HOLD | RICH | $275.94 | $215.47 | +28.1% | +103.7%12M +29.7% · -3.2% off-hi | +33.5%margin -23.8% | 102.7 | Data cloud; competition getting thick |
| 99LCID ◆Lucid | Consumer & Mobility | QUIET | AVOID | OVERVALUED | $4.62 | $11.02 | -58.1% | -47.5%12M -80.2% · -86.3% off-hi | +20.2%margin -239.8% | -1.0 | Cash furnace |
| 100MSTR ◆Strategy | Crypto Infra | TECH RISK-OFF | AVOID | OVERVALUED | $97.58 | $172.89 | -43.6% | -29.0%12M -77.9% · -78.7% off-hi | +11.9%margin 0.0% | — | 'Discount to BTC' vanishes after ~$20B senior claims |