Dear Reader,

Without most people noticing, Elon Musk has started a new venture that has nothing to do with rockets, EVs, Neuralink, or tunnels.

Trump has personally issued emergency support to roll this underlying tech out as fast as possible.

It's already live in multiple states.

Behind the scenes, demand for this is already spiking...

The Financial Times says Sam Altman is begging people on the phone to build this for him and OpenAI.

And the best part for you and your wealth is:

A few little-known companies control the supply chain.

Anyone who wants this tech - be it Sam Altman or even Elon himself - must go through these companies to get it.

You can simply buy their stocks right now... before this news becomes common knowledge.

But you ought to move fast. Because leaked satellite images are already showing up online...

Click here to see how you could back Elon Musk's next venture from your regular brokerage account.

Regards,

Joel Litman
Chief Investment Officer, Altimetry

BREAKING NEWS

📉 The Man Who Called 2008 Just Called Nvidia A Fraud, Basically

Every AI story eventually leads back to one stock.

$NVDA Nvidia is the posterchild of this entire boom, the company everyone points to when they want proof that AI is real money and not just hype. Its stock sits around $225.30, up nearly 24% over the past year. And Michael Burry, the investor made famous by "The Big Short," just picked a very public fight with it.

Burry is not saying Nvidia is overpriced. He is saying something much sharper. He is comparing the way Nvidia's deals are structured to Enron, the kind of comparison that implies the numbers themselves cannot be trusted.

Here's the deal he is pointing at. Nvidia teamed up with six major Wall Street firms to build financing platforms aimed at raising more than $500 billion from outside investors for AI infrastructure. Nvidia could personally backstop up to $125 billion of that. The pitch sounds simple. Help AI companies borrow money to build data centers, which they then use to buy more Nvidia chips.

Burry looked at that setup and said it has "shades of Enron." Enron was once one of the biggest energy companies in America, right up until people discovered it had been using complicated deals and accounting tricks to hide debt and fake a healthier business than it actually was. The stock crashed from over $90 to 26 cents, the company went bankrupt in 2001, and investors lost billions almost overnight.

📈 The Bull Case:

• Huge AI demand: Nvidia is still the top dog in AI chips, and demand for its hardware remains strong.

• More customer funding: The new financing could help customers build more data centers and keep buying Nvidia's chips.

• AI needs Nvidia: Most AI companies still depend heavily on Nvidia's hardware to train and run their models.

📉 The Bear Case:

• Money going in circles: Cash moving between AI companies, investors, and chip suppliers could make demand look stronger than it actually is.

• The Enron comparison: Burry thinks some of these financing deals resemble the kind of complicated structures that let Enron hide its problems from investors.

• Spending could slow: If companies cannot make enough money back from these data centers, they could cut spending fast, and that would hit Nvidia's sales directly.

The Munch Take: Betting against the most important stock in the market and calling its financing "Enron-like" is not a quiet trade. It is Burry standing in the middle of the party accusing the host of watering down the drinks. My wife once accused our contractor of hiding costs in the fine print, and she turned out to be completely right. Nvidia's chips and its profits are real right now. Whether this financing setup is smart deal-making or a problem waiting to surface is not something the market has settled yet.

A lot Of Investors May Be Chasing The Wrong Names (Ad)

Most investors are still crowded into the same mega-cap names. But the next leg may not belong to the household names everyone already owns — it may belong to the suppliers, enablers, and software businesses quietly benefiting while Wall Street keeps expanding AI budgets.

9 of them are in my report this month. Take a look at the list.

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STOCK OF THE DAY

👞👞 Birkenstock Just Told Wall Street "Hold My Sandals"

$BIRK Birkenstock just proved the sandal craze has some life left in it. The company now expects sales to grow 15% this year, the top of its own earlier forecast. That works out to as much as €2.35 billion in sales and at least €710 million in profit. The stock did not politely rise on the news. It ripped.

Here's what actually matters if you're watching this stock. Birkenstock beat on revenue but missed slightly on profit, and the market shrugged the miss off completely because every single region posted double-digit growth. That reaction tells you the story right now is demand, not costs. The next thing worth watching is the fourth quarter. Guggenheim Securities estimates Birkenstock needs about €595 million in Q4 revenue to hit its new target, which is actually below what Wall Street was already expecting for that quarter.

That sets up a genuinely interesting few months. Birkenstock just raised its own bar, and now the final quarter has to clear it. Strong demand could make that target look easy. A soft Q4 could get investors questioning whether this growth story is losing its grip.

📈 The Bull Case:

• Sales crushed it: €720 million in quarterly sales, with every region posting double-digit growth. Asia-Pacific led at a blistering 23%.

• Betting on itself: Birkenstock spent €230 million buying back its own shares in June and plans more buybacks ahead.

• Guidance went up, not down: Full-year sales growth is now expected to hit 15%, the high end of the old range.

• Bonus Report: The world’s least risky AI stock? (Ad)

📉 The Bear Case:

• Profit fell just short: Earnings landed at €0.74 a share, missing the €0.76 analysts wanted.

• Currency and tariffs took a bite: Adjusted gross margin slid to 59.2% thanks to foreign exchange swings and U.S. tariffs.

• Q4 is the real test: The new forecast implies about €595 million in fourth-quarter sales, below Wall Street's €604 million estimate. Birkenstock now has to prove the growth keeps going.

The Munch Take: Revenue was the real star of this report. Sales beat expectations, every region delivered double-digit growth, and management raised the full-year forecast instead of playing it safe. My wife owns four pairs of these things and has never once glanced at a price tag before grabbing a fifth. The demand story here is real and the buyback shows real confidence. What actually decides whether this rally holds is that fourth-quarter number, so that is the one worth watching closely.

🍪 Munchy Memes

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