Gavin Baker says DRAM and HBM DRAM is the single most important bottleneck in all of AI (Save this). All the stocks that supply it are still trading at a discount to everything else in the stack. His argument is foundational: Model performance is constrained by how much memory is available and how fast it can move data. That is why Elon Musk is specifically targeting memory in his tariff strategy. The supply side makes this more interesting. For the HBM DRAM that AI servers actually need, there are only three companies in the world that can manufacture it: Micron, SK Hynix and Samsung. Micron's most recent quarter added another layer: they announced supply chain agreements covering roughly 50% of their revenue with just four customers. The floor pricing in those contracts is already above prior cycle peak gross margins. Every other part of the semiconductor supply chain, equipment, wafer fab, the rest of the stack, has already re-rated to premium multiples. DRAM stocks are still cross-sectionally cheap. Our analysts at Milk Road PRO have been very early to the memory trade with SK Hynix and Micron. Get access to their exact portfolios for $1. (link in bio)

Industrial humanoid robots in logistics alone are projected to hit $326B by 2034. And the robot below (Digit) is the first humanoid robot to operate in live commercial environments at scale. Digit is a bipedal humanoid robot designed for warehouse and logistics work that's putting up impressive numbers: - 65,000 operational hours - 100,000 totes moved at customer sites - $300M in binding orders for Digit V5 And they’ve got backing from some serious names: - Amazon, Toyota, and Schaeffler are active customers - Amazon, NVIDIA, SoftBank Vision Fund 2 and Foxconn are all in as both investors and commercial partners. Digit is built by a company called @agilityrobotics that just merged with Churchill Capital Corp XI. So while Agility is still an early-stage company, public investors have a way to get direct exposure through $CCXI for the first time. And our analyst @MelvinInvests started buying $CCXI last week. His view is simple: Humanoid robotics could become one of the biggest AI application layers over the next decade but the winners won't be built overnight. It's an early bet on a market that may take years to mature. Melvin previously called Micron $MU, Credo $CRDO and Nebius $NBIS before their major runs. Don’t miss his next call, try Milk Road PRO for $1. (link in first comment below)

Gavin Baker says DRAM and HBM DRAM is the single most important bottleneck in all of AI (Save this). All the stocks that supply it are still trading at a discount to everything else in the stack. His argument is foundational: Model performance is constrained by how much memory is available and how fast it can move data. That is why Elon Musk is specifically targeting memory in his tariff strategy. The supply side makes this more interesting. For the HBM DRAM that AI servers actually need, there are only three companies in the world that can manufacture it: Micron, SK Hynix and Samsung. Micron's most recent quarter added another layer: they announced supply chain agreements covering roughly 50% of their revenue with just four customers. The floor pricing in those contracts is already above prior cycle peak gross margins. Every other part of the semiconductor supply chain, equipment, wafer fab, the rest of the stack, has already re-rated to premium multiples. DRAM stocks are still cross-sectionally cheap. Our analysts at Milk Road PRO have been very early to the memory trade with SK Hynix and Micron. Get access to their exact portfolios for $1. (link in bio)

Robotics will be biggest investment theme into 2027 and beyond (Save this). From Q1 2021 through Q4 2024, robotics VC funding was essentially flat compared to AI but in Q1 2026 alone, it hit $16 billion in a single quarter. This is the early signal of a multi year compounding wave that is just getting started. Globally, robotics startups have already raised $18.8 billion in 2026 through June more than the entire full year of 2025 and we still have six months left. 2026 is on pace to nearly double the prior record and the reason is structural and it's not going away. Labor shortages are worsening across every major economy, demographics are aging in the US, Europe, Japan, and China simultaneously. And for the first time, AI has made robots genuinely capable in unstructured, real world environments not just controlled factory floors. As Jensen Huang says "the GPT moment for robotics is upon us" and he introduced the Isaac GR00T humanoid reference platform alongside Cosmos world foundation models. It gives every robotics company access to the same physics simulation and AI training infrastructure that previously only the best funded labs could afford to build and the cost curve for capable robots is about to drop sharply. The investment opportunity spans several distinct layers of the stack. Intuitive Surgical (ISRG) is already printing money in surgical robotics with over 9,000 da Vinci systems installed globally and a recurring revenue model built on instruments and service contracts. The surgical robotics market is projected to grow from $18 billion today to $72.5 billion by 2035 and Intuitive holds dominant share with decades of procedural data no competitor can replicate. ABB (ABBNY) is the most overlooked name in the space. It is the world's largest industrial robotics company, already deploying AI enhanced collaborative robots at scale across automotive, electronics and logistics. With automation now supercharged by AI, ABB's installed base and integration expertise represent a distribution moat that pure play startups will spend a decade trying to build. Teradyne (TER) owns Universal Robots, the global market leader in collaborative robots and MiR, the leading autonomous mobile robot platform for factory floors. It generates consistent cash flow from both hardware and recurring software subscriptions and trades at a fraction of the valuation given to pure play AI robotics names despite being one of the most profitable businesses in the space. Rockwell Automation (ROK) is the industrial automation giant that powers a huge percentage of the world's factories through its programmable logic controllers, software, and AI driven operations platforms. As manufacturers race to automate in response to labor costs and reshoring mandates, Rockwell is one of the primary beneficiaries regardless of which robot hardware wins. For broader exposure, the KOID ETF is focused specifically on humanoid robotics and has been one of the strongest performing thematic ETFs over the past year, offering diversified access across the humanoid supply chain without having to pick individual winners in a market where the leaders aren't fully clear yet. The companies building the physical layer of AI, humanoids, warehouse automation, surgical systems, collaborative robots are in the early stages of the same re rating that AI software stocks experienced from 2023 onward. The window to position ahead of that is right now and make sure to follow me @MelvinInvests for more overlooked opportunities in robotics and AI.

Leverage in South Korean stocks is out of control: Assets under management (AUM) in South Korea's leveraged ETFs are up to a record ~$45 billion. AUM has surged 800% since the start of 2026. As a result, leveraged exposure as a % of free float market capitalization, the portion of shares actually available for public trading, is up to a record ~2.9%, more than TRIPLING since January. Meanwhile, the Hong Kong-listed 2x leveraged long SK Hynix ETF rose to ~$15 billion in assets at its peak, the largest single-stock leveraged product in the world. By comparison, four leading 2x leveraged long ETFs tracking Micron, $MU, Nvidia, $NVDA, Sandisk, $SNDK, and Tesla, $TSLA, have each never exceeded $10 billion in assets. Leverage in Korea is at extreme levels.