Diversified cash flows in the billions make the AI-buildout basket more appealing than standalone model companies. Many members look reasonably priced and have longer records of delivering returns; Anthropic and OpenAI look much more like gambles at current valuations, though either could appeal at the right price. A possible equal-weight portfolio to revisit in five years includes Amazon, Alphabet, Microsoft, Meta, Oracle and SpaceX. x.com  x.com 

Tema Photonics & Optical ETF offers a way to hold a range of optical companies without trading the volatile individual names. Its roughly 9% exposure to an Anthropic SPV adds to the appeal. The ETF is thinly traded; the idea is to buy and hold for a year rather than keep trading. x.com  x.com 

Buyers of the Roundhill Memory ETF may be paying a significant premium over its net asset value. Per @TradexWhisperer, the fund launched April 2 holding nine stocks with volume still building, so its arbitrage mechanism is less tested and premiums to NAV can run wider than usual. x.com 

New investors who think they missed the AI run can still build exposure diversified across AI layers, chosen on today's valuations and risk-reward. A suggested split is 20% each in Meta, NVIDIA and Broadcom, and 10% each in a DRAM memory ETF, TSMC, Nebius and Credo: 80% in established leaders and critical bottlenecks, 20% in faster-growing compute and networking names. It spans applications, GPUs, custom silicon, foundries, memory, networking and cloud, and most picks are founder-led. x.com  … Show more

ARK Innovation ETF has investors paying to lose money: as @jbulltard1 notes, it lost ground even while innovative growth stocks rallied nonstop. A team of roughly 50 people still underperforms the S&P 500, and a random person on the street is probably a better stock picker than analysts relying on Monte Carlo simulations. @jbulltard1 also points out that its chief futurist, Brett Winton, sold Nvidia at around $18 and remains in the role. x.com  x.com  x.com 

Memory stocks may be at a local top, because the launch of a new 2x leveraged ETF on a sector, such as RAM tracking the Roundhill Memory ETF, has had an uncanny ability to mark local tops. x.com 

The Tema Space ETF offers the rare direct SpaceX exposure among pure space-theme ETFs, and a SpaceX IPO should lift the whole fund beyond that holding. Its SpaceX SPV stake, about 8.73%, is valued near a $1.56 trillion SpaceX valuation versus about $2 trillion the market implies. A successful listing should spark the whole space sector, pulling up top holdings AST SpaceMobile, Rocket Lab and Intuitive Machines, perhaps by 40%. The fund is highly concentrated, with the top three over 44%. x.com 

The new generation of covered-call income ETFs on the S&P 500 and Nasdaq 100 is preferable to traditional dividend funds like SCHD, serving as counterbalances built to underperform in bull markets and outperform in flat or down ones. Given a bullish long-term market outlook, plain S&P 500 or Nasdaq 100 funds should still outperform them over decades. x.com  x.com 

The S&P 500 fund VOO beats covered-call income ETFs like GPIX and QQQI because covered calls cap upside, leaving long-run returns worse. Since GPIX's October 2023 inception, VOO has compounded 26.4% a year versus GPIX's 23.6%, while QQQ's 25.4% beat QQQI's 21%. Fees add drag of about 1.1% for GPIX and 2.2% for QQQI versus 0.1% for VOO, and large monthly payouts are tax-inefficient. x.com  x.com 

Nasdaq-100 trackers are about to be forced buyers of SpaceX at the worst price, funded by selling the index's best businesses. Around July 6, about 15 trading days after its IPO, SpaceX joins the Nasdaq-100 under rewritten rules that scrapped the float requirement. Cuts are proportional to weight, so Apple, Microsoft and Nvidia get trimmed hardest to buy a company losing $4 billion a quarter, near 100 times sales after a run from $135 toward $200. The S&P 500 kept its profitability rule. x.com  … Show more