저자: MichaelBurry · 외국인
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AI 인프라·정부 계약·기업 기술 지출이 두 가지 구조적 자금 흐름이라며 Dell을 핵심 종목으로 제시. Pentagon 100억 달러 계약, 블랙웰 GPU 대량 구매, 애널리스트 목표가 상향(BofA 80 등 언급)을 근거로 들었다. 반면 Cape 비율 40배, 신용잔고 사상 최고 등 버블 경고도 인정. 말미에는 뉴스레터·코칭 프로그램 홍보가 포함됨.
다듬은 글
The next trillion dollar opportunity is right in front of you. And this time you have no excuse to miss it. Before we get into it, the only thing I ask in return for all the work that goes into making a video like this is that you hit that like button and subscribe right now. Every time you do that, YouTube pushes this video out to more people who need to hear it, and that helps us prepare more people for what's actually happening in the markets.
Now, let's get started. There are two massive forces transforming our economy right now, and they're creating one of the largest wealth transfers in modern history. The first is the AI infrastructure build-out, which is not slowing down. It's accelerating, and the capital being deployed is staggering.
Second is something called the great wealth transfer, which is a demographic event that's quietly reshaping who owns assets in America. For the first time in history, roughly 3 million people with access to US markets will inherit a million dollars or more in the next decade. A lot of people getting that money grew up watching sports.
They've been sports betting, and now they want to do something bigger with their time, something like stocks. Almost everyone who inherits money works outside of trading and investing. And even if you make great money, even if you make $150,000 a year or more, you might have no idea how to invest responsibly because that's not your job or your business.
The United States is also currently carrying more than $39 trillion in debt, and by every historical precedent, the current system should already be under extreme stress. Yet, the US continues operating as if nothing's wrong. Markets keep going up, all-time highs on the back of AI, while the real economy is deteriorating.
And in times like these, the best way to secure and maintain your retirement is to build and maintain a balanced portfolio that can ride through economic chaos. With that in mind, I created Stock CEOs. Stock CEOs gives you the tools to be the of your own portfolio in 5 minutes a day. I'm currently offering a free report on the best six AI stocks for June at stockceos.com/newsletter.
It's going to be up there real soon. All you need to do is enter your email to get the free report. If you want to learn how I pick stocks, grab the best six AI stocks for June at stockceos.com/newsletter. It's that link in the pinned comment. Now, let me show you what smart money's been doing because the signals have been hiding right in front of us.
The market's always showing strength somewhere even when tech's selling off, oil stocks might be ripping. Even when consumer names are getting crushed, infrastructure and defense names quietly make new highs. The investors who build wealth in volatile environments are not the ones who panic, they're the ones who track where capital's rotating before the rotation becomes obvious to everyone else.
Right now, there's a specific rotation happening and it involves a category of companies that are at the intersection of AI infrastructure, government contracts, and enterprise technology. These aren't speculative names, they're large established companies that are winning a massive multi-billion dollar deals with the US government and the largest data center operators on the planet.
The numbers are enormous. We're talking about a single software and cloud licensing deal. Just one single software and cloud licensing deal. Worth approximately $10 billion awarded by the Pentagon. Expected to save the Department of Defense around $400 million annually by eliminating redundant spending.
Doesn't seem like a perfect ratio, but it's the kind of contract that changes a company's revenue trajectory for years and that deal was funded out of existing budgets, which means it didn't require new congressional approval. It was already allocated capital waiting to be deployed into the right vendor relationship.
That's how government money moves and the companies positioned to capture it are the ones with the flashiest press releases. Well, not in this case, actually. As we move toward companies like Anduril who don't do cost-plus budgeting, these new companies like Palantir are the ones that spent years building the relationships, the infrastructure, and the product integrations that make switching costs prohibitively high, but they also have better technology.
Simultaneously, the AI data center build-out is creating a second massive spending cycle that's running in parallel. Data center operators are spending billions on next-generation CPU systems to keep up with AI demand that's accelerating faster than capacity can come online. One deal announced just this week involves a data center operator agreeing to purchase approximately 1 and 1/2 billion dollars worth of Nvidia's Blackwell GPU systems.
It's a single purchase from just one operator. If you multiply that across dozens of hyperscalers and enterprise operators globally, you'll start to see the scale of capital flowing through this GPU supply chain. And the thing about Blackwell is there are thermal management challenges in dense cluster deployments that are well documented, technically known, but institutional buyers with billions of dollars are doing their own engineering diligence.
And when you have a contract like this, a company signing a billion and a half dollar purchase order, they're not just ignoring reliability data. They're buying because the productivity gains justify the infrastructure complexity. And the whole sort of smear campaign about widespread hardware failures at scale is the kind of info that gets manufactured when people may be putting on shorts.
I'm not saying they are, but be skeptical of claims that are unverifyable and conveniently alarming. Nvidia he down a little bit right now. But, don't give up on Nvidia. So, hit that like button if you're getting any value from this and subscribe so you don't miss the next breakdown. Every time you do that, YouTube shows this to more people who need this information, and that is genuinely how we grow this channel.
The analyst community has been remarkably aligned on the sector rotation, even as individual price targets are all over the place. Since late March of 2026, multiple major institutions have revised their price targets upwards significantly. Goldman, JP Morgan, Citigroup, Bank of America, Wells Fargo, and Evercore have all moved their targets higher, in some cases raising them by 50% or more within a single 2-month window.
It's kind of a synchronized upward revision across independent research desks, and it kind of shows that, well, they're either not so independent, or there might be something brewing. And the Morgan Stanley underweight is an outlier. Even Morgan Stanley raised its price target from 110 to 170, which means bears are acknowledging that there are some fundamental changes uh that have improved the company materially.
So, when the most skeptical major institutional uh player is covering a stock and raising its price target by a lot, that's more than 50% um 110 to 170, the directional consensus isn't actually in dispute. This they think the stock's going to go up. So, all they're disputing is how much. Of course, price targets are paid for by investment banks, who are paid for by companies, but anyway, on the earning side, the adjacent names that are not directly in the direction of this capital rotation, but earning season just passed, but um there are some names that are still coming out with earnings that are really important.
Uh HP reported Q2 revenue of $14 billion. It went up about 10% beating estimates on both revenue and earnings. Adjusted earnings per share was at 88 versus 71 cents. Which is a meaningful beat. And that was driven by AI optimized PC demand and the Windows 11 refresh cycle. I think I'm on Windows 10 still crazily enough.
HP raised its full year earnings per share outlook for 2026. So, these aren't speculative projections. They're actual reported numbers with raised guidance stated. Salesforce reported Q1 of 11 billion dollars. It's up more than 10% earnings per share of 3.8 or 3.1. Uh agent force and a genetic AI revenue in Salesforce surpassed a billion dollars.
Mark Benioff has been all excited about that on the All-In podcast. That revenue grew by more than 200% year-over-year. Snowflake jumped about 25% after raising its fiscal year 2027 product revenue forecast and reported strong AI workload acceleration. Marvell guided Q2 revenue to 2.7 billion, which is above estimates based on AI data center demand and that stock's up more than 100% year-to-date.
So, these earnings reports are the fundamental backbone uh making this rotation happening. And this it looks like momentum in that direction, but it's confirmed by earnings. So, it's not just momentum. And the more context um we get here from the Strait of Hormuz is only going to help. It does remain closed following the US Israel attack on Iran in late February.
It's disrupted global shipping lanes, driven up freight costs, added supply chain complexity for tech companies with Middle East operations. Uh lot of companies have great offices in Israel. Iran's explicitly threatened US tech companies operating in the area. Oracle's building in Dubai was struck by debris from aerial interceptions.
So, this is not totally a theoretical travel risk, tourism risk. They are operational economic disruptions that are already showing up in logistics costs, supply chain decisions, but also the buildings these tech companies literally really really getting hit. It's not funny, but it's strange. Indian distributor Redington shifted sharply to air freight to keep their products moving into the Middle East, which tells you something about how real disruptions are for uh countries in the region.
Despite all this, the war, the closed straight the $39 billion US debt, rising yields, the market keeps finding strength in the names tied to AI, AI infrastructure, and government technology spending. So, market doesn't wait for geopolitical situations to resolve. It actually prices in where there's structural demand, where the money's going, um adjust for risks later.
And that's how you get a situation where AI-related names are near all-time highs. Meanwhile, the war is actively disrupting global commerce. And if you've been watching this and you haven't, you know, grab those AI report names yet, go to stock CEOs.com, click that link in the description right now.
Um the best six AI stocks for June. I'm going to be updating it very soon for June. And you guys want to watch this. It's completely free. Just enter your email. And once you've grabbed it, if you want to understand how to apply this kind of analysis to your own portfolio, check if you qualify for the stock CEOs coaching program.
Just click apply now after you grab their report at stock CEOs.com/ newsletter. Now, US small-cap tech is up about 50% plus year-to-date versus 20% for S&P 500 tech more broadly. And that divergence tells you that the rotation isn't just happening in mega-cap names. There's capital moving into mid- and small-cap AI-adjacent plays that aren't just penny stocks that a lot of retail investors aren't watching yet.
Invesco's tech ETF saw about $50 million in inflows after a lot of outflows. Now, that's not a huge number, but it is institutional retail money, most likely more than one person, coming back into a sector they had been underweight on. Uh the Cape ratio is at about 40 times, margin debt's at record highs, tech's roughly 30% of the S&P 500.
So, it's a lot, but there are legitimate warning signs in that it would be dishonest to pretend otherwise. Anyone who tells you there's zero bubble risk right now isn't being honest with you. But, valuation concern and timing are two completely different patterns. So, the dot-com bubble ran for years after Cape crossed 30.
So, being right about direction and being right about timing totally different skills. And the people who shorted early in 1998 because valuations look stretched missed two more years of upside before the collapse, which is a lot. So, the question isn't whether there's bubble risk. There obviously is.
The question is whether your position in the right names within the sector, the ones with real revenue, real government contracts, and real institutional demand backing them up. That's the difference between speculating on the bubble and investing in the infrastructure the bubble's being built on top of.
The companies winning $10 billion Pentagon contracts are not the same as the companies trading at 100 times revenue with no customers. So, got to spot the difference, and the sector rotation I've been tracking for the past several weeks has been pointing towards a specific category, companies that are at the intersection of enterprise AI infrastructure, government technology spending, and the physical hardware supply chain that makes the AI build-out possible.
They're not names where Wall Street analyst consensus has been moving sharply higher, where institutional buying's been accelerating, or where the fundamental earnings story is being confirmed. Now, there may be institutional buying accelerating, there may be fundamental meaning reasons in these earnings to buy these uh when the earnings come out, but regardless of those earnings being confirmed quarter after quarter, there's one name in particular that's been at the center of all three of these themes simultaneously.
It was flagged in Stock CEOs. It was the number one recommended stock called out on the Stock CEOs daily market open sector rotation Zoom call for the coaching clients on Thursday, May 8th, almost 3 weeks ago. And it was also dropped in the Stock CEOs picks only group um as the pick of the day, top pick on that day um at the same time.
So, since then it's up significantly and the news flow's only gotten more constructive and the name is Dell Technologies. Dell, Dell just won that $10 billion Pentagon software and cloud licensing deal. It's the channel, you could say, through which Iren, I R E N, that Neo cloud Bitcoin miner turned data center company just purchased 1 and 1/2 billion dollars worth of Nvidia Blackwell GPUs.
Dell's Q1 fiscal year earnings call is scheduled for tomorrow and analyst consensus going into that call is for a strong beat driven by AI server demand. Bank of America specifically called that out this week, raising their target to 80. Multiple analysts have raised targets to between 270 and 300 over the past 2 weeks alone.
Um I'm going to get sick of talking about analyst ratings cuz they're so often wrong, but Trump personally bought Dell's shares in Q1 according to ethics disclosure filings. The Pentagon deal came after Dell spent considerable time building a relationship with the White House. So, that's not a coincidence.
It's a well-positioned company. They all went to that CEO dinner we saw pictures of. It's the intersection of government spending and AI infrastructure. And this is what it looks like when capital starts flowing. The market is always showing strength somewhere and right now a significant portion of that strength is flowing right into Dell.
If you want the full breakdown on the best six AI stocks for June, which I'm going to update very soon, including the framework I used to find names like this before the big moves happen, which you'll get in a little video, go to stock CEOs.com/newsletter. Click that link in the description pinned comment right now.
Grab the free report and if you want to go deeper, check if you qualify for the coaching program or even just the daily picks. So, those are annual options that I'm rolling out. Hit that like button, subscribe, and I will see you in the next one.
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