Looking forward to this.

$ADTN pre-released revs 4% better than consensus. CEO: "Business conditions have continued to strengthen during Q2 of 2025, and were supported by improved market conditions and growing customer demand for our products and services.” Adtran was one of my Top5 Picks entering the.

W/ export restriction coming off, expect an order surge from China for $NVDA given fears they could come back. China has half the AI researchers in the world & is at least 20% of AI chip demand. China rev was out of Nvidia estimates post write-down but is now coming back. When I.

I remain bullish currently and today the S&P remains up slightly intra-day and near 52 week highs despite tariff threats on a slew of nations over the weekend. This was certainly not the reaction to ramped up tariff rhetoric through early April of this year. I pay attention to.

I loved the latest @WilfredFrost pod w/ Jeremy Grantham who is a historian of market bubbles & one of my favorite investors. He wrote the incredibly timed “Reinvesting When Terrified” in March of 2009 during the Global Financial Crisis.

I really enjoyed this podcast with Wilfred Frost. His experience as a former fund manager, gives him unique insight as an interviewer. And I love his posh British accent. It even makes me sound better 😊.

Update on Top5 Pick $IJJ (mid-cap value ETF) at mid-year:. I post my current thoughts about the market and what stocks I like, as my thoughts change. This is based on the reaction by the market to incoming data. Unfortunately, this has changed more frequently than normal this.

Update on Top5 Pick $ADTN at mid-year:.For my Top5 Picks, I try to pick five names that hopefully investors that do not have the time can set and forget for a whole year. Having said that, sometimes there are disasters such as my Facebook pick back in 2022 or GAN pick in 2021.

One of my Top5 Picks for 2025 was bank ETF $KBWB due to de-regulation, NIM growth & active capital mkts. De-reg was helped as Fed stress test lowered capital requirements on banks by more than expected. Increased share buy backs & dividend increases should follow from the banks.

Mid Year Update. I came into the year negative which is why cash in money market funds that yielded over 4% was my lead Top 5 Pick. Poor Q4:2024 earnings results during which six of the seven Magnificent 7 had forward revenue forecasts go down and volatility caused by tariffs.

As I discussed on CNBC, money market fund assets almost reached another record at $7+ trillion. Retail is up a bit more on a % basis both w/w & y/y vs institutional. Lot of buying power on sidelines w/ performance chasing by institutions & FOMO in retail.

W/ @CarlQuintanilla @SaraEisen 10:10am ET on my belief of a strong Q2 earnings season: 1) US$ decline, 2) demand pull-forward, 3) less geo-political tension, 4) more tariff deals, 5) Fed rate cut hopes, 6) performance chasing by underweight institutional investors 7) retail FOMO.

Reaction to $MU earnings post close should be instructive on how aggressive to remain near-term on S&P & AI names in particular following huge rally from April lows. Expecting results to be spectacular but an RSI of ~80 (highest in a decade into results) reflects that optimism.

At 2PM EST FOMC, GDP forecasts likely to inch lower while inflation inches higher, so a coin toss on whether Fed maintains 2 rate cut forecast for yr (my view) or two members shift & we get only 1. I think data dependency will be an oft repeated phrase at the press conference.

Summary:.While I remain somewhat bullish in the near-term, I am wary of a significant sell-off as Thanksgiving approaches. I came into the year very negative which is why cash invested in money market funds yielding over 4% was my top pick. I became bullish in early April on.

W/ @CarlQuintanilla @SaraEisen 11am ET with thoughts on: 1) S&P after 20% rally & why that could continue, 2) $NVDA $MSFT my favorite Mag7, 3) $CSCO & cash, 4) demand being pulled forward should increase cautiousness later as Thanksgiving approaches.

For $NVDA, on April 27th I wrote “While their quarter ends in April, four reasons make me optimistic on the stock in the near-term:” Nothing spurs demand like a future increase in prices from tariffs and potential export controls combined with the benefit in future quarters from

Yesterday, $JPM CEO Jamie Dimon said he believes Wall Street estimates for S&P earnings growth will go to 0% from 12% to start the year as the impact of tariffs work through the economy “which means PE will come down.” He also said asset prices are “kind of high” and credit.

Prior debt downgrades have been followed by S&P drops of 8-10%. In 2023 inflation concerns drove 10yr yields to the highest in a decade. In 2011, there were fears of a renewed EU debt crisis. Today, tariff rollbacks is driving a pickup in the economy & the decline should be less.

$CSCO, my Top large cap tech pick for the yr at a PE of 16x vs S&P at 23x, had a beat & raise qtr. I still believe CY25 will be a yr to invest in moving AI data in the enterprise. AI infrastructure orders from webscale customers exceeded their $1B cumulative target one qtr early.