2026-05-19 20:44:27
To investors,
I am constantly on the hunt for good ideas. The best ones hit you like a ton of bricks and stay seared in your brain. They can improve the way you think, influence your behavior, and quite literally change your life.
I have found ideas like this from old books, new podcasts, tons of tweets, and many conversations with friends. Discovering one of these important frameworks, parables, or ideas feels like a big treasure hunt.
However, when I find one, I immediately write it down in my phone. The “Ideas List” is now hundreds of entries long and I scroll through it often.
Two years ago, I published my first book “How To Live An Extraordinary Life,” which had 55 letters I wrote to my children. Each letter covered one of these ideas and how I applied it to my life.
The book became a best-seller, but the most rewarding part was hearing from thousands of people about the positive impact these ideas had on their life. The feedback was so energizing that I spent the last two years writing a “Volume Two” in the same series.
This October, I will publish “How To Live An Extraordinary Life: Volume Two.” It is full of the best ideas I have come across in the last few years. There are letters dedicated to self-improvement, upgrading your mental models, ridding yourself of ego, improving as a manager, avoiding wasted time, and ultimately getting exactly what you want out of life.
My goal is to help people become healthier, happier, and wealthier if they read the book. I think the book successfully accomplishes this and I am excited for everyone to read it.
You can pre-order your copy on Amazon, Barnes & Noble, or Hudson Books.
Pre-orders are very important for the success of the book. They can determine how many books are purchased by various bookstores or where the book will land on the different best-seller lists.
It would mean the world to me if you pre-ordered the book and told your friends about it. I rarely ask any of you for help, but this is one of those times (unfortunately!). Every book pre-order is important, so I appreciate the support in advance.
Hopefully the book will inspire you to chase your own extraordinary life.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
2026-05-18 21:11:23
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To investors,
I am fortunate to talk with many investors on a daily basis. These are equity and debt investors across public and private markets. Regardless of their sector or strategy, the number one concern everyone seems to have is whether AI is a giant bubble that could pop in the next few weeks.
The implicit concern is that the current positive performance in the stock market is being driven almost exclusively by artificial intelligence, so if there is a market correction in that industry, then we could see the entire market fall drastically.
Before we talk about AI and whether the industry is in a bubble, I want to call out Tom Lee’s recent comments that we could see stock market weakness over the summer due to potential rate hikes from the Fed, inflation rising while yields are rising, energy shortages still in the pipeline, and a wave of IPOs slated for the next few months, which could create too much supply.
Here is Tom explaining his thoughts on CNBC:
Maybe Tom is right, maybe not. Regardless, this is a difficult situation to navigate. Tom is highlighting there is more than AI to worry about for investors.
The macro economy is facing a number of headwinds, especially given the continued war in Iran which has complicated major areas of concern like inflation, energy, and real wage growth.
Let’s put aside the macro economic analysis though. We can zoom in on the AI industry to simplify our analysis and focus on the main point of conversation from investors. Here is the challenge with investing in AI right now: If AI is NOT a bubble and you refrain from investing, you will lag your optimistic peers who heavily allocate to the trend. If AI is a bubble and you pour your capital into the industry at the top, you will lose significant capital and be kicking yourself later for chasing momentum.
But what if this is the wrong framing for how investors should look at the situation?
That is the argument that Gavin Baker, Managing Partner and CIO at Atreides Management, made recently at the Sohn Conference. Take the memory stocks as an example. Gavin says he has been hanging on to these companies “for dear life” because history would tell him that now is the time to be selling these stocks.
His commentary suggests AI stocks are in bubble territory. Baker would know because he has been watching semiconductors, memory, and other related industries for almost 30 years. However, it is his experience and historical knowledge that gives him hope that maybe we are not actually in a bubble.
He says “there’s one cycle where you absolutely did not want to sell and that’s the cycle we had in the mid ‘90s which is the last true capacity cycle that I I would argue we’ve had in memory. Based on that cycle, we may still be very early.”
So…he is saying there is a chance.
This is the problem with everyone constantly yelling “BUBBLE!” every time stocks accelerate higher. For the few times that the pessimists are right, there are examples where they were horribly wrong and investors were worse off if they chose to not invest behind a large, obvious trend.
Pick your poison.
Be pessimistic and risk the pain of regret. Be optimistic and risk the pain of loss.
The talk of a bubble is not surprising though. Howard Lindzon shows how significant the semiconductor outperformance has been since 2020. It has more than tripled the performance of the S&P, the Russell 2000, and the Nasdaq.
This is just pure dominance. But anytime an asset class goes vertical, people immediately start getting very nervous. Gavin Baker acknowledged this during his Sohn interview when he said:
“The last thing anyone should want is a bubble. Bubbles are terrible. They’re awful. They’re terrible to invest through. The aftermath of them is even worse. We don’t want a bubble. And unfortunately also the entire history of financial markets suggests whenever you have a profound new technology, whether it’s AI, whether it’s the internet, whether it’s the PC, whether it’s railroads, whether it’s canals, you almost always get a bubble because markets are efficient.
Investors understandably become excited about this new technology. Michael Mauboussin frames it: there’s a breakdown in diversity. Everyone comes to believe in this [and] you get a bubble, and then that bubble funds the build out that the new technology required. That’s exactly what happened with the internet. I am optimistic that we may avoid a bubble this time.”
I tend to agree with Gavin Baker. There is a ridiculous imbalance in supply and demand related to AI adoption. In addition, you have to remember that the general public does not even have access to the best models yet. Those are being hoarded internally by the model lab employees and their enterprise customers.
This is important because Anthropic CFO Krishna Rao recently said the company sees increased demand when they release a new, more powerful model. This makes sense because people want access to the highest level of intelligence available. So if these model labs released their most powerful models, demand would be even higher than it is today.
There will be no “popping” of a bubble unless supply outpaces demand and I don’t see any signs of that at all. The world’s best investors remain cautiously optimistic about the various companies supplying the infrastructure for this build out.
Sometimes the hardest part of investing is doing nothing. And it seems like right now is one of those moments. As the bitcoiners say, “HOLD!!!”
Hope you all have a great start to your week. I will talk to you tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we break down why all-time highs in the stock market are flashing warning signs, how the Iran conflict is fueling a longer inflation cycle, why the AI semiconductor boom may be hitting near-term bottlenecks, and what Dogecoin is quietly signaling about the next crypto move.
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Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
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You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-05-17 21:57:04
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To investors,
I shared my current thoughts on financial markets in two interviews this week. The first conversation was with Opening Bell’s Phil Rosen. Here is a summary of my thoughts:
Affordability is the political ballgame. Voters don’t care about Iran or China — they care if they can fill the gas tank and feed their kids. Psychology lags the data, so even cooling inflation won’t save Republicans if nominal prices don’t go lower quickly.
The Iran war broke a perfect setup. Before the conflict, Trump had high growth and low inflation. Now 40% of the CPI jump is gas prices.
The 3-week window. If the conflict ends fast, deflationary forces (deportations, tariffs, AI, robotics) overwhelm the energy spike. Drag it past 2–3 more weeks and structural inflation returns.
Expectations are noise. Pomp ignores beats and misses — he cares about direction and magnitude. Economists being bad at guessing isn’t America’s problem.
Bitcoin = certainty in an uncertain world. Cost of capital, AI sustainability, market direction, consumer health — all unknowable. Bitcoin is scarce, auditable, resilient, non-sovereign, and inheriting boomer wealth.
AI is one giant scarcity bet. Anthropic prepped for 10x growth and hit 80x. Power, data centers, chips, commodities — every layer is supply-constrained, which is why memory stocks rip.
Abundance makes scarcity priceless. If AI can generate infinite music, in-person concerts get valuable. Same logic for Bitcoin in a world of infinite money printing.
“Their heads are a bubble.” AI bears don’t grasp exponential demand from AI agents (already producing more content than humans). Show one shortage where supply is outrunning demand — there isn’t one.
Buy the highs, momentum begets momentum. Soros: “When I see a bubble, I rush in to push it higher.” Paul Tudor Jones got nervous in February, then came home and bought more AI stocks. Permabears with a 0-for-7 track record deserve a scarlet letter.
Micron is the case study. Up 750% in a year, cheapest forward PE in the market — and people still call it a bubble because they missed the first leg.
You can watch the full 20 minute interview below or you can listen on Apple and Spotify.
The second interview that I did this week was at the Consensus crypto conference with Bloomberg’s James Seyffart. I asked Grok to summarize the conversation and here is what it said:
Most crypto is dead: Pomp argues that ~98.6% of coins and projects (beyond the top ~10-15) are “zombie” ghost chains that won’t recover; their all-time highs are permanent, as capital and talent don’t recycle like in traditional startups.
Four areas will succeed: Bitcoin, stablecoins, equity/infrastructure, and tokenization. Everything else faces a tough road.
Institutional adoption is bullish overall: It signals crypto’s maturation (Bitcoin has “won” and gone mainstream like the internet giants), but institutions focus only on high-conviction assets with strong risk-adjusted returns—not memes or low-ranked coins.
Bitcoin ETFs highlight selectivity: Two+ years after launch, institutions haven’t rushed similar products for most other coins, showing limited appetite beyond Bitcoin and core trends.
AI + finance intersection: Pomp’s company Silvia (acquired by ProCap Financial ) uses AI to give personalized financial advice by reading (but not controlling) user accounts, automating insights in a way similar to how Bitcoin automates sound monetary policy.
We’re in an “age of automation”: AI, Bitcoin, robotics, etc., squeeze inefficiencies and are deflationary—posing bigger risks than inflation and pressuring the Fed.
AI is net job-creating: Data shows rising software engineering roles, new AI-titled jobs, and falling youth unemployment; companies become more profitable and hire more productive workers.
Crypto hacks/exploits aren’t existential: Recent large losses mostly hit long-tail/dead projects via social engineering, not core blockchains; the maturing market (especially Bitcoin) shrugs them off.
The discussion blends Pomp’s bearish view on most altcoins with optimism on Bitcoin, institutions, AI-driven tools, and broader macro trends.
You can watch the interview below or on YouTube.
I hope you all find these two interviews valuable. I always enjoy learning as much from you, the reader, as possible. Please let me know what you agree or disagree with.
Have a great Sunday. I will talk to everyone tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
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Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-05-13 23:16:16
To investors,
There is intense debate around artificial intelligence. Will the hyperscalers make a return on their investment? Are public stocks related to AI in a bubble? And will the large language labs ever be profitable?
These are fair questions, but one question no one is asking is whether artificial intelligence is valuable for users. The technology makes us smarter, faster, and more productive. It can be applied across industries, jobs, and geographies.
But the area I am most interested in is how AI can help investors make more money.
Our team set out to solve this problem over the last year. We built Silvia, an AI CFO that allows you to use the latest AI technology with the persistent context of your personal portfolio. The results have been stunning.
Over the last 6 months, investors who regularly or heavily used Silvia have increased their net worth at a faster pace than those investors who did not use Silvia often. This is true across all income levels on the platform.
You can see that investors who heavily used the product had their net worth grow between 16% - 42% in just the last 6 months.
When I first saw this data, I almost didn’t believe it. I thought that maybe the data was skewed because wealthier people had more exposure to investments. Or maybe people who used the product a lot were starting with a high net worth, which would make it easier for them to grow their assets.
The data shows us that investors who used the product heavily, regardless of starting net worth, saw their net worth grow at a faster pace than those who didn’t use Silvia often. More interestingly, investors who have a starting net worth under $100,000 increase their net worth the fastest if they are Silvia power users.
This is the power of artificial intelligence for investors. Silvia allows someone to use this technology to analyze their portfolio, identify potential risks, evaluate potential investments, persistently track trends, alert on specified triggers, and share personalized insights and answers. It is by far the most powerful personal finance product that I have ever used.
The more complex your finances and investment portfolio, the more valuable Silvia will be. AI is very good at dealing with complexity.
If you are interested in potentially using the product, you probably have two questions:
Is my data secure?
Is this a Chat-GPT or Claude wrapper?
On the first question, Silvia is SOC II certified, uses bank-level encryption, and we can never move your assets (read-only access). Additionally, the personal information of users is anonymized and encrypted, so the team can’t connect a portfolio to a specific person (this was very important to me because my personal data and finances are on the platform). These details got me comfortable with putting all my information in the system.
Second, the team has built an incredible amount of proprietary technology. We have built our own AI agents, created an agentic file system, innovated on memory and storage, built an orchestration layer to coordinate various agents, and even fine-tuned models internally. Silvia is the culmination of real engineering work focused on solving specific problems to make AI more effective at helping investors make money.
If you are interested in using Silvia to increase your net worth and grow your investment portfolio, you can sign up free here:
I am very bullish on the power of AI to make us all smarter, more efficient, and more productive. Silvia is our small contribution to the world to help investors. I hope you find it valuable.
Talk to everyone next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
ProCap Financial recently launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
Anthony Pompliano investigates whether bitcoin can actually hit $1 million per coin. In this episode, we break down what Michael Saylor, Cathie Wood, Tim Draper, and others are predicting, run the math on what it would take, and cover the four key demand drivers that could get us there.
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Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-05-11 21:23:26
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To investors,
The last two years have been filled with prediction after prediction of the next financial recession. Whether it was tariffs, potential inflation, or geopolitical conflicts, everyone kept promising financial pain was right around the corner.
Recession odds just hit a new all-time low on prediction markets though. Kalshi is now showing only a 17% chance of an economic contraction, which is down substantially from the nearly 40% odds back in March of this year.
This comes after the US stock market executed one of the fastest market recoveries in history. The S&P 500 is up 7.5% over the last month and up nearly 17% since the market bottom at the end of March. Bull Theory writes that the Nasdaq, S&P, Russell 2000, Dow Jones, Google, Intel, Micron, and Sandisk are all up every week for six straight weeks.
Before everyone starts with the bubble talk, the Wall Street Journal’s Gunjan Banerji shows the S&P’s P/E ratio has actually fallen 4% since the start of the year.
Not only are stocks pacing to have an above average year for returns, but the underlying companies have been getting cheaper at the same time. This highlights the significant productivity, along with the revenue and profit growth, these companies have been experiencing as the entire US economy accelerates.
Mike Zaccardi shows the median year-over-year change in EBITDA from Q1 has been the best in the last 4 years.
But Citadel recently explained that this breathtaking market recovery has been heavily concentrated in only a few stocks, which can be seen by the fact that only 22% of stocks in the S&P 500 have outperformed the index itself over the last 30 days. This is the highest percentage of concentration in the last 30 years.
There have really only been two ways to make money: you have either been in the AI trade or you have been in the broad index. If you were in almost any other sector without index exposure, you are likely lagging the market and the high-flying AI-related companies.
You can clearly see the difference when comparing the S&P return over the last two years (+42%) to the S&P excluding AI stocks (+16%) over the same time period.
As investors, it is dangerous to allocate capital looking in the rearview mirror. What drove market returns in the past does not necessarily tell us where future returns are going to come from. With that said, the amount of capital being invested by AI-related companies is nearly impossible to ignore.
A16Z recently showed that technology companies are 55% of all US capital spending as measured in nominal GDP terms.
This is insane growth considering technology companies were only 15% back in the 1960s and around 40% in the 1990s. This begs the question: where is that money coming from and where is it going?
Peter Diamandis writes “global corporate AI investment hit $252.3 billion in 2024, with private investment growing 44.5% year-over-year. U.S. private investment alone reached $109.1 billion. Money follows conviction.”
Returns tend to show up months and years after capital investments are made. And it is impossible to deny the fact that companies are shoveling money into the AI trade. When these companies will reap the benefits is one of the great debates on Wall Street right now. I am of the belief that the profits will be much larger than everyone is anticipating, but investors will have to think long-term in order to capture them.
Lastly, there is a common mantra in public markets to “sell in May and go away.” The argument is that stock returns after the month of May are not worth the risk. But Creative Planning’s Peter Mallouk shows “May-October returns are still positive on average (+7% annualized) with stocks higher 72% of the time.”
Every data point I am seeing right now says the same thing: investors should be allocating money into the market and preparing for a strong continuation of the bull market.
There is lots of noise out there. The pessimists are watching the recent market recovery with hatred in their hearts and minds. None of their critiques matter though. Companies across the US economy are collectively working to lay the foundation for the next 100 years of economic growth. We are upgrading everything from our infrastructure to our power systems to our software.
The investors that clearly see the trend and can position themselves with the wind at their back are going to be very happy in the coming years.
Hope you have a great start to your week. I will talk to everyone next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we break down why parabolic AI stocks are justified by real demand, who's actually buying bitcoin and why it's heading higher, the tokenization wave coming this summer, and the stocks Jordi is buying and selling right now.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold
BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
Network, ecosystem, top-up and withdrawal fees may apply
2026-05-08 22:10:59
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To investors,
The stock market keeps hitting new all-time highs because AI has become a “no-brainer” trade for millions of investors around the world. But the recent rebound in public equities is being driven by only five companies according to a recent Financial Times article.
These five stocks (Alphabet, Nvidia, Amazon, Broadcom, and Apple) have accounted for half of the S&P 500’s growth since April.
These behemoths are worth trillions of dollars, yet they are still growing double-digit percentages over the last six months. It is quite impressive to see such dominance performance from some of America’s largest companies.
These eye-popping gains are not just happening in the public market either. Binance Research recently wrote “three trillion-dollar IPOs are expected to launch in 2026, against a historical precedent of only one — Saudi Aramco’s 2019 listing at a US$1.7 trillion valuation. SpaceX, Anthropic, and OpenAI have appreciated by an average of 88% in the secondary market in 2026.”
So what are investors doing if these companies are growing this quickly? Paul Tudor Jones, one of the greatest traders of our lifetime, was recently on CNBC and he put it bluntly when he laughingly said “I bought more AI stocks!”
Take a listen:
It is not every day one of the GOATs is on television enthusiastically laying out his investment thesis like that. But there is an immense amount of data suggesting the AI bull market is just beginning.
You can look no further than the leaders of the technology explicitly saying there is too much demand and not enough supply. For example, Anthropic CEO Dario Amodei recently revealed at a conference that his company had contingency planned for 10x growth of their products, yet they saw 80x growth instead.
Here is Dario explaining it in his own words:
The big takeaway for me from this video clip was Dario’s focus on finding more computing power so he can service the intense demand from his customers. Given this background context, it makes sense that Anthropic would partner with SpaceX, so the model lab can leverage the massive computing infrastructure that Elon Musk has been building.
Blackrock’s Larry Fink strongly agrees about the significant demand for compute. He actually thinks there is so much demand that a new asset class will be created that is centered around buying and selling compute futures.
This brings us to the question of why so many people seem to be interested in AI? The simple answer would be that intelligence is in high-demand. It always has been. Companies would scour the world to find the smartest people to help them succeed. If there is synthetic, superhuman intelligence available to these same companies, they are going to pay ungodly amounts of money to get access to it.
But we also are starting to get data that AI is being used across the economy to create GDP growth and accelerate job creation as well. This is how technology has historically worked. Alvin Foo recently shared a great chart showing how technology creates jobs that didn’t previously exist.
Again, this is a big reason why there is persistent, insatiable demand for AI.
If there are shortages of data centers, power generation sites, available chips, and a variety of commodities, investors are going to allocate their capital to the imbalance to capture the economic reward. That capital will help fund the accelerated build out necessary to satisfy the AI demand, which is exactly how the free-market, capitalist system is supposed to work.
Right now, there are five mega stocks that are driving most of the returns in the S&P 500, which is further increasing the odds that the American stock index will post the 4th straight year of double-digit returns.
Given this positive performance, 42Macro’s Darius Dale explained to BloombergTV that the “biggest mistake the Fed can make this year is doing anything.” His view revolves around the productivity gains brought by the proliferation of AI.
And then we got the jobs report this morning, which Navy Federal’s Chief Economist Heather Long explained by writing “the US economy added a strong 115,000 jobs in April (and March was revised higher to 185,000!) The unemployment rate stayed at 4.3%. Hiring was strong in healthcare (about 1/3 of job gains in April), retail and transportation/warehouse.”
So stocks are surging higher. There is unlimited demand for compute and AI. Job creation is back. And the US economy is pushing higher productivity output.
We could always be better, but it is very hard to argue we are not in a big bull market. Equity investors are going to do well through the end of the year, so don’t overthink this situation. Grab your favorite stocks, put on your seatbelt, and get ready for the ride of a lifetime.
Hope you all have a great end to your week. I will talk to you on Monday.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.
Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.
Chris Perkins is the incoming Head of Crypto at Franklin Templeton, following the acquisition of his firm 250 Digital Asset Management.
In this conversation, we break down the surge in crypto hacks, why AI is accelerating cyber threats, the case for American “privateering” as an offensive strategy against crypto crime, how geopolitics and macro are shaping bitcoin markets, and what institutions are actually buying in crypto right now.
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