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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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.
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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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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
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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.
2026-05-06 23:21:59
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To investors,
I posted the following message on X two days ago: “Most of the crypto industry is dead and never coming back. Eventually people will realize it.”
To say this message struck a chord across the industry would be an understatement. I must have been asked 50+ times about the tweet while I was at the Consensus crypto conference yesterday. But after spending the day at the conference, I am more convinced than ever: most of the crypto industry is dead and never coming back.
As you read my explanation below, it is important to remember I have been writing about bitcoin and the broader industry for almost a decade. I am generally an optimistic person. I want to see people and companies succeed. I could never be a short-seller because I don’t have the pessimist gene. It takes a lot for me to publicly talk about the negative aspects of an industry, but I believe we all need some tough love right now.
If we don’t acknowledge the truth, we can’t improve the future. This context may not make people more receptive to the message, but at least I have a clean conscious as I write about many parts of an industry that has become delusional.
First, to understand why so much of the crypto industry is dead already, you have to realize the natural business cycle is not allowed to play out in crypto. Usually an industry would see a technological breakthrough, followed by a flood of new companies being formed, and some small percent of those new companies would succeed. For the companies that fail, the companies are shut down, which allows the remaining capital and talent to be reallocated to other ideas and companies.
The clearing out of bad companies is almost as important as the thriving of good companies in the business cycle. But crypto doesn’t have this business cycle for two reasons: 1) blockchains almost never shut down and 2) coins almost never go to zero.
Regarding the blockchains, it is nearly impossible to shut them down because the software can stay operational with only one or two people continuing to run the network. If the network is never shut down, there is an illusion that the blockchain is still default alive. These “ghost chains” are much more prevalent across the industry than people want to admit.
In terms of the coins, there is no official way to declare bankruptcy for the coin. As long as small handful of people still “believe,” then the coin won’t go to literal $0.00 in price. Instead, we continue to see tokens lose a ton of value, which makes liquidity evaporate. The remaining holders are not able to get out of the coin, so they are effectively holding an asset that is dead. Maybe exchanges delist the illiquid coin, but usually the coins just stay stuck in irrelevancy. These “zombie coins” are also more prevalent than people want to admit.
Ghost chains and zombie coins make up a large percentage of the crypto industry. There are millions of coins and thousands of blockchains, so just these two phenomenons alone would make me original claim from my tweet accurate. Does anyone actually believe millions of crypto coins are going to thrive in the future? I doubt it.
People just don’t want to say the truth out loud, so I am happy to say it for them.
But there is more to the story. The second major crisis in crypto is a lack of true believers. The industry used to be defined by hardcore missionaries who would rather see bitcoin succeed than personally make money if they had to choose between the two options. The mission was more important than their personal success.
Those days are pretty much over. Missionaries are hard to find, instead the industry is littered with mercenaries willing to go wherever the financial reward is greatest. These mercenaries are purely focused on speculation, which means they are devoid of standing for any specific world view. If you don’t stand for something, you will fall for anything.
You can clearly see this mercenary effect in the short-lived meme tokens, the prevalence of scam coins, constant market manipulation, escalating yield farming rates, and various vapor-ware product launches designed to capture attention rather than solve problems for users.
Mercenaries outnumber the missionaries, so the broader crypto industry is now run by people who don’t understand or believe in the original vision for the industry.
Lastly, there is a clear divergence between the interests of the “investor class” and the “we hate investors class.” You can see the online commentary littered with people claiming that VCs are bad, the large financial institutions are a net negative for the industry, and that regulation shouldn’t exist in the industry.
These ideas are not only dumb, but they further contribute to the death of a large part of the industry. Venture capitalists literally funded almost every company that helped people buy, store, or send bitcoin for the first decade of the asset’s existence. Venture capitalist are responsible for funding most of the largest projects or coins in the space.
The large financial institutions are pouring capital into many different areas, which is maybe the most important thing to watch. These large, sophisticated companies are quickly eating market share from the crypto-native firms. So again, crypto is dying and it is being replaced by the incumbents.
Not every crypto-native company is going to get replaced, but the majority of them will be outcompeted or acquired by the legacy system. As each company falls or surrenders, another piece of the industry dies with it.
For example, Morgan Stanley just announced they are launching bitcoin trading on E*Trade, which has 8.6 million clients, but they are launching this trading with cheaper trading fees than Coinbase and Charles Schwab. What percentage of crypto trading volume is going to end up in traditional brokerage venues compared to crypto-native firms? Probably a lot.
At the same time, the crypto native firms are racing to add non-crypto components to their business. They are adding equities, prediction markets, options, commodities, and any other asset that will bring new customers, new assets under custody, and new revenue.
Lastly, Michael Saylor mentioned yesterday that he could potentially sell bitcoin in the future to fund the STRC dividend payments. Bitcoin’s price is higher today, which is a major narrative violation. This commentary from Saylor would have been blasphemy just a few years ago, but now it is a rational perspective given the state of the industry and the future growth prospects of Strategy.
The crypto industry is dying. Majority of the projects and coins are not going to make it. But those that survive will end up becoming important parts of the legacy financial system.
I couldn’t help myself from noticing the dichotomy of the Consensus conference yesterday. There were serious entrepreneurs and investors focused on building or funding solutions to real problems. There were also a large cast of pretenders who were running around holding on to a dream from 2018 that is never going to materialize.
Most of the crypto industry as we have known it is dead. I personally believe there are four major areas that will accrue value moving forward: bitcoin, stablecoins, infrastructure, and tokenization.
So not everything will die, but people need to adjust their perspective to incorporate the reality of the current market. I will leave you with a great example. As I walked into the Consensus conference yesterday, there was a large booth titled the “Crypto Carnival.”
We don’t need more carnivals. We need more people focused on building real things for real problems. Because if we don’t see that happen, the industry’s most talented people will move along to work on other innovative technologies like artificial intelligence, space travel, DNA sequencing, self-driving cars, or national defense.
Let the natural business cycle play out. We need the bad stuff to die and go away, so it makes room for the next good ideas.
Hope you all have a great day. I will talk to everyone next time.
- 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.
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
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2026-05-04 22:50:48
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To investors,
The stock market continues to surge higher, but that makes capital allocators nervous. They begin thinking that stocks can’t grow to the sky forever. These sophisticated investors start talking about lost decades for various indexes in the past. General fear and uncertainty takes hold when stocks rally and investors refuse to believe it is sustainable.
But anyone questioning this rally is ignoring reality.
Hedgeye writes “The S&P 500 fully recovered from a -10% drawdown in just 11 trading sessions, the fastest V-shaped recovery on record.” I personally believe this happened because investors finally realized the temporary conflict in Iran is unlikely to be more important than the massive economic boom that is underway thanks to artificial intelligence, robotics, and the related power generation and data center buildout.
You can see this boom clearly in the latest manufacturing data. For the FOURTH month in a row, America’s manufacturing sector continues to expand based on the latest survey data. The US economy has seen strong manufacturing expansion over the last four months, suggesting that the US can reindustrialize and grow.
If we dig deeper into the data center metrics, it is truly shocking what is happening. Matthew Klein has a great report that shows the business investment in data center construction more than tripling over the last 3 years.
What about net imports of selected AI-related goods? Those have taken off to significantly higher levels too. The contributions to real GDP growth coming from computers and peripheral products is not higher than it was at any point in the 60 years. That is just mind-boggling considering this data set includes the internet invention and initial build out, along with the Dot Com boom.
What if we look at the quarterly CAPEX spending by the big 5 publicly-traded data center builders? That has quadrupled since mid-2023 according to Klein. A 4x increase in about 3 years is honestly hard to comprehend.
Everyone wants in on the data center action too. This past week the Wall Street Journal’s Kate Clark reported that “Coatue is launching a new venture, Next Frontier, to buy land for AI data centers. Tens of billions could go into the effort, with early work underway on an Indiana campus.”
Coatue is one of the best investment firms in the world. They don’t do things by accident and they tend to be early and right about new trends, so it is noteworthy that they are looking to deploy tens of billions of dollars into this theme right when many others think it is too hot or too overvalued.
But here is where everything gets interesting. This data center build out and CAPEX spending is starting to flow through the economy in interesting ways. YCombinator’s Garry Tan recently highlighted for every one-gigawatt data center complex, we create 5,322 permanent jobs, there is over $150 million paid per year in state taxes, and there is about $250 million paid per year in local taxes. In the short-term, during construction various companies make an estimated $2.7 billion in combined investment too.
It is impossible to ignore just how much capital is being invested and the positive ramifications coming from this data center build out. But we don’t just see the positive impact in job creation and government taxes paid either.
For example, the big fear a year ago was that AI would destroy lots of software engineering jobs. Citadel’s Frank Flight put that worry to rest when he recently wrote:
“We illustrated back in February that demand for software engineers, the most AI exposed occupation was accelerating higher, which we argued violates the displacement narrative. Indeed the acceleration in software job postings has continued, now up 18% from the inflection point in May last year.”
Personally I find the growth of engineer hires interesting because at the same time you can see that overall job postings across the economy has been declining at the same time. So not only are engineers more in-demand on an aggregate basis than they were a year ago, but the gap has significantly widened on a comparative basis.
Narrative violation to say the least. Nvidia CEO Jensen Huang was recently asked about the impact of AI on various jobs in the economy and it would be safe to say he vehemently disagrees with recent comments from some of the large model company CEOs. Take a listen:
Now these comments from Jensen are very important because job creation is universally good across the globe. We know that the United States will prosper with more jobs and more economic productivity, but the positive impact on other societies in less developed nations is even bigger. World Bank CEO Ajay Banga recently talked about this phenomenon of using job creation to create economic prosperity. Here is how he described it (22 minute mark):
So if AI is going to continue driving immense economic value and job creation globally, where are new areas that economic value is going to accrue? Everyone knows the common themes of data center builders, power generators, chemical companies, commodity providers, chip manufacturers, and others.
But maybe the best investment theme is to believe that the current winners, such as Anthropic and OpenAI, will end up being significantly larger than everyone believes. Sometimes the contrarian bet is not on a new company, but believing something about the existing companies that no one else believes.
Just look at Anthropic’s recent revenue growth. Anthropic is now reportedly doing $44 billion in annual recurring revenue. This is up $14 billion (almost up 50% month-over-month) since last month. If they added $14 billion in the last 30 days, that means they are doing almost half a billion dollars in revenue PER DAY. That is nearly impossible to comprehend for a company that was only started a few years ago.
So if you are wondering what is going on in the US equities market, it all comes back to the AI trade. There is a generational build out of new infrastructure and the global race to see who can capture and own the most compute. Investors realize that value is going to be created from scratch, so they are plowing money into the market looking to benefit from this persistent tailwind.
Wars, undisciplined monetary policy, mainstream narratives, or any other potential boogey man is not going to be able to stop this trend. Stocks are going higher, because AI is just warming up.
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).
My wife Polina just published a new profile, and this one is worth your time. She spent months with Jake and Logan Paul, not the internet characters, but the actual people behind the persona. What she found is a genuinely interesting business story.
They’ve backed OpenAI, Anduril, Ramp, and Whatnot. Jake says he will be a liquid billionaire by 35. Whether you believe him or not, the way they’ve turned attention into ownership is a playbook worth understanding.
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we discuss why the stock market keeps hitting all-time highs, the AI-driven semiconductor supercycle, why software is losing to chips and power names, where bitcoin fits into the macro picture, the rise of tokenization, and how to think about inflation and the Fed.
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2026-05-01 22:42:04
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To investors,
The US stock market is on fire. The S&P 500 gained 10.4% in the month of April, which is the 13th time in history that the index gained at least 10% during a single month. Of those 12 other times, only twice was the S&P 500 not higher 12 months later.
Carson Group’s Ryan Detrick shows the average return 12 months later has been nearly 14%, which suggests current stock investors are poised for strong performance through the rest of this year.
Yesterday’s new all-time high in the S&P marked the 7th all-time high during April. Bluekurtic Market Insights explains “this often indicates more new highs are yet to come. Since 1950, the S&P recorded 7+ April all-time highs only 7 other times. In each case, the year ended positive, with a median gain of 26%.”
Strength begets more strength. All-time highs bring more all-time highs.
But we are seeing strong positive performance across the entire stock market, not just in the S&P. JC Parets writes “the Dow Jones Industrial Average, Dow Jones Transportation Average, Nasdaq 100, S&P 400 Mid-caps, Russell 2000 Small-caps, the Russell Micro-cap Index and the S&P 500 Large-caps all just closed the month at the highest levels in American history, again.”
Not bad for a stock market that people predicted would have entered the next Great Depression last year, or a market that was supposed to suffer because of the Iran war and short-term oil shock.
So why is this happening? Why is the stock market so resilient in the face of global conflict?
Jim Bianco had a great take recently where he described the market’s psychology. He explained his view by saying “Why is the stock market ignoring 4.41% on the 10 year note? Why is the stock market ignoring $120 on crude oil? I would argue to you that the stock market believes the single biggest story today is AI. It believes in the power that AI is going to be transformative for the US economy. That is driving it more than whatever’s happening in the Strait of Hormuz.”
I agree with Jim. It may sound crazy, but Americans are not going to be affected as much by what happens in the Strait. Artificial intelligence is already infiltrating their lives, empowering higher levels of productivity, and driving the costs of certain goods and services down.
The conflict in Iran is driving oil prices higher, and by extension the CPI numbers, but Americans are less dependent on oil than ever and the increase in inflation is still within the range of the last few years so the comparative change is less noticeable.
On top of those facts, the market likely understands that AI is a structural tailwind to the economy and society, whereas the conflict and resulting oil prices will be temporary.
Regardless of whether you agree or not, the market is screaming from the top of its lungs. It is telling us that investors don’t care about the Iran-related issues. There is one game in town and that game is AI. Until we see some material issues in the AI market, I would expect the US stock market to continue going higher.
You are going to see it in semiconductors, data centers, power generation, model companies, large scale tech firms, commodities, chemicals, photonics, and many other verticals. This is a wide-spread, generational bull market that we are living through.
The best investors find a trend and ride it for as long as possible. AI is presenting that opportunity right now. The question is whether you have the courage to jump onboard and hold on tight for the ride.
Hope everyone has a great day. I will talk to everyone 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.
I sat down to breakdown the biggest bitcoin predictions coming out of this year’s Bitcoin Conference. In this episode, I cover Arthur Hayes on digital credit driving the next bull run, Michael Saylor on the explosion of digital credit markets, Tim Draper on why it’s now irresponsible for companies not to hold bitcoin, a major upcoming announcement from the White House on the Strategic Bitcoin Reserve, SEC Chair Paul Atkins on regulation as a catalyst, and Paul Tudor Jones on bitcoin as the best inflation hedge alive.
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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
Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.
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
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.