Today’s issue in preview:
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One of our top theme recommendations reaches “on fire” status. Are you missing out?
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This AI trend is paying out like a broken slot machine. Are you benefiting?
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Why silver could resume its explosive uptrend
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M&M’s hot hand gets hotter: Our AI infrastructure, Engineering & Construction (E&C), Robotics, and Oil theme recommendations continue their winning ways.
One of our top theme recommendations reaches “on fire” status. Are you missing out?
Credit: zhaojiankang
Yesterday, the First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) climbed 1.82% to reach a new all-time high. Electric grid industry leaders Monolithic Power Systems (MPWR), Hubbel (HUBB), and Quanta Services (PWR) also reached new all-time highs.
These new highs make our Power Grid Upgrade theme one of the strongest trends in all of business and technology. It has also generated substantial gains for anyone that followed our recommendation to get long.
On October 7, I detailed how big tech firms Google, Microsoft, Meta, OpenAI, and Amazon are making the biggest business “bet” in history. They are spending hundreds of billions of dollars per year on data centers, AI chips, and other infrastructure components. Their total investment in this space will exceed $600 billion this year and reach trillions more over the next five years.
All that AI infrastructure is poised to consume huge amounts of electricity. Goldman Sachs forecasts global data center power demand will climb 50% by 2027 and as much as 165% by the end of the decade. J.P. Morgan forecasts that from 2026 to 2030, global power demand is projected to grow at a 3.6% compound annual growth rate, a pace 50% higher than that of the previous decade.
This creates a big investment opportunity.
The U.S. power grid is often called the world’s largest machine. It’s a giant network of power stations, transmission lines, substations, and underground wires. Most people barely know it’s there or how it works, but without this big machine, your lights don’t turn on, there’s no Netflix, and your iPhone doesn’t charge.
Industry experts say the power grid is aging and creaking under the strain of increased electricity demand. The American Society of Civil Engineers (ASCE) gave the energy sector a D+ in its 2025 Infrastructure Report Card, citing concerns about rising energy demand, aging infrastructure, and a lack of transmission capacity.
Soaring electricity demand… a grid badly in need of an upgrade… AI supremacy on the line… and trillions of dollars of economic output on the line. As we said in October, it’s a recipe for a bull market in companies that build, repair, and upgrade our power grid.
This theme – which we call the Power Grid Upgrade – has become one of the biggest home run trades of the past year. Since my note, electrical grid contractor Quanta Services is up 43%. Fellow contractor MYR Group (MYRG) is up 66%. Power plant turbine maker GE Vernova (GEV) is up 90%. Electric grid component maker Preformed Lined Products (PLPC) is up 66%. These are huge gains in a short time.
The largest collective investment effort in history is raining money on the electrical infrastructure industry.
The giant business and technological trends that shape our world play out over years, not months. This means the financial market trends they manifest tend to persist for years, not months. This means that despite the huge gains since our original recommendation, Money & Megatrends is still bullish on Power Grid Upgrade stocks.
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This AI trend is paying out like a broken slot machine. Are you benefitting?
Credit: BlackJack3D
Yesterday, AI infrastructure leader GE Vernova (GEV) issued one of the most anticipated earnings reports on Wall Street. The results exceeded high expectations.
The power generation company – which makes large turbines for electric power plants – reported that during the quarter, its electrification segment booked $2.4 billion in orders to support data centers… more than all last year. The company has a colossal $163 billion backlog of orders… almost all of it driven by AI data center power demand.
In response, GE Vernova stock spiked 12% to reach a new all-time high.
In other words, my recommendation to ignore the AI bears… and stay long the AI boom is still paying off.
In the research note above, I detailed how the world’s largest tech companies are in a giant race to build the best AI models and infrastructure. This race is driving the largest collective investment effort in all recorded history… and driving dozens of giant stock winners, including GE Vernova.
In addition to GE Vernova, computer memory stocks Western Digital (WDC), Sandisk (SNDK), and Seagate Technology (STX) reached new all-time highs this week.
AI data center networking stocks Credo Technologies (CRDO) and Astera Labs (ALAB) reached new multi-month highs. They are up 83% and 67% respectively in just the past month.
Then there’s AI data center cooling stocks. Leaders Vertiv (VRT) and Comfort Systems (FIX) reached new all-time highs today.
Companies in the AI semiconductor business – Aehr Test Systems (AEHR), Marvell Technology (MRVL), On Semiconductor (ON), Amkor Technology (AMKR), and Lattice Semiconductor (LSCC) all joined the above stocks at all-time highs.
And finally, GE Vernova’s fellow AI power generation player Bloom Energy (BE) reached a new all-time high this week. The stock is up over 2,300% over the past two years.
The broadness of the AI infrastructure stock boom is exceeded only by its giant stock returns.
All of this is yet more evidence that our longstanding recommendation to ignore the “AI Bust” camp…and stay in the “AI Boom” camp continues to pay off. After all, it’s good to be on the receiving end of the largest collective investment effort in all recorded history.
Why silver could resume its explosive uptrend
Credit: asbe
I went into January 1, 2025, long and bullish silver.
I believed the precious metals would rise due to U.S. dollar debasement… while also enjoying a high-tech tailwind. Most people don’t realize this, but silver has the highest electrical and thermal conductivity of any metal. This makes it a critical component in AI infrastructure and other electrical systems. In small, densely packed areas like AI servers, heat dissipation is critical.
Silver was one of the world’s top trends in 2025, returning about 145%. Since going on that huge run that peaked around $121 per ounce in January, silver has corrected and traded in a sideways consolidation range.
The uptrend that started in 2025 will likely continue.
As we covered in our February 19, 2026, piece on Edge Computing, AI is moving towards “the edge.” AI will increasingly be run on local devices such as phones, cars, homes, robots, jets, boats, satellites, and spacecraft.
This is the foundation behind the long-term thesis on edge AI, autonomous systems, humanoid robots, and physical AI. These systems don’t just demand more electrical performance – they demand better electrical performance within increasingly tight thermal and power constraints. Every watt matters. Every degree of heat matters.
The infrastructure that enables this level of efficiency spans connectors, switches, relays, semiconductor packaging, and thermal management components – the bottlenecks that we have spoken about regularly here at Money & Megatrends. And silver is present in every single one of those critical infrastructure pieces.
To put this into perspective…analysts estimate that if just 10% of new global data centers integrate silver-enhanced components into their power and cooling systems, industrial silver demand could rise by 10% over the next decade.
As with most metals today, there’s a supply-side layer to this bullish scenario. The 2025 World Silver Survey reported a structural deficit of 148.9 million ounces in 2024, with cumulative deficits since 2021 now around 680 million ounces. The market has been running short on silver for years. And it’s only getting worse.
More concerning is that roughly 80% of the world’s silver is mined as a byproduct of extracting base metals like lead, zinc, and copper. Even if demand pushes silver prices significantly higher, miners simply can’t just turn on more silver production. Their output is dictated by the production economics of the primary metals in that mine. The market cannot drill its way out of a silver shortage.
There are some straightforward ways to play this theme. The simplest entry point is through an ETF. The iShares Silver Trust (SLV) is the largest physically backed silver ETF, with over $40 billion in assets — it tracks the silver price directly.
For miners specifically, the Global X Silver Miners ETF (SIL) holds a diversified portfolio of about 40 silver mining companies and has $5.7 billion in assets. If you want a combination of both physical silver and miner exposure in one vehicle, the Sprott Silver Miners & Physical Silver ETF (SLVR) is an expression of that.
For those who prefer individual stocks, three compelling pure-play silver miners are Pan American Silver (PAAS) – the world’s largest silver-focused producer with 10 mines across the Americas and $1.3 billion in cash; First Majestic Silver (AG) – the highest-purity silver producer in the industry with 58% of revenue coming directly from silver; and Hecla Mining (HL) – the largest silver producer in the US and Canada with 100% North American operations, insulating it from the geopolitical risk that affects most of its peers.
When investors talk about the physical components of the AI infrastructure boom, semiconductor chips dominate the discussion. But as we’ve detailed, silver is an under-the-radar asset poised to enjoy rising demand. We are still long silver.
Market Notes
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Manufacturing giants Cummins (CMI) and Caterpillar (CAT) each climbed 3%+ to reach new all-time highs today, both bullish economic signals.
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Our recommendation to invest in leading semiconductor equipment & service firms is paying off. Industry leaders Applied Materials (AMAT) and KLA Corp (KLAC) reached new all-time highs today.
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Our September 2025 recommendation to own oil stocks continues to pay off. Oil services giant SLB (SLB) reached a new one-year high today. The stock is up an incredible 56% in less than eight months.
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Our recommendation to invest in robotics via Teradyne (TER) continues its winning ways. The stock climbed 4% today, reaching a new all-time high.
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Our recommendation to own Engineering & Construction stocks continues to pay off. Industry leader Argan (AGX) reached a new all-time high today. The stock is up 372% over the past year.
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Our recommendation to own machine sensory perception stocks continues to pay off. Industry leader Sensata (ST) reached a new one-year high today.
Regards,
Brian Hunt
Editor, Money & Megatrends
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