Dear Reader,

A lot of investors think the biggest SpaceX opportunity will come on IPO day.

I believe that's a mistake.

In my experience, the smart money often moves well before the headline moment arrives.

And right now, I believe we're staring at a very real deadline:

June 1.

That date matters because it may mark the end of a brief period when ordinary investors still have time to position themselves in what I believe is a highly unusual pre-IPO setup.

To be clear, I'm not talking about buying SpaceX directly.

I'm talking about a lesser-known play that could benefit from the same wave of attention, capital, and speculation that often surrounds a major market event like this.

These are the kinds of situations I watch closely:

• when a major story captures public imagination
• when a connected opportunity is still underowned
• when the calendar gives you a clear reason to act now instead of someday

That is exactly why I'm writing to you today.

If you put this off until after June 1, you may find yourself doing what most investors do best:

Arriving after the opportunity has already been repriced.

See my full briefing here before the early window closes <<<

Yours for peace, prosperity, and liberty, AEIOU,

Dr. Mark Skousen
Macroeconomic Strategist, The Oxford Club

AI Is Reviving an Overlooked Chip Category—and These 3 Names Are Riding the Demand Wave

Reported by Nathan Reiff. Originally Published: 4/29/2026.

Now may be a good time for investors to keep an eye on an often-overlooked corner of the semiconductor industry: analog chips.

Why? Texas Instruments Inc. (NASDAQ: TXN), one of the leading domestic producers of these chips, recently posted notably strong earnings for the first quarter of 2026.

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Driving TI's 19% year-over-year (YOY) overall revenue growth was the firm's data center business, which experienced sales growth of about 90% over the same period. Analog chip sales were also a key contributor, growing 22% YOY.

Analog chips don’t grab headlines the way leading-edge AI processors do, but they’re essential to power delivery and signal management in data centers, vehicles, and industrial systems. After TI’s report suggested improving conditions, three analog-focused names stand out for different reasons—from AI-linked demand to automotive leverage to cash-return programs.

Analog Devices: AI Tailwinds and an Industrial Recovery

Analog Devices Inc. (NASDAQ: ADI) shares are up 43% year-to-date (YTD), tracking with a strong Q1 2026 performance that included revenue of $3.2 billion, up 30% YOY.

The company's success has been thanks in large part to its AI-related businesses, which now comprise about 20% of revenue with a run rate above $2 billion. But industrial demand more broadly is picking up and is forecast to continue growing throughout the first half of the year.

Investors may also be intrigued by Analog Devices' dividend prospects: the company's dividend yield is 1.12%, and its annualized five-year dividend growth rate is 10.1% after a recent 11% increase to its distributions in February 2026.

Analog's market share is increasing, and its margins remain strong. In addition, 27 of the 31 analysts who cover ADI have rated the stock a Buy.

Microchip Technology: Automotive and Industrial Strength Helped Drive a Quarterly Sales Beat

Analog semiconductor manufacturer Microchip Technology Inc. (NASDAQ: MCHP) has had a volatile two years, in part due to inventory mismatches and tariff impacts.

However, shares of MCHP are now up just over 30% YTD, with most of that rally coming in the past several weeks.

Amid a major push to launch new products and ramp up manufacturing capacity, Microchip has come in ahead of targets. The firm beat its internal sales target for the latest quarter, reaching $1.19 billion in net sales and non-GAAP earnings per share (EPS) of 44 cents. In both cases, those figures were also higher than analyst expectations.

Microchip has also been active on the automotive front. In early February 2026, the company announced a collaboration with Hyundai Motor Group to explore 10BASE-T1S Single Pair Ethernet for future in-vehicle connectivity, underscoring its focus on next-generation vehicle architectures.

At the same time, inventory and manufacturing underutilization remain persistent concerns that are likely to last for multiple years. That hasn't stopped analysts from rating Microchip a consensus Moderate Buy, with 18 of the 26 analysts assigning it a Buy.

onsemi: Cash Returns Stand Out, But Valuation Questions Linger

onsemi (NASDAQ: ON), a maker of semiconductor components for managing electrical power and signals across a wide range of applications, has been a major beneficiary of the analog boom in recent months.

The company, which operates under the onsemi brand, has seen its share price soar nearly 73% YTD and appears to be on pace to reach a new all-time high.

One of the key factors attracting investors to onsemi is its cash flow. The company generated a 24% free cash flow margin for 2025, an internal record, allowing it to buy back about $1.4 billion in stock and initiate a new $6-billion buyback program.

Fueling this aggressive move to return value to shareholders is massive demand for AI data centers. The company saw more than $250 million in AI revenue last year alone, and this is expected to accelerate and grow by close to 20% sequentially in the current quarter.

onsemi is also funneling a good portion of this money back into product development, and its analog and mixed-signal Treo platform has already seen strong success in automotive and other applications.

With such a rapid rise in share price in recent months, investors may rightly worry about valuation. ON's price-to-earnings ratio of around 270 is, admittedly, quite high. At the same time, it is likely to continue growing across multiple fundamental metrics, with analysts expecting around 39% earnings growth in the coming year.

The question may be whether this is enough to sustain the rally going forward. Wall Street is divided, with 15 analysts rating ON a Buy, 14 a Hold, and one a Sell. In addition, ON shares are trading in the low 90s, which is significantly above the consensus price estimate of $67. Investors must assess whether that estimate needs to be adjusted based on demand momentum or whether ON could be due for a correction.

Did Qualcomm Just Put Apple in Check?

Authored by Jeffrey Neal Johnson. Date Posted: 4/28/2026.

As a technology sector investor, the market sometimes sends a signal so clear it cannot be ignored. Recently, semiconductor sector giant Qualcomm (NASDAQ: QCOM) saw its stock climb more than 11% in a single trading session. That strong move came in response to reports of a transformative alliance with OpenAI, the leader in artificial intelligence (AI). Trading volume was nearly triple the daily average, reaching 33 million shares, suggesting that substantial capital was flowing into the stock.

Such a sudden and aggressive market shift suggests the established hierarchy in the multi-trillion-dollar smartphone market is being challenged. For years, the industry has been defined by incremental hardware upgrades and software updates.

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This new partnership, however, signals a fundamental change in strategy. It appears to be the opening move in a new competitive era in which a device’s intelligence matters more than camera pixels or screen resolution. For investors, understanding this pivot is crucial to identifying the companies poised to lead the next decade of mobile innovation.

It Is a War of Ecosystems, Not Just Devices

The catalyst behind this strategic pivot is a fundamental change in how AI works. The partnership between Qualcomm and OpenAI focuses on creating chips that run powerful AI models directly on devices, a concept known as Edge AI. This marks a significant leap from the cloud-based AI that has dominated for years.

This move to the edge brings a host of powerful advantages:

• True Instantaneous Performance: By processing locally, Edge AI eliminates the network lag inherent in cloud computing. This can make AI assistants and applications feel seamless and truly responsive.

• A Fortress of Privacy: Keeping sensitive user data on the device, rather than sending it to a remote server, is a critical privacy advantage and a powerful selling point for modern consumers.

• Unlocking New Capabilities: On-device processing enables more sophisticated, always-on AI applications that can deeply integrate with a phone's hardware in real time, creating experiences not possible with cloud-based systems.

This technology is the weapon in a much larger strategic battle. Qualcomm is positioning its Snapdragon platform as the premier hardware for manufacturers looking to compete in AI. This open ecosystem model invites collaboration across the entire Android market, echoing the historic PC wars in which the open architecture of Windows-based machines ultimately captured dominant market share from Apple Inc.'s (NASDAQ: AAPL) closed system.

This strategy is a direct challenge to Apple's walled-garden approach. While Apple’s control over its hardware and software has been a major strength, it can also slow the integration of breakthrough third-party innovations.

By partnering with one of the biggest names in AI, Qualcomm is making an aggressive play to leapfrog Apple’s internal development. The goal appears to be making Snapdragon silicon the indispensable standard for developers building next-generation AI applications, forcing the industry to build on its platform.

Management's Bet: Back the Vision With Cash

A visionary strategy requires more than just good ideas; it requires the financial conviction to see it through, especially when facing short-term market headwinds. While the long-term potential of Edge AI is significant, some analysts remain cautious, citing a projected 1.1% decline in near-term earnings growth within a softer overall smartphone market.

Qualcomm’s management, however, is making a strong case through its capital allocation strategy. The clearest signal of that confidence is the board's authorization of a $20 billion share repurchase program. A buyback of this scale is a direct statement from Qualcomm that it believes its shares are fundamentally undervalued.

Qualcomm’s buyback could retire up to 14.5% of its outstanding shares, creating two major benefits for investors. First, it establishes strong, sustained demand for the stock, which could help support shares during periods of volatility. Second, by reducing the share count, the program directly boosts earnings per share (EPS), a critical valuation metric that can make the stock appear more attractive even if profits remain flat.

This aggressive buyback is supported by Qualcomm’s steady dividend. The current 2.4% yield provides a reliable income stream, rewarding shareholders for their patience as the long-term AI strategy matures. Together, these financial tools act as a suit of armor for the investment thesis, signaling deep confidence from leadership and providing a financial buffer against near-term uncertainty.

How to Track the AI Rerating

The combination of a disruptive technological pivot and aggressive financial support has placed Qualcomm at a critical inflection point. Qualcomm is making a clear effort to transition from being seen as a component supplier, subject to handset sales cycles, into the central platform for the entire mobile AI ecosystem.

The market’s initial reaction and Qualcomm’s financial commitments suggest a potential re-rating of the stock could be underway. In this scenario, investors may increasingly value Qualcomm for its foundational role in the secular, long-term growth of artificial intelligence. Success is not guaranteed, but the strategy to become the indispensable hardware for mobile AI is clear.

For those monitoring this transformation, the upcoming Q2 2026 earnings release on April 29 and the 2026 Investor Day on June 24 are key events. Investors may look for updates on the OpenAI partnership, initial feedback from device manufacturers, and any revisions to Qualcomm’s long-term financial outlook. These data points will be crucial in determining whether Qualcomm is successfully executing its ambitious vision and solidifying its path toward market leadership in the new AI era.