Dear Reader,

Don't buy Nvidia.

Not when the AI companies that will define the next decade are selling for pennies.

You won't find them on any stock exchange.

That's not where they're being funded anymore, and Washington figured that out before most investors did.

The White House appointed David Sacks as the first ever AI and crypto czar.

One person. Both roles.

Then they published a document titled "Winning the Race: America's AI Action Plan."

I worked on Wall Street for years, and I've never seen a bigger opportunity than this.

At the highest level of government, AI and crypto are not two revolutions… they're one.

And that's where most people hit a wall.

OpenAI isn't for sale to you.

Neither is Anthropic.

Sequoia and a16z write the $100 million checks that buy access, and there's no version of this where they let retail in beside them.

But the next generation of AI companies isn't waiting on VCs.

The big funds already know it.

Their focus has shifted to a subsegment they call decentralized AI.

They're launching tokens in the native markets.

This is where coins list months before Coinbase, Kraken, or Robinhood… because raising from millions of investors beats begging a handful of funds.

Take TAO.

It listed in the native markets in May 2023 around $35. Less than a year later it traded above $700.

But TAO is the foundation. The opportunity is what runs on top of it.

What TAO built is called subnets… independent AI companies operating on its network, each with its own token.

One runs among the best weather forecasting models in the world.

Another is a coding assistant.

Another is cloud storage that undercuts the majors.

Many are generating real revenue today.

You can buy into any of them directly, for as little as $50.

My research team lives in these markets.

For two years our research has been independently audited by Conquest Investment Advisory AG, a German firm regulated by BaFin.

The audit covers 571 research calls, 86.34% of which rose more than 20%, with an average return to all-time high of 416.88%*.

Most people still think digital assets are about currency. That narrative died in 2020.

This is the world's first open venture capital market… a teacher in Ohio investing at the same stage as a billionaire in Singapore.

Watch the free training on how to access the native markets (and buy potential AI unicorns before major exchange listings) →

To your wealth,
Tan Gera, CFA©
Decentralized Masters

P.S. Nvidia is worth trillions. TAO was $35 three years ago. The next potential unicorns are sitting in the native markets right now. See how to access them →

*Audited results as of July 20, 2026. Audit conducted by CONQUEST Investment Advisory AG.

AST SpaceMobile Is Down 54%—Can FCC Progress and BlueBirds Reverse the Slide?

Author: Jessica Mitacek. Published: 8/31/2026.

Pumpkin spice latte season is upon us, and perhaps no company is looking forward to turning the page on summer more than Midland, Texas-based AST SpaceMobile (NASDAQ: ASTS).

Since the space-based cellular broadband network provider’s stock hit its all-time high on May 28, it has fallen nearly 54%.

Moderna Doubled in One Day. This Medical Stock Could Be Next (Ad)

Moderna's stock doubled in a single day after its cancer vaccine hit key Phase 3 goals, and Merck jumped too. But according to a former Steve Cohen fund manager, the next big opportunity is not Moderna or Merck.

It is a different kind of company tied to a technology already backed by Elon Musk, Sam Altman, Jeff Bezos, and Peter Thiel. Nvidia's Jensen Huang says it will have a dramatic impact on daily life, while Anthropic's CEO believes it could unlock a century of medical progress in just ten years.

Nature Magazine estimates its potential value at $367 trillion globally, and it is already rolling out across the United States.

Click here to learn about this new era of medical technology

As the company continues to build out its constellation of low Earth orbit (LEO) BlueBird satellites, numerous headwinds and tailwinds could work against it or in its favor. However, the SpaceX (NASDAQ: SPCX) competitor will have to overcome several challenges—and embrace certain catalysts—as it aims to regain investors’ favor.

Concerns Mount Over AST SpaceMobile’s Burn Rate, Dilution, and Heavy Insider Selling

Like any company expanding at AST SpaceMobile’s scale, the rate at which it spends its cash reserves can be alarming.

Those outlays are necessary to achieve the company’s objectives, but that doesn’t quell critics’ concerns.

Analysts are forecasting a full-year cash burn rate of between $1.5 billion and $1.8 billion.

That spending is being driven by research and development, vertically integrated BlueBird satellite production, and costly rocket launch service fees. SpaceX charges approximately $55 million to $65 million per launch.

To address that last expense, the company is exploring a partnership with or potential acquisition of a launch services provider, but that effort has come with strings attached. In a Form 8-K filing on July 15, AST SpaceMobile noted that its $1 billion private offering of convertible senior notes due 2034 was intended to “further vertically integrate its business and mitigate risks associated with third-party launch providers.”

As ambitious as that plan is, the $1 billion offering raised the specter of shareholder dilution.

AST SpaceMobile ultimately raised $1.15 billion through the convertible notes, which carry an initial conversion price of $79.57 per share. However, the company also entered into capped call transactions designed to reduce potential dilution, resulting in what AST says is an effective conversion price of $149.20 and effective dilution of less than 2%.

Another headwind comes in the form of heavy insider selling. Over the trailing 12 months, insiders have liquidated more than $450 million worth of ASTS shares while buying only $187,240 worth of the stock, all of it in the fourth quarter of 2025. There were no insider purchases in the first or second quarter.

The company has also strung together a chain of disappointing earnings reports. Most recently, AST SpaceMobile’s Q2 report on Aug. 10 resulted in its sixth consecutive earnings per share (EPS) miss and its seventh revenue miss in eight quarters.

EPS of negative 77 cents missed the consensus estimate of negative 32 cents by a wide margin, while revenue of $31.52 million came in below expectations of $34.53 million.

Concerningly, second-quarter adjusted operating expenses, excluding the cost of revenues, rose to $95.9 million, while capital expenditures reached approximately $610 million. Third-quarter adjusted operating expenses are expected to increase to between $105 million and $115 million.

A Reversal Will Largely Depend on the Success of AST SpaceMobile’s FCC Test and Its Partnerships

The rollout of AST SpaceMobile’s direct-to-device (D2D) network depends in part on regulatory approvals and testing, as well as the roughly 60 strategic partnerships it already has in place.

Earlier in August, the U.S. Federal Communications Commission (FCC) granted the company a temporary 30-day authorization to test D2D connectivity using 800 MHz spectrum on up to 100 commercially available devices through Sept. 12.

That testing comes amid a broader push by major U.S. carriers to expand satellite-based D2D coverage. On May 14, AT&T (NYSE: T), T-Mobile (NASDAQ: TMUS), and Verizon (NYSE: VZ) announced an agreement in principle to form a joint venture that aims to expand satellite-based D2D wireless coverage in the United States by pooling spectrum resources, improving D2D capacity, and creating a more unified platform for satellite providers. Of the three carriers, only T-Mobile currently uses Starlink to fill coverage gaps, while AT&T and Verizon have agreements in place with AST SpaceMobile.

The company also has an agreement in place with Tokyo-based Rakuten (OTCMKTS: RKUNF).

In its Aug. 10 update, AST said the Rakuten-AST joint venture had been preliminarily selected by Japan’s Ministry of Internal Affairs and Communications for the J-LEO initiative, with a total expected value of up to approximately $1 billion in nondilutive, non-debt government capital. Rakuten has said it is targeting the launch of domestic service in the fourth quarter of 2026.

While the stock remains highly volatile, with a current beta of 2.75 and short interest at 18.67% of the float, or $4.08 billion worth of ASTS shares, institutional investors taking the long view are buoying the stock. Over the past 12 months, inflows from institutional buyers have totaled more than $5 billion, while institutional sellers’ outflows have been limited to less than $400 million.

AST SpaceMobile continues to work toward its target of 45 BlueBird satellites in LEO by early 2027. A company press release confirmed that it is well on its way to achieving that goal, with “production advancing through BlueBird satellite 42” as it continues to scale its constellation.

3 AI Infrastructure Stocks to Watch Beyond NVIDIA

Author: Chris Markoch. Published: 8/30/2026.

We're coming to the end of another round of closely watched AI earnings, and investors are already scanning the sector to see where AI spending goes next. That will keep the focus on NVIDIA Corp. (NASDAQ: NVDA). But the AI buildout is no longer a one-stock story.

Every hyperscaler capital expenditure (CapEx) update points in the same direction: Spending continues to rise. That money doesn't just buy GPUs. It funds custom chips, data center networking, and the power and cooling systems needed to keep everything running.

Moderna Doubled in One Day. This Medical Stock Could Be Next (Ad)

Moderna's stock doubled in a single day after its cancer vaccine hit key Phase 3 goals, and Merck jumped too. But according to a former Steve Cohen fund manager, the next big opportunity is not Moderna or Merck.

It is a different kind of company tied to a technology already backed by Elon Musk, Sam Altman, Jeff Bezos, and Peter Thiel. Nvidia's Jensen Huang says it will have a dramatic impact on daily life, while Anthropic's CEO believes it could unlock a century of medical progress in just ten years.

Nature Magazine estimates its potential value at $367 trillion globally, and it is already rolling out across the United States.

Click here to learn about this new era of medical technology

Three companies sit at different points along that chain: Broadcom (NASDAQ: AVGO), Arista Networks (NYSE: ANET), and Vertiv (NYSE: VRT). Each represents a distinct bottleneck in the AI infrastructure buildout, rather than a substitute for NVIDIA itself. Here's how each one fits into the broader picture.

Why "Second-Layer" Beats "Better Than NVIDIA"

These three stocks aren't alternatives to NVIDIA. They don't compete for the same dollar. NVIDIA sells the GPUs that perform the AI work. These companies sell what has to exist around those GPUs for a data center to function at scale.

A building full of the world's fastest processors is useless if it can't move data between racks, deliver enough power, or stay cool under load. That's the second layer of the AI trade.

Broadcom covers custom silicon and chip-level networking. Arista covers the data center network fabric. Vertiv covers power and cooling. If any one of those layers breaks down, the buildout slows, regardless of how powerful the chips are.

Broadcom: Custom Silicon and the Networking Glue

Broadcom sits in two places in the AI stack. It designs custom AI accelerators for the largest hyperscalers, built to each customer's specifications rather than sold off the shelf. It also makes the networking silicon that connects those chips, allowing thousands of processors to function as one system.

Management has indicated that AI-related revenue could scale sharply higher over the next few years across both businesses. The exact figure matters less than the direction: AI is becoming a larger share of total revenue.

The stock swings between two narratives. One treats Broadcom as the next high-growth AI name. The other values it as a diversified semiconductor conglomerate with AI exposure attached.

That gap between perception and fundamentals shows up in how sharply shares move after a single earnings report.

The real risk is concentration. A small number of hyperscaler customers drive AI revenue, and the company carries meaningful debt from its acquisition history.

Arista Networks: The Plumbing Between the Racks

Arista makes the high-speed Ethernet switching that connects servers inside a data center. Increasingly, it also connects data centers to one another. Training a large AI model isn't about one chip working alone. It's thousands of chips communicating constantly, and Arista builds the network fabric that lets them do so without creating bottlenecks.

Recent quarters showed revenue growth in the high-20% range, with management guiding to continued acceleration and noting that AI networking is growing faster than the business overall.

Arista is often compared directly with Broadcom, but the two aren't fully interchangeable. Broadcom sells components used across many vendors' equipment. Arista sells complete networking systems directly to hyperscalers. The market sometimes prices Arista as a cheaper way into the same trade and, at other times, as the purer AI-networking bet deserving of a premium.

That premium is an honest risk. Arista trades above Broadcom on a forward basis, meaning strong execution is already priced in. Any softness in hyperscaler networking budgets could quickly compress that multiple.

Vertiv: Power and Cooling as the Physical Limit

Vertiv doesn't sell chips or networking gear. It sells the power distribution and thermal management systems that keep data centers running. Every new generation of AI chips draws more power and generates more heat than the last, and many older data centers weren't built to handle that density.

This is a physical constraint, not a demand constraint. It doesn't depend on which chipmaker or model architecture wins the broader AI race. Whoever wins will still need power and cooling.

Vertiv's most recent quarter showed revenue growth in the mid-20% range, with organic growth in the high teens. Shares have climbed sharply over the past year, and the company's inclusion in the S&P 500 broadened its institutional ownership base.

Perception has lagged fundamentals here more than with the other two names. Vertiv can look like an industrial company having a good year when, in reality, it's a direct bet on the physical limit of the entire AI buildout. That gap has been closing as more investors connect AI growth to demand for power infrastructure.

The risks: shares have already run hard, project timing can make revenue lumpy, and a high beta can lead to sharp moves in both directions around earnings.

The AI infrastructure trade is broader than the chip headlines suggest. Broadcom, Arista, and Vertiv each carry their own risk profile. Understanding which bottleneck each one represents is the first step toward deciding where they fit in a portfolio.