Dear Friend,

Your mortgage rate, your car loan and your savings rest on one assumption: that the world keeps buying American debt.

They stopped.

China held $1.32 trillion of U.S. Treasury debt at the peak. Today, roughly $659 billion. An 18-year low.

That money went into gold.

Beijing's central bank has bought gold 20 months straight, its longest streak in a decade. Goldman Sachs ran the London flows and put China's real buying at 4.8 times the official figure.

And the European Central Bank confirmed what has not been true in generations: gold has overtaken U.S. Treasury bonds as the world's #1 reserve asset. 27% gold. 22% our debt.

The world's most conservative money is not hedging the dollar. It is leaving it.

When foreign buyers stop absorbing our bonds, your rates rise and the interest bill eats the budget. You feel it at the pump and the grocery store.

Washington's counterattack is already signed, funded and filed, with one small American gold company at the center of it.

See Washington's counterattack here >>

"The Buck Stops Here,"

Kelly Maguire

Behind the Markets

Short Sellers Are Betting Against 3 AI Infrastructure Stocks—What Could Turn the Tide?

Author: Leo Miller. Originally Published: 9/8/2026.

The AI infrastructure space features many companies growing at a dramatic pace. However, growth alone is often not enough to satisfy investors. Some of the fastest-growing names in the space also have among the highest levels of short interest.

Three AI companies stand out, with investors selling short a significant percentage of their public floats, indicating considerable pessimism among market participants. However, these companies also have avenues to potentially prove short sellers wrong as they work to improve their profitability metrics.

Super Micro Computer: Data Center Building Blocks Solution Aims to Improve Margin Profile

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First up is AI server giant Super Micro Computer (NASDAQ: SMCI). Investors have sold approximately 18% of its floated shares short, making Super Micro one of the most-shorted stocks in the market.

There are multiple reasons investors may be betting on this name to fall. First, shares are up more than 30% in one month, creating greater downside potential for short sellers to profit from. Additionally, the company’s growth is rapid, but its profitability profile is a significant concern. Analysts expect sales to grow by nearly 200% year over year (YOY) next quarter to almost $15 billion, but they forecast a gross margin below 11%. This very low margin makes it difficult for the company to convert much of its sales into earnings.

However, one key offering that could potentially help Super Micro improve its profitability over time is its data center building blocks solution (DCBBS). Super Micro describes DCBBS as a turnkey ecosystem that allows customers to build AI data centers in quarters rather than years. The solution integrates a wide variety of key data center components, from processors and networking equipment to cooling systems and software.

With this in mind, it will be important to monitor mentions of DCBBS revenue contributions and new DCBBS deal signings. Notably, the company says the platform will soon contribute significant net income, making this another factor to watch.

CoreWeave Adds Record Active Power, But Profits Are Under Pressure

CoreWeave (NASDAQ: CRWV) also finds itself among the AI stocks with very high short interest. Investors have sold nearly 17% of the company’s floated shares short. Like Super Micro, the company is posting blistering growth but faces profitability challenges.

Sales increased by 112.5% YOY last quarter to $2.575 billion, but earnings moved in the opposite direction. The company’s loss per share widened to $1.14, while free cash flow fell further into negative territory at -$5.74 billion. Additionally, CoreWeave’s long-term debt rose by more than 270% YOY to $27.56 billion.

For CoreWeave, it is critical that the company narrows the gap between its revenue and cash flow and its capital expenditures. Bringing its in-progress data centers online as quickly as possible could help. Doing so would maximize the revenue CoreWeave generates from each facility over time and help offset its costs.

Notably, the company added 500 megawatts of actively powered data centers last quarter, more than in any quarter in its history. It now has 1.5 gigawatts of actively powered data centers, with the company targeting eight gigawatts by 2030. Investors should monitor CoreWeave’s active power additions each quarter and its ability to consistently increase its overall active power over time.

Expenditures Set to Balloon as IREN Eyes Huge Jump in Operating Run-Rate

IREN (NASDAQ: IREN) operates a somewhat similar business model to CoreWeave, falling into the neocloud category. However, the company has its roots in bitcoin mining and has since converted much of that infrastructure to serve the AI market. A large cohort of investors is clearly skeptical of the company’s future, with nearly 28% of its floated shares sold short.

Notably, IREN has a $9.7 billion contract with Microsoft (NASDAQ: MSFT). However, turning that deal into actual sales comes with execution risk and massive costs. To support this and other deployments, IREN expects to spend $25-30 billion on capital expenditures between now and Q2 2027. These figures tower over the company’s relatively small revenue base today.

Sales came in at just $137 million last quarter, while its annualized operating run-rate revenue was $1 billion. However, the company expects to make significant progress on this front soon, targeting an increase in operating run-rate revenue to $4 billion next quarter. This growth is expected to come as IREN brings a large amount of data center capacity online. It would greatly expand the company’s revenue base and improve profits over time, following a net loss of $684 million last quarter.

Whether IREN actually delivers on this figure will be among the most critical aspects to watch in its next earnings report. From there, the company will need to continue making strong progress in adding capacity to maximize its data center revenue.

Short Sellers Are Targeting Growth, But Execution Will Decide the Trade

IREN’s percentage of floated shares sold short is by far the highest in this group, indicating particularly high bearish sentiment among short sellers. Interestingly, Wall Street analysts are showing the most optimism about IREN among the three companies. The MarketBeat consensus price target of $81.57 implies more than 80% upside.

Still, the broader takeaway is not just about IREN. Super Micro, CoreWeave and IREN all reflect the same tension running through the AI infrastructure trade: demand is enormous, but investors want clearer evidence of margin expansion, cash flow improvement and disciplined capital spending.

Short sellers may be focused on the risks, but these companies still have ways to challenge the bear case. For Super Micro, that means proving DCBBS can support profitability. For CoreWeave, it means turning capacity additions into improved cash flow. For IREN, it means showing that contracted AI revenue can scale quickly enough to justify the spending required to support it.

These 3 Stocks Are Drawing Insider Buyers for Very Different Reasons

Author: Leo Miller. Originally Published: 9/18/2026.

Insiders are buying some of the best-known stocks in transportation, retail and real estate. These purchases come against different backdrops for each company and stock. A leading ride-hailing company is seeing considerable insider buying, even as its shares are down in 2026. Meanwhile, insiders continue to increase their stakes in a former meme stock despite ongoing pressure on sales.

Additionally, following very strong gains, insiders at a leading real estate investment trust continue to hold or increase their positions, indicating long-term confidence.

Top Uber Executives Are Purchasing Amid Underwhelming 2026 Performance

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After an impressive 2025, Uber Technologies’ (NYSE: UBER) share price has run into some roadblocks. Shares gained more than 35% last year but are down more than 10% this year and have fallen more than 25% from their 52-week high.

Notably, the stock fell more than 5% after Uber’s latest earnings report. The company missed on revenue, with sales rising 12% year over year to $14.19 billion, versus estimates of $14.24 billion. Additionally, its bookings guidance for the following quarter fell short of expectations. Uber also said it would commit more than $10 billion to autonomous vehicle (AV) investments. While this could benefit Uber’s cost structure over the long term, it also implies significant upfront costs.

Amid its recent lackluster performance, two key insiders are buying in. CEO Dara Khosrowshahi and Chief Operating Officer Andrew Macdonald purchased $10 million and $5.3 million worth of Uber shares, respectively. Khosrowshahi’s holdings increased by approximately 11%, while Macdonald’s increased by approximately 20%, representing significant purchases for both insiders.

Top insiders are clearly signaling confidence in Uber’s outlook, while the relative lack of recent insider selling indicates a constructive outlook among other insiders. From Q4 2025 through Q3 2026, Uber’s total insider selling was less than $6 million, compared with $16.6 million in insider buying.

GameStop Insider Buys Are Up, Sales Are Down

Shares of GameStop (NYSE: GME), one of the original meme stocks, have been on a bit of a roller coaster recently. Shares sank nearly 26% in 2025 but went on to rise as much as 32% earlier in 2026. However, the stock is now up less than 10% for the year.

Shares cratered more than 12% after GameStop said it would exchange $1.4 billion worth of convertible notes for common stock, a dilutive event. The company subsequently amended the transaction, saying it would pay $358.4 million of the consideration in cash, helping the shares rebound. The stock also received a boost after its latest earnings report, with sales of $790.2 million beating estimates of $756.85 million.

Several insiders bought shares following GameStop’s better-than-expected report. Together, directors Alain Attal and Lawrence Cheng, along with CEO Ryan Cohen, bought more than $21 million worth of shares. Attal’s and Cohen’s purchases increased their positions by less than 1% and less than 3%, respectively. However, Cheng’s position increased by more than 60%.

While these purchases indicate confidence in the company’s outlook, GameStop’s sales remain in decline, falling nearly 19% last quarter. This, combined with its scattershot strategy, demonstrated by its attempt to purchase eBay (NASDAQ: EBAY) for $55 billion, remains a significant concern.

Welltower Insider Trading Points to Durable Outlook

Last up is real estate investment trust giant Welltower (NYSE: WELL). The stock provided a return of nearly 50% in 2025 and has continued to perform strongly in 2026, rising more than 20%. Welltower’s success comes as it provides rental housing for older adults, an industry with significant structural tailwinds. As the percentage of U.S. residents in older age brackets increases over time, demand for Welltower’s senior housing is also growing.

Welltower’s insider trading data may signal the durability of this trend. Notably, MarketBeat has tracked no insider selling at Welltower over the last 12 months. At the same time, director Andrew Gundlach recently purchased more than $2.4 million worth of Welltower shares. This marked a substantial increase in Gundlach’s position, boosting his holdings from 20,000 to 30,000 shares.

These are positive signals for Welltower stock. Despite its very strong performance, insiders are not selling. In contrast, Gundlach provides an example of an insider significantly increasing his allocation. One way to interpret this is that insiders are confident in continuing to hold the stock because demographic aging is a long-term trend. From 2025 to 2060, the U.S. Census Bureau projects that the percentage of the U.S. population aged 65 or older will rise from 18.9% to 23.4%.

Analysts Point to Strong Gains at Uber, Watch AV Profitability Impacts

Looking ahead, analysts see the greatest 12-month upside in Uber among these stocks. The MarketBeat consensus price target near $103 implies more than 40% upside for the shares. A key item to watch will be how Uber’s AV strategy affects profitability over time. Specifically, improvement in its mobility operating margin, which was 7.6% last quarter, would help signal that autonomous deployments are boosting profitability rather than eroding it. However, this may take time to materialize as the initiative ramps up.