Dear Investor,

Last month I told investors that a Trump-backed crypto bank could be approved any day.

On August 14, it was.

Federal regulators granted conditional approval to World Liberty Trust Company… a nationally chartered trust bank tied to the Trump family's crypto venture.

Most investors still haven't processed what that means.

This bank exists to do one thing. Issue, redeem, custody and back USD1… the stablecoin that has now crossed $4 billion in circulation.

And here's the detail almost everyone skipped.

The bank isn't operating yet. There are conditions to satisfy first… capital minimums, an audit manager, a sign-off on the business plan.

Which means the money hasn't moved yet.

That gap—between an approval on paper and a bank actually running—is the entire opportunity.

Because when a federally supervised entity starts converting institutional dollars into a Trump-backed stablecoin, that liquidity has to land somewhere…

History is clear about where. Bitcoin runs. And altcoins detonate.

There's one coin sitting at the center of this ecosystem. It plays the same infrastructure role Uniswap and PancakeSwap played in their earliest days… except this one is wired into a system being accelerated by administration policy.

Smart money is already accumulating. Volume is hitting record highs. And the market cap is still under $2 billion.

My team wrote the full breakdown. Get it here:

Get my #1 coin for the Trump bull run — before the bank opens its doors.

To your massive success,

Bryce Paul
Crypto 101

NVIDIA Just Named AI's Next Bottleneck—And These 3 Stocks Sit Right In It

Reported by Bridget Bennett. Originally Published: 9/20/2026.

AI's loudest voices spent the week telling everyone to slow down, and the market took them at their word. AI infrastructure stocks sold off during a month that is traditionally unkind to equities.

Jason Bodner, co-founder of quantitative research firm MoneyFlows, thinks investors are reacting to the wrong headline. The one that matters came out of NVIDIA's (NASDAQ: NVDA) August earnings call, when CEO Jensen Huang guided to roughly 70% revenue growth next fiscal year and then told analysts that demand is running well above that level.

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That gap is the whole story. AI's constraint right now is not demand; it is the physical hardware that moves data around inside a data center. NVIDIA identified two pinch points: memory and silicon photonics. Bodner's three picks sit at the center of both.

Slowing the Models Does Not Slow the Buildout

Anthropic CEO Dario Amodei argued in a Sept. 12 essay that AI companies should deliberately slow the pace at which they improve model capabilities. OpenAI's Sam Altman endorsed the idea hours later, and Elon Musk backed it as well. Meanwhile, a researcher who had worked at both Anthropic and OpenAI resigned days earlier with a public warning about existential risk.

Bodner reads the corporate half of that story very differently from the tape.

In his view, regulation gives incumbents licensing regimes, capital minimums and a moat that smaller competitors cannot clear. It also makes AI acceptable for health care and government procurement. His analogy is the airline industry, which lobbied for a federal regulator and ultimately got mass adoption rather than grounded planes.

The macro backdrop gave sellers cover. The Federal Reserve raised rates on Sept. 16 rather than cutting them, oil is sitting near $100 a barrel amid U.S.-Iran tensions, and September has a long history of eroding gains.

What is not deteriorating is profitability. Second-quarter beat rates across the S&P 500 ran well above their five-year average, while earnings growth reached its strongest level in years even after excluding a couple of outsized outliers. That is a sentiment problem, not an earnings problem.

Micron Owns the Memory Shortage NVIDIA Keeps Naming

Micron Technology (NASDAQ: MU) is the fastest-growing producer of high-bandwidth memory (HBM), the stacked chips that sit beside a graphics processor and feed it data. Bodner's framing is simple: A GPU is the world's fastest chef, and HBM keeps the ingredients on the counter instead of scattering them across town.

Management has said industry demand continues to significantly exceed supply and that tightness could persist well beyond next year. Micron's HBM output has been selling out ahead of production, and analysts have responded with steadily higher forward estimates. Bodner's point is that a stock can be up several hundred percent and still look cheap if its forward numbers are moving faster than its price.

NVIDIA is effectively underwriting the shortage. Its supply commitments more than doubled in a single quarter, primarily because of memory procurement. Fabs do not go up overnight, capacity is spoken for, and pricing power follows.

Coherent Sits Where Copper Runs Out

Copper wiring works well at the chip level, but it becomes problematic across a data center. Resistance, heat and distance all add up, so the AI industry is shifting from copper to optical connections. That transition is silicon photonics, which Huang has called the bottleneck of the coming decade.

Coherent Corp. (NYSE: COHR) supplies the lasers, transceivers and optical materials behind the transition. NVIDIA is investing $2 billion in Coherent alongside a multibillion-dollar purchase commitment and future access to its capacity. Lumentum Holdings (NASDAQ: LITE) received an identical commitment the same day, suggesting that NVIDIA is buying insurance on a supply chain it expects to strain.

The stock has pulled back sharply along with the rest of the AI complex. Bodner's view is that the group has already absorbed most of its selling while energy, health care and gold rallied.

Tower Semiconductor Makes the Wafers Photonics Runs On

Tower Semiconductor (NASDAQ: TSEM) is the pick-and-shovel layer. It is a specialty foundry that manufactures wafers on which other companies build their designs, meaning investors do not have to guess which transceiver vendor will win.

Its silicon photonics business has grown from a rounding error into an engine of the company, and management raised its long-term targets on the strength of that growth. Tower has locked in more than a billion dollars in 2027 photonics contracts, with customer prepayments already in hand. That is demand booked before the capacity exists.

What Could Break the Setup

The doomsday scenario is that regulation kills AI demand. Bodner does not buy it, and adoption data is on his side.

The real risk is capital intensity. Tower is committing billions of its own money to a Japan expansion, and heavy capital expenditures can outrun actual demand if photonics adoption slows. Memory has broken investors' hearts before. These three stocks trade on the assumption that tightness persists, and the same forces that lifted the group could unwind it together.

Watch supply commitments and customer prepayments rather than safety headlines. Those are the factors actually moving these three stocks.

Readers can get Jason Bodner's MoneyFlows institutional money flow research at its discounted annual rate and track where the big money is moving next.

O’Reilly Automotive’s Stock Slump Hides a Stronger Business

Reported by Peter Frank. Originally Published: 9/30/2026.

For more than three decades, O'Reilly Automotive (NASDAQ: ORLY) has been one of the most dependable compounders on Wall Street.

The auto parts retailer has strung together year after year of comparable-store sales growth. Yet the stock has spent the past year mostly going in reverse. In short, the business looks as strong as ever. The share price does not.

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O'Reilly is not a traditional bargain, and it’s not flashy. It’s a reliable earner that gains share, buys back stock and grows earnings at a double-digit pace.

Deciding whether to own it comes down to weighing that track record against fading price inflation, softer do-it-yourself traffic and a premium valuation.

O’Reilly Maps Out Its Next Stage of Growth

September, in particular, was packed with news. At its 2026 Analyst Day on Sept. 18, O'Reilly laid out plans to open more stores this year than at any point in company history. It also said Mexico, where it has more than 100 stores already, could eventually support more than 1,000 locations. Four days later, rival AutoZone (NYSE: AZO) reported a jump in sales for its fiscal fourth quarter, and the whole group rallied, including O’Reilly.

O'Reilly's second-quarter report on July 29 was solid, if not spectacular. Sales rose 8% to $4.89 billion, and comparable-store sales grew 6%. Net income grew 7% to $715 million, while diluted earnings per share climbed 10% to 86 cents from 78 cents, in line with Wall Street's forecast.

Professional Sales Lead the Way

The real star was the professional side of the business: the mechanics and repair shops that buy parts every day. Sales to professional service providers grew 12.5%, marking a fourth straight quarter of double-digit gains. The do-it-yourself business, by contrast, grew only modestly.

Management raised its full-year outlook, lifting comparable-store sales guidance to 4% to 6% and earnings per share guidance to $3.20 to $3.30.

An Aging Car Fleet Supports Long-Term Growth

The long-term bull case rests on a simple idea. Americans are keeping their cars longer, and O'Reilly is built to supply the parts they need.

O’Reilly still has plenty of room to grow in a large, fragmented industry, and it tends to benefit when rivals stumble. Advance Auto Parts (NYSE: AAP) reported a drop in comparable sales in August, and its shares plunged. O'Reilly could benefit from its deeper inventory and faster delivery. House brands, which now make up more than half of sales, also support its margins.

There is also a buyback engine. Instead of paying a dividend, O'Reilly returns cash by retiring shares, and it repurchased billions of dollars of stock in the first half of 2026 alone. That’s a significant reason why earnings per share keep growing faster than net income.

Wall Street Remains Bullish

Wall Street is along for the ride. Fifteen of the 19 analysts covering the stock rate it a Buy, including one who rates it a Strong Buy. Four rate it a Hold, and none recommend selling.

Overall, O’Reilly has earned a consensus Moderate Buy rating.

The average 12-month price target is $107.24 per share, representing upside of about 24%. The highest target price is $120 per share, while the lowest is $91.

In general, though, performance has been disappointing for a stock with this kind of track record.

Currently trading at roughly $86 per share, the stock is down more than 5% this year and roughly 19% over the past 12 months.

Premium Valuation Raises the Risks

The most important risk is that the easy growth is ending while investors are still paying a premium price.

Same-SKU inflation gave second-quarter results a lift. If those increases pull back, O'Reilly might need more unit growth to keep comparable sales healthy. Meanwhile, the stock trades at a forward earnings multiple of about 26, noticeably richer than either AutoZone or Genuine Parts (NYSE: GPC). That gap leaves little room for a stumble.

There are some yellow flags as well. DIY traffic is soft, suggesting cash-strapped consumers are putting off some repairs. O'Reilly routinely borrows as it moves toward a higher-leverage target, and higher interest rates would make that debt-funded buyback strategy more expensive.

Competition is also not standing still: AutoZone, Genuine Parts and online sellers such as Amazon (NASDAQ: AMZN) are all fighting for the same repair dollar.

Consistency Remains O’Reilly’s Strength

O'Reilly is not likely to show up on screeners as a cheap value stock anytime soon. It’s not a flashy growth name either. What it offers is consistency: a business that keeps gaining share, buying back stock and growing earnings year after year.

An important test comes with third-quarter results, expected in late October. If professional sales stay strong and DIY traffic stabilizes, this stock could shift back into drive.

After a year of going in reverse, long-term investors who value quality might find the current level more attractive than any O'Reilly has offered in a while.