Austin Lieberman

Hardware & Semiconductors

Semiconductor and memory infrastructure remain preferred over alternative cloud models as hyperscaler capex drives hardware demand. MU and TSM represent solid risk-reward plays despite short-term sector volatility.

• Micron Technology (MU): Favored over neo-clouds due to low forward multiples (5.56x) and high infrastructure demand; preferred accumulation vehicle for AI boom exposure.
• Taiwan Semiconductor (TSM): Strong earnings beat offset by rising capex guidance, creating a favorable supply chain tailwind for upstream memory suppliers.

Big Tech & Platform Leaders

Mega-cap technology stocks are exhibiting strong top-line revenue growth, though heavy capital expenditures and one-time expenses continue to pressure near-term earnings metrics. META and AMZN are positioned for strong multi-year performance.

• Meta Platforms (META): Q2 revenue reached $60.80B (+28% YoY) despite an EPS miss due to expenses; 10% pullback offers a 3+ year buying opportunity.
• Amazon (AMZN): Targeted for a generational run from 2026 to 2030, supported by leading AI integration and highly defensible business segments.

Cloud Infrastructure & Neo-Clouds

Independent neo-clouds are facing increasing multiple compression and commodity pressures as major hyperscalers internalize compute solutions. NBIS is seeing a pullback from prior highs, prompting tiered re-entry strategies.

• Nebius (NBIS): Experiencing valuation normalization after prior highs, with tiered buy targets established at $150, $120, and $100.
• SPCX (SPCX): Trading below its IPO price near $110 to $126, with attractive long-term accumulation windows identified in the $60-$70 or $100-$110 ranges.