Singaporeans are personally all-in on AI, enterprises are still climbing the adoption curve, the government is pouring money into infrastructure, and compute demand is exploding.

Lower oil → less inflation pressure → lower rate anxiety → breathing room for growth stocks. But this is still a fragile relief trade. Shipping activity through the Strait of Hormuz remains subdued, and attacks linked to Yemen’s Houthis continue to threaten Saudi oil infrastructure and traffic through the Bab el-Mandeb strait. The pause in fighting has created room for diplomacy, but it has not yet removed the risk of another oil spike.

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May and June, hands down. Sentiment across the market was running really hot, and I had some standout days — over 10% in a single day at one point. That stretch is a big part of why my return is where it is now, just a few months in.

KOSPI valuations, Korea's macro fundamentals, and how open-source AI models are reshaping memory demand — the flow was layered and packed with substance. Ross doesn't dodge the sharp question of "is the AI thesis broken"; instead he unpacks it piece by piece with data, fund flows and industry cycles.

From the recent pullback in Korean and US memory stocks, to the core question of "is this a top, or just halftime in a longer bull market," all the way to the HBM supply gap, KOSPI valuations, Korea's macro fundamentals, and how open-source AI models are reshaping memory demand — the flow was layered and packed with substance

Ross is known for spotting secular growth trends early; today he manages over $30M in AUM and leads a community of 15,000+ members. What makes his perspective unique: he blends top-down macro logic with bottom-up stock selection, thinking about both industrial/technological cycles and monetary/financial cycles.

The impact of open-source models may be the most underrated variable in memory demand. 🤖 Ross uses the just-released Kimi K3 as an example — billed as the world's largest open-source model, 2.8 trillion parameters, a 1-million-token context window, and always-on reasoning.

The long-term opportunity remains large, but the market is becoming less patient with businesses that require heavy investment before generating measurable revenue. $Alphabet(GOOGL)$ fell 7.13% despite strong headline results. Google Cloud revenue grew 82%, but Alphabet also increased its annual capex outlook to as much as $205 billion and reported negative quarterly free cash flow of $5.9 billion.

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One point that stood out to me is that idle cash has a hidden cost. If bank interest is lower than inflation, our money may look safe, but its purchasing power is actually falling over time.

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The U.S. Office of Government Ethics (OGE) just disclosed that President Donald Trump executed over 21,000 securities trades in 2025, with a total value between $600 million and $1.86 billion. Trump's team claims these assets are independently managed by third-party institutions through "automated, model-based portfolios," placing them in a so-called "blind trust."

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At the same time, the second half of the year is just beginning. The bigger question now is not only what we missed in H1, but also what we are preparing to watch in H2.

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The historic rally throughout 2025 was built on one core assumption: the Federal Reserve would eventually begin cutting interest rates. Then everything changed. The Iran conflict pushed oil prices higher, inflation concerns resurfaced, and central banks around the world—including the Fed—turned more hawkish. Markets quickly shifted from pricing in rate cuts to pricing in rate hikes.

Higher rates. Stronger dollar. The historic rally throughout 2025 was built on one core assumption: the Federal Reserve would eventually begin cutting interest rates. Then everything changed. The Iran conflict pushed oil prices higher, inflation concerns resurfaced, and central banks around the world—including the Fed—turned more hawkish. Markets quickly shifted from pricing in rate cuts to pricing in rate hikes.

$Micron Technology(MU)$ reports FY2026 Q3 earnings after the close on June 24, and the timing couldn't be more important. Just last week, markets were rattled by Fed Chair Kevin Warsh's hawkish debut. Global central banks are increasingly leaning toward tightening, while investors have started questioning whether AI valuations have simply gone too far.

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