AI data centers are projected to consume 9% of U.S. electricity by 2030, driven by soaring GPU power demands, with Nvidia’s GB200 reaching 2,700W—a 300% increase over previous generations. As AI racks push 80-150 kW per unit, power efficiency is now the key bottleneck. Among the top five energy sources—solar, coal, nuclear, natural gas, and solid oxide fuel cells (SOFCs)—SOFCs emerge as the most efficient, reaching 87% efficiency when paired with heat capture. With AI’s power consum...| IO Fund
Big Tech is spending tens of billions quarterly on AI accelerators, which has led to an exponential increase in power consumption. Over the past few months, multiple forecasts and data points reveal soaring data center electricity demand, and surging power consumption.| IO Fund
Since launching the Discovery tier less than a year ago, The I/O Fund’s internal process for identifying new winners has greatly improved. Based on the research we produced from this tier, we added stocks like Bloom Energy, Core Scientific and Oklo to our portfolio, and these new additions became some of our biggest wins (thus far) in 2025. As we continue to build out the Discovery library, we’d like to make it as easy as possible for our readers to follow along. We want to cast a wide ne...| Blogs
Palantir leads the AI software pack in terms of strong earnings reports this past quarter as the company achieved significant milestones, the most impressive being US commercial revenue grew 93% YoY and 20% sequentially. You will be hard pressed to find this kind of QoQ growth across AI’s biggest players. There are also robust cash flows and expanding margins to strengthen the story. However, what is this Perfect 10 worth? In fact, Palantir is well beyond a Perfect 10 and is rather a Perfec...| Blogs
GE Vernova is part of the spinoff that General Electric first announced in 2021 and later completed in 2024. The company broke up its three biggest segments into separate units: GE Healthcare was spun off first in 2023, GE Vernova for the Energy business was spun off in 2024 and began trading as GEV, and GE Aerospace was the business that remained with the existing stock ticker GE. As you can imagine, coming from General Electric, GE Vernova is a massive company that can easily slip under the...| Blogs
CoreWeave saw muted price action following the latest earnings report; yet the soft price action is rare for the AI darling. The company went public in March and has stood out as the premier IPO among AI stocks given the stock is up over 200%. The lockup expired last month, which begs the question – can CoreWeave continue to defy the odds and overcome the typical insider selling that is seen around a lockup expiration? Investors typically fare better waiting for anxious insiders to sell, ye...| Blogs
Hyperscalers are spending hundreds of billions of dollars annually on AI data center capex, from physical data center space, GPUs and servers, hardware and networking. With these substantial sums flowing towards GPUs that are now being refreshed on an annual cadence, the impetus for hyperscalers, neoclouds and other cloud providers turns to how quickly these GPUs can be energized and deployed, to maximize the period of returns before the next generation comes online. AI is a spending race, bu...| Blogs
The AI frenzy has investors fixated on revenue growth as proof of returns on AI spending that can be as high as $100 billion per year, depending on the company. Yet, Meta is proving that a stronger signal of AI strength may be found further down the income statement — in the bottom line. This quarter, average revenue per person (ARPP) is showing initial signs of bottoming with an important uptick YoY that was absent last quarter when ARPP declined YoY. Secondly, Meta has indicated their int...| Blogs
The company IREN was formally known as Iris Energy, yet changed its name to reflect the stock ticker last year. There are a few key things that separates IREN from other Bitcoin miners. The first is that IREN is still a Bitcoin miner whereas others have retrofitted their Bitcoin operations for the data center entirely or plan to very soon as the operations were not profitable. In contrast, IREN is able to turn a profit from Bitcoin mining and plans to use that cash to help fund its AI data ce...| Blogs
The saying that “good things come to those who wait,” is what Riot Platforms is banking on. The company is taking its time in preparing its two major sites for AI data center customers. Meanwhile, Bitcoin mining peers seem to be rushing toward deals, and their stocks have been popping off over the past few weeks as a result. When asked in the earnings call what the hold up is, Riot explained they are looking to maximize the deal terms as they have one of the most attractive sites in the c...| Blogs
NuScale has operated for nearly two decades as the company was founded in 2007. That’s key as the company is ahead of competitors as the only small modular reactor (SMR) technology to receive two approvals from the Nuclear Regulatory Commission (NRC). The company also has an established manufacturing supply chain and has invested $2 billion over the years for plant licensing and operations. In other words, NuScale has a significant head start. We’ve covered the company in the past in the ...| Blogs
Galaxy is a crypto infrastructure company that is branching out to power AI data centers. Unlike the other Bitcoin miners we have covered recently, Galaxy is deeply entrenched in the crypto industry and will continue its crypto operations while expanding to build an AI campus in Texas called “Helios.” On the crypto side, Galaxy offers trading, crypto wallet, custody staking and tokenization. They provide infrastructure for popular Layer-1 crypto company Solana, including being a node vali...| Blogs
As a Bitcoin miner, Applied Digital has repositioned itself as an AI data center energy stock, with campuses primarily in the Dakotas. With long-term lease agreements — including multi-hundred-megawatt deals with AI cloud providers like CoreWeave — Applied Digital is a front runner that offers lower power usage effectiveness (PUE), an important metric that measures how much electricity is consumed by a data center. This PUE is achieved through free cooling as the Dakota region is colder t...| Blogs
TeraWulf is a front runner in the Bitcoin mining space following significant news announcements in August that Google is taking an 8% stake in the company through a partnership with European-based neocloud company Fluidstack. The announcement in mid-August was initially for 200 MW over a 10-year period, for $3.7 billion in contracted revenues with a potential to reach $8.7 billion through lease extensions. Of this, Google backstopped $1.8 billion by taking an 8% stake in TeraWulf. Days later,...| Blogs
In the analysis below, my firm crunched the hard data on Q2 capex numbers and what is coming down the pipe for Q3. If you are an AI investor like we are, this is an analysis you will not want to miss as the numbers below help to dictate how much room is left in many AI stocks. As the final highlight, we are rolling out a brand-new buy plan for Nvidia stock – which is highly dependent on capex growth. When it comes to Nvidia buy plans, many of you are aware the I/O Fund has a strong track re...| Blogs
Time to power is the most important focal point for AI investors at the moment, considering the high level of demand for compute, the inability of Big Tech to meet said demand in the cloud, and the rapid upgrade cycle between GPU generations. Once exposed to the volatility and uncertainty of Bitcoin prices and halving, transitioning to offering AI hosting provides more lucrative, predictable, and higher-margin revenue streams for Bitcoin miners. The AI industry is now giving miners a vote of ...| Blogs
The trend toward neoclouds is a high risk/high reward opportunity for investors. Nebius is similar to CoreWeave, dubbing itself as AI native cloud infrastructure, which means the infrastructure was built specifically for AI workloads with architectures built on bare metal servers instead of hypervisor layers, for example. As pointed out in our CoreWeave analysis, this along with a few other optimizations can result in significantly faster training. The stock surged earlier this month off the ...| Blogs
On July 22nd, Aehr shared a press release in which it announced orders for 8 Sonoma systems from its lead production AI-processor hyperscale customer, with delivery expected to occur over the next 2-3 quarters. On August 26th, an additional press release announced a follow-on order for 6 more Sonoma systems from the same hyperscaler, with delivery scheduled across the next 2 quarters (likely contributing to FY26 H1). Tracking these AI orders and related revenue is important as AI is now a muc...| Blogs
Tesla’s growth faces major hurdles in 2025 after its first annual decline in deliveries. Sales are plunging in key markets like China and Europe, while margins remain under pressure. Optimism around robotaxis and Optimus robots is rising, but neither is expected to drive significant growth next year. Tesla’s push for an affordable model also raises profitability concerns. Stay ahead with I/O Fund’s expert analysis—our high-performing tech portfolio outperformed the Nasdaq-100 in 2024....| IO Fund
The digital world is overloaded with noise—millions of posts, comments, and messages flood the internet every minute. For investors, this creates a challenge: filtering out distractions to focus on high-quality stock analysis. I/O Fund delivers institutional-grade research on tech stocks, AI, and crypto, offering both free and premium insights with real-time trade transparency. From Nvidia’s AI call at $3.15 to identifying top AI and semiconductor stocks, our analysis provides a competiti...| IO Fund
In a world flooded with information, investors face an overwhelming amount of noise. Quality stock analysis is the key to cutting through the clutter. At I/O Fund, we provide in-depth, free investment research—focused on the high-risk, high-reward tech sector, including AI, crypto, fintech, and semiconductors. Our expert insights help investors navigate market volatility with confidence. Stay ahead with our best analysis, designed for those who seek real value in a fast-moving market.| IO Fund
In our mid-October 2024 broad market report, we highlighted that a breakout above 5825 on the S&P 500 could push the index into the 6000–6185 range—contingent on holding support at 5675, which it did. Since then, the market peaked at 6147 and remains near its October levels. However, key sectors and stocks have failed to participate in the rally, and bond market reactions to the Fed’s aggressive rate-cut plans remain concerning. Legendary investors like Stanley Druckenmiller and Peter L...| IO Fund
DeepSeek shook the market to start the week, sending AI heavyweight Nvidia down 17% on Monday, wiping out $600 billion in market cap, while other AI hardware names fell up to 30%. This is enough to make any investor panic, and it boiled down to one mission-critical question – did the model’s release fundamentally rewrite the AI capex story? The market’s readthrough is that Big Tech has now been overspending on AI. However, The I/O Fund believes that readthrough is wrong, it’s not that...| IO Fund
Tesla stock has rallied through most of 2023 during a time when consensus was estimating sales to grow +23% y/y but earnings to decline 15%. The main driver behind the decline in earnings estimates is that Tesla has decided to lower prices to increase volumes at the expense of margins. Starting in Q322 through Q223, operating margins have declined from 17.2% to 9.6%. Initially, Tesla cited making sure certain models qualified for the EV tax credit and later higher interest rates as the primar...| IO Fund
In an interview with Darius Dale, Beth Kindig stated: “We ultimately think you can get Nvidia lower than where it is trading now. We are likely to take gains between $120 and $150 based on technical levels. The valuation has finally caught up to the fundamentals, and we have about six to nine months before Blackwell arrives.” Beth stresses the importance of using technical analysis, as tech investing is sentiment-driven and has proven to have stellar returns in the past. I/O Fund has a...| IO Fund
Below, I look at the demand environment for leading cybersecurity stocks CrowdStrike, Zscaler, Palo Alto, and Fortinet, and which ones have key metrics hinting toward underlying strength.| IO Fund
In this report, my team will address the risks brewing in the market. The strange behavior in the bond market could be signaling that the FOMC has made a policy error. This coupled with key tech stocks trending lower against the S&P 500’s advance, has my firm cautious for the time being.| IO Fund
The market is clearly excited about this report, and for good reason. Remaining performance obligations (RPO) grew 359% YoY with cloud RPO growing “nearly 500%” on top of 83% growth last year. Another key reason that Oracle’s stock is exploding higher despite a lagging fiscal Q1, is that Oracle Cloud Infrastructure (OCI) was forecast to “grow 77% to $18 billion this fiscal year and then increase to $32 billion, $73 billion, $114 billion and $144 billion over the following 4 years.” ...| Blogs
Two years ago, the April 2023 quarter delivered a historic 18% beat, followed by an even bigger 30% beat in July 2023. Compare that to the most recent quarter ending July 2025 — just a 4% beat, the smallest in two years. The narrowing beats combined with a rare QoQ decline in the Compute segment could be interpreted as Nvidia is running out of steam. I disagree with the idea that Nvidia is running out of steam and had the opportunity to speak to a few notable media anchors from Fox Business...| Blogs
Broadcom Q3 results confirm the stock as the number two player in AI as a combination of AI networking, custom silicon and AI software propelled total revenue to record levels. Semiconductor Solutions accelerated nine points to 26% YoY growth due to a rebound in AI accelerators (+63% YoY) and networking (170% YoY). While non-AI Semiconductor revenue remains weak and flat sequentially, VMware’s contribution helped prop up the segment. Looking ahead, Broadcom’s Q4 guide implies acceleratio...| Blogs
Credo easily had one of the best earnings reports across the tech sector this quarter. The company reported growth of 274% YoY and 31% QoQ for revenue of $223.1 million. This beat estimates on the top line by 17% with management raising full-year revenue growth outlook by 35 points, from 85% YoY to 120% YoY. The bottom line also shined with adjusted EPS beating estimates by 44.4%. This represents growth of 1,200% YoY from a thin $0.04 in the prior-year quarter. Triple-digit growth of 425% on ...| Blogs
Our track record including a more recent 600% move in Bitcoin is not the product of hype but of a systematic framework—one built on technical analysis, on-chain metrics, and a close watch on global liquidity conditions. Today, this very process is flashing warning signs, which has us, once again, going against the popular narratives, as we have begun the process of taking gains in Bitcoin and reducing risk. Because of the warnings that our system is picking up on, the I/O Fund partnered wit...| Blogs
Reddit’s stock has surged 62% in one month, easily placing the company’s earnings report as one of the best to come out of the tech sector this quarter. The world’s leading forum site has only 416 million weekly active users compared to Facebook’s 2 billion yet ranks fifth behind Facebook as the most visited site in the United States. In addition, due to a few changes in how Google surfaces content with AI overviews, Reddit is now the second most visible site in the United States – ...| Blogs
Last month, after ServiceNow reported second quarter results that exceeded expectations on multiple fronts, shares of NOW rose by 6%. The company is attempting to reposition itself beyond a provider of cloud-based digital workflows to what they are calling “the AI-powered operating system for enterprise transformation.” Yet, the market is cautious as the stock is down nearly 20% YTD and lags other AI software stocks – this analysis looks at the puts and takes weighing on this promising ...| IO Fund
In late 2022, when Bitcoin was trading near $16,000, the I/O Fund issued a Strong Buy Alert. At the time, many of the market’s biggest crypto bulls were silent. Fast forward to today, Bitcoin is up over 600%—and now we are hearing the same aggressive upside targets that we heard years ago prior to Bitcoin’s 70% plunge. In this week’s report, we take a hard look at these exuberant, bullish calls and contrast them with our systematic models that correctly identified the 2021 top and 20...| Blogs
In our last Broad Market Report titled, Historic Uncertainty Meets $7 Trillion Dollar Debt Wall: What Comes Next For The S&P 500, the S&P 500 was trading near 5800 and still well below its February high. We outlined the unique macro risks that were dominating investor sentiment, which were at historic extremes. At the same time, technical signals suggested a path to new all-time highs remained likely. “The market breadth, Q1 earnings beats, and the size of this rally suggest that new all-ti...| Blogs
This week, Google cleared a major hurdle with Search accelerating from 10 points of growth last quarter to 12 points this quarter -- putting to rest many doubts that Search monetization is at risk given the popularity of apps such as Chat-GPT with 600 million active users (and counting). After hours, the stock was flat given Google's current capex spend would take nearly 5 years to pay back at Google Cloud's current growth rate. However, while the puts and takes caused a neutral reaction, o...| IO Fund
When it comes to AI cloud leaders, Oracle is not often mentioned, yet the company is quickly positioning itself to lead among Microsoft, Amazon and Alphabet when it comes to cloud growth over the next few years. For the upcoming fiscal year, Oracle guided for a 20-point acceleration in Cloud IaaS growth to >70%, driving a 16-point acceleration in overall Cloud growth to >40%. Supporting its long-term growth is robust RPO momentum, its recent 4.5 GW expansion with OpenAI and its $30 billion/ye...| Blogs
Robinhood’s fundamental transformation over the past two years has been nothing short of remarkable. Crypto is driving strong revenue growth at 50% YoY in Q1, while TTM operating margin is approaching 40% after being at (72%) at the start of 2023. Robinhood was an initial trailblazer in zero-commission trading, yet the company arguably made one of its most significant moves at the end of June with the launch of Stock Tokens. The tokenization of assets marks an entry into a market that wil...| IO Fund
The market evolves quickly, and nowhere is that more apparent than in AI stocks, which continue to lead in both innovation and returns. At the I/O Fund, our deep coverage of AI stocks, combined with active management of crypto positions, gives us a unique vantage point. As we move into the second half of the year, we want to highlight key insights every investor should understand about where AI stocks and crypto could go next.| IO Fund
Data center power demand is forecast to surge over the next decade, with some estimates seeing demand increasing 3x by 2030. Inference is expected to be a primary driver with power demand growth projected at a 122% CAGR through 2028 as providers work to serve billions of requests and process hundreds of trillions of tokens. Combined with a 5x increase in GPU power consumption over the next two to three years with Nvidia’s Rubin Ultra, power is quickly becoming a major bottleneck for the ind...| IO Fund
Last week, AMD offered more details on the release of their groundbreaking GPUs with little fanfare in the markets – which is par for the course as AMD has a history of being forgotten about until the company can no longer be ignored. At Advancing AI 2025, AMD introduced its Instinct MI350 series GPUs, including MI355X with up to 4X performance over the previous MI300X generation and up to 40% more tokens per dollar compared to Nvidia’s B200 accelerators.| Blogs
Up until now, the AI conversation has been dominated by training and compute, yet inference is showing signs of exploding growth. Microsoft and Google recently highlighted 5x to 9x YoY growth in AI tokens processed, while OpenAI and Anthropic are adding billions in ARR in a matter of months to $10 billion and $3 billion, respectively. While Nvidia takes center stage for many investors as AI training powered its immense data center growth over the past two years, this AI semiconductor stock is...| Blogs
We are seeing mounting evidence that this bounce may be the start of a new push to all-time highs, such as improved breadth, better than expected earnings plus the size of this bounce. However, one can’t ignore the unprecedented levels of uncertainty shown in key indexes, coupled with a growing problem in the U.S. bond market. In this report, we’ll lay out the unbiased case for each scenario for our 2025 stock market outlook.| Blogs
Despite their leadership, AI stocks like Taiwan Semiconductor and Nvidia are flat year-to-date and trading at similar levels as June 2024. Clearly, the AI trade is not as straightforward as it might seem. Taiwan Semiconductor, in particular, sits at the center of geopolitical tensions — yet those tensions tend to surround companies with deep IP in the AI economy. What makes this economy so distinct is not just the extraordinary commercial demand, but also its rare, historical role in shapin...| Blogs
Microsoft stock jumped after Q3 2025 earnings as Azure emerged as the only major cloud platform to accelerate growth this quarter — a rare feat amid macro pressures. Azure’s 35% constant currency growth crushed estimates and far outpaced AWS at 17% and Google Cloud at 28%. This momentum reaffirms Microsoft’s dominant position in the Azure vs AWS vs Google Cloud battle. With deeper enterprise penetration, exclusive OpenAI integration, and a strong AI-driven roadmap, Microsoft’s cloud a...| IO Fund
AI data centers are at the heart of the AI revolution, but their massive energy demands raise critical questions. With power consumption expected to grow 160% by 2030, data centers are turning to a mix of brown, clean, and renewable energy sources to balance sustainability and reliability. Goldman Sachs estimates 40% of new data center capacity will come from renewables, but can solar, wind, and nuclear meet AI’s 24/7 power needs? Discover how hyperscalers are adapting their energy strategi...| IO Fund
Alibaba’s AI-driven cloud revenue is surging with six consecutive quarters of triple-digit growth. However, its AI earnings remain a fraction of what U.S. tech giants report, with Microsoft leading at 13X higher AI revenue. The competitive pricing war in China’s AI sector may be limiting its growth potential. Explore Alibaba’s AI advancements, market challenges, and future prospects in our latest analysis.| IO Fund
Tesla is arguably one of the most advanced AI companies in the world, yet its stock is dictated by margins. Over the past three years, Tesla’s average gross profit per vehicle has declined by 60%, falling from more than $14,400 in Q3 2021 to less than $6,000 in Q2 2024, highlighting the difficulty Tesla has faced in a high-interest rate environment.| IO Fund
In this article, I break down how Palantir’s AIP is putting it a step above peer Salesforce, MongoDB and Snowflake with visible AI growth, and its undeniable ‘secret sauce’.| IO Fund
We’re still in the early innings of AI, but the pace of transformation that AI is driving is unlike any other technology seen before, and that was evident at Communacopia. Below, I dig in to the four things that investors must know about AI.| IO Fund
Choose the best tech stocks for your portfolio. Beth Kindig provides weekly analysis and a free newsletter to help predict the best tech stocks to buy. IndexPage| IO Fund
Bulletproof Nvidia showed an unusual bout of weakness this past month following a report from The Information that Nvidia’s new AI chips are delayed. The report asserts that Nvidia’s upcoming artificial intelligence chips will be “delayed by three months or more due to design flaws,” resulting in a final flush of selling where the stock was down (-15%) in 7 days.| IO Fund
Big Tech’s AI spending continues to accelerate at a blistering pace, with the four giants well on track to spend upwards of a quarter trillion dollars predominantly towards AI infrastructure next year.| IO Fund
Nvidia once again posted a $2 billion beat to consensus revenue estimates in Q3, reporting YoY growth of nearly 94% to over $35 billion in revenue. Data center revenue more than doubled in the quarter to over $30 billion with Hopper driving the second largest data center beat in company history.| IO Fund
