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Summary
Jeremy opens the video by highlighting his public portfolio reaching a record high of $4.278 million, noting that hitting an all-time high is usually a precursor to more record-breaking days. He addresses the market doomsayers from previous months, arguing that the upward trend remains strong. He predicts that if interest rates and oil prices continue to decline, consumer discretionary stocks could see appreciation between 50% to 100% over the coming months.
Jeremy discusses Meta's shift toward subscription services and Amazon's growing footprint in the chip market following a multi-billion dollar deal with Snowflake. He posits that Meta is at a turning point where investors will finally understand and bless Mark Zuckerberg's massive capital expenditure as the 'Agentic AI' narrative takes shape. For Amazon, Jeremy expresses excitement about their potential entry into the memory chip market and their ability to compete with existing players using their massive capital reserves.
Regarding earnings, Jeremy analyzes Snowflake and Salesforce in detail. He views Snowflake as a company still struggling with losses but moving toward profitability within two years. Salesforce, which Jeremy is actively buying, is praised for its strong share buybacks and its rapid growth in AI-driven task units. He also defends Micron against claims of being a 'meme stock,' highlighting its low forward P/E and the current memory super-cycle as legitimate fundamental drivers.
Mentioned Stocks
Reasoning: Jeremy defends the stock against 'meme' accusations, pointing to a low forward P/E of around 10 and massive earnings driven by high demand for memory. He advises buying the stock directly rather than call options, as option premiums are currently too expensive with break-even points over $1,000.
Reasoning: Jeremy views the shift into subscription services as a turning point that will provide new revenue avenues beyond advertising. He argues this clarifies Zuckerberg's high spending and will eventually be rewarded by the market as clarity improves.
Reasoning: Jeremy expects SoFi to run again if interest rates go lower and economic worries subside. He predicts the stock will have a '2' in front of it again soon.
Reasoning: Jeremy states he has built Salesforce into a big position and intends to buy more shares. He believes the transition to 'Agentic AI' and the growth of work units (up 111% quarter-over-quarter) will change the company's narrative by next year. He gave the earnings an A- minus grade, noting strong buybacks and respectable growth.
Reasoning: Jeremy believes Honest has a long way to roll as a consumer discretionary play. He specifically predicts that the stock will exit the current year at a price of $5 or more.
Reasoning: Jeremy gave Snowflake a D+ grade because it is still losing money, which he finds uncomfortable for such a large company. However, he acknowledges strong revenue growth of 33% and predicts they will reach profitability in one to two years if they keep expenses in check.