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Summary
Jeremy observes a highly bifurcated market where certain stocks are experiencing unprecedented gains, primarily those in memory chips and AI infrastructure, while others, particularly consumer and SaaS companies, face significant weakness and pessimism. He notes that the market is currently rewarding companies directly involved in the AI buildout while penalizing hyperscalers who are footing the bill.
He highlights the extraordinary performance of memory chip stocks like Micron and AMD, noting that surging memory prices are pushing these stocks higher. However, Jeremy expresses a long-term concern that these "insane" memory prices pose a significant risk to the overall AI trade, as higher component costs will eventually erode demand for end products like iPhones and other devices using these chips. Based on historical commodity cycles, Jeremy predicts that memory chip stocks will peak in stock price this year (2026), followed by a 1-2 year "churn phase" of sideways movement, and then a multi-year down cycle.
Conversely, Jeremy notes widespread weakness in consumer stocks (e.g., Nike, Estee Lauder, American Express, SoFi, Revolve, Honest) and SaaS companies (e.g., Palantir, Salesforce, ServiceNow). He attributes this to general market pessimism, a lack of hype, and an unwinding of passive ownership, and suggests upcoming IPOs of Anthropic and OpenAI could further draw investor money. Despite this current weakness, Jeremy holds a bullish long-term view on consumer stocks, predicting "ripper rallies" in 2027 and 2028, and states he is "investing heavy" into many of these names. He also cautions against relying solely on large backlogs as an indicator of sustained performance, citing his past experience with Trinity Industries where the stock faltered despite a massive backlog. For companies like Caterpillar, currently benefiting from AI infrastructure buildout, Jeremy suggests they are more predictable to "bet against" (short) in the future when the AI trade slows down, due to their fundamental-driven valuations.
Mentioned Stocks
Reasoning: Nike is currently a weak consumer stock, but Jeremy predicts that consumer stocks will experience "ripper rallies" in 2027 and 2028, making Nike a "winner winner chicken dinner." He explicitly states that he is "investing heavy into" consumer stocks and has been "buying a lot of Nike" recently.
Reasoning: Micron is currently experiencing huge momentum and is a big winner, being a key part of the AI trade with surging memory chip prices. However, Jeremy expresses long-term caution, believing that memory chip stocks like Micron will peak in stock price this year (2026), followed by a 1-2 year "churn phase" and then a multi-year down cycle, based on historical commodity trends. He notes the company is sold out until at least 2027 and has secured significant contracted revenue, but advises against solely relying on backlogs as an indicator of sustained performance.
Reasoning: Jeremy predicts that Celsius should "catch momentum within the next three months" and then "go beast mode" for one to two years before potentially leveling off. He projects that the stock will reach "100+" and classifies it as a consumer name, with the potential to evolve into a consumer staple longer-term.
Reasoning: Despite the market's negative perception of its AI spending, Jeremy views Amazon as a great company for the long term. He advises investors to "load up" on Amazon shares over the next 12 to 18 months and "throw them in the filing cabinet" as a long-term hold. He expects a period of "dead money" or even down money for 1 to 3 years, followed by an "insane" "ripper rally" within a 12-24 month span, where the stock could double, triple, or quadruple quickly.
Reasoning: Despite current weakness and the market viewing its substantial AI spending negatively, Jeremy identifies Meta as a great long-term company. He strongly recommends investors "load up" on shares over the next 12 to 18 months, predicting a period of "dead money" for 1 to 3 years. Following this, he expects a significant "ripper rally" where the stock could double, triple, or quadruple quickly within an 18-24 month span.
Reasoning: Jeremy identifies ELF Beauty as the "best opportunity" in the stock market for the remainder of this year and over the next several years. He anticipates continued momentum for the stock as the company's numbers improve through the year, guidance is raised, and confidence grows around longer-term margins and earnings per share. He predicts that the stock will reach "200+" long term, noting it is already up over 30% from its lows three weeks ago.
Reasoning: Cake stock has been showing "too much momentum," consistently hitting new highs daily, with numbers that are good but not "extraordinary." Jeremy, who has been a significant buyer of Cake for several years, states he is now "pulling back on my buys" as he sees better opportunities elsewhere in the market. He observes that there seems to be a "big buyer" of Cake stock other than himself.
Reasoning: AMD is benefiting from the AI trade and positive sentiment around memory chip stocks, seeing an almost 2.5% rise without specific news. Jeremy believes AMD's stock price will peak next year in 2027, while its earnings are projected to peak later, around 2029 or 2030. He anticipates that the company will deliver several "shock and awe" earnings quarters, with the first one expected in the upcoming report.
Reasoning: SoFi is currently a floundering stock that Jeremy identifies as a potential "sleeper" for the anticipated "ripper rallies" in consumer names during 2027 and 2028. He suggests it could be a significant performer as the consumer market recovers.
Reasoning: Revolve is considered a potential "sleeper" among consumer stocks by Jeremy, anticipated to benefit from expected "ripper rallies" in 2027 and 2028. He explicitly states he "started buying more recently" and is "stepping up my buys" in the company, aligning with his strategy of investing heavily into consumer names.
Reasoning: Salesforce is currently experiencing a phase of "max pessimism" along with other SAS-related companies. Jeremy believes it will be well-positioned for strong performance from 2027 through 2029. He anticipates that in future years, investors will recognize the "agentic opportunity" for these companies and find their valuation "pretty compelling."
Reasoning: Estee Lauder, a currently weak consumer stock, is identified by Jeremy as a "winner winner chicken dinner" for the anticipated "ripper rallies" in consumer names during 2027 and 2028. He confirms that he is "investing heavy into" consumer stocks and specifically mentions he has been "buying a lot of Estee Lauder."
Reasoning: American Express, a currently floundering consumer stock, is expected by Jeremy to be a "winner winner chicken dinner" during the predicted "ripper rallies" for consumer names in 2027 and 2028. He indicates that he is "investing heavy into" consumer stocks and explicitly states he has been "buying a lot of American Express."
Reasoning: Palantir is experiencing "incredibly weak" and "almost shockingly weak" performance. Despite this, its valuation is rapidly improving, with its forward P/E now in the 70s (down from 200-300+ at its peak) and its two-year forward P/E in the 30s. Jeremy notes that while its current year expected revenue growth is extraordinary at 75%, the stock currently lacks the excitement and hype needed to thrive, being overshadowed by memory chip stocks and AMD. He believes it's in a "fear phase" with other SAS companies but will "eventually come back to life," possibly in the back half of the year or 2027. He also suggests that if the stock breaks $100, it could attract significant buying pressure.
Reasoning: ServiceNow, like other SAS companies, is currently in a phase of "max pessimism." Jeremy expects it to be well-positioned for strong performance from 2027 through 2029, driven by the anticipated recognition of its "agentic opportunity" and an increasingly "compelling valuation."
Reasoning: Honest is identified as a potential "sleeper" among consumer names that Jeremy believes could benefit significantly from the "ripper rallies" expected in 2027 and 2028 as the consumer market experiences a strong comeback.
Reasoning: Apple is described as "insanely weak," having recently dropped over 6%. Jeremy highlights a significant risk stemming from surging memory chip costs, which could force Apple to increase iPhone prices by $200-$400 in the next generation. This potential price hike is seen as a factor that could severely erode consumer demand for its products.
Reasoning: Netflix is currently experiencing "incredibly weak" performance, having fallen nearly 50% from its all-time highs. However, Jeremy finds its current forward P/E of 19 "intriguing." He advises accumulating shares over the next 12 to 18 months for long-term holding, anticipating a period of "dead money" followed by a strong rally, similar to his outlook for Meta and Amazon.
Reasoning: Caterpillar, currently performing strongly and up 4% (over $1000), partly due to its role in AI infrastructure, is highlighted by Jeremy as a suitable stock to "bet against" (short) in the future. He believes that when the AI trade slows and data center buildout falters, Caterpillar will be hit hard because it trades on fundamentals, making it a more predictable short candidate compared to sentiment-driven stocks like Tesla. He explicitly states he will "probably bet against Caterpillar" when that time comes, even before its earnings reflect the slowdown.
Reasoning: Trinity Industries (formerly TRD) was a highly successful past investment for Jeremy, from which he made significant money between 2010 and 2011, and he had already sold his shares. He uses this experience as a cautionary example regarding large backlogs. He explains that the stock began to falter even when its backlog was at its largest, illustrating that backlogs can erode or be canceled and do not guarantee sustained stock performance or price appreciation.