@rebound_capital's calls have beaten their sector by 2.2% per month, winning 55% of the time.

While all the focus so far has been on GPUs, the next bottleneck lies in CPUs. CPU bottlenecks account for ~90% of execution time for the agentic AI workloads, as CPU is responsible for API calls, data cleaning, and managing context windows. Before agentic AI, we only needed one CPU for every 12 GPUs. But the latest projections from Nvidia put that at 1 CPU for every 2 GPUs. AMD is the market leader in data center CPUs, and the gap is expected to widen further with the launch of 2nm Venice chips. AMD should get a better share of the incremental revenue driven by agentic demand for CPUs. While both Intel & Nvidia (Vera CPUs) are competing in this market, $AMD is much better placed to win.

… ead on customer retention and pricing power across the portfolio. No sign of AI disruption yet (it would show up in low maintenance organic growth)... The next catalyst is the May 15 shareholder meeting, where Mark Miller will update the market on AI initiatives across Constellation. Thesis check: Thesis is intact and reinforced. Strong FCF, an accelerating M&A pace that quiets the law-of-large-numbers debate, resilient organic in a tough environment for software, and a maintenance line growing organically at 4% rate signal strong customer retention and pricing power. CSU's software is not getting disrupted so easily and we expect that AI will be a tailwind.

Morgan Stanley released an incredible finding about ASML today. China is at least 20 years behind in lithography tech, and they’re the closest competition. It’s crazy, because 20 years ago ASML was here: There’s a lot for the competition to catch-up, and by then ASML will be much further off. Every step in the semiconductor industry runs through ASML’s moat - from 5nm to 2nm processors. That's the most optimal form of pricing power in any industry. Long $ASML.

$UNH: UnitedHealth is up 7%. The reason: - 2.5% vs 1% expected Medicare annual increase in ‘27: The CMS has set the 2027 annual increase in Medicare Advantage for private insurers at 2.5% vs. the 1% increase expected (and 0% previously floated). - This negates the near term bear thesis for UNH: that the US government will squeeze insurers to keep medical costs low, even at the expense of people losing their private insurance (if companies decide to let go of business due to low reimbursement) We think the regulatory overhang on UNH will be structural. Both parties will want to lower healthcare costs in America (for good reason), and UNH may stand to lose as an incumbent in the current system.

Rebound update: $FICO The company with 88% operating margins on its core business is about to have even higher margins, with even quicker growth. FICO just doubled its fee to $10, from $4.95. This is a huge change for FICO, and the stock is up 21% since yesterday! This is because FICO can now directly license its score to lenders, as opposed to bureaus that would then give it to lenders (with a markup) $FICO will now sell two models: 1) Lenders can directly access the FICO score for $10 2) The second is a performance-based model where the lenders will pay $4.95 upfront but give $33 for a successful loan closure. This helps the lenders as previously, they paid $10 for even unsuccessful loans. By our estimates of most of the business shifts to this model. FICO's revenue could go up by >25%-30% with an even larger increase in operating profits. As a result, we’re revaluing FICO to $1600 per share.

The chart below is NOT a meme coin This company has generated 100x returns in the last 15 years. That’s 4x of Apple. And they’re currently in a 45% drawdown (not uncommon for this stock) This is after the stock tripled in 2024 (+233%) $TPL Texas Pacific Land Corp is one of the most polarizing companies I’ve looked into, and simultaneously one of our most requested companies recently. The business model is excellent, and the potential is entirely unrealized. Here’s my 2000+ word deep dive, complete with our proprietary quality rubric, our DCF model and our stock rating: [ https://t.co/dJh3DIt1dh ]