This Could Become the Biggest Bull Market in Years

Milk Man and Milk Road’s AI analysts examine why the market’s sharp sell-off quickly reversed and why they believe the structural AI bull case remains intact. Their central argument is that analysts continue to underestimate hyperscaler capital spending even as cloud demand, backlogs and earnings support further infrastructure investment.

The discussion weighs hyperscalers, Nvidia and Palantir as different ways to capture AI growth, while warning that chips, memory, energy and neoclouds often amount to the same infrastructure trade rather than true diversification. The team also assesses SpaceX’s valuation, upcoming share unlocks and compute ambitions, concluding that its long-term opportunity is substantial but its near-term earnings and capital needs still create risk.

Portfolio strategy remains focused on buying high-conviction names during steep pullbacks without using leverage. The analysts highlight memory and hyperscalers as areas of interest, while stressing that durable AI adoption—and the measurable business value it creates—will determine whether the broader spending cycle can continue.