The next trillion-dollar company?

Dear Reader,

Today I want to talk about, what else?

The most popular and common question I’ve been asked in the past 24 hours…

“Will AMD become the next trillion-dollar company?”

That’s a good question.

AMD’s stock trades around $200 a share. Its market cap is $300 billion.

For AMD to become a trillion-dollar company, the stock has to go to around $600 a share…

Which is really what the OpenAI deal with AMD kind of looks at.

The deal is, AMD is going to supply these advanced chips, which have passed OpenAI’s sniff test.

And OpenAI has a warrant to purchase AMD shares.

But it’s based on the performance of AMD stock…

And the final trench of these shares is unlocked at $600 a share.

So basically, OpenAI and AMD are both incentivized to get AMD to a trillion-dollar valuation.

If OpenAI exercises all these shares, they’ll own up to a 10% stake in AMD.

It’s an interesting situation, and they expect it to happen.

And there’s a timeline, too…

The warrants expire five years from now, in October of 2030.

So OpenAI is making a bet right now that AMD becomes a trillion-dollar company in the next five years.

I actually think it could happen a lot sooner.

When you look at AMD, they have a huge growth cycle with their new chip.

Exports are starting to resume to China.

So this deal announcement confirms their chip is competitive.

It confirms that AMD is a serious Nvidia competitor.

And that CEO Lisa Sue really knows what she’s doing.

One of the bigger stories here to me is all the investments happening in America.

Whether it’s OpenAI building massive data centers…

Elon Musk building a new supercomputer in Memphis…

Nvidia investing $100 billion in OpenAI…

All this investment, by some accounts, is looking like up to $17 trillion being invested in America.

It’s astonishing.

It’s starting to become comparable to the Industrial Revolution in many ways, this kind of AI revolution…

Mainly in terms of massive factories being built across the country.

We haven’t seen something like this in recent memory.

The dot-com boom wasn’t this big, this fast - that’s for sure. I can tell you as someone who lived through it.

We see President Trump’s America First strategy really paying dividends. And timing is everything. It’s happening during this massive AI boom.

These deals are just astonishing…

$500 billion with Stargate.

A trillion dollars here, $200 billion there.

Deals are getting done.

Every couple days you see another huge deal.

It’s one of the reasons we want to focus in on America First opportunities.

We’re really leaning into this theme, which we’ll continue talking about in the coming weeks.

Because you think about the size and scope here.

We have the President incentivizing pharmaceutical companies to come back to America - to build factories in America.

Which companies are going to do the building?

These are the things we’re looking at.

When we talk about domestic supply of drugs - which companies develop the materials to make those drugs?

When we talk about America manufacturing semiconductors, there are companies that do semiconductor testing and packaging for the big companies whose names we know…

But these secondary plays can pay big, too.

There’s companies that do waste disposal for pharmaceuticals.

There’s this whole infrastructure boom happening here in America, and it is going to be huge. There are so many opportunities.

It’s AI…

But it’s also critical minerals, coal, energy, all these things that aren’t really fun to talk about, but that can make investors a lot of money.

So, we’ve been working on a new project. One we’ll be sharing with you soon!

Our first undertaking like this ever, really.

If you’d like to be part of the innovation process here, please share your thoughts with us in a brief survey.

It should only take a few minutes, and it means a lot to me and to my team to hear from you directly.

Anyway, I wanted to answer the biggest question I’ve been getting on whether AMD will become a trillion-dollar company.

I believe yes, and before the five-year deadline.

“The Buck Stops Here,”