Happy Saturday!

It's time for another reader Q&A.

Each week, I answer every question in my inbox.

As always, I can't provide personalized financial advice, but I'm happy to share my thoughts, research, and how I'm thinking about the market.

Let's get started.

I read the "Micron is Down 13%... Here’s My Take" e-mail. I am wondering what your opinion is on the circular financing headlines which have affected memory stock prices, along with other stocks. – Bob

Great question, Bob. If customers are financing one another to buy GPUs, servers, or memory, eventually investors start asking whether the demand is truly organic – or even a house of cards.

I think the circular financing headlines are weighing on sentiment more than fundamentals.

These aren't undercapitalized startups trying to survive. They're some of the most well-capitalized companies in the world.

OpenAI just raised a $122 billion funding round and will likely go public within the next year. Anthropic raised $65 billion in May and also has an IPO on the horizon.

As long as hyperscalers and leading AI labs continue spending aggressively on AI, my long-term thesis hasn't changed.

I’m sticking with AI stocks.

I'm on Gemini every day and I have no need for search, which is Google's main source of income. Perplexity AI is my other source. And I'm paying zero for both. How is all this spending going to be monetized? – Dennis

Dennis, you're asking the trillion-dollar question.

Today, AI is incredible for users... but not nearly as incredible for a company’s bottom line.

Right now we're in the "land grab" phase. Companies like Google, OpenAI, Anthropic, and Perplexity want to become your default AI assistant before they worry about maximizing profits.

Once they've won your attention, they'll figure out how to monetize it – whether that's subscriptions, advertising, transaction fees, or AI agents that make purchases on your behalf.

We've seen this movie before. Amazon prioritized growth over profits for years. Google gave away Search. Facebook was free. They built massive user bases first and monetized them later.

But it’s also important to note that AI isn't a standalone product. It's already making the rest of their businesses more valuable.

Google is using Gemini to improve Search, YouTube, Cloud, Workspace, and advertising. Microsoft is embedding AI across Office, Azure, GitHub, and Windows. Amazon is doing the same with AWS, Alexa, shopping, and logistics.

So while it's fair to question whether today's spending will pay off, the bigger opportunity is how AI improves – and ultimately grows – the rest of these companies' businesses.

Your Fannie Mae (FNMA) investment is getting cheaper. Any chance they get privatized before midterms? – Peach Boy

Good question, Peach Boy. I still believe President Trump will end the conservatorship of Fannie and Freddie.

We go through phases where this is top of mind and then radio silence.

So in all honesty, I don’t know when it will happen. But I want to make sure that I’m invested when it does.

Should we buy Anthropic? Or at least the public companies that own stakes in Anthropic? – Jean

Great question, Jean. The public companies that own stakes in the big AI labs are finally getting some recognition.

Did you see Amazon’s earnings beat on Thursday? The company reported earnings per share of $5.75 vs. $1.82 expected.

The massive EPS beat is primarily due to Amazon recognizing a $53.4 billion gain on its Anthropic investment.

That’s not insignificant! And if Anthropic and OpenAI go public at the rumored $2-$3 trillion valuation, there’s a lot more upside for Amazon, Alphabet, and Microsoft who own big stakes.

To answer your question – YES! I’d own these companies for this reason, but also because these businesses are dominant in their respective industries.

What happens to an option contract if the stock splits forward or reverse? – Chris

Hi, Chris. In both cases, your option contract is automatically adjusted so you're economically no better or worse off.

Important Update: The Million Mission website is live!

I constantly get questions regarding where to find previous alerts. Well, The Million Mission website is live and you can check out archived alerts here.

Portfolio Overview

Here’s what I’m currently holding in The Million Mission portfolio:

Fannie Mae (FNMA) – 3,500 shares @ $6.86/share

Uber Technologies (UBER) – 200 shares @ $80/share

Nvidia (NVDA) – 200 shares @ $179/share

Micron (MU) – 50 shares @ $935/share