Happy Saturday!

It's time for another reader Q&A.

Each week, I answer questions that land 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.

A Quick Word About Volatility

Space stocks and many of the biggest AI winners have pulled back over the last few weeks.

We knew this was going to happen.

Markets don't go up in straight lines.

If you're panicking, ask yourself one question:

Am I overexposed?

Maybe you're risking more money than you can comfortably tolerate.

Otherwise, I view pullbacks like this as opportunities.

Some of the highest-quality companies in the market are now trading at lower prices simply because investor sentiment turned overwhelmingly negative this week.

Let’s see if everyone feels the same way next week.

What are your thoughts about nuclear power? I bought several nuclear stocks (including NuScale (SMR) and Lightbridge (LTBR)) over a year ago anticipating their growth to provide this power. They are all down significantly, but I am still optimistic. – Bill

Hi, Bill. I'm still bullish on nuclear over the long term, and I'm familiar with both NuScale (SMR) and Lightbridge (LTBR).

The important thing to remember is that these are speculative nuclear investments.

Neither company is generating meaningful commercial revenue today. They're still investing heavily to prove out their technologies.

While there is a market for these stocks, the more pressing need is power sources that are available today – like Bloom Energy.

That doesn't mean the nuclear story is broken.

It just means investor focus has shifted.

But as we know… markets move in cycles.

Eventually, I think sentiment will shift again.

When it does, I expect investors to rediscover nuclear.

I found your recent article on powering AI centers very informative, and how Bloom is a leader in modular power. Which leads me to my question, what about other companies who compete in that sector like Plug Power (PLUG) and FuelCell Energy (FCEL)? – Richard

To me, these stocks are similar to NuScale (SMR) and Lightbridge (LTBR) above.

• FuelCell Energy (FCEL) is beginning to make inroads into AI data centers, but it's still much earlier in its commercial ramp and remains unprofitable.

• Plug Power (PLUG) is even further out. Its long-term vision revolves around a hydrogen economy, but widespread hydrogen adoption for powering AI data centers is still years away.

The long-term story is compelling.

The near-term business is much less certain.

If I'm investing in the AI power buildout as it exists right now, Bloom is my preferred way to play it.

Your thesis on Bloom Energy (BE) is spot on. Bloom does have technology and nice pictures, but it is not the latest and greatest. They’re trying to get it. I know the company that has it and they are not selling that technology. – Freddy

Fill us in, Freddy! What company are you referring to??

The people want to know!

What happened with AST SpaceMobile (ASTS)? Did anyone know they were going to dilute their stock the way they did? – James

Hi, James. The short answer is no.

Very few investors expected AST SpaceMobile to announce a $1 billion convertible note offering, which is why the stock sold off so sharply.

That said, I think it's important to separate the financing from the business.

AST isn't raising money because demand disappeared. It's raising money because building a global satellite network requires enormous amounts of capital.

Do I like the dilution? No.

Has it changed my long-term thesis? No.

Short term, this is a painful reminder that speculative, pre-cash-flow companies can be extremely volatile.

At what level do you think Rocket Lab (RKLB) might still be a buy? As of this writing, $76.73 looks intriguing but then again so does Uber (UBER) at $74.26. – Steve

Rocket Lab is down further to around $68 as I type.

The stock isn’t cheap, trading at around 35x next year’s sales.

But unlike SMR and LTBR, Rocket Lab is generating real revenue and is already a major player in its industry.

Space stocks have sold off since the SpaceX IPO. But ask yourself:

Has anything changed since then?

If anything, I’m more bullish on space because of all the institutional capital flowing in.

When investors give SpaceX, Blue Origin, ASTS capital, that doesn’t just sit on their balance sheets.

It gets spent throughout the space industry.

I wrote about this on Monday. See the full article here.

What about Apple (AAPL)? – Ronald

Talk about a stock that just keeps grinding higher despite an already rich valuation.

Its growth doesn't come close to Nvidia or Micron, yet investors continue rewarding it with an even higher multiple.

Personally, I'm not a buyer because I think there are better opportunities with more upside elsewhere.

But I also won't argue against owning what may very well be the greatest business ever built.

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