Michael Burry is back in the headlines calling the AI rally a 1999 redux. Semiconductors now make up 23% of the S&P 500 (twice the share they had five years ago). He's loaded up on puts against Nvidia, Palantir, SOXX, and QQQ. The timeline can't stop talking about it.

Meanwhile, CPI prints tomorrow, gold is parked near record highs, and Jensen Huang was conspicuously left off the executive list for Trump's China trip. Lots of moving pieces this week.

We dove into our partner AltIndex's top 20 highest-rated stocks to see what the alternative data is actually saying right now. The patterns are interesting.

🧠 What AltIndex's top 20 stocks have in common (and what it tells you)
📊 CPI drops tomorrow (forecast: 3.7%. Not great.)
🎯 Burry calls the AI rally a bubble. We have thoughts.
🇨🇳 Trump heads to Beijing with Elon, Tim Cook, and no Jensen Huang
🎮 eBay rejected GameStop's $56 billion takeover bid
💊 Hims & Hers plummeted 15% on a surprise loss

Let's get into it.

This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results.

Sponsored by Immersed

Michael Burry thinks the AI trade is a bubble. We wanted to see what the data actually says.

We pulled the 20 highest-rated stocks on AltIndex's screener, which scores companies using alternative data (social media sentiment, hiring trends, web traffic, app downloads, insider activity) and looked for patterns.

The first thing that jumps out: not a single Mag 7 or FAANG stock. No Nvidia, no Tesla, no Microsoft. The top 20 is almost entirely mid-cap names most investors haven't heard of, sitting in the $2 billion to $25 billion range where Wall Street coverage is thin and alternative data gives you the biggest edge.

1. AI supply chain, not AI itself. Six of the top 20 build, power, or supply AI infrastructure. Astera Labs (connectivity chips, +93% revenue growth YoY), Marvell Technology (custom AI silicon, +22% revenue growth YoY), KLA Corporation (chip equipment), Flex (contract manufacturing). These aren't the AI companies people argue about on Twitter. They're the ones the AI companies write checks to!

2. Hard assets and commodities. Anglogold Ashanti and Coeur Mining (gold), Sociedad Química y Minera (lithium), Knife River (construction aggregates). Anglogold is up 155% over the past year. With Brent oil around $108, sticky inflation, and an active war, the alternative data is saying physical assets are in demand.

3. Energy for the AI buildout. Bloom Energy (fuel cells, +130% revenue growth) and Renew Energy Global (Indian renewables). Data centers need massive power and traditional grids can't keep up. Bloom is selling fuel cells directly to AI infrastructure.

4. Niche software monopolies. Waystar (healthcare payments), Guidewire (insurance software), SentinelOne (cybersecurity). All dominate their vertical, all growing revenue by 20%+ YoY.

5. Boring industrials with momentum. Standard Motor Products (+24.94% revenue growth in a year), McGrath RentCorp, Zim (NOTE: pending acquisition). Zero glamour, but undeniable performance.

14 of the top 20 are actively hiring or expanding capacity. Companies don't add headcount unless they see demand coming. When workforce data lines up with revenue acceleration (Bloom at +130%, Astera at +93%, Marvell at +22%), it suggests the growth is real, not just a multiple expansion.

Burry is betting against the obvious AI names. He might be right that the mega-cap trade is crowded (semis at 23% of the S&P 500 deserves scrutiny). But AltIndex's top 20 tells a different story about where the opportunity actually is. None of these are the truly crowded trades, in our opinion. These are picks-and-shovels names that benefit from the same megatrend with less attention and lower multiples.

You can see the full leaderboard and filter by AI score, sector, and signal type on AltIndex's stock screener. If you want to track what the alternative data is flagging before it shows up in earnings reports, you can start a free trial here.

US stocks edged higher on Monday as semiconductors gained and oil prices climbed after President Trump dismissed Iran's latest proposal aimed at ending the ongoing conflict.

Trump is taking a dozen CEOs to Beijing. Jensen Huang isn't one of them. Elon Musk, Tim Cook, and executives from Boeing, Exxon, Blackstone, Mastercard, and Qualcomm are all joining the two-day summit with Xi Jinping starting Wednesday. But Nvidia's CEO was not invited. Huang told CNBC it "would be a great honor" if asked. The exclusion signals that AI chip export controls to China aren't loosening anytime soon. On the table: a potential Boeing order for 500 737 MAX jets, rare earth commitments, tariff adjustments, and whether Xi will pressure Iran toward a ceasefire.

Michael Burry is calling the AI rally a 1999 redux. We covered this above, but the short version: the Philadelphia Semiconductor Index has surged 65% year to date, Burry has loaded puts on Nvidia, Palantir, SOXX, QQQ, and Oracle (all expiring January 2027), and consumer sentiment just hit a record low while stocks hit a record high. The question isn't whether AI valuations are stretched (they are). It's whether the buildout is producing real revenue (it is). Both things can be true.

CPI prints tomorrow morning. Consensus: headline inflation at +3.7% year over year, +0.6% month over month. Core CPI expected at +2.7% year over year. The headline number is going to run hot because of oil. Everyone knows it. The question is whether core cooperates. If it does, the market looks through it. If it doesn't, the six-week rally is in trouble.

eBay rejected GameStop's $56 billion takeover bid. eBay's board called the offer "neither credible nor attractive", citing uncertainty around GameStop's financing. Ryan Cohen had proposed $125 per share (50% cash, 50% GME stock) with $20 billion in financing from TD Securities and about $9 billion in cash on hand. That still leaves a massive funding gap. Cohen has said he's willing to take the offer directly to eBay shareholders. This saga isn't over, but the first round goes to eBay.

Hims & Hers plummeted 15% after a surprise quarterly loss. The telehealth company reported a $92 million net loss in Q1 (vs. $49.5 million in net income a year ago) and missed revenue estimates ($608 million vs. $616 million expected). The culprit: a costly pivot to branded GLP-1 weight-loss drugs, which pressured margins and triggered $33.5 million in restructuring charges. They raised full-year revenue guidance to $2.8 to $3 billion, but the market wasn't buying it. Not yet.

Cerebras Systems prices its IPO Wednesday. The AI chipmaker set a final range of $150 to $160 per share, raising up to $4.8 billion. Orders are 20x oversubscribed. This is the biggest US IPO of 2026 and it begins trading Thursday. Cerebras competes directly with Nvidia in AI training chips and has an OpenAI deal worth over $20 billion. How the market receives this stock will tell you a lot about whether AI appetite is peaking or accelerating.

Job Cuts:

Mid-century modern clocks are quietly becoming one of the hottest vintage collectibles at thrift stores and estate sales, with iconic George Nelson designs for Herman Miller fetching $500-$2,000 depending on condition and rarity. Even non-collector pieces are commanding $75-$500, and the best part? They're increasingly hard to find as designers snatch them up faster than ever.

"Even people who don't care about clocks care about these clocks," according to vintage expert Bruce Littlefield. The sculptural starburst, ball, and atomic designs from the 1950s-70s work in any room and become instant focal points. A 24-inch burst of brass spokes does more for a space than most paintings, and unlike regular art, these pieces are actually functional.

What makes them investment-grade: Check the back for labels from Herman Miller, Howard Miller, Seth Thomas, or Westclox. Look for real brass (not painted plastic) and solid wood construction; they should have nice heft. The best news? These still turn up at estate sales, grandparents' houses, and thrift stores for $20-$100, meaning you're buying at a fraction of resale value. Worth checking your attic before your next vintage market run.

Your feedback matters to us! Let us know what you liked or didn’t like about today’s edition.

That’s all for today. Did we miss anything? Smash the reply button to let me know.

Cheers,
Brandon & Blake of Invested Inc