Stop Trying To Call The TopIn a post last week, we pushed back against Goldman’s warning that euphoria about AI and momentum stocks was cracking.🚨 Momentum Pullback, AI Thesis Intact 🚨
The AI buildout's still happening, and we've got three new bullish options trades on it, including one on a name that's been a 2x repeat winner for us this year. https://t.co/0XUVSXoLO4
— Portfolio Armor (@PortfolioArmor) May 19, 2026Our point was that the AI buildout still looked rooted in real demand, real revenues, and real physical bottlenecks—not just narrative demand.The Thesis Was IntactThen last week happened. Space X filed its S-1, Nvidia ( NVDA 0.00%↑) reported record earnings, and some of our less-obvious names in space…And less-obvious AI names soared.Navitas Semiconductor (NVTS 0.00%↑) wasn’t the only less-obvious AI name moving last week. The broader point was that the AI trade is still spreading through the physical supply chain: memory, power, photonics, cooling, sensing, storage, logistics, and semiconductor equipment.Bubble Calls Are EasyOver the weekend, Zero Hedge highlighted a note by Bank of America CIO Michael Hartnett calling the AI buildout “the biggest bubble since the railroads”. That calls to mind a point we made in our Trading Spaces post on Saturday.
