Dear Fellow Investor,
Picture the fastest computer you can imagine.
Now picture it sitting next to an old typewriter.
George Gilder believes that massive difference is where today's AI is headed.
The reason is a new kind of chip.
It is called wafer scale technology.
Today’s chips are made by slicing a silicon wafer into many small chips.
This one uses the whole wafer as a single giant chip.
George says it can do in minutes what today's AI needs days to finish.
And it does it on a fraction of the power.
He believes the giant data centers running AI today could end up as tomorrow's typewriters.
George will not name the company behind this chip in public.
But he will hand it to you if you take a look.
See the chip that could retire today's AI
To the future,
Roger Michalski
Publisher, Eagle Financial Publications
The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on It
Reported by Chris Markoch. First Published: 6/7/2026.
Key Points
- The housing lock-in effect continues to restrict existing home inventory as many homeowners remain unwilling to sell.
- D.R. Horton, Lennar, and PulteGroup are positioned to benefit from increased demand for new construction homes.
- Even modest interest rate cuts could improve affordability and support homebuilder earnings and valuations.
- Special Report: The company SpaceX cannot operate without
Interest rates aren't likely to change anytime soon. But investors are already trying to position for fall 2026—and as of this writing, betting on a rate cut is contrarian to say the least. Still, the odds aren't zero. That's not simply because the Fed has a new leader. It's also because Kevin Warsh has signaled he may interpret the data in new ways, some of which could prove more favorable to a cut.
That's a topic for another article. For now, it can't hurt to consider stocks that are likely to benefit if rates move down, even by just 25 or 50 basis points. If that happens, one area to watch is housing stocks—and homebuilders in particular.
Why the Supply Side of the Housing Market Matters More Than Ever
The SpaceX IPO playbook most investors will get wrong (Ad)
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Grab your free copy of the SpaceX Investing Blackbook todayThe U.S. Census Bureau's Housing Vacancies and Homeownership Survey (HVS) shows households aged 65 and older posted a homeownership rate of 78.6% in the second quarter of 2024, meaning the overwhelming majority of seniors own their homes rather than rent.
And despite constant predictions of a mass boomer sell-off, the census data tells a different story. Just 10% of boomers plan to sell within the next five years, down from 15% in 2024, and a whopping 61% never plan to sell their homes. A key reason is the desire to age in place. But there are other factors, including:
They’ve paid off their mortgages (44%).
They don’t want to start over (36%).
They plan to leave homes as an inheritance (34%).
They are concerned they can't afford a new home (30%).
All of the above are financially rational decisions made by people who, in some cases, paid off their homes decades ago and have little incentive to trade into today's high-rate market. For these homeowners, mortgage rates would have to fall much further to make the juice worth the squeeze.
That means new construction is the market right now. Here are three companies positioned to fill the gap.
DHI: The Entry-Level Housing Leader Has Leverage to Lower Rates
D.R. Horton (NYSE: DHI) is the largest homebuilder in the country by volume, and right now it's trading at roughly 13.6x earnings. That's near its historic average and a signal worth paying attention to. In its latest earnings report, DHI posted $7.6 billion in consolidated revenues, with net sales orders rising 11% to nearly 25,000 homes. That order growth means demand is alive, even if margins are under pressure from incentives and rate buydowns.
What makes DHI particularly interesting as a rate-cut play is its product mix.
Roughly 65% of its mortgage closings go to first-time buyers, and the average closing price is approximately 30% below the U.S. new-home average.
This is a strategic bet on the buyer who is most sensitive to mortgage rates and most likely to move quickly when rates dip.
If Warsh gives the market even a 25 basis point gift, DHI's entry-level pipeline is positioned to absorb it faster than almost anyone else in the sector.
LEN: Asset-Light and Leaning Into the Long Game
Lennar (NYSE: LEN) came into 2026 in the middle of a strategic pivot, and the Q1 2026 earnings report reflected that transition more than it reflected the underlying business. Revenue from home sales declined 13% year over year to $6.3 billion, and net earnings per diluted share came in at 93 cents. Investors didn’t like that—shares traded near 52-week lows following the report.
But the setup is more interesting than the headline suggests. Operationally, Lennar cut direct construction costs by 7% year over year and improved inventory turns to 2.5 times, up from 1.7 times a year ago. Those are the numbers of a company tightening up before an eventual market turn.
Add a $2.1 billion cash position and a debt-to-capital ratio of just 15.7%, and Lennar has the balance sheet to outlast the rate environment and capitalize when it shifts. LEN is trading near $90 and has a P/E around 13x—well below its historical median. Analysts have a consensus price target of around $100 on the stock.
PHM: Targeting Buyers With the Financial Flexibility to Act
PulteGroup (NYSE: PHM) doesn't always get top billing, but it arguably deserves it. While DHI chases volume and LEN chases scale, Pulte chases mix—a distinction that matters more than ever. In its Q1 2026 earnings report, net new orders among move-up buyers rose 3%, and active adult buyers surged 14% year over year. Those demographic segments have equity to spend and the motivation to spend it if rates become even marginally more accommodating.
PHM ended the quarter with $1.84 billion in cash and a debt-to-total capitalization ratio of just 12.3%, one of the cleanest balance sheets in the sector. The company also authorized a new $1.5 billion share repurchase program, a signal that management sees the current valuation as an opportunity.
Management expects Q2 to represent the margin trough for the year, with gross margins guided to recover in the second half as more build-to-order and active adult homes close. In other words, PHM may be at its messiest right now, which, historically, has been one of the better times to look.
Before the IPO: 4 Companies That Rewarded Investors Who Got In Early
Reported by Bridget Bennett. First Published: 6/4/2026.
Key Points
- Weiss Ratings analyst Chris Graebe argues the largest IPO gains go to investors who enter companies at the private-round stage, well before any public listing.
- The JOBS Act of 2016 allows non-accredited retail investors to participate in early-stage private companies through SEC-qualified Regulation A offerings with minimums as low as $100.
- Graebe highlights four private-round investments—FJET, BeatBox Beverages, NUCL, and CNXU—each of which he claims delivered roughly 5x to 7x returns upon listing or acquisition.
- Special Report: The company SpaceX cannot operate without
The SpaceX (NASDAQ: SPCX) IPO is one of the most talked-about market events in years. But Chris Graebe, an analyst at Weiss Ratings, says the investors who are likely to profit the most already got in long ago.
Graebe has spent the last several years helping everyday investors access private companies before they ever reach a public exchange. In a market flooded with IPO enthusiasm, his message is both exciting and sobering: the biggest returns in any IPO story almost always go to those who wrote checks long before the opening bell.
The SpaceX Reality Check
The SpaceX IPO playbook most investors will get wrong (Ad)
SPCE surged roughly 300% in a single week after investors hunting SpaceX exposure piled into the wrong ticker. That window has closed - but the next opportunity may still be open.
Trader Lance Ippolito has released a free SpaceX Investing Blackbook covering pre-IPO positioning plays, the space stock Goldman Sachs, BlackRock, and Morgan Stanley are loading up on, and the chip supplier Starlink satellites depend on.
Grab your free copy of the SpaceX Investing Blackbook todayFor retail investors dreaming of a SpaceX windfall, Graebe's view is clear-eyed. The investors best positioned to profit from that deal got in years ago at valuations far below today's. Institutional money and a handful of early creditors are the ones likely to ride it into the IPO. Any online offer claiming to give retail investors access to SpaceX right now—tokenized coins, fractional insider shares, or anything similar—warrants serious caution. Do your own diligence before acting on anything you find on the internet.
That doesn't mean the space economy is off-limits. It means the opportunity may be elsewhere.
The Legislation Most Investors Don't Know About
Here's what most people miss. Under the JOBS Act of 2016, everyday investors, accredited or not, gained the ability to invest in private companies through SEC-qualified Regulation A offerings. Think of it as an Amazon-style marketplace for early-stage companies raising capital, with roughly 55 active portals currently listing somewhere between 490 and 500 offerings. Minimum investments can range from $100 to $500, depending on the deal.
Graebe says most investors still don't know this is possible, and many founders don't realize they can raise capital from their own customers this way. That gap, he argues, is exactly where the opportunity lives.
Starfighters Space: The Air-Launch Play
Starfighters Space, Inc. (NYSE American: FJET) is trying to solve one of the most expensive bottlenecks in the satellite economy: the launch queue. The company operates a fleet of modified F-104 supersonic aircraft out of NASA's Kennedy Space Center and is developing an air-launch system designed to carry small satellites to 45,000 feet before releasing a rocket into low orbit. The pitch is speed and cost—potentially a two-week turnaround versus the months-long wait currently typical of traditional launches.
Graebe says he invested in the company's Regulation A round at around $3.59 per share, and members who participated saw the stock open at $10 on its December 2025 NYSE American debut before climbing to $31.50 by the third trading day. He claims that represented roughly a 7x return for those who entered at the private-round price. Notably, there was no lockup period, so investors had access to their shares from day one.
Whether FJET is a buy at current prices is a more complex question. The company is pre-revenue and still developing its launch programs, and space stocks broadly are running hot. Shares have pulled back from the $31.50 third-day peak and were trading around $8 heading into June—still well above Graebe's private-round entry. He says he's holding a position for the long haul, citing NASA and Space Force demand for lower-cost launch access and what he describes as a capable leadership team.
BeatBox Beverages: The Cuban-Backed Party Punch
The second win was further removed from the space race. BeatBox Beverages is a ready-to-drink party punch brand started by three founders in Austin, Texas, that landed a $1 million investment from Mark Cuban on Shark Tank in 2014. Graebe says he found the company in 2020 when it was generating around $7 million in revenue, saw something in the founders' resilience, and invested.
In February 2026, Anheuser-Busch InBev SA/NV (NYSE: BUD) completed its acquisition of an 85% stake in BeatBox for up to $490 million, with a path to full ownership after five years. Graebe claims early private investors saw a roughly 5x to 6x return on that exit over a six-year hold. BeatBox no longer trades independently; it now operates within AB InBev's Beyond Beer portfolio.
The story is instructive beyond the numbers. Graebe credits founder assessment as the single most important factor in early-stage investing. Grit, humility, and the willingness to build the right team around a core idea are the signals he looks for. Arrogance is the one that sends him running.
Eagle Nuclear Energy: The Uranium Deposit Everyone Forgot
The third pick is a uranium story that went quiet. Eagle Nuclear Energy Corp. (Nasdaq: NUCL) holds rights to the Aurora Uranium Project—a large near-surface deposit on the Oregon-Nevada border with a measured and indicated resource of approximately 32.75 million pounds of uranium, plus additional potential from the adjacent Cordex deposit. The company completed a SPAC merger and began trading on Nasdaq in February 2026.
Graebe says he invested in the early private round at around $3.50 per share, visited the site in person, and timed his entry around a March 2025 executive order pushing for more aggressive domestic uranium mining. He claims the stock ran to around $14 at its peak, roughly five weeks after listing, and was trading in the high single digits heading into June.
The nuclear narrative has cooled since 2025's peak enthusiasm. Graebe says that's actually part of the appeal—data center energy demand hasn't gone away, and small modular reactors are increasingly part of the longer-term solution. He's holding the stock and remains bullish on the story, citing the deposit's domestic strategic value as grid demand continues rising.
Conexeu Sciences: The Biotech Wildcard
The fourth pick is the highest-risk of the group. Conexeu Sciences Inc. (Nasdaq: CNXU) is a preclinical biotech developing a collagen-based extracellular matrix scaffold platform targeting wound care, dental regeneration, aesthetics, and potentially 3D-printed tissue reconstruction, including post-mastectomy breast restoration. The company completed a direct listing on Nasdaq on May 21, 2026.
Graebe says he invested in the private round at around $2 per share, approximately 10 months before listing. Since its IPO, the price has been volatile, swinging as high as $17 per share. From his $2 private-round entry, that still represents a roughly 8x gain.
The caveat here is real: preclinical biotech is among the riskiest categories in early-stage investing. FDA trial outcomes, funding availability, and execution risk all matter enormously. Graebe says he's drawn to biotechs that run lean—more like tech startups than traditional drug developers—because it extends runway and signals disciplined management. His long-term read on CNXU is an eventual acquisition by a major pharma player once clinical milestones are cleared, though nothing in the company's current stage makes that outcome certain.
The IPO Cycle Warning
Graebe closed with a historical frame worth keeping in mind. The year 1999 saw a record number of IPOs, followed almost immediately by the dot-com collapse. The year 2021 produced more than 1,000 IPOs and was followed by a brutal 2022 correction. IPO volumes are climbing again. He thinks the current cycle has another year and a half to two years before it resets.
His view: when the hype peaks and IPO activity slows, that's typically when the best private-stage opportunities appear. The investors who put money into Facebook, Airbnb, and Instagram during the 2008-2009 downturn weren't making headlines—they were building the foundation for the next wave. The AI valuation environment right now, he says, closely rhymes with the dot-com era: enormous collective valuations chasing revenue that hasn't fully materialized yet.
The SpaceX IPO will be wild. But if history is any guide, the people with popcorn are the ones who already got paid.
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