What If We’re Still Early in the AI Boom?

October 23, 2026 - AI stocks have already delivered enormous gains. That doesn’t mean the best evidence points to a top. Zach Abraham and Chase Taylor explain their reluctant bullish case: demand could have much further to run, and some of the companies supplying the buildout look surprisingly inexpensive if projected earnings materialize.

Zach makes the case that widespread adoption of personal AI agents could require vastly more computing power than exists today. Chase explains how using agents in his own work has influenced his outlook—and why he sees a buildout chasing existing demand rather than simply hoping customers arrive.

But their optimism comes with a distinction: growing demand doesn’t protect profit margins. They examine Nvidia, Micron and other potential opportunities while weighing competition, financing pressures and breakthroughs that could make today’s hardware less valuable.
Plus, why they suspect forced selling helped drive this week’s turbulence, the disconnect between uranium prices and mining stocks, and how computing on phones and other devices could change the next phase of AI.

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