$INFRA - Infrastructure and power generation are critical bottlenecks for AI expansion, creating massive investment opportunities as companies need to build out capacity.
$MEMORY - Memory companies experiencing massive short squeeze with no new supply until 2028, creating sustained pricing power and growth opportunity.
$COMMODITIES - Real assets with fixed supply constraints are seeing massive rotation as capital flows from overvalued tech into tangible bottleneck assets.
$JAPAN - Japan positioned to benefit from manufacturing renaissance and China supply chain shifts despite recent volatility.
Bearish:
$SOFTWARE - Software companies face existential threat from AI disruption with unsustainable 30x multiples that need to compress.
$TLT - Long-duration bonds face structural headwinds from fiscal deficits, Fed policy changes, and potential tariff/IRA repeals that would be inflationary.
$BTC - Bitcoin faces quantum risk, liquidity issues, loss of decentralization narrative, and leadership vacuum with major holders like Brian Armstrong selling.
$TECH - Big tech faces political backlash, unsustainable valuations, and rotation out of passive indices as market structure changes.