Trump is causing some more volatility this morning with some tariff talk last night, I agree with Mohit here though….
Trump is threatening further volatility on the tariff front. Our view remains that tariffs will cause near term uncertainty and volatility, but should have only a limited impact in the medium term.
But always have hedges just in case……
Meanwhile, the key is to focus on the themes, especially Trump’s favorites. I am going to cover how I find and think about top themes in our Webinar:
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Today, anything crypto or drone related is going to move (more on that below). We also talk about the Space theme, which I don’t think Trump has talked about yet, and nuclear, which he has.
Trump getting what he wants from the Fed?…..
Bitcoin hit a new record…..
Drone stocks look like they are going to take off…
The cooling stocks got hit on this….
The real alpha is finding companies outside of the Magnificent 7, just sucks when a Magnificent 7 stock decides to enter their space.
Robotics is something we will hit again soon…..
🔥 HEAT Formula Playbook: Themes-Space
In yesterday’s podcast we talked to Andrew Parlock from Space Phoenix…..
We have talked about different aspects of space on the podcast before, mining and direct power generation from the sun for example. David brought up some other areas we hadn’t thought about, specifically space based manufacturing. What he brought up about the advantages of putting stuff in space was mind blowing. My sense is that space could become the next big generational investment opportunity. Some of the companies he mentioned were LUNR and RKLB, both of which I am currently long. He also mentioned a recent IPO, VOYG that I need to take a look at. I had GPT curate a watchlist…..
🪐 Public Companies — Asymmetric Space Plays
Ticker | Name | Role in Space Ecosystem | Segment | Rating (1–10) | Rationale |
|---|---|---|---|---|---|
LUNR | Intuitive Machines Inc. | Lunar lander & communications infra for NASA | Off-Earth infra | 8.5 | $4.8B NASA contract, ~61% revenue |
ASTS | AST SpaceMobile Inc. | Direct-to-device space broadband (Vodafone, AT&T) | Connectivity | 8.0 | FCC approval, $600M cash runway |
VSAT | ViaSat Inc. | Satellite comms, government & inflight internet | Connectivity infra | 7.5 | Strong government backlog |
VOYG | Voyager Space Holdings | Aggregator of space ops + mgmt of Varda / Altius | Infrastructure | 7.0 | Platform exposure with diversified assets |
PL | Planet Labs | Earth imagery & analytics services | Data | 8.0 | Government + enterprise contract growth |
RTX | Raytheon Technologies | Space sensors, defense payloads | Space defense | 8.5 | Competency in ISR & satellite defence |
TSAT | Telesat | Satellite builder | 6.5 | Emerging smallsat play | |
TRMB | Trimble Inc. | GNSS & space-based locational services | Navigation infra | 7.0 | Critical GPS enhancements |
SATL | Satellite Vu (UK) | Thermal Earth imaging for climate & defense | Data | 6.5 | Novel environmental imaging niche |
MDA | MDA Ltd. | Robotic arms (Canadarm), sensors, debris removal | Robotics | 8.0 | Legacy in orbital robotics |
🛠️ Notable Private Companies
Astroscale (ASTS.T): Debris cleanup & in-orbit servicing → 9.5/10
SpaceX: Launch + Starlink broadband + data backbone → 10/10 (valuation-constrained, but unmatched capability)
Vast Space / Sierra Space / Orbit Fab / Impulse Space: In-orbit manufacturing, habitats, refueling → 8.5–9.0
🔥 HEAT Formula Playbook: Themes-Nuclear
With our current energy infrastructure I don’t see how we power AI without nuclear, however the rub is that even with SMRs, nuclear is a few years away. Jefferies just did a report on NuScale (SMR) so I figured it would be a good time to revisit the nuclear landscape. My favorite name continues to be BWXT as they have a real business vs. some of the stocks like OKLO which are speculative, but I had GPT give analysis as well…
SMR & Advanced Nuclear Stocks: Who Has Traction?
Here's how the key names stack up:
Ticker / Name | Role | Status | Verdict |
|---|---|---|---|
SMR (NuScale) | Pure-play SMR | NRC approved, commercial path clear | 8.5/10 – best-regulated SMR exposure |
OKLO | Gen-IV microreactor | Licensing stalled, capital constrained | 5.0/10 – high optionality, high regulatory risk |
BWXT | Reactor components, HALEU | Operational bias + LPO funding, low execution risk | 8.0/10 – solid supplier leverage |
LTBR? | Supply chain/service | Dependent on SMR success, limited visibility | 6.0/10 – watchlist |
GE Vernova | BWRX-300 SMR | Scale, legacy tech, strong order pipeline | 8.5/10 – industrial execution-ready |
Holtec | SMR-300 microreactor | Authorized for export, India deal | 7.5/10 – small-scale proven usable now |
Terra Innovatum (via GSRT SPAC) | micro-modular nuclear | SPACing; 2028 commercialization, pre-revenue | 6.5/10 – high-risk optionality |
Boss Energy (BOE.AX) | Uranium miner | Near-term uranium tightness supportive | 7.0/10 – upstream commodity play |
🛠️ Stock Implications
SMR (NuScale) is the core SMR equity—regulatory approved, project-backed, and tradeable.
BWXT offers execution exposure without reactor build risk.
GE Vernova straddles legacy and new reactor models; scale and delivery infrastructure matter.
OKLO & Terra Innovatum are high-beta optionality plays—big upside if licenses and pilots succeed, but headline risk is high.
🔥 Final Takeaway
“Jefferies is right—SMRs are the future, but many names are still in concept phase. For exposure, stay with regulated, NAV-backed names (SMR, BWXT, GE Vernova) and consider Terra Innovatum via GSRT as tactical optionality—while steering clear of licensing-centric dogs without capital runway.”
The other name I love is GSRT while it’s still a SPAC and has an NAV floor…..
Of course it’s one of the largest holdings in SPCX.
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