I will be on the Schwab Network today at 2:45PM EST previewing MongoDB earnings.

In Today’s Issue:

• Model Portfolio Changes—-Adding to Pre Merger SPACs

• Our Next Webinar—-Cash from Corruption: Profiting Off Washington’s Grift Machine

• Zuckerberg Goes Nuclear

• The Nuclear Flip: How Trump and Zuckerberg Just Redefined the Power Grid—and What Comes Next

• The Next Operating System Is You: How AI Is Taking Over the Edge—and What Wall Street’s Missing

• The Next Shale Revolution Is 2 Miles Below Your Feet—and Wall Street Hasn’t Priced It In (Yet)

• and more……..

ETF Model Portfolio Change

We are upping our pre merger SPAC allocation to 20% (SPCX) and decreasing TBIL to 10%. This is due to the asymmetrical potential of pre merger SPACs that have an NAV floor and the ability to play a lot of our favorite themes, especially Trump’s inner circle.

Cash from Corruption: Profiting Off Washington’s Grift Machine

- Two strategies to tap into Washington's grift with limited risk and unlimited upside

- How to use AI to recognize the next top themes before the "smart money" does.

- My simple hedging strategy that takes advantage of the real "dumb money" on Wall Street

To register:

Zuckerberg Goes Nuclear

This was the most interesting news of the day…..

Was kicking myself for not owning CEG until it completely reversed and ended up negative……

I think if CEG pulled back more into the 10 day it could be buyable, however it could also be setting up what Gil Morales calls a punch bowl of death. The speculative nuclear’s look kind of the same…..

I do think this news continues to show that it’s safe to go into AI infrastructure. Typically on a reversal like this in a bunch of names I find something buyable but not really seeing it at the moment, everything still looks extended. More on this below….

The other interesting thing from yesterday was the broadening out of the rally…

This seems like a really, really, bad idea….

💥The Nuclear Flip: How Trump and Zuckerberg Just Redefined the Power Grid—and What Comes Next

Let’s not mince words: this is the most important energy pivot in a generation.

On May 23rd, Donald Trump signed four executive orders that triggered the most aggressive push toward nuclear energy dominance we’ve seen since the Cold War. And then just days later, Meta—yes, Facebook’s parent company—signed a 20-year deal with Constellation Energy (CEG) to buy nuclear power directly for its AI data centers.

This wasn’t some ESG virtue signal.

This was survival. And a roadmap for a $100 billion energy transition hiding in plain sight.

🔥 Why This Changes Everything

Nuclear power is no longer about climate change. It’s about capacity.

• U.S. energy demand is projected to grow 50% by 2050

• AI data centers alone could use 9% of total electricity by 2030

• Renewables are intermittent. Natural gas is volatile. Coal is political poison.

What’s left?

Nuclear.

Constant, clean, grid-stabilizing baseload power. And hyperscalers are now so desperate for it, they’re building their own nuclear supply chains.

💡 The Real Problem: Uranium

Here’s the kicker: you can’t quadruple nuclear capacity without the fuel. And America has almost none of it.

Right now:

• U.S. uses ~45 million pounds of uranium per year

• Trump’s plan would push that to ~180 million pounds

• Domestic production in 2023? Just 800,000 pounds

• 99% of U.S. uranium is imported—mostly from Canada, Australia, and Russia

That’s not just an economic gap.

That’s a national security crisis in waiting.

🏆 Winners: The Uranium Re-Rating Begins

This uranium supply/demand disconnect is so severe that even a modest buildout could send prices soaring toward $150–$200 per pound (from ~$70 today).

So here’s who wins:

❌ Losers: The Energy Market Is Re-Ranking

🧨 Meta Just Kicked Off a Chain Reaction

Meta’s deal with Constellation Energy (CEG) is the first hyperscaler-nuclear PPA in history.

This is what investors missed:

1. Meta just locked in 24/7 baseload for 20 years

2. It won’t be the last—expect Amazon, Google, and Microsoft to follow

3. This rewrites the AI infrastructure map—and utilities that own nuclear fleets are in the catbird seat

Zuckerberg just picked a side in the energy war. It wasn’t wind. It wasn’t gas.

It was nuclear.

🧠 GPTs Take

The U.S. doesn’t need 400 GW of nuclear tomorrow. It needs a signal. A price spike. A structural incentive to build capacity—and revive a dead fuel cycle.

That signal just got fired off like a flare over Three Mile Island.

Investors should be snapping up uranium plays, nuke-heavy utilities, and the contractors who can help build the next generation of modular reactors.

This is how a sector goes from hated to needed.

And this is how a $5 billion uranium industry becomes a $100 billion strategic asset almost overnight.

Stay tuned. We’re still early.

The Next Operating System Is You: How AI Is Taking Over the Edge—and What Wall Street’s Missing

TD Cowen came out with another great thematic report….

I had GPT summarize the key points and pick some potential winners and losers….

We’ve written before that AI is the most transformational investment trend of our lifetimes.

But here’s what most people are missing:

According to TD Cowen’s latest Ahead of the Curve report, we are now entering the fourth major wave of smartphone adoption—and this time, AI is the operating system.

It’s not just about ChatGPT apps anymore. It’s about LLMs baked into every consumer device, controlling everything from your search engine to your health tracker. And with it comes a completely new compute layer — one that will reshape hardware demand, shift competitive dynamics, and possibly even dethrone Apple itself.

Let’s unpack what this means for investors.

📲 Four Waves of Device Transformation

TD Cowen maps the timeline like this:

1. 2008–2010: App Store

2. 2010–2015: 4G/Video

3. 2021: Pandemic refresh

4. 2025–2028: AI as the New OS

The fourth wave is what we’re entering now — where AI isn’t a feature. It’s the platform. Where “apps” are replaced by agentic LLMs that integrate directly with your device’s camera, microphone, health data, and group chats. You won’t ask Siri to book dinner — your device will infer that you’re hungry and ask you if you’d like your usual.

It’s a bold vision. And it changes everything.

🔧 The Hardware Shockwave

AI on-device isn’t cheap. It requires:

• 2x memory bandwidth

• Bigger die packaging

• Up to 30% more power consumption on flagship smartphones

This isn’t theoretical. Cowen shows that running something like Llama 4 Scout will require a 1.6W power increase, which is a 30% jump from current iPhones. This means that smartphone architecture has to evolve — fast.

🔄 Apple at a Crossroads

Cowen doesn’t pull punches: Apple is vulnerable.

Despite the hype around “Apple Intelligence,” the report argues it’s not enough. Apple’s current LLM integration is weak. Worse: OpenAI is becoming a threat, not a partner.

Apple can no longer rely on ecosystem lock-in. If OpenAI builds better hardware, or if other LLMs become embedded in Android OEMs first, Apple could lose its lead.

Cowen suggests Apple’s only options now are:

• Acquire or license from a foundation model company (like Mistral or Meta)

• Launch a GenAI SDK by 2026

• Allow high-end iPhones (Pro Max) to run full LLMs on-device

• Go more aggressive on cloud infrastructure to counter OpenAI’s Stargate project

That’s a tall order for a company that prides itself on vertical control.

🧠 Winners and Losers

🏆 Winners

❌ Losers

💡 Why This Isn’t Just Another Smartphone Cycle

Most investors are treating this like a minor spec bump — just more AI in phones.

That’s a mistake.

AI isn’t just another layer on top of iOS or Android. It’s becoming the operating layer itself — and the companies that power that layer will own the next trillion-dollar platforms.

TD Cowen puts it bluntly: “LLMs will become operating systems.” And if your chip, your memory, your software, or your foundry doesn’t support that layer, you’re out.

🧭 Final Thought

We are no longer betting on which LLM answers trivia better.

We are now betting on which companies will power the infrastructure that makes AI your default digital interface — from smartphone to smartwatch, from personal agent to ambient intelligence.

Invest accordingly.

• Long: MU, ARM, AMAT, LRCX, QCOM

• Tactical: Watch Apple’s next move closely

• Avoid: Legacy app ecosystems, commoditized hardware

The next operating system isn’t in the cloud. It’s in your hand. And the clock is ticking.

Anything energy related is going to catch my eye, so this did…..

I got stopped out of ORA last year and haven’t not gotten back in, but the chart looks interesting here. The optimal buy point would have been the undercut and rally at the 50 day, but it’s not extended and the 200 day could be a nice stop…..

The Next Shale Revolution Is 2 Miles Below Your Feet—and Wall Street Hasn’t Priced It In (Yet)

Bill Gates calls it “mind-blowing.”

Donald Trump’s energy secretary wants to “get it going.”

And in a rare moment of bipartisan alignment, Republicans and Democrats are quietly agreeing: geothermal energy may be the most disruptive—and investable—clean power trend of the decade.

Welcome to the age of supercritical geothermal—the only energy source that’s:

✅ Carbon-free
✅ 24/7 baseload
✅ Domestic
✅ Scalable with fracking tech

It’s nuclear-level reliability without the meltdowns. It’s clean like solar, but without the clouds. And thanks to advances in oil & gas drilling, it’s now ready to scale—at commercial economics.

The only question is: who gets rich?

🌋 Fervo Energy: The New King of the Core

At the center of this transformation is Fervo Energy, a Houston-based geothermal disruptor backed by Bill Gates, Devon Energy, Liberty Energy, and Google.

They’re building Cape Station in Utah—the world’s largest enhanced geothermal project, using horizontal drilling, seismic sensors, and fracking to extract heat instead of hydrocarbons.

Projected cost? $2 billion.
Projected output? Enough to power 375,000 homes.
First utility customer? Southern California Edison.

It’s a tech company masquerading as an energy play.

But here’s what matters most for investors: this project only works at scale with federal tax credits—which are now under threat in Trump’s new tax bill.

🏛️ The Political Wildcard: Tax Credits & Trump’s New Energy Doctrine

Geothermal got a boost under Biden’s IRA. But Trump’s new tax plan aims to slash nearly all clean-energy incentives—unless exceptions are carved out.

The good news?

• Geothermal is baseload, not intermittent.

• It fits Republican goals of energy reliability and domestic production.

• Trump insiders are already invested (e.g., Liberty Energy, Devon Energy).

Gates personally lobbied Trump to preserve support for geothermal—and insiders say the reception was positive.

But here’s the key investment insight: whether or not credits survive, geothermal is coming.

With them, it grows 10× faster.

Without them, the early winners just earn fatter margins—and AI/data centers will pay the premium for reliability.

🏆 First-Order Winners

⚡ Second-Order Beneficiaries

💡 Spotlight: Why ORMAT (ORA) Is the Best Public Bet Now

Everyone’s watching Fervo. But savvy investors should be watching Ormat (ORA) — because they’ve been executing this vision for two decades:

• 70+ geothermal and recovered-energy power plants

• Revenue: ~$870M; EBITDA margin ~35%

• Long-term contracts with utilities globally

• Already profitable, cash-flow positive, and paying a dividend

• Positioned to benefit from any tax-credit continuity, but doesn’t need them to survive

Think of ORA as the Brookfield of geothermal—only smaller, less flashy, and flying under the radar.

If Fervo is the disruptor, ORA is the compounder.

🧠 Our Final View

Geothermal isn’t a science fair project anymore.

It’s a real asset class, with:

• Political tailwinds from both parties

• Near-zero emissions

• AI/data center demand alignment

• Immediate commercial customers

• Deep-pocketed investors already moving in

The upside is asymmetric. The timing is now. And the market hasn’t caught on—yet.

ORA is the play today. Fervo is the one to watch tomorrow.

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   The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2025 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.