Chris Campbell:

The AI Boom's Come-to-Jesus Moment

Compute is becoming the largest commodity on earth. And a new asset class is on the way. One born of an AI boom so vast that the world will run short of capital to build it before demand ever cools. I'm talking about compute futures.

Today, compute is standing exactly where oil once stood. And the same Chicago houses that turned grain and crude into tradeable commodities are doing it again, right now, to the fuel behind artificial intelligence.

Once live, compute futures will reengineer how the AI buildout gets financed, priced, and steered. But first, they will settle the oldest question in the market – real or hype – the only way that ever sticks: in public, with money.

Currently, the only snapshot that matters is the spot price, which tells you what compute costs today. It can't tell you what the market believes about the wave of data centers coming in 2027. It gives a skeptic no way to bet against the AI boom.

A futures market changes both. It prices the future, and it lets the doubters put money on it. If the price holds or climbs as capacity floods online, the buildout is earning its keep. If it craters, the doubters get their evidence.

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James Altucher:

Frank Miller on Push the Wall, Batman, and Having No Plan B

Comic book writer Frank Miller is one of the most important storytellers of my life. When I first picked up Batman: The Dark Knight Returns in 1986, it completely changed what I thought comics could be. Frank took Batman out of the colorful, campy world I grew up with and turned him into something darker, mythic, terrifying, and psychologically real.

There is a comic book industry before The Dark Knight Returns, and there is a comic book industry after it. Every Batman movie since then carries Frank’s fingerprints in some way. But it wasn’t just Batman. Frank changed Daredevil. He created Ronin. He created Sin City. He showed that comics could handle adult stories and moral ambiguity.

But what matters most is that Frank is a master storyteller. Whether it’s books, podcasts, articles, comics, or just how we make sense of our lives, story is everything.

So getting to sit down with Frank on The James Altucher Show and talk about Batman, myth, creativity, mentorship, discipline, and his new book, Push the Wall: My Life, Writing, Drawing, and the Art of Storytelling, was a dream come true.

And yes, I brought my copy of The Dark Knight Returns for Frank to sign.

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Davis Wilson:

Nvidia Market Cap Falls by $1 Trillion As Stock Swoons

Nvidia has tumbled to its lowest market cap since early 2019, before the generative AI boom lifted the chipmaker to the top of Wall Street. Since peaking on May 14, shares have shed about 16%, wiping out roughly $1 trillion in market capitalization.

At 18 times forward earnings, Nvidia stock now sits below the broader market – the S&P 500 fetches more than 20 times and the Nasdaq 100 commands nearly 23 times. By that measure, the chipmaker is less expensive than approximately half of all S&P 500 components.

None of this reflects a deteriorating business case. Analysts have continued to lift earnings forecasts, and Nvidia's grip on the server GPU market – roughly 97% at the end of 2025, up from 95% the year before – has shown little sign of loosening. The shift instead reflects investors rotating into other parts of the semiconductor sector, particularly memory and storage stocks.

Micron has emerged as the standout gainer, rising 229% in 2026 on top of a 239% surge in 2025. AMD and Intel have also posted double- or triple-digit advances, while Nvidia has managed only a 5.6% gain, lagging the S&P 500's 9.6% rise.

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