Milk Road AI Sep 19, 2026 · recorded Sep 2, 2026
With Kyle, Milk Road PRO analyst running a concentrated technology and finance portfolio · Vincent, Milk Road PRO analyst covering the full AI stack · Melvin, Milk Road PRO analyst covering AI, photonics, defense and space
Galaxy is already 10% of Kyle's portfolio, and he said on the call that he was thinking about buying more of it as soon as the call ended.
This is an AI show, and two of its three analysts spent the segment explaining why they had stopped putting fresh money into the semiconductor and power names that had carried their year. The money they are moving is going into crypto.
"So, Galaxy is my favorite bet on the whole thing."
Kyle, Vincent and Melvin run model portfolios that Milk Road PRO members follow position by position, and the premise of the series is that the three of them say out loud what they are buying and when. The host introduced them as three of the firm's top AI analysts.
The full episode is covered here so you can skip it.
Here are the 10 calls that matter.
Key Takeaways
Vincent has stopped putting new dollars into the AI infrastructure trade and will only move money around inside it
He is holding Infineon, the worst position in his book at down 21%, rather than rotating into memory
Kyle's largest planned buy is Galaxy, already 10% of his portfolio, and he said he might buy it minutes after the call
The crypto side has not been profitable, which is why the market has doubted it can fund the data center buildout
Crypto prices up 30% change what a crypto brokerage earns, and Kyle expects that to show up in the next quarter
Agents will eat part of a software company's business, so software multiples stay below where they were
Salesforce is near 20 times earnings against a maximum he puts at 30 or 40
Robotics is a position to sit on, not to time, and Melvin is down on his
Samsung unveiled a memory design it calls ZHBM hours before the call, putting the memory stack on top of the GPU rather than beside it
Two of the three would buy a crypto-linked name next, and the third would buy Samsung
1. No New AI Infrastructure
The host opened by asking Vincent when he had last made a move. Vincent said the AI infrastructure trade was struggling, and that he had used the weakness to go back through the names that had not been working — Infineon among them, which he put at the very bottom of his book, down 21%.
He is holding the losers rather than moving the money into memory
I decided to not sell them or maybe put the money elsewhere like memory that I had in mind first because I think the step up in earnings for these names is still about to come
Vincent
The earnings step-up he is waiting for comes from Rubin-generation production, the chip architectures after it, and eventually physical AI, which he said would benefit both of the names he is sitting on.
No new money goes into the trade at all
Though I think I decided that I will not put incremental dollars into the AI infrastructure trade now.
Vincent
What he will do instead is consolidate, moving money between existing infrastructure positions without adding to the total.
2. Vincent Rotates To Crypto
Vincent said his attention had been moving for several weeks toward digital assets, and specifically toward where AI agents meet the digital economy.
The next dollars go to digital assets, not to chips
I'm shifting my focus more and more as I have been over the last couple of weeks on digital assets on this intersection between AI agents and the digital economy
Vincent
Robinhood is his core expression of that idea and is now his largest position, which the host noted and Vincent confirmed had moved up a lot. He also named Ethereum, and said he would publish research on Figure Technologies that week.
3. Tokenized Stocks Arrive
Kyle said he had written up tokenized stocks for the Milk Road PRO feed, and explained why the subject needed explaining at all. The audience has changed: members who came for crypto have been joined over the last couple of months by thousands who came for the AI stocks and have never traded a tokenized share.
Coinbase and Robinhood are the two ways he is playing it
I just think tokenized stocks is going to become a really big thing and you know, Coinbase and Robinhood are my two bets on how to sort of express that trade.
Kyle
He added that Galaxy would have its hands in the same business.
4. The Galaxy Flywheel
Kyle had been buying the infrastructure side, adding SpaceX, Bloom Energy and Micron through the dip, and said he was probably going to hold off on that now. What he wanted to add was Galaxy, already about 10% of his portfolio and down four or five percent that day. He said he was potentially going to buy it right after the call.
Getting power to GPUs is the skill the bottleneck rewards
And if that's their skill, which is getting power to energize GPUs, that's a pretty good company to be investing in.
Kyle
The episode they had just recorded was about power as the constraint on AI, and Kyle noted that Elon Musk had said the same thing.
The other half of the case is the crypto business, which is where the market has been unhappy. That side has not been profitable, and it was supposed to fund the AI data center buildout; if it does not, Kyle said, the company has to take out double the loans to pay for both. He thinks that reverses in the next quarter, because the price of crypto had just gone up 30%.
A bull market changes what a crypto business earns
And if that continues, people don't realize how profitable crypto businesses become when it becomes a bull market.
Kyle
Kyle described a business that grew through the bear market while its revenue stayed suppressed, because volumes and token prices were both low. Galaxy also runs an institutional brokerage and custodian operation and builds products on chain, which he tied to tokenized stocks, stablecoins and the Clarity Act arriving in September.
The two halves are supposed to feed each other
So I just think that the flywheel in this company can be massive. It just needs a bit of a bull in crypto.
Kyle
5. Software Multiples Stay Low
The host put Kyle's software gains to him, up 42% on ServiceNow and 61% on Salesforce by the show's own numbers, and asked what his take-profit plan was.
He will hold, but he is not adding here
Yeah, I'm going to continue to hold it for a bit longer.
Kyle
His reason for thinking about profits is a view on valuation rather than on the businesses.
AI caps what investors will pay for software
AI is going to keep multiples lower.
Kyle
Agents take part of the business, not all of it
I think the multiples of these companies won't be as high because there is some parts of their business that will get eaten by agents, just not all of it.
Kyle
Kyle credited the argument to Dylan Patel or Gavin Baker and said he could not remember which.
The old peak multiple is not the target
So, I don't know if it'll go back to whatever Salesforce was at its max multiple, like 30 or 40 PE. But I do think it should still go higher.
Kyle
Salesforce is near 20 times earnings, which he pointed out is still under the S&P 500's, so he thinks it has room. He would look to take profits around 280 to 285. ServiceNow carries a much higher valuation that was compressed a lot, and its business is growing fast, which is why he is still holding it.
6. Robotics Is A Patient Play
The host turned to Melvin's robotics position, which is underwater, and asked whether he would cut it or add to it after a recent episode with Scott Walter on robotics strategy.
He will not try to time the robotics wave
Nobody knows when this wave is going to come. So, it's better to just like hold for now rather than trying to time it.
Melvin
It is a smaller position, and he said he may start adding robotics to get ahead of the market, while repeating that the timing cannot be called.
7. A Boston Retreat On Uni
Melvin said the team had been on a retreat in Boston that week, and that much of the talk there was about crypto and digital assets.
He claims the Uniswap trade
I was actually the one who told John to buy Uni, just an FYI.
Melvin
The position was up 25% to 30%, and on the call the profit was credited to Melvin rather than to the colleague holding it.
The value he sees is in the crypto names, not the chips
There's a lot of value in Galaxy and all these crypto plays
Melvin
He named Ethereum alongside it, and said a Jordi Visser podcast that the team listened to together had made him more bullish on digital assets.
8. Samsung's ZHBM Stack
Melvin said Samsung is still undervalued, and pointed to a presentation the company had given that day unveiling something it calls ZHBM. High bandwidth memory, he explained, is several memory dies stacked on top of one another and sitting beside the GPU. With ZHBM the dies are still stacked, but the whole stack is placed on top of the GPU instead, which is meant to deliver better performance and better performance per watt.
He is buying on a design he has not finished reading about
I haven't like looked too deep into this cuz this just came out a couple hours ago.
Melvin
Samsung was also his answer when the host asked what he would buy next.
9. Marvell's Other Lines
Melvin said Marvell is in a good position because of the business lines either side of its main one. He pointed to a foundry operation that can produce chips the way TSMC does, which he said had struggled and was starting to turn around, and to a planned return of capital to shareholders through dividends and buybacks.
The market is not pricing the rest of the company
And yeah, they have a lot of diversified business lines that I'm you know the market's not even pricing in. So I think this is a buy in the market.
Melvin
He already holds some and said he may add.
10. Taking Nebius Profits
The host asked whether Melvin would trim the 21.5% of his portfolio sitting in Nebius.
He wants a higher price before he cuts further
I should go to 300 first.
Melvin
He said he had already sold some, and the host said he had taken profits on both Micron and Nebius at almost the very peak.
Bonus Insights
Asked for one word each, two of the three named crypto
Closing the call, the host asked what each analyst would buy between then and the following week. Vincent said crypto, then named Figure Technologies. Melvin said Samsung. Kyle said Galaxy.
Vincent's answer put him alongside a colleague
The host told Vincent that he and Martin, another of the firm's analysts, would be best friends.
The trades are a few weeks old by the time members see the video
The host said this was the first edition of the series, which goes to Milk Road PRO members immediately after the podcast recording. This one was recorded on September 2 and released publicly later.
The three portfolios are moving the same direction: the AI infrastructure positions that produced this year's gains are being held rather than added to, and the new money is going to Galaxy, Robinhood, Ethereum and Figure — with Samsung and Marvell the two chip names Melvin is still willing to buy.
Products, Companies & Tools Mentioned
Galaxy (Kyle's favorite position and his next intended buy at about 10% of his portfolio: a power-and-data-center business bolted to an institutional crypto brokerage he expects to turn profitable on a 30% move in token prices)
Robinhood and Coinbase (Kyle's two bets on tokenized stocks; Robinhood is also Vincent's largest position and his core expression of the digital-assets trade)
Infineon (The worst position in Vincent's book at down 21%, held rather than sold because he thinks the earnings step-up is still ahead)
Figure Technologies (The name Vincent said he would publish research on that week, and his answer when asked what he would buy next)
Ethereum (Named by both Vincent and Melvin as part of the digital-assets shift)
Samsung (Melvin's pick, on a presentation given hours before the call unveiling ZHBM, a memory design that sits the stack on top of the GPU rather than beside it)
Marvell (Melvin's second chip call, on business lines he says the market is not pricing, including a foundry operation and a planned return of capital)
TSMC (The comparison Melvin used for what Marvell's foundry operation can do)
Nebius (21.5% of Melvin's portfolio, already partly sold; the host said he took profits on it near the peak)
Micron (Bought by Kyle through the dip, and named by the host as the other position Melvin sold near the top)
SpaceX and Bloom Energy (Two of Kyle's infrastructure adds, now on hold)
ServiceNow and Salesforce (Up 42% and 61% on the show's numbers; Kyle holds both and would take profits on Salesforce at 280 to 285)
Uniswap (The trade Melvin says he called, up 25% to 30% on the firm's books)
Books & Resources Mentioned
A Jordi Visser podcast (Melvin said listening to it with colleagues made him more bullish on digital assets)
Listen to the full episode
🔴 YouTube
Watch the full episode:
If this was worth your time, send it to someone closer to the industry than you are.
Get the latest market chatter as it happens: