Below is a summary of the key topics Trish and Rob covered…
(1) The Fed pauses
The Fed held rates steady but signaled caution on future cuts, largely due to the recent spike in oil prices. Supply disruptions—particularly around the Strait of Hormuz—are driving near-term pressure, although futures markets suggest oil prices will decline meaningfully later this year.
Trish and Rob share their thoughts on how this situation may resolve—likely sending oil prices lower—and what the eventual neutralization of Iran as a military threat could mean from a long-term perspective.
(2) NVIDIA targets $1 trillion
NVIDIA (NVDA) made waves this week when CEO Jensen Huang outlined a path toward $1 trillion in AI-related revenue by 2027, underscoring just how large this opportunity could become.
At first glance, the number seems extreme. But it becomes more plausible when you consider what AI is actually doing—replacing legacy computing infrastructure, absorbing entire service categories, and expanding the total size of the economic pie.
AI is no longer just a tool. It is becoming a foundational layer of the economy—effectively “intelligence as a utility.”
(3) The launch of NemoClaw
AI agents are coming on strong. These systems move beyond answering questions and are now capable of operating autonomously in the real world—including interacting with software and even using money.
Alongside its revenue outlook, NVIDIA introduced NemoClaw, its new AI agent system. NemoClaw builds on earlier open-source systems like OpenClaw, enabling software to perform real-world tasks by operating a computer much like a human—but with greater security and reliability.
This shift—from thinking to doing—is critical and has the potential to dramatically expand the economic impact of AI.
(4) AI agents, crypto, and stablecoins
As AI agents become economic participants, they will require a financial system. That system is increasingly being built on blockchain infrastructure using stablecoins.
These agents won’t open bank accounts or use credit cards. Instead, they will transact programmatically, at high speed, across global networks—something traditional financial rails simply cannot support.
Importantly, this does not replace the U.S. dollar. Stablecoins are effectively a digitized version of the dollar, backed by U.S. Treasuries and designed to move seamlessly across the internet.
Crypto has struggled in recent months, but much of the weakness appears sentiment-driven rather than fundamental. As software stocks suffered from AI disruption risk, digital assets followed, despite improving underlying utility.
Now, early signs of a shift are emerging. Stablecoin adoption is increasing, AI-driven use cases for crypto are expanding, and real-world utility is becoming more visible.
This is often how major cycles begin—not with broad enthusiasm, but with quiet improvements beneath the surface.
(5) Circle breaks out
Circle (CRCL), the issuer of the USDC stablecoin, sits at the center of this emerging system. By creating a compliant, dollar-backed stablecoin, it is helping build the infrastructure for a new financial layer that is faster, cheaper, and more scalable.
Recent market action reflects that potential. After a significant pullback prompted us to add the stock to our Model Portfolios in mid-February (Capitalizing on the Tech Downturn), the stock has rebounded sharply, highlighting how quickly sentiment can shift when fundamentals remain intact.
We may still be quite early. As stablecoins expand beyond trading into payments, AI, and global commerce, the total addressable market is enormous.
(6) Bittensor and decentralized AI
Another important development sits at the intersection of AI and crypto: decentralized intelligence.
Crypto projects like Bittensor (TAO) are attempting to build open networks where AI is produced and shared across distributed systems, rather than controlled by a handful of centralized companies.
This approach aligns closely with the rise of AI agents. As demand for intelligence grows, decentralized systems could provide an alternative model—one that is more accessible, more scalable, and potentially more resilient.
While still early and highly volatile, the recent resurgence in TAO suggests that markets are beginning to recognize this potential.
(7) Navigating the current environment
This is a challenging environment, but the principles remain unchanged. Investors need to understand what they own, align their strategy with their time horizon, and remain disciplined through volatility.
Trish and Rob explain their long-term investment philosophy, which includes accepting drawdowns, managing position sizes, and maintaining conviction when the underlying thesis remains intact.
In areas like AI and crypto—where volatility is higher—this discipline becomes even more important.
