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AI does not run on headlines.
It runs on data centers.
And data centers need a lot more than chips:
power, cooling, advanced manufacturing, networking, electrical equipment, nuclear energy, and digital infrastructure.
That is where the more interesting investor story begins.
We put together a free StockEarnings briefing that breaks down 9 public companies tied to the data-center buildout.
Inside, you will see why the AI boom may create opportunities far beyond the usual names everyone is already talking about.
The report walks through:
- The companies positioned across the data-center value chain
- Which businesses may have stronger competitive moats
- where growth catalysts could come from
- What risks investors should watch before putting capital to work
The important part is this:
AI infrastructure is becoming a real-world buildout.
That means physical assets matter.
Electricity matters.
Cooling matters.
Networking matters.
Manufacturing capacity matters.
And the companies supplying those bottlenecks may become harder for investors to ignore.
The briefing is free right now, and I’d start with the 9-stock breakdown here.
The market usually rewards investors who understand the infrastructure before the story becomes obvious.
That is the edge this report is designed to give you.
Here is the free copy.
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Only 20 Stocks Are Holding Up the Market: 3 Bargains Outside AI
Reported by Bridget Bennett. Posted: 10/8/2026.
Key Points
- Whitney Tilson argues record index highs mask a broad bear market, since 19 of the top 20 S&P 500 contributors are AI-related while most stocks lag.
- Tilson favors three non-AI value picks: speculative Joby Aviation, undervalued Casey's General Stores, and underappreciated Eli Lilly, each hit by sentiment rather than fundamentals.
- Each stock has a specific catalyst to watch: Joby's first commercial flight, Casey's in-store same-store sales, and Eli Lilly's retatrutide FDA filing.
- Special Report: One Company Spared After Renewable Credits Get Cut.
The market has hit a record high, but almost none of that strength belongs to the average stock.
That gap is where Whitney Tilson of Stansberry Research is doing his shopping. His case is that the index is masking a broad bear market underneath and that the cleanest values right now sit entirely outside artificial intelligence. Three names make the case: a speculative play, an off-the-radar mid-cap and the largest drugmaker in the world.
A Record-High Index Is Masking a Market-Wide Bear Market
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This under-the-radar company sits at the intersection of America's two most important industries, including AI, pays massive dividends, and attracted a famous money manager who put 60% of his multi-billion-dollar fund into it. Tilson is revealing the name and ticker symbol completely free - no credit card or email required.
Get the stock name and ticker symbol free of charge todayBy Tilson's count, 19 of the 20 largest contributors to the S&P 500 this year are AI-related, and those names account for essentially the entire 13% index return. The other 480 stocks are collectively flat. Roughly 59% of S&P 500 components trade at least 20% below their all-time highs, and about one in six is down 50% or more.
That is what a bifurcated market looks like, and it is why a value investor staring at a 99th-percentile Shiller multiple can still have a long shopping list.
Tilson follows the old Buffett-Munger approach: estimate what a private buyer would pay for the entire business, then buy at a steep discount. The strategy requires the market to make mistakes, and a market this narrow makes plenty. ServiceNow (NYSE: NOW) was a recent example. Investors priced in the possibility that agentic AI would gut enterprise software subscriptions, while large corporations declined to rip out systems that worked, and the stock recovered sharply.
Joby Aviation Is a Speculation With a Second Buyer Attached
Joby Aviation (NYSE: JOBY) builds an electric aircraft that takes off vertically, then rotates its motors forward to fly. It behaves like a helicopter and runs roughly 99% quieter, which is the entire commercial argument: most helicopters are not welcome over cities.
Tilson first recommended the stock near $7 three years ago. It tripled, then round-tripped back to about $7 and a $6 billion market cap. The caveats are significant: no revenue, no FAA approval and no commercial flights. This is a position to size carefully, not a core holding.
The market is pricing in a delay. Commercial service in the United Arab Emirates—a 30-minute hop between Abu Dhabi and Dubai—slipped when regional conflict interrupted the timeline, and investors who saw no near-term catalyst sold. U.S. approval is realistically one to two years away, though Joby sits further along than any competitor.
What could change sentiment is the first paying flight. What limits the downside is everything else the company owns: electric motor and battery technology, an engineering team and aircraft already delivered to the U.S. Air Force, where a quiet airframe has obvious value. If air taxis never become a business, Tilson expects electric vehicle makers and defense primes to engage in a bidding war.
Casey's General Stores Looks Like Walmart Did in 1988
Casey's General Stores (NASDAQ: CASY) runs about 3,000 convenience stores across 19 states from its Des Moines headquarters, generating roughly $18 billion in revenue against a $22 billion market cap. It is the third-largest convenience chain in the United States and the fifth-largest seller of pizza, which is the point: the high-margin “inside” business carries the model, and more than half of sales now run through the app.
The stock fell about 34% in two months, taking its valuation from 35 times forward earnings to 26 times. The trigger was a quarter in which fuel margin drove the beat while in-store comps decelerated and management reaffirmed rather than raised guidance. At a premium multiple, reaffirming guidance is not enough.
Nothing about the competitive position changed. Walmart (NYSE: WMT) had the same $18.6 billion in trailing sales in mid-1988, with nearly identical profitability and almost the same forward multiple, and has since become close to a 100-bagger. The comparison is not a forecast. It is a reminder that 26 times earnings is inexpensive for a business that can compound earnings at a double-digit rate for a decade. Casey's targets towns of 500 to 20,000 people, and Texas alone has roughly 2,000 of them.
Eli Lilly's Next Obesity Drug Is the Part the Market Is Discounting
Eli Lilly (NYSE: LLY) carries a trillion-dollar market cap and trades near 40 times trailing earnings, making it look like a story investors have already missed. Tilson believes the company is in the middle innings at most.
Two factors support that view. The first is retatrutide, Lilly's next-generation weight-loss candidate and the first to target three hormone receptors at once, rather than the two targeted by tirzepatide in Zepbound and Mounjaro. Average weight loss in trials has been closer to 29%, compared with roughly 20% for Zepbound, with less muscle loss. Lilly plans to file with the FDA in early 2027, which puts a launch in late 2027 at the earliest.
The second is the potential size of the eventual market. Studies continue to surface benefits beyond weight loss, including effects on fatty liver disease, sleep apnea, inflammation, cholesterol and addictive behavior. The argument is that demand eventually extends beyond people who need to lose weight, with low-dose use becoming common among people who do not.
Using estimates Tilson believes are too conservative, Lilly trades near 28 times forward earnings—below where it has sat for most of the past few years.
Where the Risk and the Upside Sit
The risks are uneven. Joby can drift for quarters without a catalyst and burn investor goodwill along the way. Casey's needs in-store comps to stabilize because a fuel-led beat leaves guidance looking fragile. Lilly faces real pricing pressure across the category and a long regulatory runway before retatrutide sells a single dose.
The upside shares one trait: all three stocks sold off on sentiment rather than broken fundamentals, which is the only condition under which a value approach works at all.
Watch the catalysts instead of the quotes: Joby's first commercial flights, Casey's inside same-store sales and Lilly's retatrutide filing. Those are the developments that could move these three stocks.
For more of Tilson's insights, visit here.
Insider Trades: Dell Sees Over $1 Billion in Sales, Berkshire Buys a Top Homebuilder
Reported by Leo Miller. Posted: 10/5/2026.
Key Points
- Dell Technologies shares have surged 350% in 2026 on explosive AI server demand, even as Silver Lake sold over $1 billion in stock during the third quarter.
- Silver Lake's heavy selling appears tied to its typical private equity holding period since 2013 rather than a bearish view on Dell's future prospects.
- Berkshire Hathaway purchased $403 million of Lennar shares after weak earnings, betting on a long-term housing recovery despite the stock's 20% decline.
- Special Report: One Company Spared After Renewable Credits Get Cut.
Dell Technologies (NYSE: DELL) and Lennar (NYSE: LEN) are two big-name stocks delivering wildly different performances. Dell has generated an incredible return of 350% in 2026 as its AI servers generate massive demand. Meanwhile, Lennar, one of the largest homebuilding companies in the U.S., is down 20% as low housing affordability weighs on its financial results.
Amid this divergence, insider signals around these stocks are also moving in opposite directions. Dell is experiencing significant insider sales, while Lennar recently received a large purchase from a renowned investor. However, when it comes to insider trades, context is critical. Examining the specifics of these transactions is key to understanding what they tell investors.
Dell Skyrockets, Insider Sales Eclipse $1 Billion in Q3
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Watch Jim Rickards' free briefing now before the November 3rd deadlineFew large-cap names have performed as well as Dell in 2026, with the stock’s gain ranking among the top five highest across all S&P 500 stocks. This performance comes as Dell maintains a strong position in the rapidly growing AI server market. The company combines components such as NVIDIA’s (NASDAQ: NVDA) Rubin chips, networking equipment and storage systems into fully assembled rack-scale servers that data center operators can deploy.
As the AI buildout continues, demand for these servers has exploded. In 2026, the company expects to generate AI server revenue of $74 billion, more than triple its 2025 sales. The company also booked $60.9 billion in AI server orders during its latest quarter, and its backlog is approaching $100 billion.
Demand for AI servers is driving significant financial gains for the company. Total revenue rose 58% year over year (YOY) last quarter, while earnings per share (EPS) soared 203% to $7.04.
As the stock posts massive gains, insider sales are also reaching very high levels. In Q3, the stock saw $1.07 billion in sales. The overwhelming majority of these sales are attributable to Silver Lake, a private equity firm with investments in Dell through multiple funds. The firm’s large sales may suggest that it believes Dell shares have limited upside after their very strong run.
However, understanding how private equity funds operate indicates that these sales may not be as bearish as they appear. Silver Lake first invested in Dell in 2013, helping take the company private. Private equity funds tend to hold positions for 10 to 12 years, or longer, depending on market conditions. Silver Lake’s large sales today align with that timeline, suggesting that it may be looking to exit the position and return capital to investors rather than clearly signaling a lack of confidence in Dell’s future.
Silver Lake still holds a massive position in Dell, which could put pressure on the shares if it continues to sell. However, to this point, Silver Lake’s sales have clearly not prevented Dell from posting huge gains.
Berkshire Loads Up on Lennar After Weak Earnings
Lennar has been on the opposite side of the return equation in 2026, with shares down considerably. Homebuilding stocks in general have faced a difficult backdrop, with high interest rates making new construction more expensive and mortgages less affordable.
Notably, Lennar has posted negative YOY sales growth for six consecutive quarters. EPS has also fallen sharply, with the firm reporting negative YOY growth for nine consecutive quarters. In its latest quarter, EPS dropped 38.5% YOY to $1.23.
Amid this weakness, it appears that investment behemoth Berkshire Hathaway sees an opportunity. In recent weeks, Berkshire has purchased $403 million worth of Lennar shares. This represents a significant increase in Berkshire’s position, which was near $1.2 billion at the end of Q2 when combining its Class A and Class B shares.
These purchases came shortly after Lennar’s latest earnings report, suggesting that Berkshire saw something it liked. However, on the surface, it is difficult to find many positives. Lennar missed on both sales and EPS, new orders fell 9%, and the company provided an EPS outlook well below expectations.
One notable bright spot is that although Lennar’s revenue per square foot has declined 13% since 2023, its construction cost per square foot has fallen even more, by 14%. As a result, when the housing market recovers, Lennar could be in a better position from a profitability standpoint. Revenue per square foot could improve while its costs remain lower.
Still, Lennar’s overall results indicate a very challenging near-term outlook. Berkshire is likely betting on a long-term housing recovery, with the company’s cost reductions serving as one possible reason for its positive stance on Lennar.
What to Watch: AI Bottlenecks, Construction Costs, and Rates
For Dell, a key factor to watch is whether AI supply chain bottlenecks ease. This could support the company’s ability to grow AI sales by allowing it to convert demand into revenue more quickly. The company stressed that demand outstrips supply on its last call, highlighting memory and storage supply as key constraints.
For Lennar, key factors to watch will be the company’s ability to continue lowering construction costs and whether 30-year mortgage rates trend lower. Notably, the 30-year fixed rate recently hit 7.12%, its highest level since May 2024.
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