Wafer-scale technology could deliver 100X the performance while using 90% less energy...
Dear Fellow Investor,
While everyone’s fighting over AI scraps...
Trump just triggered what I believe is the biggest tech disruption since the internet.
I’m George Gilder. I’ve been calling tech revolutions for 40+ years.
When I predicted cell phones would change everything in 1991, people laughed.
When I said streaming video would kill Blockbuster in 1994, Wall Street ignored me.
When I called Amazon’s dominance in 1996, investors shrugged.
Those “crazy” predictions were followed by insane returns:
- Apple: 249,900% since IPO
- Netflix: 112,700% from going public
- Amazon: 216,100% since IPO
Now I see something even BIGGER brewing…
I see the death of big data centers coming. And My research suggests three companies are making it happen: building what I call the “Trillion Dollar Triangle”:
- Wafer-scale chips 100X faster than current systems
- 90% energy reduction
- Technology that makes AI data centers unnecessary
Make no mistake... This could be one of the biggest opportunities I’ve seen in over four decades.
>> Get the three company names before Wall Street catches on <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
Radioactive Returns: Geopolitics and AI Fuel a Nuclear Supercycle
Author: Jeffrey Neal Johnson. Date Posted: 2/24/2026.
Key Points
- Vistra Corp. capitalizes on the urgent demand for clean baseload power by signing significant long-term agreements to support massive data center operations.
- Cameco Corporation expands its influence in the nuclear fuel cycle through high-grade mining assets and strategic partnerships for new reactor deployment.
- Growing global demand for secure, reliable energy infrastructure supports a sustained bullish trend for established upstream and downstream nuclear companies.
- Special Report: [Sponsorship-Ad-6-Format3]
Recent diplomatic reports indicate that Russia is actively marketing and offering nuclear power infrastructure to nations such as Serbia. At first glance this may seem like standard international trade, but it signals a deepening fracture in the global energy market. Energy infrastructure has become a geopolitical chess piece, forcing the United States and its allies to fundamentally rethink how they secure their power grids.
For decades the West relied on globalized supply chains to meet its energy needs. Russia's aggressive moves are pushing Western nations toward onshoring, prioritizing domestic energy independence and security. As of 2026, energy security has become synonymous with national security.
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Get the details on this opportunity before the 2026 launch.At the same time, another — perhaps even more powerful — force is reshaping the electricity market: artificial intelligence (AI). Data centers — the massive physical warehouses that power the internet, cloud computing, and AI models — are consuming electricity at rates never seen before. Unlike a factory that might shut down at 5:00 PM, data centers require baseload power: energy that flows reliably 24 hours a day, seven days a week, regardless of the weather.
While renewable sources such as wind and solar are essential to the energy mix, they are intermittent; the sun does not always shine and the wind does not always blow. Nuclear energy remains the only scalable, carbon-free source capable of providing the constant, large-scale reliability that Big Tech requires. The convergence of these national-security concerns and technological demands is creating a perfect storm for established Western nuclear operators.
The Downstream Powerhouse: Vistra Corp.
Vistra Corp. (NYSE: VST) represents the downstream opportunity in this sector. As an integrated power company, Vistra generates and sells the actual electricity — the electrons — that power the grid and the data centers attached to it.
To understand Vistra's investment case, investors should consider the company's economic moat. Building a new nuclear plant in the United States is an incredibly long and expensive process, often taking more than a decade to clear regulatory hurdles and complete construction. That reality gives Vistra a meaningful advantage: it already owns the second-largest competitive nuclear fleet in the country. Because these assets are licensed, operational, and grid-connected today, they are scarce and highly valuable in a power-hungry world.
The 2,600 MW Signal
The theoretical value of Vistra's fleet became concrete on January 9, 2026, when the company announced a landmark agreement with Meta Platforms. This 20-year Power Purchase Agreement (PPA) covers more than 2,600 megawatts (MW) of capacity.
Crucially, the deal includes uprates — efficiency upgrades that allow an existing plant to generate additional power without building a new reactor from scratch. Uprates are the most cost-effective way to add capacity, and this agreement proves that major technology companies are willing to pay a premium to secure reliable, carbon-free nuclear energy to support their AI ambitions.
Earnings Watch: Q4 Forecast
Investors are closely watching Vistra as it prepares to report its fourth-quarter 2025 earnings on Thursday, Feb. 26, 2026. Expectations are elevated, reflecting the company's strong positioning.
- Earnings Per Share (EPS): Consensus estimates are approximately $2.51, a year-over-year increase of roughly 120%.
- Revenue: Analysts project revenue of about $5.34 billion.
Beyond the earnings print, Vistra has been aggressive in returning capital to shareholders — a key metric for long-term investors. Since November 2021, the company has repurchased roughly 30% of its outstanding shares, reducing share count and increasing the ownership stake of remaining shareholders. The company also recently declared a quarterly dividend of roughly $0.23 per share, rewarding investors for holding the stock.
Currently trading around $167, the stock has recently consolidated after a strong run. That pause suggests the market is waiting for the upcoming earnings report to confirm the company's growth trajectory before moving decisively.
The Upstream Titan: Cameco Corporation
While Vistra generates the power, Cameco Corporation (NYSE: CCJ) provides the essential fuel and technology required to create it. Cameco represents the upstream investment opportunity.
As Western utilities shift away from Russian fuel services because of geopolitical risk, they are signing long-term contracts with suppliers in stable, trusted jurisdictions. Cameco operates top-tier mines in Canada — including McArthur River and Cigar Lake — some of the highest-grade uranium mines in the world, positioning Cameco as a primary beneficiary of this supply-chain realignment.
The $80 Billion Backstop
Cameco has evolved beyond a pure mining company into a nuclear-technology infrastructure firm. In October 2025, a strategic partnership involving Cameco, Brookfield, Westinghouse, and the U.S. Department of Commerce was announced, targeting the deployment of $80 billion in new Westinghouse AP1000 reactors.
That partnership is significant because it brings substantial financial and diplomatic support — effectively signalling that the U.S. government sees Cameco and Westinghouse as critical partners in rebuilding Western nuclear capacity.
The Contract Fortress: 230 Million Pounds
Cameco reported solid fourth-quarter results on Feb. 13, 2026, demonstrating operational resilience. The company posted EPS of 36 cents, beating analyst estimates of 29 cents, and revenue of approximately $875 million, topping expectations.
Perhaps most importantly for risk-averse investors, Cameco currently has about 230 million pounds of uranium committed under long-term contracts. That robust contract book acts as a fortress, shielding the company from short-term spot-price swings while guaranteeing future revenue. After the earnings beat, GLJ Research reiterated a Buy rating and raised its price target from $100.00 to $171.20, signaling strong confidence in the company's trajectory.
The Nuclear Renaissance: Two Paths, One Destination
Vistra Corp. and Cameco Corporation offer investors two distinct but complementary ways to participate in the nuclear resurgence. Vistra provides exposure to immediate cash flows from selling power to AI data centers and the grid. Cameco provides exposure to rising uranium prices and the long-term buildout of reactor infrastructure.
With the uranium spot price holding near $89 per pound and political winds blowing firmly in favor of domestic energy security, the sector appears to be in a structural bull market. In a world driven by algorithms and defined by geopolitical borders, nuclear energy has shifted from a contrarian trade to a cornerstone of modern infrastructure portfolios.
Microsoft Is Sliding—An Insider Buy and Oversold Signals Are Changing the Setup
Reported by Chris Markoch. Article Posted: 2/24/2026.
Key Points
- Microsoft’s sharp decline reflects investor anxiety over heavy AI infrastructure spending, but the company continues to fund expansion with strong free cash flow.
- Concerns that AI could disrupt traditional software models overlook how Microsoft is embedding Copilot into its ecosystem and charging premium pricing.
- With insider buying emerging and valuation compressing to more typical levels, the sell-off may signal exhaustion rather than structural weakness.
- Special Report: [Sponsorship-Ad-6-Format3]
It's been another week of relative misery for Microsoft Corp. (NASDAQ: MSFT) shareholders. For the week of Feb. 16–20, MSFT stock fell 3.28%, continuing a run of lackluster performance. MSFT stock is:
- Down 17.05% in the 30 days ending Feb. 20.
- Down 20.08% year-to-date.
- Down 18.14% in the last three months.
All of that has pushed the Microsoft stock price down 5.3% over the last 12 months — a fall from grace many investors didn't see coming.
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Get the details on this opportunity before the 2026 launch.However, pullbacks in a blue-chip name like Microsoft are often buying opportunities. That appears to be the case with one of the company's insiders who recently made a notable purchase of MSFT stock.
John W. Stanton, a director at Microsoft, purchased 5,000 shares of the company's stock on Feb. 18. Insiders generally buy shares because they believe the stock is undervalued. One purchase doesn't establish a trend, but it does add a data point suggesting MSFT stock could be oversold.
The reasons for the pullback are well known. In some ways, Microsoft checks many of the boxes that prompt investors to sell technology stocks:
- The company is one of the leading hyperscalers and has committed billions in capital expenditures (CapEx) to build out its AI infrastructure (datacenters).
- Microsoft is in the crosshairs of the "AI will eat software" sell-off.
- Analysts are questioning the return on investment for the company's stake in OpenAI.
All of these concerns deserve a balanced look to put the MSFT sell-off into context.
Hyperscaler CapEx Concerns
Microsoft is one of the "big three" hyperscalers, alongside Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NASDAQ: GOOGL). In Q2 fiscal 2026, Microsoft spent $37.5 billion in CapEx.
This level of spending, which isn't expected to decline, raises questions for investors about how long it will take to generate returns that justify the outlays. Rising energy costs, long construction timelines, and uncertainty about whether AI demand will scale fast enough to absorb the new capacity have compounded the worry.
Still, Microsoft is funding much of this CapEx with cash on hand. Evercore ISI recently forecast that, among the hyperscalers, only Microsoft will generate positive free cash flow this fiscal year.
The takeaway: Microsoft's core business is profitable enough to fund this expansion without burning through cash, and management says much of the AI spending is tied to contracted customer commitments rather than speculative buildouts.
The "AI Will Eat Software" Threat
At its core, Microsoft is a software company — Windows, Office, and related licensing underpin its annual recurring revenue (ARR). The rise of agentic AI has led analysts to question the long-term viability of that licensing model. Some investors worry that even if Microsoft wins the AI race, it could cannibalize its most profitable businesses.
However, that view assumes Microsoft is a passive observer. The reality is more nuanced. Copilot, Microsoft's agentic AI tool, is already integrated across the Microsoft 365 suite. That allows the company to layer AI-driven revenue on top of existing revenue, often at higher per-seat pricing.
In practice, enterprise customers aren't abandoning Microsoft's ecosystem; many are paying more to access AI capabilities within that system. See more on this dynamic here.
The OpenAI Investment Under the Microscope
Microsoft has invested an estimated $13 billion into OpenAI. That investment made strategic sense when OpenAI was the clear leader in generative AI, but the competitive landscape has evolved.
Newer entrants like DeepSeek have shown that capable AI models can be developed at a fraction of the cost, which raises questions about how durable OpenAI's technological moat is.
There are also structural tensions in the partnership: OpenAI pursues its own commercial relationships and ambitions that do not always align perfectly with Microsoft's. Analysts are increasingly asking whether Microsoft is getting a fair financial return on its investment versus alternatives like building in-house or partnering elsewhere.
Still, viewing the OpenAI investment purely through a financial lens misses the strategic advantages. Microsoft secured deep integration rights, model access, and the ability to embed a leading AI brand directly into its products. Microsoft has also been developing its own in-house models in parallel, so it is not solely dependent on OpenAI. The partnership effectively bought Microsoft a multi-year head start in enterprise AI adoption that competitors cannot easily replicate.
Selling May Be Nearing Exhaustion
There's no getting around it: the MSFT stock chart looks ugly. The stock has been in a steady downtrend since November 2025 and is within about 10% of giving back all the gains since the rally that began in late April 2025.
However, the Relative Strength Index (RSI) is moving into oversold territory, and momentum indicators such as daily volume and the MACD suggest selling pressure may be easing.
This is a headline-driven market, so there could be more downside. That said, with MSFT stock down almost 30% from its all-time high and trading at around 24x earnings, this appears to be a dip worth considering as a buying opportunity.
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