Market Trends & Diversification - The S&P 500's diversification has been significantly impacted, with Information Technology now comprising 32% compared to 10% a decade ago [1] - Diversification requires looking beyond the S&P 500 [2] - AI is experiencing the fastest technology adoption in history, surpassing the internet [11] Company Performance & Opportunities - Nvidia's revenue is projected to grow by 51% and earnings by 46% this quarter, with estimated earnings of $5500 million in fiscal year 2026 [4][5] - Nvidia has broken out of a year-long sideways trend and could potentially reach $200 [7] - Broadcom is contributing to AI infrastructure through faster networking with the XPU [8][9] - Oracle's stock is up 88% since its bottom [17] Investment Strategies & Risks - Melius Research recommends caution on SaaS names like Salesforce, Workday, and Adobe, favoring AI semiconductor companies like Nvidia, AMD, and Broadcom [12][13] - Semiconductor equipment names are regaining momentum [19][21] - The industry is at an inflection point, shifting back towards semiconductor names after a period of software outperformance [19]