Together with Public
As the market turns the page to the summer months, the volatility isnāt settling down.
Between Nvidia, Bitcoin, tariffs, and more ā thereās lots to talk about! Letās jump right in.
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A quick breakdown ā in case you donāt have the time.
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ā America is determined to win the AI arms race.
ā We broke down exactly what your financial advisor wonāt tell you.
ā JD Vance believes 100 million Americans will own Bitcoin.
ā The China tariff drama isnāt over.
ā e.l.f. acquired Hailey Bieberās Rhode skincare brand for $1B.
As of market open, 5/29/25
America is determined to win the AI arms race.
Nvidia reported strong quarterly results, with revenue rising +69% to $44.1 billion and data center sales surging +73% year-over-year to $39.1 billion, driven by high demand for AI infrastructure. Despite U.S. export restrictions causing a one-off $4.5 billion charge and $2.5 billion in lost sales on its H20 AI chips to China, the company posted a +26% increase in net income to $18.8 billion.
CEO Jensen Huang said the China AI chip market is now effectively closed to U.S. companies, ending Nvidia's Hopper data center business in the region. Other segments also grew, with gaming up +42%, automotive and robotics up +72%, and professional visualization up +19%. Nvidia shares rose +6% in extended trading, nearing record highs, and the company returned $14.3 billion to shareholders via buybacks and dividends.
This was a MASSIVELY IMPORTANT earnings call for the entire market. Nvidia reported $26.1 billion of free cash flow in this quarterly report ā a staggering +75% annual increase. Revenue in the United States (shown above) continues to rise and everyone should be happy to see that this market-mover report some incredible earnings.
Weāre long NVDA and long American capitalism. This year has been incredibly volatile (as predicted) ā but weāre in the early innings of a technological revolution driven by AI and machine learning. DCA and enjoy the ride!
P.S. ā The humanoid robots are coming. Be prepared!
With Publicās new āGenerated Assetsā website ā anyone can turn an idea into an investable index.
Literally tell Public's generated assets what you want to invest into and it'll build a portfolio for you as well as back test the performance over the last several years so you have some clarity as to what it might perform like going forward.
For example, maybe you want to invest into companies whose CEOs are active on social media. Or maybe you want to invest into companies with a crazy high "revenue per employee" ratio. Or maybe you want to invest into companies who are powering the rise of AI agents.
Check out their "Top List" section! This is a robust list of the top-performing strategies created by others. I published my strategy, revenue per employee ratio, and we'll see how it goes!
Hereās a video I made further explaining how it works!
Check it out here! https://generatedassets.com/
In this weekās Monday-morning episode of the Rich Habits Podcast (linked here) ā Austin and Robert explained the three most common misunderstandings as it relates to financial advisors.
Hereās what they talked about:
Suitability vs. Fiduciary Standards ā Just because itās a āsuitableā investment doesnāt mean itās right for you. Not every financial advisor is known as a āfiduciary,ā which means they have a legal obligation to always act in your best interest when recommending and choosing investments on your behalf.
How Advisors Actually Make Their Money ā There are three common fee structures when it comes to working with a financial advisors: taking a fee in the form of a percentage of assets under management, commission-based fees on their trading of the financial instruments they put you in, or flat-fees / hourly-fees. If youāre looking for straight up advice, go with fee-only.
Types of Investment Products ā Actively managed mutual funds, annuities, and proprietary funds are high-fee / underperforming investment products that are commonly peddled by financial advisors. Skip the high fees and commissions by simply investing into the low-cost index funds and ETFs we talk about.
Itās okay to use a financial advisor! We actually recommend you to do so assuming you have hundreds of thousands invested and youāre ready to think about your wealth holistically.
If you end up moving forward with an advisor, make sure you understand their fee structure, the types of financial products they put you in, and if theyāre a fiduciary or not!
Click here to listen to the full episode! Itās honestly one of our bests.
Hereās a link to the Q&A episode that was posted this morning.
We answered questions from: Jay, Christina, Jeff, Bo, Adam, and Armani.
You can submit questions for these episodes by asking them inside of the Rich Habits Network, replying to this email, or sending us a DM on Instagram.
The Rich Habits Podcast is available on Spotify, Apple, iHeart, YouTube, and wherever else you get your content!
JD Vance believes 100 million Americans will own Bitcoin.
Donāt get me wrong ā the Bitcoin Conference has regularly served as a short-term top signal for the market. Who knows⦠it might be doing that right now. Either way, Iām a long-term crypto holder and I canāt tell you how EXCITED I am right now!!
Hereās a few things that have gotten me fired up from the conference:
JD Vance called Bitcoin a āhedge against skyrocketing inflationā and believes 100 million Americans will own Bitcoin ābefore too long.ā
JD Vance said that theyāre going to fire every regulator like Gary Gensler.
Eric Trump said āeverybody in the world wants Bitcoin.ā He also said that President Trump is a āBitcoin Maxi.ā
Pakistan announced that it will establish a Strategic Bitcoin Reserve.
GameStop announced that has purchased 4,710 Bitcoin for its balance sheet.
NYC Mayor Eric Adams plans to issue Bit Bond for New York
Strive CEO Matt Cole called on Mark Zuckerbergās Meta to buy Bitcoin for their balance sheet.
A Managing Director from BlackRock said "Bitcoin has much higher upside than gold.ā
Square announced the launch of Bitcoin payments for its millions of users.
David Sacks called Bitcoin āthe financial system of the future.ā
Again⦠this is a heavily-funded conference which has the goal of hyping up Bitcoin. I completely understand that and donāt want to put TOO much weight into these comments. However, when people in positions of power are speaking about Bitcoin with such conviction ā Iām definitely excited.
The chart above reflects that excitement. Over the last seven trading days thereās been $3.2B invested into BlackRockās Bitcoin ETF, IBIT.
Regardless of what happens in the immediate future, BTC and the crypto asset class are going a lot higher over our lifetimes. If America is leading the charge, the rest of the world will continue to follow.
The China tariff drama isnāt over.
Itās important to remember that 90-day pauses on tariffs arenāt necessarily perfect resolutions. These type of pauses are kicking the can down the road, and giving all of us hope that a true, lasting deal will be struck within that short amount of time. The U.S. Court of International Trade announced last night a halt on the sweeping 10% tariff imposed by President Trump last month.
I donāt believe that the court ruling on tariffs will stop Trump from getting what he wants (one way or another), and President Trump is already fighting back. This unfortunately just adds more fuel for volatility.
See the graph as a supply chain example. Itās been two weeks since the China / US trade deal progress was announced. We all celebrated, but container traffic from China to the US hasnāt shown a strong rebound at all. Since Liberation Day ā the container departures are down ~40%.
For months ā Iāve been telling you all that if a recession is actually on the way, it will be earnings-led. The short-term volatility from tariffs have been manufactured dips, and I took advantage by DCAāing into my favorite positions + creating some new positions in my portfolio. But if the tariffs linger for too long and we donāt see some rock solid agreements ā I believe the next earnings season could very much reflect that.
If nothing else⦠this market is keeping us on our toes! Iām still incredibly bullish on the coming years, but itās important to call out the risk that tariffs continue to present. Pauses do not equal final deals. We need to see some serious progress this summer, or we could be in some trouble!
š e.l.f. acquired Hailey Bieberās Rhode skincare brand for $1B.
š Musk exited DOGE ā after leading Trumpās federal downsizing efforts.
š A U.S. trade court blocked a major chunk of Trumpās tariffs.
š Trump pushed for 25% tariffs on iPhones made overseas.
š Trump Media planned to raise $2.5B to buy Bitcoin and other crypto assets.
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