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Shoutout to the 82 people who joined the Rich Habits Network so far this month!
What Is The Rich Habits Network?
The New York Times wrote about the Rich Habits Network for a reason: it's where 950+ members invest in venture-backed companies like SpaceX, Apptronik, and Perplexity before they go public. 30+ deals closed.
Everything the Rich Habits Podcast can't fit into an episode — deals, coaching, research & 8 hours of video courses for 900+ members and counting.
We’re currently running deals for two private companies:
A neocloud company offering the world’s fastest inference (2,000+ tokens per second) — competing with Nebius, Fluidstack, and CoreWeave at a fraction of their valuations.
A hardware company well on its way to an IPO that is 3D printing structures (homes, military barracks, etc) faster and cheaper than the competition — has already 3D printed an entire neighborhood in collaboration with Lennar.
A quick breakdown — in case you don’t have the time.
⭐ Semis to deliver 48% of S&P 500 earnings growth in Q2.
⭐ Rich people think in decade, broke people think in weekends.
⭐ AI revenue has finally exceeded capital expenditures.
⭐ Data center demand to reach 194 gigawatts by 2035.
Market Overview
As of Market Open 7/23/26
ETF Winners & Losers
Chart of the Week
Semis to deliver 48% of S&P 500 earnings growth in Q2.
In Q1, Amazon, Google, Meta, and Microsoft contributed roughly 34% of the S&P 500’s year-over-year EPS growth. Semiconductor companies contributed another 31%. Together, those two groups accounted for about 65% of the index’s earnings growth.
That is a very concentrated earnings story. The S&P 500 may include 500 companies, but right now a much smaller group is doing most of the heavy lifting.
Now that leadership is expected to move even further toward semiconductors. In Q2, chip companies are projected to contribute a record 48% of S&P 500 earnings growth, while the contribution from Amazon, Google, Meta, and Microsoft is expected to fall to around 9%.
That does not mean Amazon, Google, Meta, and Microsoft are suddenly losing their importance. They are still the platforms spending the money and shaping the AI economy. But this earnings season, the market may care more about the companies getting paid to build the infrastructure underneath them.
If semiconductor earnings hold up, the AI trade gets another reason to keep working. If they disappoint, investors may find out very quickly how narrow this market’s earnings leadership really is.
Today’s Rich Habits Newsletter is brought to you by Public, the investing platform for those who take it seriously. On Public, you can build your portfolio for the long haul with stocks, options, bonds, crypto, and more.
Beyond the assets, Public integrates AI in ways that are actually useful. You can get real-time context on why a stock you care about is moving, instant earnings call summaries—you can even build a custom index from a prompt.
In Case You Missed It…
In this week's Monday-morning episode of the Rich Habits Podcast (linked here) — Austin and Robert break down one of the biggest predictors of whether someone actually builds wealth: time horizon.
Here’s what they covered…
Weekend Thinking Keeps You Stuck — Weekend Thinking is the paycheck-to-pleasure cycle: money comes in, money goes out, and every decision is filtered through “can I afford this before my next paycheck?” This is why even 25% of households making over $150,000 still live paycheck to paycheck — the income changed, but the operating system didn’t.
Season Thinking Builds the Foundation — Thinking in seasons means stretching your financial window to 90 days or 12 months. This is where real progress starts: building an emergency fund, automating investments, paying off debt, and making career moves based on trajectory instead of just next Friday’s paycheck.
Decade Thinking Creates Real Wealth — Decade Thinkers ask, “What does this look like in 10 years?” That mindset changes everything — investing through crashes, choosing ownership over short-term income, and understanding that compounding is violently back-loaded. The last decade of investing often creates more wealth than the first three combined.
How to Move Up — Austin and Robert give a few simple ways to start thinking longer-term: use the $200 rule before big purchases, automate your investments before money hits your checking account, and run the 10-year test on your career. If a decision does not create more income, ownership, or optionality over time, it may be keeping you stuck.
A person making $60,000 with a decade mindset can outbuild someone making $200,000 with a weekend mindset. Wealth is not just about how much you earn — it’s about how far ahead you’re willing to think.
Here’s a link to the Q&A episode that was posted on Thursday. We switched up our scheduling this week!
You can submit questions for 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!
Austin’s Callout
AI revenue has finally exceeded capital expenditures.
Since the launch of ChatGPT in November 2022, we've been in a race to see who can spend the most money on AI infrastructure. Now, it's one thing to spend the cash; it's another thing entirely to actually realize the depreciation of that spending on the income statement — impacting the bottom line.
And that realized depreciation on a quarterly basis is what the above chart illustrates. Something all of these hyperscalers have been having to balance for their investors is not just the amount of cash spent on AI infrastructure, but the depreciation of those fixed asset over time, as to not completely destroy earnings per share.
Finally, the quarterly revenue directly generated from these capital expenditures in AI infrastructure has eclipsed the depreciation of that infrastructure over the same period of time. In simple terms, this means we should begin to see accelerated earnings growth from these hyperscalers in the coming quarters and years.
Apollo recently shared the above chart — and I think it does a wonderful job illustrating what could be around the corner for patient investors who aren’t swayed by near-term price action.
These hyperscalers spent hundreds of billions on AI — and now that spending is finally starting to pay off, and should really payoff over the coming years.
Robert’s Callout
Data center demand is projected to reach 194 gigawatts by 2035.
That is a massive number, and it shows how quickly AI has moved from being a software story to an infrastructure story.
The chart also shows where that demand is expected to show up. PJM, ERCOT, MISO, and other regional power markets are all projected to see major increases over the next decade. In plain English, this is not just one data center hub getting bigger. It is a nationwide power problem.
That is the part of the AI story people are just starting to understand. Every new model, server rack, and cloud contract needs power. A lot of it. And that power has to come from somewhere.
For households, this matters because electricity demand does not show up in a press release. It shows up in utility bills, local infrastructure fights, and pressure on power grids that were not built for this kind of load. If utilities need to build more generation, upgrade transmission lines, or secure more reliable power, those costs usually find their way back to consumers over time.
The companies building the models still matter. But so do the companies that can power the data centers, cool the servers, and keep the grid stable as demand keeps rising.
The Rich Habits Radar
👉 Alphabet beat earnings as Google Cloud posted its strongest growth ever.
👉 Tesla saw earnings fall as AI and robotics spending weighed on profits.
👉 Generic drugs faced a proposed 100% tariff beginning in 2028.
👉 Supermicro lifted margin expectations and reporting a record $60B backlog.
👉 AMD deepened its Anthropic partnership with a multibillion-dollar deal.
👉 GE Vernova slipped despite strong AI power demand and higher revenue.
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