GM. This is Milk Road PRO, where we almost bought crypto this week. Almost.
This is your weekly PRO recap: one email covering every report, trade, and big idea our team put out over the last seven days.
This week had something for everyone: a deep dive into a battered SaaS giant, Melvin and M0xt agreeing (yes, really) on memory stocks, and a lot of action in the chat.
Here's what we got:
- MRMI Index flashes caution: Oh did you think it was “so over” last week? Well our nifty Milk Road Macro Index isn’t quite so pessimistic, but it’s not excited either. After a brief blip into “RISK-ON” it’s now back at “Caution”.
- ServiceNow (PRO REPORT): M0xt breaks down why this 50%-down SaaS name might be the cleanest version of his thesis right now.
- PRO AMA (SpaceX, Marvell, memory supercycle): Melvin, M0xt, and John go deep on the SpaceX IPO, next trillion-dollar chip plays, and why the memory boom-bust cycle is officially broken.
- Milk Road community: John goes full bull on SKY, Melvin does the math on Space X index inclusion, and the AVGO holders got some much-needed reassurance.
MRMI: BACK TO CAUTION ⚠️
We just launched this tool last week and it’s already giving us pause.
The Milk Road Macro Index (MRMI) jumped from -0.06 to +0.25 this week, and has now settled back to 0.09. This puts our indicator just below the RISK-ON threshold.
Want the full breakdown of what this means, and HOW we calculated this signal? Head over to John’s full breakdown, which we publish every single Tuesday.
THIS STOCK IS DOWN 50%. I JUST BOUGHT IT 📈
PRO Report by M0xt - June 18, 2026
ServiceNow is down ~50% over the past year.
The weird part? Revenue is still growing 22%, customers renew at a 98% rate, and the stock now trades at a valuation we haven't seen in years. M0xt just made it his first SaaS buy and breaks down why he thinks the market has become too pessimistic on the name (which is a huge opportunity if he's right).
SPACEX, MARVELL, AND THE MEMORY SUPERCYCLE [VIDEO AMA] 📹️
PRO AMA with Melvin, M0xt, and John Gillen - June 17, 2026
This month’s AMA covered the SpaceX IPO, Marvell, the memory supercycle, and why John still isn’t buying stocks. A quick summary:
- SpaceX: Melvin remains bullish, viewing the Cursor deal as a strategic boost for Grok. He estimates Nasdaq 100 inclusion could drive $11-12B in passive buying.
- Marvell: Melvin sees Marvell as a key AI infrastructure winner through custom silicon and networking, though valuation is a bit rich today.
- Memory: Both Melvin and M0xt believe a memory supercycle is underway. SK Hynix remains a favorite.
- John’s takeaway: Institutional interest in tokenization is growing fast. His advice: go deep on a few areas instead of following everything.
WE WANT YOU IN THE COMMUNITY! 🥛
Our Discord is open to all PRO Members.
Three moments stood out this week.
First, Melvin ran the SPCX index math: based on a float market cap of roughly $112B, he estimates SPCX enters the Nasdaq 100 at a 1.8-2% weight, triggering about $11-12B of passive buying from index funds.
Second, John reiterated his bullish view on SKY, calling the current weakness a strong accumulation opportunity. He’s actively looking for an entry and expects to hold the position for the long term.
Third, Melvin highlighted a new JPMorgan note on AVGO. The bank believes concerns around Google’s custom TPUs are overdone, with Broadcom’s next-generation TPU program and long-term Google partnership remaining intact. JPM maintained its Overweight rating and sees roughly 54% upside by the end of 2026.
