GM. This is Milk Road PRO, where we try and figure out who owns the customer when the model becomes a commodity.
This is your weekly PRO recap: one email that summarizes every trade, piece of alpha, and big narrative we tracked this week.
This week, M0xt dropped one of the most important structural theses we've published: the AI value stack is repricing, and the winners aren't who most people think.
Meanwhile, Kyle went hard on the trade block, finally scooping up some equities as he prepares for a larger market pivot. Plus, Melvin locked in gains and chased SpaceX while the Discord lit up around Micron earnings.
Here's what we got:
- π What we traded: The squad made 12 trades this week, including Galaxy, Space X, Tesla, and some DCA moves.
- π§ The AI price collapse is already happening (PRO Report): M0xt lays out why value is moving away from frontier labs and toward the application layer - and names ServiceNow as the first name on his shopping list.
- π¬ Micron earnings FTW: Melvin called Micron earnings before they dropped (and was right). John is watching BTC closely for a potential buy zone. Kyle is eyeing NOW and CRM ahead of Salesforce earnings in August.
WHAT WE TRADED π
After a very quiet stretch last week, the boys got back on the horse.
What we bought:
- π’ GLXY (Galaxy Digital) - Bought by Kyle and M0xt @ $28.
- π’ SPCX (SpaceX) - Bought by Kyle and Melvin @ $155-165.
- π’ ARKG (ARK Genomic Revolution ETF) - Bought by Kyle @ $36.28.
- π’ LLY (Eli Lilly) - Bought by Kyle @ $1,100.26.
- π’ Q (Qfinity) - Bought by Vincent @ $163.27 (DCA).
- π’ SKY (Sky Ecosystem) - Bought by John @ $0.05.
What we sold:
- π΄ BTC (Bitcoin) - Sold by Kyle @ $59,074.00.
- π΄ WSTETH (Wrapped stETH) - Sold by Kyle @ $1,926.77.
- π΄ GLW (Corning) - Sold by Melvin @ $226.69 (26% profit).
- π΄ TSLA (Tesla) - Sold by Melvin @ $408.20 (rolling into SpaceX).
THE AI PRICE COLLAPSE IS ALREADY HAPPENING
PRO Report by M0xt - June 25, 2026
In this week's PRO report, M0xt argues the AI gold rush is shifting away from the model makers and toward the companies building on top of them, as intelligence rapidly becomes cheaper and more interchangeable.
He lays out why open models, AI routing, and falling inference costs could squeeze the frontier labs while creating a massive opportunity for workflow platforms like ServiceNow. If heβs right, the biggest AI winners of the next decade will be the ones turning cheap intelligence into finished work.
WE WANT YOU IN THE COMMUNITY! π₯
Our Discord is open to all PRO Members.
The biggest moment in the Discord this week was Melvin's pre-earnings call on Micron. Consensus had revenue at $35.8-36.2B and EPS around $20.8-21.0. Melvin posted his own estimate publicly: $40-41B in revenue with EPS around $24-25.
Meanwhile, John is watching the BTC tape closely. He flagged $60K as strong support but noted soft demand, and is watching for a potential flush toward $55K, calling it a zone where "we could get some incredible buys."
And Kyle dropped a forward-looking signal in the chat: he's planning to buy NOW (ServiceNow) and CRM before Salesforce earnings in August, calling that event the likely catalyst.
NEXT WEEK: ANALYST PAYDAY ποΈ
ICYMI: On the Monday before the first Wednesday of every month, each of our analysts gets $500 dropped into their portfolio. What they do with it is up to them; some will put it to work right away, others may sit in cash until markets feel friendlier. Either way, they have to explain their thinking.
It's the same thing a lot of you are already doing, taking a slice of your paycheck and putting it to work. The difference is you get to watch exactly how the analysts think about it, in real time. We cover all of it in a report and a live AMA on the first Wednesday of every month.
Next up on the schedule:
- π Jul 1 at 10:00 a.m. ET.
We go live this Wednesday with John, Melvin and Martin π«‘ Come ask them anything and get their take on what's next. Submit your questions using this form.
Note: All PRO events are recorded and will be shared in this weekly roundup every Saturday.
