I've been shifting my investments to more AI-focused bets.

Here's an overview of my larger positions, in descending order of how eager I am to recommend further purchases now:

• MU - AI is memory hungry, and MU is in a good position for almost NVDA-like growth
• CSIQ - solar, for AI-related power demand
• ASML - semiconductor equipment
• SCIA - semiconductor equipment
• GOOGL - for TPUs, DeepMind, and Waymo
• SMCI - datacenter
• NVDA
• AMPX (and AMPX.WS) - batteries suitable for drones
• TSSI - datacenter
• CLS - close to half of its business involves datacenters
• PDEX - a fairly safe way to diversify my portfolio
• MTG - a fairly safe way to diversify my portfolio
• ASTS - expanding cell phone coverage; I'll likely sell when I can get long-term gains

Short positions:

• SP500 futures - hedging against risks such as tariffs
• SOFR futures dated 2029 through 2032 - betting that interest rates will rise due to AI
• WMT - it's got a high PE ratio, and little sign of growth

[This is not at all a complete list, as I have smaller positions in something like 150 other companies.]

AI stocks are likely to form a bubble someday, but I'm guessing the peak of that bubble is more than a year away.

I still have some concerns about tariff-related damage causing some declines sometime this year. I'm optimistic that the courts will strike down the per-country tariffs this fall. It shouldn't take long for the country to recover from the tariff damage once the tariffs have been removed.

Beware that even in a strong bull market, there will be periodic scares, such as January's DeepSeek-trigger panic, that cause sharp drops in leading stocks. AI-related stocks had a big rally in June, and are likely to consolidate for a while before the next such rally.