Welcome back to another edition of the Smart Wealth Newsletter, where we break down the week's biggest financial news, discuss long-term investment opportunities, and share practical real estate strategies designed to help you build lasting wealth.

This newsletter is written by Chris McLaughlin alongside his two sons, Trip and Frankie, who each bring a unique perspective to investing. Trip is currently attending the Freeman School of Business at Tulane University, where he is studying finance and entrepreneurship while continuing to build his long-term investment portfolio. Frankie, a National Merit Finalist, will begin attending Georgetown University's McDonough School of Business this fall and has already established himself as a disciplined long-term investor with an impressive record of identifying high-quality growth companies early.

Our goal remains simple: educate, encourage disciplined investing, and help readers make informed financial decisions through long-term thinking rather than short-term speculation.

Wall Street continued its remarkable run during the week ending July 10, 2026, as investors once again demonstrated an impressive willingness to look beyond short-term geopolitical uncertainty and instead focus on strong corporate earnings, continued artificial intelligence investment, and an economy that remains surprisingly resilient. While headlines throughout the week centered on renewed tensions involving Iran, questions surrounding the Federal Reserve's next move on interest rates, and the beginning of second-quarter earnings season, the market ultimately finished the week with all three major indexes posting gains.

The Dow Jones Industrial Average closed Friday at 52,637.01, finishing the week near another all-time high. The broader S&P 500 ended at 7,575.39, while the technology-heavy Nasdaq Composite finished at 26,281.61, continuing its impressive leadership thanks to ongoing strength in semiconductor, software, and artificial intelligence companies.

Perhaps the biggest takeaway from this week's trading was just how resilient investors have become. In years past, renewed military activity involving Iran or uncertainty surrounding the Strait of Hormuz would have produced far greater volatility. Instead, investors viewed the developments as manageable, largely because oil prices remained relatively contained and markets believe that global energy supplies can withstand temporary disruptions.

That does not mean geopolitical risk has disappeared.

The Middle East remains one of the biggest wild cards facing investors during the second half of 2026. Iran continues to play an outsized role in global energy markets because nearly one-fifth of the world's oil supply passes through the Strait of Hormuz. Any prolonged interruption would almost certainly push crude oil substantially higher, reignite inflation pressures, and complicate the Federal Reserve's plans for lowering interest rates.

The encouraging news is that diplomatic efforts continue behind the scenes. While rhetoric between various parties remains heated, there is still hope that negotiations can eventually produce a more lasting peace. Financial markets clearly believe the probability of a major regional escalation has declined compared with several weeks ago. Oil prices eased into the end of the week, helping investors regain confidence that inflation may continue trending lower despite ongoing geopolitical uncertainty.

That brings us directly to the Federal Reserve.

Interest rates remain the single most important economic story driving financial markets.

After aggressively fighting inflation over the past several years, the Fed now finds itself balancing two competing objectives. On one hand, inflation has moderated significantly from its peak. On the other hand, policymakers remain cautious about declaring victory too early. Recent inflation readings have shown continued improvement, but services inflation and wage growth remain elevated enough to justify patience.

Investors are increasingly optimistic that additional rate cuts could occur later this year if inflation continues to cooperate. However, Federal Reserve officials have repeatedly emphasized that every decision will remain data dependent. Strong employment reports, rising energy prices, or unexpectedly higher inflation could easily delay additional easing.

This cautious approach has actually helped markets. Investors appreciate predictability, and the Fed has done an effective job communicating that it will respond to incoming economic data rather than following a rigid timetable.

Bond investors echoed this cautious optimism throughout the week. Treasury yields drifted modestly higher but remained well below the panic levels many feared several months ago. The 10-year Treasury yield continues to serve as one of Wall Street's most closely watched indicators because it directly affects mortgage rates, business borrowing costs, and stock valuations. Although yields remain elevated compared with the previous decade, they have stabilized enough to allow equities to continue climbing.

Artificial intelligence once again dominated investor attention.

The AI revolution continues to reshape nearly every corner of the market. Semiconductor manufacturers, cloud infrastructure providers, enterprise software companies, utilities supplying electricity to massive data centers, and cybersecurity firms all benefited from expectations that AI spending will remain extraordinarily strong for years to come.

Rather than viewing AI as simply another technology trend, institutional investors increasingly see it as a once-in-a-generation productivity revolution similar to the internet or personal computer boom. That belief continues attracting enormous amounts of capital into companies positioned to benefit.

While Nvidia remains one of the biggest beneficiaries, investors have increasingly broadened their focus to include software leaders like Microsoft, ServiceNow, Oracle, Salesforce, and numerous infrastructure providers supporting AI deployment. Market leadership has therefore become healthier than earlier in the year when gains were concentrated in only a handful of companies.

Second-quarter earnings season also begins in earnest this week, and expectations remain relatively high.

Corporate America has generally exceeded analysts' forecasts over the past year despite elevated borrowing costs and slower economic growth. Investors will closely watch management commentary regarding hiring plans, consumer demand, capital spending, and AI investment. Perhaps even more important than reported earnings will be forward guidance. Companies that raise expectations for the remainder of 2026 could receive significant rewards from investors, while any signs of slowing demand may be punished swiftly.

Financial institutions will kick off earnings season, providing valuable insight into consumer credit quality, business lending, and overall economic activity. Strong reports from major banks would reinforce the idea that the U.S. economy remains healthier than many economists predicted entering the year.

Another encouraging development has been improving market breadth.

Earlier this year, critics argued that only a handful of mega-cap technology companies were responsible for virtually all market gains. That picture has gradually changed. Industrials, financials, communication services, and several healthcare names have begun participating more actively in the rally. Broader participation generally creates healthier bull markets because performance becomes less dependent upon one or two sectors.

Small-cap stocks have remained more volatile than their large-cap counterparts, largely because higher interest rates affect smaller companies more directly. Nevertheless, many portfolio managers believe smaller companies could become significant beneficiaries if the Federal Reserve ultimately lowers borrowing costs later this year.

Investor sentiment also remains surprisingly balanced.

Unlike previous speculative peaks, there is still a healthy amount of skepticism despite record highs. Many investors continue holding unusually large cash balances while waiting for a pullback. Ironically, that caution may provide additional fuel for the rally, as every market dip attracts new buyers who have been waiting for opportunities to deploy capital.

Of course, risks remain. Geopolitical developments involving Iran could change quickly. Inflation could prove more persistent than expected. Interest rates could remain elevated longer than markets currently anticipate. Corporate earnings may disappoint if economic growth slows more sharply than forecast.

However, markets have repeatedly demonstrated throughout 2026 that they are willing to absorb negative headlines so long as corporate profits continue growing. Strong balance sheets, healthy employment, improving productivity driven by artificial intelligence, and resilient consumer spending continue providing meaningful support for higher stock prices.

Looking ahead, the remainder of July promises to be one of the most important periods of the summer. Investors will closely monitor inflation reports, Federal Reserve commentary, and the first wave of second-quarter earnings. If inflation continues moderating while earnings exceed expectations, the current bull market could extend well into the second half of the year. Conversely, any combination of disappointing earnings, renewed inflation, or significant geopolitical escalation could produce the healthy correction many analysts have been anticipating.

For long-term investors, however, the message remains unchanged. History consistently shows that disciplined investors who continue buying outstanding companies through both good markets and bad are rewarded over time. Short-term volatility is inevitable, but long-term wealth is built by owning high-quality businesses that continue growing earnings year after year. As we move further into the second half of 2026, patience, diversification, and a long-term perspective remain the keys to successful investing.

ServiceNow has become one of the premier enterprise software companies in the world by helping organizations automate workflows, improve productivity, and digitally transform their operations. Its cloud-based platform now serves thousands of large enterprises and government agencies, allowing departments ranging from information technology and human resources to customer service and finance to work more efficiently.

One of the company's greatest competitive advantages is its recurring subscription-based business model. Once an organization integrates ServiceNow into its daily operations, switching to another platform becomes both expensive and disruptive. That creates exceptionally high customer retention rates, recurring revenue, and predictable cash flow—qualities that have consistently rewarded long-term shareholders.

Artificial intelligence has become the next major growth engine for ServiceNow. The company has integrated generative AI throughout its platform, allowing customers to automate routine tasks, improve employee productivity, accelerate customer support, and analyze massive amounts of business data. As more companies adopt AI throughout their organizations, ServiceNow is positioned to become one of the biggest beneficiaries of this secular trend.

Financially, ServiceNow continues to execute at an exceptionally high level. Revenue growth remains strong, operating margins continue expanding, and free cash flow generation is among the best in enterprise software. Management has repeatedly exceeded Wall Street's expectations while continuing to raise long-term guidance.

An additional reason we are highlighting ServiceNow this week is that Frankie recently purchased shares and is already up more than 18% on his investment. His purchase demonstrates the importance of focusing on outstanding businesses rather than chasing speculative opportunities. While short-term gains are always encouraging, the real investment thesis centers on ServiceNow's ability to compound earnings over many years.

The addressable market for workflow automation continues to expand rapidly. Companies of every size are investing heavily in digital transformation initiatives designed to reduce costs, improve efficiency, and enhance customer experiences. ServiceNow sits directly in the middle of that trend, providing software that becomes more valuable as organizations continue adding additional departments and workflows onto the platform.

Competition certainly exists, but ServiceNow has built a substantial competitive moat through years of product development, customer relationships, and continuous innovation. Its platform has evolved well beyond IT service management into one of the most comprehensive enterprise workflow solutions available.

Although the stock often trades at a premium valuation, high-quality businesses frequently deserve premium prices. Investors have consistently rewarded companies capable of delivering durable revenue growth, expanding profit margins, and significant free cash flow. ServiceNow has demonstrated all three characteristics.

Looking ahead, we believe ServiceNow remains one of the highest-quality software companies available to long-term investors. Continued adoption of artificial intelligence, cloud computing, enterprise automation, and digital workflows should provide meaningful opportunities for growth throughout the remainder of this decade. While the stock may experience periods of volatility, its long-term outlook remains exceptionally attractive.

One of the fastest ways to build capital in real estate is through flipping houses. While buying rental properties is an excellent strategy for creating long-term passive income, flipping allows investors to generate larger chunks of cash that can then be reinvested into additional properties or other investments. When approached with discipline and careful planning, flipping can become an outstanding wealth-building strategy.

At its simplest, a flip involves purchasing a property below market value, making improvements that increase its appeal and value, and then selling it for a profit. Although television shows often make the process appear quick and easy, successful flipping requires market knowledge, budgeting skills, project management, and the discipline to avoid emotional decisions.

The first rule of successful flipping is that you make your money when you buy, not when you sell. Purchasing the right property at the right price creates the profit margin that protects you from unexpected expenses. Experienced investors spend significant time searching for motivated sellers, estate sales, foreclosures, short sales, and homes that need cosmetic updating but have solid structural foundations.

Before making an offer, investors should estimate the property's after-repair value (ARV)—the price the home is likely to sell for after renovations are completed. Local comparable sales provide the best guide. Looking at recently sold homes within the same neighborhood that have similar size, age, and features provides a realistic estimate of value.

Once the purchase price and ARV have been established, it is essential to prepare a detailed renovation budget. Every repair should be listed before work begins, including roofing, HVAC, plumbing, electrical, flooring, painting, landscaping, kitchen updates, bathroom renovations, appliances, permits, and even cleaning costs. It is also wise to include a contingency reserve of at least 10% to 15% for unexpected repairs that often arise once construction begins.

The renovations themselves should focus on improvements that buyers notice immediately. Fresh paint, updated flooring, modern kitchens, renovated bathrooms, attractive landscaping, new lighting fixtures, and enhanced curb appeal generally provide the highest return on investment. Luxury upgrades that exceed neighborhood standards often fail to generate additional value, so it is important to renovate for the market rather than personal taste.

Time is one of the largest hidden expenses in a flip. Every additional month the property is held increases carrying costs such as mortgage payments, insurance, property taxes, utilities, lawn maintenance, and financing costs. Successful investors create detailed construction schedules and work with reliable contractors who can complete projects on time and within budget.

Financing also deserves careful consideration. Many investors use conventional financing, private lenders, hard money loans, or lines of credit to purchase and renovate properties. While hard money loans provide speed and flexibility, they generally carry higher interest rates, making efficient project completion even more important.

Another key to successful flipping is maintaining emotional discipline. Renovation projects almost always encounter surprises. Hidden water damage, outdated electrical systems, termite damage, or foundation issues can increase costs unexpectedly. Experienced investors stay focused on the numbers rather than becoming emotionally attached to the project.

Pricing the finished property correctly is equally important. Setting the asking price too high may cause the home to sit on the market, increasing carrying costs. Pricing too low leaves money on the table. Working with an experienced real estate professional can help maximize the final sales price while minimizing time on the market.

At our family, we believe the ultimate goal is not simply to flip houses forever. Instead, flipping should be viewed as a tool for building investment capital. The profits generated from successful flips can be used as down payments for rental properties, commercial real estate, vacation rentals, or other long-term investments that produce recurring passive income. Flips create cash today, while rental properties create wealth for tomorrow.

Whether you are considering your very first flip or your fiftieth, the fundamentals remain the same: buy below market value, renovate intelligently, manage costs carefully, finish on schedule, and sell at the right price. Investors who consistently follow these principles dramatically improve their chances of building lasting wealth through real estate.

Chris's Morgan Stanley portfolio continues to reflect a disciplined long-term investment strategy centered on owning exceptional businesses with durable competitive advantages. The portfolio remains diversified across technology, artificial intelligence, aerospace, industrials, consumer staples, and retail while emphasizing companies with strong balance sheets, consistent cash flow, and outstanding management teams. Rather than attempting to trade in and out of positions, the objective is to own industry leaders capable of compounding earnings over many years.

Alphabet (GOOG) closed the week at $355.03 and remains up 106.57% since purchase. Wall Street's average analyst rating is Strong Buy, and Chris's rating remains Strong Buy. Alphabet continues to dominate internet search, digital advertising, YouTube, cloud computing, and artificial intelligence through its Gemini platform. Chris believes Alphabet remains one of the most undervalued mega-cap technology companies and expects AI monetization and continued cloud growth to drive earnings higher over the next several years. Alphabet is one of the world's leading technology companies with businesses spanning search, advertising, cloud computing, AI, and autonomous driving.

Amazon (AMZN) closed at $245.34 and is up 17.94% since inception. The average analyst rating is Strong Buy, while Chris also rates the shares Strong Buy. Amazon continues to benefit from rapid growth in Amazon Web Services, advertising, logistics, and artificial intelligence infrastructure. Chris believes AWS and the company's expanding AI investments position Amazon to deliver above-average earnings growth for many years. Amazon is the world's largest online retailer and one of the leading providers of cloud computing services.

Apple (AAPL) finished the week at $315.32, producing an overall gain of 110.13%. Wall Street maintains a Buy rating, and Chris also rates Apple a Buy. Apple's ecosystem continues generating tremendous customer loyalty while recurring services revenue supports consistent earnings growth. Chris believes Apple's balance sheet, cash generation, and growing AI capabilities make it an ideal long-term core holding. Apple designs and markets the iPhone, Mac, iPad, wearables, and a broad portfolio of digital services.

Costco Wholesale (COST) closed at $916.25 and is up 93.53% overall. Analysts maintain a Buy rating, while Chris's rating is Buy. Costco continues delivering industry-leading membership renewal rates while expanding internationally and maintaining tremendous pricing power. Chris appreciates Costco's disciplined management team and believes its membership model provides exceptional long-term stability. Costco operates one of the world's largest membership warehouse retail chains.

Deere & Company (DE) closed at $586.86 and has gained 67.11%. Wall Street's consensus rating is Buy, and Chris also rates the company Buy. Deere continues investing heavily in precision agriculture, automation, and autonomous farming equipment that should improve long-term profitability. Chris views Deere as an outstanding industrial company positioned to benefit from global agricultural demand for decades. Deere manufactures agricultural, construction, and forestry equipment worldwide.

GE Aerospace (GE) finished the week at $359.27, generating a remarkable 263.24% gain. Analysts continue assigning a Strong Buy rating, and Chris's rating remains Strong Buy. Strong commercial aircraft demand, expanding defense spending, and an enormous installed engine base continue supporting excellent earnings growth. Chris believes GE Aerospace remains one of the premier aerospace companies with significant long-term upside. GE Aerospace designs, manufactures, and services commercial and military aircraft engines worldwide.

GE Vernova (GEV) closed at $1,091.57 and remains one of the portfolio's biggest winners with an extraordinary 968.14% gain. Wall Street rates the shares Strong Buy, while Chris's rating also remains Strong Buy. Global investment in power generation, grid modernization, renewable energy, and electrification continues accelerating, creating a powerful long-term growth opportunity. Chris believes GE Vernova remains one of the best-positioned companies benefiting from the worldwide expansion of electrical infrastructure. GE Vernova provides power generation, grid technology, and renewable energy solutions across global markets.

Kroger (KR) closed the week at $60.54 and is up 23.18% since purchase. Wall Street's average analyst rating is Buy, and Chris also rates the stock a Buy. Kroger continues to benefit from its defensive business model, growing private-label offerings, and expanding digital grocery platform. Chris likes owning a stable consumer staple that can perform well through virtually every economic cycle while providing dependable cash flow and dividend growth. Kroger is one of the largest supermarket chains in the United States.

Marvell Technology (MRVL) closed at $235.81 and is currently down 14.00%. Wall Street maintains a Strong Buy consensus rating, while Chris continues to rate the stock Strong Buy. Although the shares have been volatile, Marvell remains well positioned to benefit from artificial intelligence networking, cloud infrastructure, custom silicon, and next-generation data center spending. Chris views the recent weakness as temporary and believes Marvell's long-term growth prospects remain excellent. Marvell Technology develops advanced semiconductor solutions for data centers, networking, cloud computing, and artificial intelligence applications.

Meta Platforms (META) finished the week at $669.21, producing an overall gain of 15.43%. Wall Street's consensus rating is Strong Buy, and Chris's rating remains Strong Buy. Meta continues generating exceptional advertising revenue while aggressively investing in artificial intelligence across Facebook, Instagram, WhatsApp, and its AI assistant initiatives. Chris believes Meta's combination of profitability, cash generation, and AI leadership provides outstanding long-term upside. Meta Platforms owns Facebook, Instagram, WhatsApp, Threads, and one of the world's largest digital advertising ecosystems.

Micron Technology (MU) closed at $979.30 and is currently down 18.15%. Wall Street continues assigning a Strong Buy rating, and Chris also rates the company Strong Buy. Memory pricing has historically been cyclical, but the explosion in AI servers and high-bandwidth memory demand should support significantly stronger earnings over the next several years. Chris remains confident that Micron's technology leadership will reward patient investors despite periodic volatility. Micron Technology is one of the world's leading manufacturers of memory and storage semiconductor products.

Microsoft (MSFT) closed the week at $385.10 and continues to be one of Chris's greatest long-term investments with an incredible 742.91% overall gain. Wall Street maintains a unanimous Strong Buy rating, and Chris's rating remains Strong Buy. Microsoft's leadership in enterprise software, Azure cloud computing, cybersecurity, Copilot artificial intelligence, and recurring subscription revenue continues driving exceptional financial performance. Chris believes Microsoft remains one of the highest-quality businesses in the world and expects it to remain a cornerstone holding for many years. Microsoft develops software, cloud services, artificial intelligence solutions, productivity applications, and enterprise technology platforms serving businesses worldwide.

Procter & Gamble (PG) finished the week at $147.04, producing an overall gain of 79.45%. Analysts maintain a Buy rating, while Chris also rates the stock Buy. Procter & Gamble continues delivering dependable earnings growth through its portfolio of globally recognized consumer brands, strong pricing power, and consistent dividend increases. Chris appreciates the stability PG provides during periods of market volatility while continuing to generate reliable long-term returns. Procter & Gamble is one of the world's largest manufacturers of household and personal care consumer products.

Chris's Morgan Stanley portfolio remains heavily focused on owning world-class companies rather than attempting to chase short-term market trends. The portfolio's exceptional long-term performance reflects the power of buying outstanding businesses, allowing earnings to compound over time, and remaining disciplined through periods of market volatility. With significant exposure to artificial intelligence, aerospace, industrial infrastructure, consumer staples, and global technology leaders, Chris believes the portfolio is well positioned to continue benefiting from the long-term growth themes shaping the global economy over the coming decade.

Chris's first Fidelity Trust account focuses on a combination of blue-chip dividend growers, energy, financial services, and one of the world's premier technology companies. The account complements his Morgan Stanley portfolio by emphasizing quality companies capable of generating both capital appreciation and growing dividend income over the long term.

Amazon (AMZN) closed the week at $245.34 and is up 115.95% since purchase. Wall Street's consensus rating remains Strong Buy, while Chris's rating is also Strong Buy. Chris continues to believe Amazon's leadership in cloud computing, logistics, advertising, and artificial intelligence will drive years of above-average earnings growth. Amazon is the world's largest e-commerce company and a global leader in cloud infrastructure through Amazon Web Services.

American Express (AXP) closed at $350.58 and has gained 110.33% overall. Analysts maintain a Buy rating, and Chris also rates the shares Buy. American Express continues benefiting from affluent consumer spending, premium credit card growth, and outstanding credit quality. Chris believes the company's strong brand and loyal customer base should continue producing consistent long-term shareholder returns. American Express is a global financial services company specializing in premium payment cards and business financing.

Kinder Morgan (KMI) finished the week at $32.12 and is up 115.37% since purchase. Wall Street's average rating is Buy, while Chris rates the shares Buy. Kinder Morgan's pipeline network generates dependable cash flow regardless of short-term commodity price fluctuations, making it an attractive income-producing investment. Chris appreciates the company's dividend and believes natural gas infrastructure will remain essential for decades. Kinder Morgan owns and operates one of North America's largest energy pipeline systems.

Verizon Communications (VZ) closed at $42.12 and is currently down 16.50% overall. Wall Street maintains a Hold rating, while Chris also rates Verizon Hold. Although share price appreciation has lagged, Verizon continues producing reliable cash flow and an attractive dividend supported by its nationwide wireless network. Chris continues holding the position primarily for income while expecting moderate long-term appreciation. Verizon is one of the largest wireless and telecommunications providers in the United States.

Exxon Mobil (XOM) finished the week at $138.88, producing an overall gain of 65.51%. Wall Street's consensus rating is Buy, and Chris's rating also remains Buy. Exxon continues generating strong free cash flow while maintaining disciplined capital allocation and expanding production in attractive energy basins. Chris believes global energy demand will remain robust for many years despite continued investment in renewable energy. Exxon Mobil is one of the world's largest integrated oil and natural gas companies.

Tesla (TSLA) closed the week at $407.76 and is up 28.22% since purchase. Wall Street's average analyst rating is Hold, while Chris's personal rating remains Strong Buy. Chris believes Tesla's long-term opportunity extends far beyond electric vehicles into autonomous driving, robotics, artificial intelligence, and energy storage. Tesla designs electric vehicles, battery systems, autonomous driving software, and renewable energy solutions.

Apple (AAPL) closed the week at $315.32 and is up 182.43% overall. Wall Street maintains a Buy rating, while Chris also rates Apple Buy. Apple's unmatched ecosystem, loyal customer base, and growing services business continue producing exceptional cash flow and long-term shareholder value. Apple designs consumer electronics, software, and digital services used by billions of customers worldwide.

NVIDIA (NVDA) closed at $210.96 and has gained 113.67% since purchase. Analysts continue assigning a Strong Buy rating, and Chris's rating also remains Strong Buy. NVIDIA continues dominating artificial intelligence chips, accelerated computing, and next-generation data center infrastructure, making it one of the most important technology companies in the world. NVIDIA develops graphics processors and AI computing platforms powering data centers, autonomous systems, and advanced computing.

Space Exploration Technologies (SPCX) closed the week at $145.30 and is up 7.62% since purchase. Wall Street coverage remains limited because of the company's recent public listing, while Chris rates the shares Strong Buy based on long-term potential. Chris believes SpaceX possesses one of the strongest competitive positions in commercial space, satellite communications, and reusable launch technology, making it a unique long-term investment opportunity. Space Exploration Technologies develops launch systems, satellite communications, and advanced aerospace technologies serving commercial and government customers.

Palantir Technologies (PLTR) closed the week at $126.79 and is currently down 11.93% overall. Wall Street's consensus rating is Buy, while Chris continues to rate the stock Strong Buy. Despite recent volatility, Chris remains highly confident in Palantir's leadership in artificial intelligence, government software, and commercial enterprise analytics. He believes the company's expanding AI platform positions it for outstanding long-term growth. Palantir develops advanced artificial intelligence and data analytics software for government agencies and commercial enterprises.

Lam Research (LRCX) closed the week at $350.33 and has produced an overall gain of 36.05%. Wall Street maintains a Strong Buy consensus rating, and Chris also rates the shares Strong Buy. Lam Research continues benefiting from growing semiconductor manufacturing investment driven by artificial intelligence, advanced memory chips, and leading-edge fabrication technologies. Chris believes the company remains one of the highest-quality semiconductor equipment manufacturers available to long-term investors. Lam Research designs and manufactures equipment used in semiconductor fabrication facilities around the world.💼 Part 3B: Trip McLaughlin's Charles Schwab Portfolio

Trip continues to build an impressive long-term investment portfolio while studying at the Freeman School of Business at Tulane University. His investment strategy focuses on identifying industry leaders with strong competitive advantages while selectively investing in companies that could benefit from long-term themes such as artificial intelligence, electrification, aerospace, clean energy, and space exploration. Although some positions have experienced short-term volatility, Trip remains committed to disciplined, long-term investing.

GE Vernova (GEV) closed the week at $1,091.57 and is up 988.92% since purchase. Wall Street's average analyst rating remains Strong Buy, and Trip's personal rating is Strong Buy. Trip believes the global demand for electricity, power grid modernization, and renewable energy infrastructure will continue driving exceptional earnings growth for years to come. GE Vernova is a global leader in power generation, grid technology, and renewable energy equipment.

Costco Wholesale (COST) closed at $916.25 and has generated an impressive 98.79% overall gain. Wall Street maintains a Buy rating, while Trip also rates the stock Buy. Costco continues delivering outstanding membership renewal rates, consistent earnings growth, and one of the strongest business models in retail. Costco operates one of the world's largest membership warehouse retailers.

FuelCell Energy (FCEL) closed the week at $21.03 and is currently down 40.76% overall. Wall Street's consensus rating is Hold, while Trip continues to rate the shares Buy. Although the investment has been disappointing thus far, Trip believes hydrogen fuel cells and clean energy technologies could become increasingly important over the coming decade if commercial adoption accelerates. FuelCell Energy develops fuel cell technology for clean electricity generation and hydrogen applications.

Intel (INTC) finished the week at $109.84 and is down 14.08% since purchase. Analysts currently maintain a Buy rating, while Trip also rates Intel a Buy. Intel continues investing heavily in advanced semiconductor manufacturing, foundry services, and artificial intelligence processors. Trip believes patient investors could benefit if management successfully executes its long-term turnaround strategy. Intel designs and manufactures semiconductor processors and related computing technologies.

IBM (IBM) closed at $287.56 and has produced a 14.79% gain. Wall Street's average rating is Buy, while Trip's rating remains Buy. IBM continues transforming itself into an enterprise artificial intelligence and hybrid cloud leader while maintaining strong free cash flow and a growing dividend. Trip believes IBM's AI strategy could continue supporting steady earnings growth. IBM provides enterprise software, cloud computing, consulting, and artificial intelligence solutions worldwide.

Space Exploration Technologies (SPCX) closed the week at $145.30 and is currently down 12.35% overall. Because of the company's recent public listing, analyst coverage remains limited, while Trip rates the shares Strong Buy. Trip believes SpaceX possesses extraordinary long-term growth potential through reusable rockets, Starlink satellite communications, national security contracts, and future space commercialization. Space Exploration Technologies develops launch vehicles, satellite communications systems, and advanced aerospace technologies.

Trip's portfolio demonstrates a willingness to invest in transformational companies that have the potential to generate above-average returns over long periods of time. While several positions have experienced normal market volatility, his portfolio remains well diversified across technology, industrials, energy, retail, and aerospace, positioning him to benefit from several powerful long-term growth trends.

Frankie continues to impress with both his stock selection and long-term investment discipline. As he prepares to begin his studies this fall at Georgetown University's McDonough School of Business, his portfolio reflects a thoughtful balance between established industry leaders and emerging growth companies. Several of his investments have produced exceptional returns, demonstrating the value of patience and disciplined investing.

Navitas Semiconductor (NVTS) closed the week at $13.47 and remains up 81.05% since purchase. Wall Street's average analyst rating is Strong Buy, while Frankie's rating also remains Strong Buy. Frankie believes Navitas is well positioned to benefit from increasing demand for gallium nitride power semiconductors used in electric vehicles, artificial intelligence infrastructure, consumer electronics, and data centers. Navitas Semiconductor develops next-generation power semiconductor technologies that improve energy efficiency across multiple industries.

GE Vernova (GEV) closed at $1,091.57 and has produced an extraordinary 988.92% gain. Wall Street continues assigning a Strong Buy rating, while Frankie also rates the stock Strong Buy. Frankie believes the worldwide expansion of electrical infrastructure, renewable energy, and power generation will continue creating exceptional growth opportunities. GE Vernova provides power generation equipment, renewable energy technologies, and electrical grid solutions.

Costco Wholesale (COST) finished the week at $916.25 and is up 98.43% overall. Analysts maintain a Buy rating, while Frankie's rating remains Buy. Costco's membership model, pricing discipline, and consistent execution continue making it one of the strongest retailers in the world. Costco operates membership warehouse clubs serving millions of customers globally.

Nebius Group (NBIS) closed at $219.65 and has generated an outstanding 159.11% return. Wall Street's average rating is Buy, while Frankie continues to rate the stock Strong Buy. Frankie believes Nebius is emerging as an important artificial intelligence infrastructure company with significant long-term upside as AI computing demand continues expanding. Nebius Group develops cloud infrastructure and artificial intelligence computing services.

Tesla (TSLA) closed the week at $407.76 and remains up 37.12% overall. Wall Street's consensus rating is Hold, while Frankie's personal rating remains Strong Buy. Frankie believes Tesla's leadership in autonomous driving, robotics, artificial intelligence, and energy storage continues to justify a long-term investment despite short-term volatility. Tesla develops electric vehicles, autonomous driving software, battery technology, and renewable energy systems.

ServiceNow (NOW) closed the week at $107.71 and is already up 18.22% since purchase. Wall Street maintains a Strong Buy rating, while Frankie's rating also remains Strong Buy. Frankie recently initiated this position because he believes ServiceNow is one of the premier enterprise software companies benefiting from artificial intelligence and workflow automation. The company continues producing exceptional recurring revenue and expanding profit margins, making it an attractive long-term compounder. ServiceNow develops enterprise workflow automation and artificial intelligence software used by many of the world's largest organizations.

Aurora Innovation (AUR) closed at $6.38 and has produced an impressive 63.59% gain. Wall Street's average rating is Buy, while Frankie continues rating the stock Strong Buy. Frankie believes autonomous trucking represents one of the most significant transportation innovations of the coming decade and expects Aurora to be one of the industry's long-term leaders. Aurora Innovation develops autonomous driving technology focused primarily on commercial trucking.

Meta Platforms (META) finished the week at $669.21 and is up 15.81% overall. Wall Street maintains a Strong Buy rating, while Frankie's rating also remains Strong Buy. Meta continues benefiting from strong digital advertising growth while aggressively investing in artificial intelligence across its platforms. Meta Platforms owns Facebook, Instagram, WhatsApp, Threads, and one of the world's largest digital advertising businesses.

Microsoft (MSFT) closed the week at $385.10 and has produced an exceptional 122.18% gain. Wall Street's consensus rating remains Strong Buy, and Frankie also rates the stock Strong Buy. Microsoft continues leading enterprise software, cloud computing, cybersecurity, and artificial intelligence while generating enormous free cash flow. Microsoft develops software, cloud services, artificial intelligence solutions, and enterprise productivity applications used worldwide.

The performance across all three family portfolios continues to demonstrate the value of long-term investing, diversification, and owning exceptional businesses. While markets will always experience periods of volatility, history has consistently rewarded patient investors who remain focused on high-quality companies with durable competitive advantages rather than reacting to short-term headlines. As always, we will continue evaluating opportunities, monitoring our positions, and sharing both our successes and lessons learned with you each week.

The information contained in the Smart Wealth Newsletter is provided for educational and informational purposes only and should not be considered personalized investment, legal, tax, or financial advice. The opinions expressed are those of Chris, Trip, and Frankie McLaughlin and reflect their personal investment views at the time of publication. Investors should conduct their own due diligence and consult with qualified financial, tax, and legal professionals before making any investment or real estate decisions. Past performance does not guarantee future results, and all investments involve risk, including the possible loss of principal.