Welcome back to the Smart Wealth Newsletter, where Chris, Trip, and Frankie McLaughlin share what we are seeing in the stock market, what we are actually investing in, and the principles we believe can help investors build wealth over decades.

One of the things that makes this newsletter different is that it brings together three investors at very different stages of life.

Trip is a senior at Tulane University’s Freeman School of Business, where he continues to study business, finance, and investing while managing his own portfolio. Frankie is a freshman at Georgetown University’s McDonough School of Business, beginning his college career while continuing to develop his investing knowledge and manage his portfolio.

Chris brings decades of investing and real estate experience, but the philosophy shared by all three of us is remarkably similar: own great assets, think long term, don't panic when markets become volatile, and allow compounding to do the heavy lifting.

That philosophy was particularly useful this week.

Wall Street had to deal with surging oil prices, renewed Middle East tensions, stubborn inflation, rising Treasury yields and increasing expectations that the Federal Reserve may raise interest rates again.

Yet Friday also reminded investors why betting against strong American companies for too long can be dangerous.

Let's get into it.

The trading week ending Friday, September 11, 2026 was a perfect example of how quickly the narrative on Wall Street can change.

For much of the week, investors were on the defensive. Oil prices surged, Treasury yields climbed, inflation remained troublesome, and markets increasingly began pricing in the possibility that the Federal Reserve could raise interest rates at its September meeting.

Then Friday arrived.

Oil retreated from its highs, investors digested the latest consumer inflation report, and buyers returned aggressively to stocks.

The Dow Jones Industrial Average closed Friday at 52,573.29, while the S&P 500 finished at 7,656.98 and the Nasdaq Composite closed at 26,333.04. All three major indexes rallied Friday, but the rebound wasn't enough to erase the week's earlier losses. Reuters reported that the Dow lost about 1.6% for the week, the S&P 500 declined roughly 0.8%, and the Nasdaq fell approximately 0.7%.

Those weekly numbers tell an important story.

This wasn't a market collapsing because corporate America suddenly stopped making money. It was primarily a market adjusting to a potentially more difficult interest-rate and inflation environment.

Perhaps the biggest story was energy.

Oil surged above $100 per barrel during the week as the continuing conflict involving Iran intensified concerns about global energy supplies and the security of Middle Eastern production and transportation routes.

That immediately brought the Strait of Hormuz back into the investment conversation.

The Strait remains one of the world's most strategically important energy corridors. Any sustained disruption there could have consequences far beyond oil companies. Higher energy prices increase costs for airlines, trucking companies, manufacturers, farmers, chemical producers and ultimately consumers.

That is why Wall Street reacted so strongly when oil pushed above $100.

The market isn't simply worried about gasoline prices. It is worried that higher energy prices could reignite broader inflation.

On Wednesday alone, as oil moved above $100, the S&P 500 fell 0.48%, the Nasdaq dropped 0.64%, and the Dow declined 0.77%.

This is also why any credible progress toward a peace agreement involving Iran could become an important bullish catalyst. Lower geopolitical risk could remove some of the risk premium from oil, reduce inflationary pressure and potentially give the Federal Reserve more flexibility.

For years investors became accustomed to asking one question about the Federal Reserve:

When will the Fed cut rates?

Now Wall Street is asking a very different question:

Will the Fed raise rates again?

August consumer inflation accelerated, while producer-price data and rising energy costs reinforced concerns that inflation remains above the Fed's comfort zone.

By the end of the week, investors were preparing for the possibility of a rate increase at the Fed's September meeting.

That is a significant change.

Higher interest rates affect virtually every asset class. Mortgage rates rise. Corporate borrowing becomes more expensive. Highly leveraged companies face greater interest expense. Consumers pay more to finance automobiles and credit-card balances.

And importantly for stock investors, higher bond yields create competition for equities.

The 10-year Treasury yield approached the psychologically important 5% level during the week's selloff.

This matters.

When investors can earn close to 5% on government debt, the hurdle becomes higher for stocks—particularly expensive growth stocks.

A company trading at an enormous valuation needs to deliver substantial future earnings growth to justify the additional risk investors are taking.

That doesn't mean technology stocks suddenly become bad investments.

It means price matters.

The greatest company in the world can still become a poor investment if an investor pays an irrational price for it.

Thursday provided a good example. Rising Treasury yields and inflation worries helped push the S&P 500 down 0.58%, the Nasdaq down 0.65%, and the Dow down 0.60%.

Friday provided a dramatically different picture.

Oil prices cooled, investors returned to risk assets, and all three major indexes rallied.

The rebound was particularly impressive considering everything the market had absorbed during the previous four sessions.

This is an important lesson for long-term investors.

Markets rarely wait until the news becomes perfect before rebounding.

By the time every headline sounds positive, stocks may already have risen considerably.

That is one reason Chris, Trip, and Frankie generally prefer staying invested in high-quality companies rather than attempting to jump completely in and out of the market based on economic forecasts.

Artificial intelligence also remained one of the dominant investment themes.

Oracle's results helped reassure investors that corporate spending on AI infrastructure remains substantial. That optimism spread quickly through the technology hardware sector.

Dell Technologies surged approximately 12% Friday, Hewlett Packard Enterprise jumped about 12%, and HP gained more than 8% as investors responded to the continuing demand for AI servers and infrastructure.

These moves reinforce something we have discussed repeatedly in Smart Wealth.

The AI revolution is expanding beyond semiconductor companies.

Obviously, Nvidia and other chip companies remain central to AI. But building an AI ecosystem requires far more than chips.

Companies need servers.

They need networking.

They need cloud infrastructure.

They need data centers.

They need cooling systems.

And they need an extraordinary amount of electricity.

That last requirement brings us directly to this week's Stock Spotlight: GE Vernova.

Despite the market's difficult week, investors continue to find companies exhibiting meaningful strength during the past several weeks.

Dell Technologies surged roughly 12% Friday as investors focused on AI-server demand.

Hewlett Packard Enterprise also jumped approximately 12%, while HP Inc. gained more than 8%.

GE Vernova rose 3.61% Friday to $957.27, continuing to attract investors interested in power generation and AI infrastructure.

Apple has remained an important market leader around its latest product cycle.

Nvidia continues to sit at the center of AI computing demand and remains one of the most closely watched companies in the world.

Microsoft continues benefiting from Azure, cloud computing and AI adoption.

And Oracle's earnings helped reinforce confidence that massive AI infrastructure spending is producing real business growth.

The lesson is that even during a declining week, money doesn't disappear from the market. It often rotates.

Investors who understand sector rotation can find opportunities underneath weak headline indexes.

Semiconductors remain one of the most important industries in the global economy.

Nvidia gets much of the attention, but the opportunity extends into memory, networking and semiconductor manufacturing equipment.

That is why companies such as Micron, Marvell Technology and Lam Research remain so interesting to us.

AI systems require extraordinary amounts of memory and data movement. Building increasingly sophisticated chips also requires advanced manufacturing equipment.

There will certainly be corrections in semiconductor stocks. Expectations have become extremely high.

But the underlying demand for computing power continues to grow.

One part of the market that deserves attention is small-cap stocks.

Smaller companies generally depend more heavily on financing than cash-rich mega-cap corporations. Higher interest rates therefore create a disproportionate burden.

That helps explain why small caps struggled during the week's bond-market volatility.

A sustainable decline in Treasury yields could become a significant catalyst for this part of the market.

Until then, investors should remain selective.

The geopolitical environment also continues supporting investment in energy security and defense.

Countries around the world are reassessing how much they spend on military capabilities, domestic manufacturing, electrical infrastructure and reliable energy.

These aren't likely to be one-quarter investment themes.

They could represent decade-long capital-spending cycles.

The same is true of America's electrical grid.

Data centers cannot operate without dependable power. Neither can factories, electric vehicles or an increasingly electrified economy.

That means generation, transmission and grid modernization could become some of the largest infrastructure opportunities of the coming decade.

Bitcoin also experienced another volatile week as investors reacted to changing expectations for inflation, Treasury yields and Federal Reserve policy.

That shouldn't surprise anyone.

Bitcoin increasingly reacts to global liquidity conditions. When investors expect easier monetary policy and falling yields, cryptocurrency can rally rapidly. When yields rise and financial conditions tighten, Bitcoin frequently comes under pressure.

For long-term cryptocurrency investors, volatility isn't an occasional event.

It is part of the asset class.

Position sizing therefore matters enormously.

With all the discussion about Iran, oil, inflation, interest rates and the Federal Reserve, investors shouldn't lose sight of the most important long-term driver of stock prices:

Earnings.

Companies that grow revenue, expand margins, increase earnings and generate free cash flow tend to create shareholder value over long periods.

Microsoft's Azure business has surpassed a $100 billion annualized revenue run rate, illustrating the extraordinary scale being created in cloud and AI infrastructure.

That is why we don't believe investors should abandon excellent businesses simply because the 10-year Treasury yield moves higher for a week.

Instead, volatility should force us to ask better questions.

Is the company growing?

Does it have a competitive advantage?

Does it generate cash?

Is management allocating capital intelligently?

Is the balance sheet healthy?

And most importantly:

Would we be comfortable owning this business for the next five or ten years?

If the answer is yes, a market correction can become an opportunity rather than something to fear.

The Federal Reserve meeting is now the market's biggest immediate catalyst.

Wall Street will be watching both the rate decision and the language surrounding future policy.

Oil will be equally important.

If crude prices fall because geopolitical tensions ease, inflation fears could moderate quickly. If oil resumes its surge, investors may have to price in an even tougher inflation environment.

The bond market will tell us a great deal.

Watch the 10-year Treasury yield.

And continue watching earnings.

The market is dealing with legitimate risks, but corporate America remains extraordinarily innovative and profitable.

Our strategy hasn't changed:

Own quality. Diversify. Maintain liquidity. Avoid excessive leverage. Don't chase euphoria. Don't panic during corrections. And give compounding enough time to work.

This week's Smart Wealth Stock Spotlight is particularly meaningful because Chris, Trip, and Frankie all own GE Vernova as a core holding.

And the performance has been extraordinary.

GE Vernova closed Friday, September 11 at $957.27, rising 3.61% for the session.

But the reason we continue owning GEV isn't what the stock has already done.

It is what we believe the underlying business could do over the next decade.

The investment thesis can be summarized in three words:

AI needs power.

Artificial intelligence may feel like a digital revolution, but underneath that digital revolution sits an enormous physical infrastructure buildout.

AI requires semiconductor chips.

Those chips go into servers.

Those servers go into data centers.

Those data centers consume enormous amounts of electricity.

And electricity must be generated, transmitted and managed.

GE Vernova operates directly in that ecosystem.

The company participates in power generation, gas turbines, wind energy, grid technology and electrification.

That gives investors exposure to one of the biggest potential bottlenecks facing the AI revolution: power availability.

GE Vernova's gas-power operation may become increasingly important.

Renewable power will continue growing, but massive data centers require dependable electricity around the clock.

Natural gas can provide reliable generation while utilities expand nuclear, renewable and storage capabilities.

GE Vernova doesn't merely benefit when a turbine is initially sold.

Large turbines require service, maintenance, replacement parts and upgrades over decades.

That recurring service opportunity could prove extremely valuable.

Jefferies recently reiterated a Buy rating on GEV and raised its target to $1,185, specifically arguing that investors may be underestimating the long-term value of GE Vernova's service operations. Roughly 78% of analysts covering GEV rate it Buy, while the broader consensus target is around $1,240.

Generating power solves only half the problem.

Electricity has to reach the customer.

America's aging electrical grid wasn't designed for today's combination of AI data centers, electric vehicles, renewable power and growing electricity consumption.

Utilities will need to invest heavily in transmission systems, substations, transformers and grid-management technology.

GE Vernova's electrification businesses give the company another way to participate.

This is why we don't view GEV merely as an AI stock.

It is an energy infrastructure company positioned at the intersection of AI, natural gas, renewables and grid modernization.

Chris owns GEV because he believes electricity demand could become one of the defining investment themes of the AI era. Rather than attempting to determine which individual AI application ultimately wins, owning critical power infrastructure provides exposure to the growth of the entire ecosystem.

Trip views GEV as a core long-term holding and has been rewarded enormously for his patience. His position is now up approximately 850.65%, demonstrating what can happen when an investor identifies a structural growth story early and allows compounding to work.

Frankie also owns GEV as a core position and is up approximately 850.65%. For a freshman in college with decades of investing ahead of him, the ability to own businesses tied to structural trends—and resist the temptation to constantly trade them—can be extraordinarily powerful.

GE Vernova isn't cheap simply because we like the business.

That distinction matters.

At $957.27, the market already recognizes much of the company's opportunity. GEV has also fallen substantially from its 52-week high, illustrating the volatility investors should expect.

The Wall Street consensus remains constructive. Current analyst data puts GEV at a Moderate Buy, with an average target around $1,154 and a broad target range of approximately $740 to $1,450.

That enormous range itself tells investors something:

There is considerable uncertainty about how much the future opportunity is worth.

Our rating on GE Vernova is BUY.

For investors who already own substantial positions at much lower cost bases, we believe patience makes sense. For investors establishing new positions, we prefer buying gradually rather than chasing large rallies.

The AI revolution may ultimately produce many winners.

But every AI model has one unavoidable requirement:

Electricity.

And that is why we believe GE Vernova could remain one of the most important infrastructure companies of the AI era.

Alphabet (GOOG) — $335.45 — Up 95.18%. Alphabet operates Google Search, YouTube, Google Cloud and a rapidly expanding portfolio of artificial-intelligence businesses. Wall Street consensus is Buy, with analyst targets ranging approximately $275-$515. Chris rates GOOG a BUY. Chris owns Alphabet because Google possesses one of the strongest digital ecosystems in the world, while Google Cloud and AI provide additional avenues for growth. He believes Alphabet can continue converting its enormous user base, data advantages and technological expertise into growing long-term cash flow.

Amazon (AMZN) — $256.78 — Up 23.44%. Amazon combines the world's dominant e-commerce ecosystem with AWS cloud computing, advertising and AI infrastructure. Analyst consensus is Moderate Buy, with an average target around $323. Chris rates Amazon a BUY. Chris owns Amazon because AWS and advertising provide high-margin growth beyond retail. He believes Amazon's logistics network, cloud platform and AI investments give the company multiple ways to compound earnings.

Apple (AAPL) — $332.27 — Up 121.65%. Apple sells the iPhone, Mac, iPad, wearables and a growing portfolio of high-margin services. Analyst consensus is Moderate Buy, with an average target near $335. Chris rates Apple a HOLD at today's valuation. He continues owning Apple because its installed base, brand loyalty and ecosystem remain exceptional. The valuation is less compelling after the stock's advance, but Chris isn't eager to sell a world-class compounder merely because it has become expensive.

Deere (DE) — $675.74 — Up 92.03%. Deere is one of the world's premier agricultural and construction-equipment manufacturers. Wall Street consensus is Moderate Buy, with targets approximately $500-$813. Chris rates Deere a HOLD. He likes Deere's dominant brand, precision-agriculture technology and enormous installed customer base. After a substantial run, however, Chris believes patience is more appropriate than aggressively adding.

GE Aerospace (GE) — $323.66 — Up 226.12%. GE Aerospace manufactures aircraft engines and earns recurring revenue servicing its enormous installed base. Wall Street consensus is Moderate Buy, with targets ranging approximately $270-$455 and an average around $391. Chris rates GE a BUY. He believes the commercial aviation cycle and recurring engine-service revenue provide a long runway. The massive installed engine base can generate profitable service revenue for decades.

GE Vernova (GEV) — $957.27 — Up 832.60%. GE Vernova provides power-generation and grid technology essential to global electrification. Analyst consensus is Moderate Buy, with targets approximately $740-$1,450. Chris rates GEV a BUY. He believes AI-driven electricity demand and grid modernization could support years of investment. Chris is willing to tolerate volatility because the long-term infrastructure opportunity remains enormous.

Kroger (KR) — $58.49 — Up 18.88%. Kroger operates one of America's largest supermarket networks. Analyst consensus is Moderate Buy, with targets approximately $57-$85. Chris rates Kroger a HOLD. Grocery demand is defensive and Kroger generates recurring consumer traffic regardless of the economic cycle. Chris views the position as a stabilizing counterweight to higher-growth technology holdings.\
Marvell Technology (MRVL) — $236.10 — Down 0.38%. Marvell designs semiconductors used in data centers, networking and AI infrastructure. Analyst consensus is Moderate Buy, with targets approximately $105-$400. Chris rates MRVL a BUY. He owns Marvell for its exposure to AI networking and custom silicon. The position is intentionally small while Chris watches execution and the rapidly changing competitive environment.

Meta Platforms (META) — $648.03 — Up 11.78%. Meta owns Facebook, Instagram, WhatsApp and Threads and is investing aggressively in artificial intelligence. Analyst consensus is Moderate Buy, with an average target near $788. Chris rates META a BUY. Meta's enormous user base and advertising engine produce tremendous cash flow. Chris believes AI can improve advertising efficiency, engagement and monetization across Meta's platforms.

Micron Technology (MU) — $975.26 — Down 20.97% on this small Morgan Stanley position. Micron manufactures DRAM and NAND memory critical to AI computing and data centers. Wall Street consensus is Buy, with targets ranging approximately $249-$2,000 and an average near $1,296. Chris rates MU a BUY. AI servers require enormous amounts of advanced memory, making Micron an important beneficiary of the infrastructure boom. The semiconductor cycle will remain volatile, but Chris believes memory demand has structurally improved.

Microsoft (MSFT) — $495.63 — Up 965.62%. Microsoft operates Azure, Office, Windows, GitHub and an increasingly important AI ecosystem. Wall Street consensus is Moderate Buy, with targets approximately $400-$870 and an average around $564. Chris rates Microsoft a STRONG BUY for long-term investors. This has become one of Chris's greatest long-term investments because Microsoft's recurring software revenue, cloud leadership and AI positioning remain exceptional. Azure's scale demonstrates how successfully Microsoft continues reinventing itself.

Procter & Gamble (PG) — $145.27 — Down 11.54%. P&G owns globally recognized consumer brands across household and personal-care categories. Chris rates PG a HOLD. The position provides defensive diversification, reliable demand and dividend income when technology and cyclical stocks struggle. Chris doesn't expect explosive growth but values the stability it adds to the overall portfolio.

Amazon (AMZN) — $256.78 — Up 126.02%. Analyst consensus is Moderate Buy. Chris rates Amazon a BUY and continues holding because AWS, advertising, e-commerce and AI provide several independent growth engines.

American Express (AXP) — $324.69 — Up 94.80%. American Express operates a premium global payments and credit-card network. Wall Street consensus is Moderate Buy, with targets approximately $315-$415. Chris rates AXP a BUY. He likes the affluent customer base and powerful closed-loop payments network. The company can benefit from long-term growth in consumer spending and electronic payments.

Kinder Morgan (KMI) — $30.86 — Up 106.92%. Kinder Morgan owns critical North American natural-gas pipeline and storage infrastructure. Analyst consensus is Hold, with targets approximately $32-$43. Chris rates KMI a BUY. Natural gas should remain essential to power generation as AI data centers increase electricity demand. The pipeline network also provides recurring cash flow that complements Chris's growth investments.

Verizon (VZ) — $50.61 — Up 0.33%. Verizon operates one of America's largest wireless and broadband networks. Analyst consensus is Hold, with targets approximately $44-$56. Chris rates Verizon a HOLD. He owns it primarily for defensive characteristics and income rather than aggressive capital appreciation. Telecom cash flows provide diversification from the portfolio's technology exposure.

Exxon Mobil (XOM) — $165.99 — Up 97.82%. Exxon is one of the world's largest integrated energy companies. Analyst consensus is Hold, with targets approximately $123-$185. Chris rates Exxon a HOLD. The position provides energy exposure and acts as a partial hedge against geopolitical events that drive oil higher. After the substantial gain, Chris prefers holding rather than aggressively adding at elevated energy prices.

LightPath Technologies (LPTH) — $9.20 — Down 16.14%. LightPath manufactures optical and infrared technologies used across defense, industrial and advanced technology markets. Chris rates LPTH a SPECULATIVE BUY. Chris purchased LPTH after a sharp decline because he believed the selloff created an attractive entry point near a potential bottom. This is a higher-risk position, and Chris expects considerably more volatility than with his established large-cap holdings.

Tesla (TSLA) — $365.44 — Up 14.91%. Tesla combines electric vehicles, energy storage, robotics and autonomous-driving ambitions. Wall Street consensus is currently Hold, with an average target around $402. Chris rates Tesla a BUY because its long-term opportunity extends beyond automobile manufacturing into autonomy, energy and robotics. The valuation and volatility require patience and disciplined position sizing.

Apple (AAPL) — $332.27 — Up 197.61%. Chris rates Apple a HOLD. The extraordinary gain illustrates why Chris prefers allowing elite businesses to compound rather than selling simply because a stock has risen significantly.

Nvidia (NVDA) — $218.29 — Up 121.09%. Nvidia is the dominant provider of GPUs and accelerated-computing technology powering much of the AI revolution. Wall Street consensus is Buy, with an average target around $324. Chris rates Nvidia a BUY. Nvidia remains one of the clearest direct beneficiaries of AI capital spending. Chris believes its hardware, software ecosystem and developer relationships create a formidable competitive advantage.

SpaceX (SPCX) — $151.21 — Up 12.00%. SpaceX is a private aerospace company building reusable rockets, Starlink satellite broadband and next-generation space infrastructure. Traditional public-equity analyst consensus ratings and standardized public-company price targets aren't directly comparable here, so we aren't going to manufacture one. Chris rates the position a BUY based on the long-term potential of reusable launch systems, Starlink and the commercialization of space.

Apple (AAPL) — $332.27 — Up 5.49%. Chris rates Apple a HOLD and continues owning it for its ecosystem, brand strength and enormous recurring services opportunity.

Costco (COST) — $904.77 — Down 6.62%. Costco operates membership warehouses with one of retail's strongest customer-loyalty models. Analyst consensus is Moderate Buy, with an average target around $1,056. Chris rates COST a BUY. Membership fees, customer loyalty and Costco's value proposition create a durable competitive advantage. Chris considers short-term weakness an acceptable price for owning an exceptional retailer.

Cisco (CSCO) — $112.13 — Up 8.48%. Cisco provides networking, security and infrastructure technology. Analyst consensus is Moderate Buy, with targets approximately $88-$165. Chris rates Cisco a BUY. AI data centers require enormous networking capacity, potentially giving Cisco another long-term growth driver. The company's cash generation and established customer relationships add stability.

GE Aerospace (GE) — $323.66 — Up 0.52%. Chris rates GE a BUY. The commercial aviation recovery, engine backlog and decades of recurring service revenue support the long-term thesis.

Coca-Cola (KO) — $88.29 — Up 12.07%. Coca-Cola owns one of the world's strongest consumer brands. Analyst consensus is Moderate Buy, with targets approximately $86-$104. Chris rates Coca-Cola a HOLD. The position provides defensive diversification and reliable consumer demand.

Lam Research (LRCX) — $298.22 — Up 7.79%. Lam supplies equipment used to manufacture advanced semiconductors. Analyst consensus is Moderate Buy, with targets approximately $184-$500 and an average around $362. Chris rates LRCX a BUY. AI requires more sophisticated chips and memory, which in turn requires increasingly advanced semiconductor-manufacturing equipment. Chris believes Lam is one of the picks-and-shovels beneficiaries of that trend.

Mastercard (MA) — $569.19 — Up 5.55%. Mastercard operates one of the world's dominant electronic-payment networks. Analyst consensus is Buy, with targets approximately $597-$740. Chris rates Mastercard a BUY. The global transition from cash to electronic payments remains a powerful secular trend. Mastercard participates without taking the same credit risk as traditional lenders.

Merck (MRK) — $143.93 — Up 18.24%. Merck is a global pharmaceutical company with a major oncology franchise and broad drug pipeline. Analyst consensus is Moderate Buy, with targets approximately $90-$180. Chris rates Merck a HOLD. Healthcare provides diversification while Merck's pipeline offers additional growth potential.

Procter & Gamble (PG) — $145.27 — Down 2.75%. Chris rates P&G a HOLD. Its collection of household brands provides defensive characteristics and income that balance the portfolio's more aggressive growth positions.

Palantir Technologies (PLTR) — $167.23 — Up 16.16%. Palantir provides AI-powered data analytics and software to governments and commercial customers. Analyst consensus is Moderate Buy, with targets approximately $80-$255. Chris rates Palantir a BUY. Chris believes Palantir has become one of the strongest enterprise AI platforms and could benefit from accelerating government and commercial AI adoption. The valuation remains a significant risk, which is why discipline matters.

Visa (V) — $370.45 — Up 10.80%. Visa operates the world's largest electronic payments network. Analyst consensus is Buy, with targets approximately $350-$466. Chris rates Visa a BUY. Like Mastercard, Visa benefits from the global transition away from cash while operating a capital-light network business. Chris views it as a high-quality long-term compounder.

GE Vernova (GEV) — $957.27 — Up 850.65%. Analyst consensus is Moderate Buy, with targets approximately $740-$1,450. Trip's rating is BUY. GEV has become Trip's greatest winner and demonstrates the power of identifying a major structural trend early. Despite the tremendous gain, Trip continues holding because AI-related electricity demand, gas turbines, grid investment and long-term service revenue could support the business for years.

Costco (COST) — $904.77 — Up 96.30%. Analyst consensus is Moderate Buy, with an average target around $1,056. Trip rates Costco a BUY. Nearly doubling his investment hasn't changed his view of Costco's exceptional membership model and customer loyalty. The company remains one of his favorite examples of a great business that can compound steadily over time.

Intel (INTC) — $102.94 — Down 19.48%. Intel designs processors and is attempting to rebuild its position as a leading global semiconductor manufacturer. Analyst consensus is Hold, with targets approximately $50-$200. Trip rates Intel a SPECULATIVE BUY. The position hasn't worked yet, but Trip believes Intel's manufacturing strategy and strategic importance to domestic semiconductor production provide meaningful upside if execution improves. This remains a turnaround investment and therefore carries substantially more risk than Costco or GEV.

Micron Technology (MU) — $975.26 — Up 12.99%. Wall Street consensus is Buy, with targets approximately $249-$2,000. Trip rates Micron a BUY. He believes AI servers will require enormous quantities of high-performance memory, creating a favorable long-term demand environment. Micron will remain cyclical, but Trip believes AI is raising the structural growth rate of the memory industry.

Navitas Semiconductor (NVTS) — $11.63 — Up 56.32%. Navitas develops gallium-nitride and silicon-carbide power semiconductors. Analyst consensus is Hold, with targets approximately $12.60-$21. Frankie rates NVTS a SPECULATIVE BUY. The company gives Frankie exposure to next-generation power electronics used in AI data centers, electric vehicles and high-efficiency applications. The small company's volatility means this should remain a higher-risk position rather than a portfolio anchor.

GE Vernova (GEV) — $957.27 — Up 850.65%. Analyst consensus is Moderate Buy. Frankie rates GEV a BUY. Like Trip, Frankie has experienced an extraordinary return by holding through volatility rather than repeatedly taking short-term profits. He continues owning the stock because electricity demand and grid investment could remain powerful themes throughout much of his investing lifetime.

Costco (COST) — $904.77 — Up 95.63%. Analyst consensus is Moderate Buy. Frankie rates Costco a BUY. The nearly 100% gain shows that tremendous investment returns don't always require speculative businesses. Sometimes owning an exceptional retailer with loyal customers and recurring membership revenue is enough.

Nebius Group (NBIS) — $224.55 — Up 164.89%. Nebius is an AI infrastructure and cloud-computing company. Analyst consensus is Moderate Buy, with targets ranging approximately $120-$410. Frankie rates NBIS a HOLD after the enormous appreciation. He likes its direct exposure to AI infrastructure but recognizes that the valuation now reflects significant optimism. With a gain exceeding 160%, maintaining discipline becomes increasingly important.

Tesla (TSLA) — $365.44 — Up 22.88%. Tesla is evolving from an electric-vehicle company toward a broader technology platform spanning autonomy, robotics and energy storage. Analyst consensus is Hold, with an average target around $402. Frankie rates Tesla a BUY. He believes the largest long-term opportunities could ultimately come from autonomy, robotics and energy rather than vehicle sales alone.

ServiceNow (NOW) — $132.53 — Up 45.46%. ServiceNow provides cloud-based enterprise workflow and automation software. Analyst consensus is Moderate Buy, with targets approximately $72-$248 and an average around $145. Frankie rates ServiceNow a BUY. Enterprise AI should allow ServiceNow to automate increasingly complex corporate workflows. Frankie believes the company's sticky enterprise relationships and recurring subscription revenue create a strong long-term business model.

Aurora Innovation (AUR) — $6.43 — Up 64.87%. Aurora develops autonomous-driving technology, with particular emphasis on autonomous trucking. Analyst consensus is Hold, with targets approximately $5-$18. Frankie rates Aurora a SPECULATIVE BUY. Autonomous trucking could become an enormous market if Aurora can successfully commercialize its technology at scale. The potential reward is significant, but so are execution, regulatory and financing risks.

Microsoft (MSFT) — $495.63 — Up 184.98%. Microsoft remains one of the world's most important software, cloud and AI companies. Analyst consensus is Moderate Buy, with targets approximately $400-$870. Frankie rates Microsoft a STRONG BUY. Nearly tripling his investment demonstrates why high-quality compounders deserve patience. Azure, enterprise software, recurring revenue and AI give Microsoft several paths for continued growth over Frankie's extraordinarily long investment horizon.

This week's portfolios provide one of the clearest demonstrations yet of the philosophy behind Smart Wealth.

Look at some of the gains.

Chris is up more than 965% in Microsoft, more than 832% in GE Vernova, more than 226% in GE Aerospace, and has several other investments that have more than doubled.

Trip is up more than 850% in GE Vernova and approximately 96% in Costco, while his overall Schwab portfolio is up more than 70%.

Frankie's portfolio is up more than 150% overall, including approximately 851% in GE Vernova, 185% in Microsoft, 165% in Nebius, and 96% in Costco.

Those results didn't happen because we correctly predicted every daily movement in the Dow.

They didn't happen because every investment worked.

They certainly didn't happen because we avoided volatility.

Look through these portfolios and you'll find losing positions right next to enormous winners.

That is investing.

The objective isn't to never make a mistake.

The objective is to make sure your winners have the opportunity to become big winners.

Selling Microsoft after a 30% gain would have prevented Chris from reaching a gain of more than 900%.

Selling GEV after it doubled would have prevented Chris, Trip and Frankie from experiencing gains exceeding 800%.

That doesn't mean investors should blindly hold every stock forever.

Businesses change.

Valuations change.

Competitive advantages disappear.

Management teams make mistakes.

But when the original investment thesis remains intact and the underlying business continues growing, there can be enormous value in simply being patient.

This week gave us plenty of reasons to worry.

Oil crossed $100.

Treasury yields approached 5%.

Inflation remained stubborn.

The Federal Reserve may raise rates.

Geopolitical risks remain elevated.

And the market experienced another uncomfortable stretch of volatility.

Yet Friday's rebound reminded investors that markets are forward-looking.

The best investors aren't trying to predict tomorrow morning.

They're trying to identify where the world may be going over the next five, ten and twenty years.

We continue to believe artificial intelligence will require enormous investment in semiconductors, memory, cloud computing, networking, data centers and electricity.

That explains many of the businesses represented in our portfolios.

But diversification matters too.

That is why you also see consumer staples, healthcare, payments, energy, pipelines, aerospace and retail.

Building wealth isn't about finding one magical stock.

It is about consistently saving, buying productive assets, controlling risk, surviving inevitable downturns, learning from mistakes and allowing successful investments enough time to compound.

Trip and Frankie have one advantage that no billionaire can purchase:

Time.

Starting to invest while still in college gives compounding decades to work.

Whether you are 18, 40 or 70, however, the underlying lesson remains the same:

Own assets. Think long term. Stay disciplined. Keep learning. And never underestimate the power of compounding.

We'll be back next week to see what the markets—and our portfolios—do next.

— Chris, Trip & Frankie

The Smart Wealth Newsletter is provided solely for educational and informational purposes. Nothing contained in this newsletter should be interpreted as personalized investment, financial, tax, accounting or legal advice, or as a recommendation or solicitation to buy, sell or hold any security, cryptocurrency, real estate investment or other financial asset.

Chris, Trip and Frankie may personally own securities discussed in this newsletter, including securities specifically identified in the portfolio sections. Their ownership, ratings, opinions, gains, losses and investment decisions reflect their own circumstances and should not be interpreted as recommendations that another investor should make the same decisions.

Past performance does not guarantee future results. Investments that have produced substantial gains can decline significantly, and investors can lose some or all of the money invested. Analyst ratings and price targets are opinions and estimates, can change at any time, and should never be relied upon as guarantees of future performance.

Market prices, analyst estimates and portfolio values can change rapidly. Portfolio percentage gains and losses shown in this newsletter are based on brokerage information supplied for the September 13, 2026 edition and generally reflect market prices through the September 11, 2026 close. Private-company investments may not have the same liquidity, pricing transparency, analyst coverage or regulatory disclosures as publicly traded securities.

Every investor has different objectives, income needs, tax circumstances, time horizons and tolerance for risk. Readers should conduct their own research and consult qualified financial, tax and legal professionals before making investment decisions.

Invest carefully. Diversify. Understand what you own. Never invest money you cannot afford to lose.