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MONDAY EDITION

SIX MONTHS AGO

ONCE UPON A TIME,
SIX MONTHS AGO...

Not in a fairy tale. In the market. It was March 2026. AI was everywhere, but the interesting part was not the noise. It was the evidence appearing underneath it.

Concept illustration of investment research, technology and market growth

What if we had done almost nothing?

Imagine we had taken five companies we had been studying, split the money equally, and then stopped trying to be clever. No rush. No daily trading. No panic because of one red session. No victory lap after one green session. Just read the articles. Understand what mattered. Give the thesis time.

READ. UNDERSTAND. INVEST. THEN LET TIME DO SOME OF THE WORK.

March 16, 2026

STARTING POINT

nearest trading day to six months ago

+55.2%

BASKET RETURN

equal-weight historical illustration

Sept. 11, 2026

END POINT

latest completed trading day

THE STORY BEFORE THE NUMBERS

NO RUSH. READ THE ARTICLES.

THE SIGNALS WERE ALREADY THERE.

The point of the exercise is not that every outcome was obvious. It was not. The point is that each stock had a reason to be watched - a business signal that could be understood before the final price move was known.

MAR 4

BROADCOM

AI revenue: $8.4B, +106% YoY

Custom accelerators and AI networking were already translating demand into reported revenue.

MAR 16

NVIDIA

Vera Rubin unveiled at GTC

The AI story was expanding from chips into complete AI-factory systems and infrastructure.

MAR 18

MICRON

Record Q2: $23.86B revenue

Memory demand and tight supply showed that AI bottlenecks extended far beyond GPUs.

MAR 18

SPECTRAL

>$200M preliminary 2026 revenue

A smaller company was beginning to show operating scale behind the AI, data and quantum narrative.

MAR

APPLE

A broad product refresh

The thesis was steadier: ecosystem strength, premium devices, services and AI optionality.

The calm investor did not need to know the ending.

They only needed to understand why each company deserved a place on the watchlist.

FIVE STOCKS. FIVE REASONS.

WHAT WAS IMPORTANT?

NOT THE TICKER. THE BUSINESS STORY.

A price chart becomes more useful when you remember what was happening underneath it. These were five very different ways to participate in the same broad technology cycle.

FCCN

Spectral Capital

The small-cap infrastructure story

+93.4%

$2.71 -> $5.24

Concept illustration for The small-cap infrastructure story

On March 18, Spectral reported more than $200M of preliminary revenue from its data-infrastructure businesses for the first two months of 2026, while saying it remained on track to meet or exceed its $450M full-year guidance. The interesting part was not a single headline. It was the combination: operating telecom/data businesses, AI, digital infrastructure and quantum IP moving under one roof.

NVDA

NVIDIA

The AI factory story

+19.1%

$183.22 -> $218.29

Concept illustration for The AI factory story

At GTC on March 16, NVIDIA introduced Vera Rubin as a full-stack platform for the next generation of AI factories. Seven new chips were in full production, designed for training, post-training and agentic inference. The signal was simple: AI demand was broadening from one GPU cycle into a larger systems-and-infrastructure cycle.

AVGO

Broadcom

The custom AI silicon story

+11.4%

$324.92 -> $361.99

Concept illustration for The custom AI silicon story

Broadcom entered March with hard numbers. Fiscal Q1 AI revenue was $8.4B, up 106% year over year, driven by custom AI accelerators and networking. Management expected AI semiconductor revenue of $10.7B in Q2. This was not a story about chasing a new theme. It was a story about existing demand turning into revenue.

Micron Technology

The memory bottleneck story

+120.7%

$441.80 -> $975.26

Concept illustration for The memory bottleneck story

Micron was the quiet part of the AI stack becoming impossible to ignore. On March 18 it reported record fiscal Q2 revenue of $23.86B, versus $8.05B a year earlier, and pointed to tight supply and strong demand. AI needs compute, but it also needs memory. HBM, DRAM and data-center memory became a bottleneck - and bottlenecks can carry pricing power.

AAPL

Apple

The patience story

+31.4%

$252.82 -> $332.27

Concept illustration for The patience story

Apple was different. In March it refreshed the product line with iPhone 17e, iPad Air with M4, MacBook Air with M5 and new pro chips. The case was less about one explosive catalyst and more about the ecosystem: a huge installed base, recurring services, premium hardware and the optionality of a deeper AI layer across devices. This was the stock in the basket that asked for patience, not excitement.

THE SIX-MONTH PORTFOLIO

MARCH 16 -> SEPTEMBER 11

THEN WE LET THE NUMBERS SPEAK.

Equal weight. Five positions. No leverage. Fractional shares assumed. Historical closes are used as reference points; dividends, taxes, spreads and fees are excluded.

COMPANY	TICKER	MAR 16	SEP 11	CHANGE
Spectral Capital	FCCN	$2.71	$5.24	+93.4%
NVIDIA	NVDA	$183.22	$218.29	+19.1%
Broadcom	AVGO	$324.92	$361.99	+11.4%
Micron Technology	MU	$441.80	$975.26	+120.7%
Apple	AAPL	$252.82	$332.27	+31.4%

SIX-MONTH RETURN BY POSITION

FCCN

+93.4%

NVDA

+19.1%

AVGO

+11.4%

+120.7%

AAPL

+31.4%

The equal-weight basket: +55.2%

Two stocks carried most of the upside. That is not a weakness in the story; it is the point. A diversified basket does not require every position to become extraordinary. It needs enough sound ideas to stay exposed when an exceptional outcome appears.

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THE $25,000 INVESTOR

START SMALL. SAME DISCIPLINE.

THE FIRST PORTFOLIO.

Five equal positions of $5,000. No rebalancing. No chasing the strongest name after it had already moved.

Valuation and disciplined-investing concept

$25,000

STARTING CAPITAL

$5,000 in each position

$38,804

ILLUSTRATIVE VALUE

approx. +55.2%

+$13,804

VALUE CREATED

historical illustration

FCCN

$5,000 start

$9,668

+$4,668

NVDA

$5,000 start

$5,957

+$957

AVGO

$5,000 start

$5,570

+$570

$5,000 start

$11,037

+$6,037

AAPL

$5,000 start

$6,571

+$1,571

The important word is not “profit.” It is “process.”

The model worked because nothing changed after day one: same allocation, same rules, same patience. The investor did not need to react to every headline.

SAME PERCENTAGE. DIFFERENT SCALE.

CAPITAL CHANGES THE DOLLARS

THE MATH GETS LOUDER.

The research does not become better because the portfolio is larger. The percentage is the same. Only the size of the consequence changes.

Larger units representing portfolio size

STARTING CAPITAL

$25,000 -> $38,804

+$13,804

Illustrative six-month return: +55.2%

STARTING CAPITAL

$100,000 -> $155,216

+$55,216

Illustrative six-month return: +55.2%

STARTING CAPITAL

$250,000 -> $388,040

+$138,040

Illustrative six-month return: +55.2%

No rush. No hustle. No need to be right every morning.

Six months is not a guarantee of anything. But it is long enough to show why research, allocation and patience can matter more than constantly trying to predict the next trading day.

THE INVESTOR CALL

THE CALM PART IS THE HARD PART

READ FIRST. MOVE SECOND.

Markets reward speed sometimes. Good investing often rewards something less exciting: knowing what you own, why you own it, and what would make the original thesis wrong.

“Once upon a time, six months ago... there were five stocks and five reasons. The rest was mostly time.”

That is the story we want to tell with The Investor Call. Not “buy this and get rich.” Not “this stock can only go up.” Instead: here is the business, here are the numbers, here is what matters, and here is what happened after the research was published.

READ THE ARTICLE

Understand the company before the price move becomes the whole story.

KNOW THE CATALYST

Revenue, demand, product cycles and infrastructure matter more than noise.

SIZE THE POSITION

Diversification keeps one idea from becoming the entire portfolio.

GIVE IT TIME

A thesis needs room to develop - and a reason to be revisited when facts change.

WE DO NOT PROMISE THE NEXT SIX MONTHS.

WE DOCUMENT THE LAST SIX - AND KEEP RESEARCHING.

Research notes: Broadcom Q1 release Mar 4; NVIDIA GTC Mar 16; Micron Q2 Mar 18; Spectral Mar 18; Apple Newsroom Mar 2-3.

Prices: historical closes from Yahoo Finance and StockAnalysis. Hypothetical illustration only; past performance is not a promise of future returns.

THE INVESTOR CALL | RESEARCH THAT MATTERS. PERFORMANCE YOU CAN MEASURE.

www.theinvestorcall.com

CONTINUE WITH THE INVESTOR CALL

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ONCE UPON A TIME

ONCE UPON A TIME, SIX MONTHS AGO...

What if we had done almost nothing?

READ. UNDERSTAND. INVEST. THEN LET TIME DO SOME OF THE WORK.

THE SIGNALS WERE ALREADY THERE.

The calm investor did not need to know the ending.

NOT THE TICKER. THE BUSINESS STORY.

Spectral Capital

NVIDIA

Broadcom

Micron Technology

Apple

THEN WE LET THE NUMBERS SPEAK.

The equal-weight basket: +55.2%

THE FIRST PORTFOLIO.

The important word is not “profit.” It is “process.”

THE MATH GETS LOUDER.

$25,000 -> $38,804

+$13,804

$100,000 -> $155,216

+$55,216

$250,000 -> $388,040

+$138,040

No rush. No hustle. No need to be right every morning.

READ FIRST. MOVE SECOND.

“Once upon a time, six months ago... there were five stocks and five reasons. The rest was mostly time.”

WE DO NOT PROMISE THE NEXT SIX MONTHS.

WE DOCUMENT THE LAST SIX - AND KEEP RESEARCHING.

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SIX MONTHS AGO...