Dear Reader,
I’ve seen this setup before.
A small, overlooked company.
Flying completely under the radar.
Before suddenly becoming one of the biggest winners in the market.
That’s exactly what happened with The Metals Company.
When I first recommended TMC, almost nobody was paying attention.
It wasn’t a headline stock.
It wasn’t being hyped on CNBC.
But the story was there. And the setup was right.
The result?
A gain of nearly 700% in just a matter of months.
Here’s why I think the pattern is repeating.
Only this time?
The setup is tied directly to SpaceX.
Not to mining. Not to metals.
But to the same kind of “everybody missed it” dynamic that made TMC explode.
A small company. A much bigger story unfolding around it. And a window of time before the rest of Wall Street catches on.
I’m not saying this stock will do exactly 700%.
I can’t promise that—and frankly, no one honest can.
But the shape of the setup looks almost identical to what I saw before TMC ran.
And the catalyst—the eventual SpaceX IPO—could be the trigger that wakes everyone up.
I just recorded a short presentation walking through everything:
- The full TMC story (and why the parallel is so striking)
- How this small SpaceX-adjacent name fits into the same pattern
- And how to get in early—before the catalyst hits
Click here to watch the breakdown
Most investors wait for the story to be obvious.
That’s why they miss the biggest moves.
The real opportunity is in seeing it early.
Matt McCall
P.S. I’m not promising another 700%—but I am telling you the pattern looks almost identical. The investors who took action on TMC early are the ones who saw the biggest gains. Don’t wait for confirmation. Watch the presentation here.
T-Mobile's Broadband Blitz Puts Cable on Notice
Author: Jeffrey Neal Johnson. Posted: 5/1/2026.
Key Points
- T-Mobile's core wireless business continues to capture significant market share from rivals, providing the financial strength for strategic expansion.
- The company is astutely expanding into the physical fiber market using capital-efficient joint ventures, accelerating its growth as a leading national ISP.
- This dual-front strategy is reshaping T-Mobile’s investment thesis into a premier growth story in digital infrastructure, moving beyond traditional telecom.
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T-Mobile US (NASDAQ: TMUS) is executing a strategic pivot that appears poised to reshape the American telecom and broadband landscape. T-Mobile’s first-quarter 2026 earnings report has served as a powerful catalyst, highlighting a wireless business that is now strong enough to effectively fund an aggressive, off-balance-sheet expansion into the territory of legacy cable providers.
As competitors like Verizon Communications (NYSE: VZ) and AT&T (NYSE: T) grapple with subscriber churn and stagnating growth, T-Mobile is using its free cash flow to evolve from a pure-play wireless carrier into a diversified, broad-based Internet Service Provider (ISP).
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Building a War Chest on Wireless Dominance
The foundation of T-Mobile’s expansion rests on the exceptional strength of its core wireless business. The Q1 2026 results delivered a decisive beat against consensus estimates, driven by industry-leading growth in both customer accounts and profitability. T-Mobile added 217,000 postpaid net accounts in the quarter, a 6% year-over-year increase that stands in sharp contrast to its peers’ performance. During the same period, Verizon reported a loss of 127,000 postpaid accounts, while AT&T posted the industry’s highest increase in postpaid phone churn. This market share consolidation fueled a 15% year-over-year (YOY) surge in postpaid service revenues to $15.6 billion.
A key driver of this financial outperformance is the 3.9% YOY growth in Postpaid Average Revenue Per Account (ARPA), which reached $151.93. This expansion is supported by a unique structural advantage. Unlike competitors that often implement broad price hikes on existing customers, T-Mobile’s legacy subscriber plans trade at a natural discount to its current offerings. This dynamic creates organic ARPA growth as customers willingly upgrade to higher-tier plans to access network and device promotions, sidestepping the churn risk associated with forced rate increases.
This top-line momentum translates directly into formidable financial strength. T-Mobile generated $4.6 billion in Adjusted Free Cash Flow (FCF) in Q1, a 5% YOY increase, representing an industry-leading FCF margin of approximately 24%. Management has signaled strict capital discipline, maintaining its full-year cash capital expenditures (CapEx) forecast at roughly $10 billion.
Confidence in this financial model is evident in T-Mobile’s robust shareholder return program. T-Mobile offers a dividend yield of about 2.1% and recently expanded its share repurchase authorization by $3.6 billion, bringing the total to $18.2 billion. This commitment to returning capital underscores management’s belief that core operations can comfortably fund both shareholder rewards and strategic growth initiatives.
Cable's New Nemesis
While the wireless engine provides the power, T-Mobile’s fiber strategy provides the long-term growth trajectory. T-Mobile added more than 500,000 total broadband subscribers in Q1, solidifying its position as the nation’s fastest-growing ISP. This growth is now being supercharged by a move into physical fiber infrastructure, executed through a capital-efficient joint venture (JV) model.
T-Mobile recently announced two major JVs, committing a combined $2.7 billion to acquire regional fiber operators. A $2 billion 50/50 JV with Oak Hill will acquire GoNetspeed and Greenlight Networks, targeting 1.3 million homes. A separate $700 million JV with Wren House will acquire i3 Broadband, which serves 500,000 homes.
This JV structure is the linchpin of the strategy. It allows T-Mobile to secure valuable, high-speed fiber assets without loading the associated capital burden onto its own balance sheet. This approach avoids the massive, multi-billion-dollar CapEx programs that have historically weighed on telecom valuations and allows T-Mobile to leverage its powerful brand and distribution to accelerate subscriber penetration on these newly acquired networks. Management has been clear that it is not chasing arbitrary home-passed metrics but instead is focused on high-return, localized first-to-fiber opportunities. This disciplined, IRR-driven approach mitigates risk while maximizing the potential for value creation.
The New Battlefield: What Investors Should Monitor
Despite the bullish outlook, a comprehensive analysis requires acknowledging potential pressures. The expansion into broadband introduces different business dynamics. Broadband is an inherently higher-churn and lower-margin business compared to postpaid wireless. As T-Mobile scales its ISP operations, this shift in mix could exert pressure on overall profitability metrics.
Furthermore, T-Mobile’s Q1 net income was impacted by $476 million in merger-related costs and accelerated depreciation tied to its acquisition of UScellular. While this created a near-term headwind, these are temporary expenses. With the UScellular integration expected to conclude by the end of 2026, the cessation of these costs should serve as a mechanical tailwind for margin expansion in 2027.
Wall Street is responding favorably to the strategic pivot. The consensus rating from 29 analysts is a Moderate Buy, with an average price target of $259.46. Following the earnings release, Oppenheimer upgraded the stock to Outperform, and Goldman Sachs reiterated its Buy rating, signaling growing conviction in the growth narrative.
T-Mobile’s aggressive and well-capitalized push into the broadband market fundamentally alters its investment thesis. The company is proving it can challenge legacy cable and telecom incumbents on two fronts, leveraging a best-in-class 5G network to capture high-value wireless subscribers while simultaneously building a formidable ISP business through astute, financially engineered partnerships.
Investors seeking growth in the U.S. telecom sector may find T-Mobile's strategic evolution compelling. T-Mobile’s ability to generate significant free cash flow from its core wireless operations provides a durable funding mechanism for its push into the broadband market. For this reason, investors might consider adding T-Mobile US to their watchlist as the market continues to digest the long-term implications of its transformation into a fully integrated digital infrastructure powerhouse.
Axon Surged After Earnings and Is Still Down Over 50% From Highs
Author: Leo Miller. Posted: 5/12/2026.
Key Points
- Axon Enterprise went from a market darling to getting crushed, partially due to AI fears hitting software stocks
- Despite investor pessimism, Axon has consistently impressed with its financial results, leading to large post-earnings spikes
- AI is becoming a growth driver and the latest element of the company's hardware-driven flywheel effect
- Special Report: The Biggest IPO Ever: Claim Your Stake Today
After getting beaten down for much of the past year, Axon Enterprise (NASDAQ: AXON) scored a big win after its latest earnings report. Shares surged nearly 11% following the company’s May release, as it posted impressive sales, earnings, and guidance.
Even so, the defense stock remains deeply out of favor, still trading at less than 50% of its 52-week high reached in August 2025. Some of that decline was likely justified, but other parts are more questionable.
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However, the stock has also fallen on fears surrounding artificial intelligence in the software industry. That comes even though hardware sales play a critical role in Axon’s business and make its flywheel effect work.
Ultimately, Axon’s results show why there is still plenty of room for optimism about the stock going forward.
Axon’s Beat and Raise Q1
In Q1 2026, Axon reported revenue of $807.3 million, representing year-over-year (YOY) growth of 34%. That handily beat estimates of $778.9 million. Meanwhile, adjusted earnings per share (EPS) rose by just under 10% to $1.61, slightly ahead of expectations of $1.60. Notably, gross margins took a meaningful hit, causing revenue growth to outpace adjusted EPS growth.
Gross margin fell by 150 basis points YOY to 59.1%, with the company citing global tariffs as the primary driver. That remains another legitimate pressure point for Axon stock and a recurring topic on earnings calls.
Despite this, the company maintained its full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin guidance of 25.5%. Axon also raised its full-year revenue growth guidance to a midpoint of 31%. That marks a meaningful increase from prior midpoint guidance of 29%, especially since contracted booking growth climbed 44% YOY, well above Q1 sales growth. Importantly, Axon is also seeing strong growth from its AI offerings, countering the narrative that AI is a major threat to the company rather than a tailwind.
AI Growth Soars as Law Enforcement Buys In
Axon’s AI Era plan is its most expensive hardware and software package for law enforcement. Bookings for that offering rose 140% YOY, with the company noting that “nearly all large domestic law enforcement agencies are now including AI in their purchases.” That is a powerful statement, suggesting AI is becoming central to how agencies make purchasing decisions rather than a mere nice-to-have.
Slide 23 of the company’s Investor Deck also shows how hardware sales form the foundation of the company’s software, services, and AI flywheel. In year one of the AI Era Plan, hardware sales account for about half of revenue. This includes products such as tasers, body cameras, virtual reality headsets, and drones.
After year one, however, hardware sales are minimal. Over a five-year period, the combination of AI and non-AI software and services makes up more than 75% of total plan revenue. That includes offerings like Draft One, where AI uses body camera recordings to create a first draft of incident reports, saving officers time on paperwork.
Agencies continue paying for these services over several years, but they are only useful after the required hardware has been purchased. So, while Axon certainly has meaningful software exposure, its hardware-first model gives it more protection from AI competition than software-only companies have.
Adding to the story is the fact that demand for Axon’s drones is surging. During the quarter, its counter-drone revenue increased by 300% YOY. Bookings rose even more, up 500% YOY, indicating that demand is accelerating.
Axon Continues Its Post-Earnings Success; Markets Remain Unconvinced
Notably, despite recent declines, Axon has continued to demonstrate the strength of its business through its financial results. Over its past 10 earnings releases, Axon has seen an average post-earnings gain of approximately 12%. That is a feat investors would be hard-pressed to find in many other stocks.
Of course, past post-earnings success does not guarantee future gains. Still, it suggests one thing: the market has repeatedly underestimated Axon, only to reverse course after the company delivers numbers that are hard to ignore. It is arguable that the same thing is happening now, given the stock’s steep decline and post-earnings jump.
Furthermore, much of Axon’s price action continues to track the broader software market. That suggests investors have yet to fully separate Axon from software stocks, despite the significant differences in its business model.
Analysts continue to maintain a positive outlook on Axon. The MarketBeat consensus price target sits near $713, implying upside of more than 75%. Targets updated after the company’s earnings report are considerably lower, averaging around $604. However, that still implies substantial upside of just over 50%.
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