Good morning, investors. Markets reopen this morning after a long weekend with an unusual setup.

The Fed just signaled a rate hike by year-end, oil is tumbling with Iran peace talks unfolding, and both the small-cap Russell 2000 and the Dow notched their highest weekly closes on record.

But today we’re focused on the biggest winners of the last 12 months.

It’s not so rare for a stock to double anymore.

Over the last 12 months, 34 stocks have gained more than 100%, more than twice the average of the last decade, according to Morningstar Data.

Unsurprisingly, 28 of 34 names are exposed to the AI trade, with SanDisk (+4,586%), Western Digital (+1,161%), Micron (+831%) and Seagate (+715%) specifically tied to AI memory and storage.

Among the top five gainers, Bloom Energy (+1,430%) is the only non-storage name.

The winners are overwhelmingly clustered into the data center basket, with 28 names tied to this theme.

Power and electrification is the clear second leg with Bloom Energy, Comfort Systems (+294%) and Vertiv (+180%) standing out in this vertical.

Notably, too, the Magnificent 7 are almost entirely missing from this list.

Only Alphabet qualified, and with a 112% return it’s now the weakest name in the entire triple-digit club.

Indeed, veteran macro investor Jordi Visser told me on Full Signal last week that he doesn’t expect the Magnificent 7 this decade to enjoy the outsized returns of the last one.

“The problem is that these are the spenders,” Visser said.

“These companies are going to go through multiple compression, in my opinion. They have become hardware companies.”

But as our Best Ideas Club members know, Visser called Micron his highest-conviction stock pick at the start of last year.

The stock is up 1,161% since we published the name for members in February 2025.

While the stock continues to climb, Visser said that he sold the stock at around $600 a share after capturing nearly a 10x return.

And though he remains bullish on Micron, he believes that the risk-reward no longer favors holding the stock for more incremental gains.

"I don't view Micron as a bubble,” Visser said. “I view it as I had better places to put money that over the course of the next two years. I think I'm going to make more money being invested in these other names.”

If you want a new high-conviction stock pick from experts like Jordi Visser every Sunday, you can join our Best Ideas Club, where our portfolio has more than tripled the S&P 500 this year.

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🤝 US and Iran officials began talks in Switzerland on Sunday. The peace deal aims to settle the issues of the Islamic Republic’s nuclear program, the Strait of Hormuz reopening, and a sustainable ceasefire in the Middle East. (Bloomberg)

📉 The US Strategic Petroleum Reserve is at its lowest level 4 decades. Another 8.9 million barrels were pulled from the stockpiles last week, and it’s now more depleted than at the start of the Ukraine war’s energy shock. (Yahoo Finance)

📊 Government stakes in leading AI companies poses a risk to the AI trade. OpenAI and Anthropic have reportedly held talks at the White House in recent weeks, and that sets up two “toll booth” stocks as winners in that tail-risk event. (ProCap Insights)

🗓 June 22, 1944: President Franklin D. Roosevelt signed the GI Bill, and Congress later estimated the program returned seven dollars to the economy for every dollar spent, funding 20 million veterans through college and 14 million home loans.

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