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Uranium prices, one might assume, are to blame. But no. They continue their upward trajectory, a parabolic curve that seems to mock the stagnation elsewhere. Trading Economics reports $88.40 per pound, a figure approaching the heights of February, when it briefly touched $106. A robust market, one would think, yet Centrus drifts downwards.

Broadcom, engaged in the rather unglamorous business of designing semiconductors and infrastructure software, has amassed a backlog of approximately $73 billion specifically for AI projects. A figure that, while impressive to the layman, is best understood as a testament to the sheer scale of contemporary profligacy. The total backlog stands at $162 billion, exceeding projected revenue for fiscal year 2025. Of the AI-related orders, a substantial $21 billion originates from Anthropic, a company dedicated to the pursuit of artificial intelligence. One trusts they have a sound business plan.

Had you, a year ago, possessed the foresight—or, let’s be honest, a decent tip—to invest a modest ten thousand dollars in this enterprise, you’d now be admiring fifteen thousand. A 50% return. Not bad. Though one shouldn’t mistake luck for genius. It’s merely a fortunate alignment of silicon and speculation.

Management will deliver its ritualistic quarterly accounting this week, a public recitation of numbers that obscure more than they reveal. The analysts’ conference, scheduled for Thursday at 5 p.m. ET, will be a carefully staged performance, a theater of calculated optimism. But within this spectacle, one metric demands particular scrutiny, a silent witness to the company’s enduring strength.

Uranium prices? Don’t even start me on uranium. The stuff is going parabolic, a goddamn rocket ship aimed at the stratosphere. Trading Economics says it’s up 12% in the last two months – $88.40 a pound. The highest since May. And still clawing towards that $106 peak from February. It’s a uranium frenzy, a radioactive gold rush, and Energy Fuels is… falling? Makes absolutely NO sense. NONE.

As of late morning, the shares of USA Rare Earth have ascended by twelve percent, a momentary reprieve from an earlier, more exuberant surge. The market, ever fickle, has momentarily paused its breathless climb.

One is led to consider, however, whether the ensuing years might present a more promising prospect. Let us examine the company’s declared intentions and assess the likelihood of their fulfillment. It is a matter of discerning whether their current course will lead to a respectable stability, or merely a continuation of past disappointments.

The implications of this, should everything proceed according to plan (a concept statistically less likely than a penguin winning the Kentucky Derby), could be…significant. Upside, as the financial community so elegantly puts it, could be “massive.” One wonders, though, if “massive” is really the best descriptor. Perhaps “sufficiently large to require a new unit of measurement” would be more accurate. (One has considered proposing the “Bartholomew” – equivalent to 1.42 billion dollars, after careful consideration of the average lifespan of a garden gnome – but the paperwork involved is, frankly, terrifying.)

Now, I’m a historian, which means I’m supposed to be objective. But let’s be honest, I’m also a sucker for a good story. And in my search for companies worthy of my (totally imaginary) Voyager Portfolio, I stumbled upon something…unexpected. Biotech is usually a minefield, full of promises and pink slips. But Harmony Biosciences (HRMY +0.04%)? This little company…it’s got a pulse. And maybe, just maybe, a plot twist. It’s not a household name, which is suspicious in itself. I mean, everyone’s heard of Big Pharma, right? These guys? Radio silence. That’s what made me investigate. This first article is the beginning of a three-part series, so buckle up. It’s going to be a bumpy, and hopefully profitable, ride.