Is the market falling apart—or is money simply rotating?

In this episode of Payne Points of Wealth, Bob, Ryan, Chris, and Courtney explain why semiconductor stocks and the Magnificent Seven are struggling while energy, commodities, value stocks, REITs, international stocks, and emerging markets continue to perform.

The team discusses why diversification is winning in 2026, whether Wall Street’s AI earnings expectations have become too optimistic, and why the biggest long-term AI winners may be companies outside the technology sector.

They also examine:

• Whether the Federal Reserve could raise interest rates

The key takeaway: money is not necessarily leaving the market. It may be rotating into overlooked sectors and asset classes—and investors who stay diversified could be better positioned for what comes next.

The AI trade just suffered a major semiconductor sell-off—but is this the beginning of the end, or a buying opportunity inside a long-term bull market?

In this episode of Payne Points of Wealth with Brooks Cutright, Portfolio Manager at Hedgeye Asset Management, we uncover the hidden forces driving Nvidia, Apple, Microsoft, Micron, SanDisk and other major technology stocks. The recent volatility may have less to do with collapsing AI demand and more to do with index rebalancing, ETF flows, and hedge funds positioning around hundreds of billions of dollars in predictable trades.

But the bigger question is impossible to ignore:

Will the trillions being spent on artificial intelligence ever pay for themselves?

Big Tech companies are pouring massive amounts of capital into AI chips, data centers and computing infrastructure—even as questions grow about adoption, monetization and return on investment. If computing power becomes a low-margin commodity, today’s biggest AI spenders may not become tomorrow’s biggest winners.

In this episode:

• What really caused the semiconductor stock sell-off

The ultimate AI winners may not be the companies spending the most money. They may be the businesses using AI to lower costs, improve productivity and expand profit margins.

If you’ve saved more than $1 million for retirement, Payne Capital Management will run a complimentary Total Financial Master Plan covering your investments, retirement income, diversification, fees and tax strategy.

The headlines say one thing. The market is saying something very different. In this episode of *Payne Points of Wealth*, Bob, Ryan, Chris, and Courtney break down why investors may be missing some of the strongest opportunities in the market right now. While everyone is focused on AI, crypto, and the latest scary headlines, major gains are quietly happening in sectors and companies hiding in plain sight. From Johnson & Johnson’s surprising 12-month rally to strength in small caps, energy, commodities, financials, health care, European markets, and transportation stocks, the team explains why this bull market may be broader than most investors realize. They also discuss why consumer spending remains strong despite negative sentiment, how falling oil prices could act like a tax cut, why money market investors may be waiting too long, and how the AI boom is spreading far beyond Big Tech into energy, materials, infrastructure, and finance. If your portfolio is sitting in cash or overly concentrated in the headline names, this conversation is a reminder: some of the best-performing investments are often the ones nobody is talking about. Topics covered:

When we sat down with Paul Andre Huet, CEO of America’s Gold and Silver, for our latest Payne Points of Wealth episode, one theme became clear:

The demand story for silver is evolving and expanding.

Let’s break it down in simple terms.

1. Electrification of the Economy

Silver is one of the best electrical conductors in the world.

That makes it critical for:

As more of the global economy moves from fossil fuels to electricity, the need for efficient conductive materials rises, and silver plays a central role.

2. Electronics & Connectivity

Virtually every modern electronic device contains silver:

As the world becomes more connected, the baseline demand here isn’t shrinking, it’s steadily expanding.

3. Solar Energy

Solar panels use silver in their photovoltaic cells.

Every installation: from residential rooftops to utility-scale solar farms requires it.

As countries continue:

Silver demand increases alongside that transition.

4. Automotive (Beyond EVs)

Even traditional vehicles rely on silver in:

Modern cars, especially higher-end models are increasingly electronic systems on wheels.

The Supply Reality

While use cases are expanding, supply isn’t as flexible.

This creates a dynamic where:

That imbalance tends to matter over time.

Where Investors Often Get It Wrong

Investors tend to focus on what’s obvious.

Today, that means:

But in markets, leadership rotates.

Yesterday’s winners aren’t usually tomorrow’s leaders.

Most of the best opportunities don’t come from chasing what’s already worked, but where the underlying drivers are changing.

Silver may be one of those areas.

Not because of a single headline.

A Financial Planning Perspective

Now, this is where discipline becomes important.

A compelling story does not automatically mean it should be in a portfolio.

When we think about building a portfolio, we’re NOT asking: “Is this interesting?”

We’re asking:

Because a stand-alone commodity like silver can:

Instead, owing a diversified basket of commodities that includes silver, can potentially lower overall portfolio risk, not increase it

The Bigger Takeaway

One of the most valuable insights from our conversation wasn’t about predicting silver prices.

It was about something more fundamental:

where demand is quietly growing in the real economy.

We’re seeing:

And silver sits at the intersection of all of it.

Final Thought

Over the long term, markets rarely reward investors for buying what’s hot today, they reward allocating capital to sectors and asset classes before they become widely popular among investors.

Right now, silver is becoming more embedded in how the world operates:

That doesn’t mean it’s definitely going higher.

But it does mean it’s worth paying attention to.

If you haven’t yet, we encourage you to listen to Episode 245 of Payne Points of Wealth, it’s a great discussion on how evolving real-world demand, operational execution, and long-term investing intersect.

Everyone is talking about artificial intelligence right now.

But almost no one is asking the most important question:

Where is all the power going to come from?

AI data centers are incredibly energy-intensive. The infrastructure being built to support this technology is going to require massive, reliable, and uninterrupted electricity.

And that brings us to a surprising conclusion…

Nuclear energy is quietly becoming one of the most important investment themes of the next decade.

Over the last few weeks, we had the chance to sit down with James Walker, CEO of Nano Nuclear Energy (NASDAQ: NNE), and one thing became very clear:

The nuclear story isn’t just about AI.

It’s much bigger than that.

In fact, the original opportunity had nothing to do with AI at all.

It started with a simple observation:

Money was flowing out of wind and solar, but global demand for power kept rising.

Before AI, before data centers, before the hype—there was already a massive gap forming between energy supply and real-world demand.

And nuclear sits in a unique position.

It produces enormous amounts of power, runs for years without interruption, and, despite popular belief, has one of the best safety records of any energy source on a “deaths per unit of energy” basis.

That’s not an opinion, that’s just math.

But here’s where it gets interesting from an investment standpoint.

Most people think about nuclear as these massive, one-off power plants that take a decade to build.

That’s the old model.

The new model looks very different.

Instead of one giant reactor, companies like Nano Nuclear are focused on small, modular reactors, essentially portable power plants that can be deployed almost anywhere.

And that changes everything.

Because now the opportunity isn’t just powering large cities or feeding into traditional power grids.

It’s about going places where energy has never been reliable or cost-effective before.

Think:

These are markets measured in gigawatts of unmet demand.

And the economics are compelling.

Diesel is not only expensive, it’s unreliable. Fuel has to be shipped in constantly, and disruptions are common.

A small nuclear system, on the other hand, can run for years once installed.

This doesn’t just lower costs—it creates something far more valuable:

Energy independence.

From a financial planning perspective, this is where the story connects directly to your portfolio.

We are entering a period where global infrastructure is being rebuilt in real time.

That combination creates long-duration investment opportunities.

But it also creates risk.

Because these types of businesses don’t follow traditional timelines.

They require:

Which means the path won’t be linear.

This is why we always come back to the same principle:

You don’t bet the farm on a single idea (aka a single stock), but you don’t ignore transformational trends either.

Nuclear falls squarely into that category.

It’s not a short-term trade.

It’s a potential secular tailwind that could play out over decades.

Another key insight that came out of our conversation:

The biggest opportunity may not even be AI.

It may be emerging markets.

There are hundreds of millions of people globally who still lack access to reliable energy.

Without power, there is no productivity.

Without productivity, there is no economic growth.

Nuclear—specifically smaller, scalable systems—has the potential to unlock that trapped economic capacity.

And when that happens, entire regions move up the economic ladder.

So what does this mean for investors today?

It means you should start thinking differently about where future growth will come from.

The next decade won’t just be about semiconductors and compute.

It will also be about the hard assets that make the AI revolution possible:

These are all themes we hold in our current investment models.

The bottom line is simple.

We are at the early stages of an energy transformation that most investors are underestimating.

Nuclear is no longer just a legacy power source.

It’s becoming a solution to some of the biggest constraints in the global economy.

And whether it’s AI, industrial demand, or emerging markets…

All of it comes back to one thing: power.

There’s a massive story unfolding right now that almost nobody is talking about, and it has nothing to do with AI stocks, semiconductors, or the Magnificent 7. It’s about the raw materials underneath everything. In our latest episode of Payne Points of Wealth, I sat down with Gary Evans, CEO of United States Antimony Corporation (NYSE: UAMY) and what he laid out feels like a throwback to the early days of the shale revolution… but this time, it’s critical minerals. And the numbers are almost hard to believe. Gary walks through how his company acquired a tungsten asset for roughly $5 million… that today could be worth over $9 billion based on current resource estimates and pricing. That’s not a typo. What makes the story even more compelling isn’t just the valuation, it’s the timeline. This isn’t a “maybe in 10 years” type of project. He believes it could be generating cash flow within the next 12–18 months. At a time when investors are focused almost exclusively on AI, this is a reminder that there’s an entire layer of the global economy that actually enables that growth. Because without critical minerals like antimony and tungsten… AI infrastructure doesn’t get built. The Bigger Story: A Supply Chain Reset Right now, China dominates roughly 90% of the world’s refining capacity for critical minerals. That’s not just an economic issue; it’s a national security issue. And the U.S. government knows it. Gary’s company recently secured a $240 million government contract and is rapidly expanding its domestic refining capabilities in Montana. The goal? Rebuild supply chains that have been hollowed out for decades. What’s striking is the speed. The U.S. mining industry has been dormant for 20–30 years, and yet companies like Gary’s are trying to compress what historically took decades into just a couple of years. By 2027–2028, he believes his company alone could supply up to 50% of the U.S. antimony market. If that happens, it will represent a dramatic shift away from foreign dependence and a massive tailwind for the companies positioned correctly. Not Just a Mining Story One of the most interesting parts of our conversation was how technology is starting to reshape even the most “old economy” industries. Gary is now using AI to analyze decades worth of geological data—compressing what used to take years of exploration into a matter of weeks. Think about that for a second. AI isn’t just driving the companies at the top of the market, it’s unlocking value in industries most investors have completely ignored. And in Gary’s words, it’s turning assets that are effectively worth zero on the balance sheet into something potentially worth millions. What This Means for Investors We spend a lot of time talking about diversification, and moments like this are a great reminder of what that really means. It’s not just owning more stocks. It’s understanding where the next wave of opportunity might come from and more importantly, where the market isn’t looking right now. Because while everyone is focused on the software layer of the economy… There is an entire hard asset, supply chain, and industrial renaissance happening underneath the surface. And it’s moving fast. If you want to better understand one of the most overlooked opportunities in today’s market—and how it connects to everything from national security to AI infrastructure, I highly recommend listening to this conversation.

What does it really take to rise from humble beginnings to representing some of the wealthiest buyers and sellers in the world?

In Episode 242 of Payne Points of Wealth, Ryan and Chris sit down with Noble Black, one of the nation’s top real estate professionals as recognized by The Wall Street Journal, to unpack his journey from small-town Mississippi to dominating New York City’s ultra-luxury real estate market.

Noble shares:

Plus, Noble pulls back the curtain on:

This is a masterclass in sales, strategy, and understanding human behavior at the highest levels.

In Episode 241 of Payne Points of Wealth, Ryan, Chris, and Bob Payne sit down with Ashley Davis, partner at S‑3 Group and former White House insider, to unpack a remarkable career at the highest levels of government.

Ashley shares how she went from a young staffer to employee #1 of the White House Office of Homeland Security in the wake of 9/11, offering a firsthand account of that pivotal day, the chaos that followed, and the creation of one of the most important agencies in modern U.S. history.

From the inner workings of the West Wing to today’s political climate, Ashley delivers candid insights on leadership, policy, polarization, and what it really takes to navigate Washington. This is a powerful conversation about resilience, decision-making under pressure, and the lessons that still apply far beyond politics.

What do discipline, delayed gratification, and a few well-worn undershirts have to do with success?

This week on Payne Points of Wealth, Ryan and Chris Payne sit down with Todd Piro, co-host of FOX & Friends First, for a real conversation about his journey growing up in New Jersey to national television.

Todd shares how his upbringing shaped his mindset around money and life, growing up in a household that valued function over flash. His parents instilled a simple but powerful philosophy: buy things for a purpose, not for appearances. It’s a mindset Todd still lives by today (yes, right down to hanging onto the same undershirts for years).

But Todd’s perspective goes beyond money. He reflects on one of his core beliefs: treating everyone equally, regardless of title or position. Whether it’s someone behind the scenes or at the top of the organization, Todd credits this approach as a guiding principle in both his career and personal life.

The conversation traces Todd’s impressive path:

Along the way, Ryan, Chris, and Todd dive into:

This episode is packed with insights on resilience, humility, and staying grounded, even when your career takes off!

If you’ve ever wondered what it really takes to go from ordinary beginnings to extraordinary success, without losing your values, this is a conversation you won’t want to miss.

What if the next global power struggle isn’t about oil—but about the elements inside your smartphone, electric vehicle, and AI infrastructure?

In this episode, we sit down with Barbara Humpton, CEO of USA Rare Earth, former CEO of Siemens USA, to break down one of the most overlooked—and critical—battles shaping the global economy.

We dive into:

Barbara also shares her personal journey from leading global industrial giants to tackling what she calls “the business issue of our moment.”

Bottom line: This isn’t just a mining story, it’s a national security story, an AI story, and a once-in-a-generation investment theme.