Written by Bryan Lutz, Editor at Dollarcollapse.com:
Every Sunday morning I sit down to write a few short thoughts.
Maybe this is becoming the usual, maybe not, but as per usual…
Due your own due diligence. This is not financial advice. Talk to your financial advisor before making any investment decisions.
Sometimes these thoughts end up being about life, other times they are on gold, geopolitical issues affecting the markets, or the economy.
In any event, let’s start with something fun, kind of actually serious, but entertaining none-the-less…
Let me know what you think.
Here are three thoughts for this morning:
1. You don’t see many politicians like Thomas Massie. Even the New York Times knows…
Since Donald Trump has reneged on many of his campaign promises, I think some voters from both sides of the aisle are starting to feel that something’s wrong on the western front.
Trump promised to reduce government spending, get the United States out of useless wars, and make America’s 250th the greatest ever.
What I’m pointing out here is the disillusionment that so many have already expressed. There are few instances when politics can seem like a breath of fresh air for everyone.
That being said, even the New York Times is willing to point out what happens when character stands by principles:
He’s One of a Dying Breed in Congress. America Needs Him Now More Than Ever.
“Libertarians have correctly identified many of the dangers posed to Americans by the decisions of our government since Sept. 11, 2001 — the growth of the surveillance state, endless wars, catastrophic debt and deficits, overreach by the executive branch — and won few friends and fewer elections as a result.”
The reason you don’t see many politicians like Thomas Massie isn’t solely because of his libertarian perspective. That is unique (The last I heard, only about 0.47% of the federal vote goes toward the libertarian cause). Massie has principles and character. You hear the same story from him no matter the winds of change.
He’s always saying the same thing: Less government, less war, more freedom…
The man has character, which is the breath of fresh air we all need more of.
2. The thing about Tesla isn’t a good looking technical chart…
If you’ve been following Sunday Morning thoughts for awhile, you’ll remember that we were talking about the rebound on Tesla a little over a month ago.
Tesla took quite the dive after some poor earnings reports and slightly shrinking operations.
As a result the FUD hit the mainstream media declaring the death of the modern Nimrodian project, Musk’s original baby, Tesla.
Here’s what the TSLA chart looked like back in April:
After that TSLA continued to bottom out dropping another $20, and the launching back up on Space X IPO press to where it is today.
So, if you bought TSLA where it was on April 5, you’ve made $80 a share. If you bought at the bottom, you made around $100 a share. But, in my opinion, the good looking, undervalued chart wasn’t the best part. The SpaceX IPO is rumoured to be happening sometime in late June 2026. At the time of the IPO, I expect Tesla to shoot up to new all-time-highs on the premise that Tesla will somehow be incorporated into Musk’s Nimrodian conglomerate.
3. Scanning the market for high time preference valuations is your advantage in hyper-changing world, extremely fast world.
Here’s a closer look at the AI Bubble with a focus on data centers. Data centers are the digital foundation of every AI buildout. Information needs to be stored somewhere, and that somewhere is an AI data center.
To take a closer look at the AI bubble in the context of data centers, we have the DCTR index.
DTCR is stands for the ‘Global X Data Center & Digital Infrastructure ETF.’ It tracks the Solactive Data Center REITs & Digital Infrastructure Index. As of May 4, 2026, it’s up 68.48% over the past year, outperforming the S&P 500 by 45.59 percentage points. This is what it looks like:
The index looks a lot like many of the tech stocks I shared last week. It’s striving above the multitude of US listed stocks. Along with the rest of the AI bubble.
I’ve talked about this company before… AECOM(ACM) is one of the top AI data center construction stocks, yet recently, its stock has plummeted about 45% from its ATH in October 2025.
AECOM deals in the back-end construction of AI infrastructure. Here are some interesting stats:
- It is consistently ranked among the dominant global data center construction firms, revered for its comprehensive lifecycle services – master planning, engineering, construction and sustainability consulting – delivered across 43 countries.
- Over the past 25 years, AECOM has supported the delivery of more than 11 GW of data center capacity across 45 countries, working with enterprise operators, hyperscalers and co-location providers.
- In the US market, AECOM, Turner Construction, DPR Construction, Holder Construction, and Skanska USA are the major players. They’re one of five companies that essentially have the US hyperscale build-out locked up
- Turner, DPR, and AECOM typically lock in design-build contracts 24 months before groundbreaking. They’re booked solid into 2027/2028.
This week AECOM announced a record $26.2 billion backlog, raised full-year guidance for the second consecutive quarter, and posted their 22nd quarter in a row of booking more work than they burned. In other words, they have a whole bunch of work on order without fulfillment.
As a result, the stock is down more than 23% year-to-date and sits over 45% below its October 2025 all-time high.
Either the market is wrong and the most reliable picks-and-shovels name in the AI buildout is on sale, or the market is telling you something about backlog quality, hyperscaler contract risk, and cash flow that hasn’t made it into the press releases yet. Free cash flow last quarter was negative $27 million, versus positive $178 million in the same quarter a year ago, which is the number most the analysts noticed.
The interesting thing about data centers in the AI bubble is that their cycle is a lot like real estate. It takes years of capital(debt) investment before you can see returns. It takes time…
And that means, in a hyper-scaling, hyped up, hyper-transitioning world, the guys building out the real things in the real world can price at unrealistic market expectations and then BAM. Suddenly, as if no one ever saw that coming, reality hits, construction takes time, policy takes time, and delivery takes time.
Scanning the market for high time preference decision-making by investment bankers is an advantage in a hyper-changing, fast world. If you take a step back, it’s like market wants to buy a pre-sale apartment while expecting to get rental income the next day.
For AECOM, and others suffering from the high time preference decision-making of market analysts and investment bankers, maybe… all of a sudden you have the making of undervalued stocks.
We’ll have to wait-and-see how this turns out. The AECOM’s price is back at 2022 levels, but trading volume is still moving like it’s 2025. However, AECOM’s fundamentals aren’t so happy at the moment.
