45일. 당신의 AI 포트폴리오가 예상치 못한 공급 위기에 직면하기까지 남은 시간은 단 45일입니다.

THE DAILY H.E.A.T. Torching Wall Street’s Obsolete Playbook. Delivered straight to your inbox 5 days a week. Subscribe Home Posts 45 Days. That's All That Stands Between Your AI Portfolio and a Supply Crisis Nobody Sees Coming. 45 Days. That's All That Stands Between Your AI Portfolio and a Supply Crisis Nobody Sees Coming. Mar 23, 2026 I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you. Today, my firm manages around $4 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me. In Daily H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on. Table of Contents Space Exposure Designed For Potential Weekly Payou … H.E.A.T. Wall Street loves simple stories. 1) The real risk is allocation, not “zero helium” 2) This is the kind of squeeze that hits at the wo … 3) The trade is not “short AI”… it’s “own the toll … Winners and losers Potential winners (direct) Potential winners (second-order) Likely losers (where the pain shows up first) What would confirm the thesis (the checklist) Bottom line News vs. Noise: What’s Moving Markets Today ETF News In Case You Missed It Space Exposure Designed For Potential Weekly Payouts The space economy is no longer just a government program — it’s becoming part of a global industry that is gradually advancing. But why view long-term growth as the only potential path forward? SPCI seeks to offer approximately 100% concentrated exposure to the space industry while striving to generate weekly income through a disciplined put credit spread options strategy. Gain exposure to the “final frontier” and a potential weekly distribution while you wait for the theme to play out. Discover SPCI. Distributor: Foreside Fund Services | Investing involves risk including possible loss of principle. H.E.A.T. Wall Street loves simple stories. AI = GPUs. AI = data centers. AI = power and grid upgrades. But the next real bottleneck in the AI buildout won’t announce itself with a flashy keynote. It shows up as a procurement email no one forwards… until it’s too late. It’s helium. Not the party-balloon kind. The ultra‑pure industrial helium that quietly enables two industries that now sit at the heart of “modern life”: advanced semiconductors and MRI scanners. And right now, the global supply chain for helium is being stress‑tested by geopolitics in a way most investors aren’t pricing. Here’s the uncomfortable part: roughly a third of the world’s commercial helium supply is tied to Qatar, and when shipping routes seize up, helium doesn’t behave like oil. You can’t just “reroute the barrels” and call it a day. The helium supply chain is built around a limited pool of specialized cryogenic containers and long, slow transit cycles. When containers get stuck, the pinch can worsen even before the molecule itself is “gone.” And even if conditions normalize quickly, the knock-on effects can linger because the system has to physically unwind. So what happens next isn’t a Hollywood shutdown. It’s more insidious: 1) The real risk is allocation, not “zero helium” In chipmaking, helium matters most where precision is non‑negotiable. In advanced etching, fabs use helium to tightly control wafer temperature—because tiny thermal drift can wreck yields on chips that cost billions to design and fab. Can they substitute argon or nitrogen? In many cases, the honest answer is: if a cheaper substitute worked, they’d already be using it. But this is where the doom narrative gets the direction wrong. Even experts point out helium is less than 1% of the cost of a processed wafer, so the industry won’t shut fabs—it will pay more, and suppliers will prioritize critical uses (chips and medical) while less critical demand gets rationed. That means the economic impact is likely to show up as: higher input costs for certain processes, more supply chain friction (qualification of alternative sources is slow), and a “headline risk” bid in anything exposed to the AI hardware pipeline. 2) This is the kind of squeeze that hits at the worst possible time AI is already a story about scale—more training, more inference, more clusters, more fabs, more tools, more redundancy. The industry is building “AI factories,” and factories don’t like missing inputs. Even if helium doesn’t “stop the world,” it adds one more constraint at precisely the moment the market is hypersensitive to anything that smells like: capex inefficiency, supply chain hiccups, or margin pressure inside the AI stack. 3) The trade is not “short AI”… it’s “own the toll collectors” If helium tightens, you don’t want to be in the business of needing helium at any price while competing in a commodity-like market. You want to be in the business of supplying and distributing scarce industrial gases under contract, or selling equipment that reduces helium dependency. Winners and losers Potential winners (direct) Industrial gas majors (pricing power + allocation power) Linde (LIN) Air Products (APD) Air Liquide (AI FP) / (ADR: AIQUY) In a squeeze, these are the firms that sit between molecule and end user. They control logistics, purification, contracts, and allocation behavior. Potential winners (second-order) MRI OEMs pushing “low-helium / sealed magnet” designs A shortage accelerates the shift toward scanners that require far less helium and avoid refill risk: GE HealthCare (GEHC) (highlighting its Freelium sealed magnet platform) Philips (PHIA NA) / (ADR: PHG) (BlueSeal sealed magnets using only a small amount of helium) Siemens Healthineers (SHL GR) / (ADR-ish OTC: varies) (DryCool sealed magnets with very low helium volume) Be clear-eyed: MRI is not their only driver. But if hospital buyers get spooked about helium availability, “sealed/low-helium” becomes a stronger selling point. Likely losers (where the pain shows up first) Users without leverage or long-term coverage In a rationing regime, suppliers don’t cut off the biggest strategic customers first. They squeeze the fringe. Public-market “losers” are trickier because the biggest chipmakers tend to be prioritized. So think of it this way: The most exposed are high-uptime manufacturers and price-takers who can’t easily requalify gas sources or pass through cost shocks quickly. Also, helium’s industrial use base is broader than most investors realize—USGS lists uses that include controlled atmospheres, fiber optics, and semiconductors, among others. That’s a reminder: a helium squeeze can show up in unexpected corners of the “data economy” supply chain. What would confirm the thesis (the checklist) The scoreboard: Force majeure / allocation language from major industrial gas suppliers. Spot helium price prints continuing to jump (Reuters already noted significant increases in spot pricing during the disruption). Semiconductor materials advisors warning about qualification / sourcing delays rather than “price.” Hospitals accelerating purchases of sealed/low-helium MRI platforms. Bottom line This isn’t “AI is over.” It’s not even “chips are doomed.” It’s simpler—and more actionable: The AI boom is building on a supply chain where one invisible input can suddenly get expensive, rationed, and slow-moving. And when markets are already jumpy about AI capex economics, even a “small” input shock can become a big narrative shock. If you want to position for that, don’t fight the entire AI trend. Own the quiet gatekeepers. Avoid the fragile price‑takers. News vs. Noise: What’s Moving Markets Today As I told Schwab on Friday, It’s going to be hard to get anything much going on the upside while this war is still on….. Friday turned really ugly when news broke about troops heading to the Strait of Hormuz. Then after the close we saw a bit of a pop when Trump said something about winding the war down. Good luck keeping up with the back and forth. I do think that, just like liberation day, this is temporary (unless we really do tip into stagflation which I don’t think happens). This is News. Loud, uncomfortable, unavoidable News. Most investors are still treating the Middle East conflict like every other geopolitical flare-up of the past decade — something to fade, something Trump can phone in a ceasefire on before the next FOMC meeting. That's the noise. Here's what's real: the strikes on Iran's South Pars gas field and the retaliatory attack on Qatar's Ras Laffan facility just changed the game permanently. Ras Laffan supplies roughly 20% of the world's LNG. QatarEnergy has confirmed "extensive damage." We're not talking about a price spike that reverses in six weeks — we're talking about 12.8 million tons of annual LNG capacity potentially offline for three to five years, $20 billion in lost annual revenue, and a global energy infrastructure wound that doesn't heal on a diplomatic timeline. Europe and Asia don't have a Plan B. And here's the part the mainstream financial press is barely whispering: Qatar produces roughly one-third of the world's helium — a critical, nearly impossible-to-store input for semiconductor manufacturing. With only ~45 days of buffer in the system and helium prices already doubled, your AI infrastructure buildout thesis just got a new variable nobody priced in. The contrarian read here isn't to panic — it's to stop sleepwalking. The market is currently pricing this as an inflation shock with manageable growth implications. Central banks are leaning hawkish, ready to hike into the disruption, and U.S. equities are somehow still shrugging. That complacency is the real risk. Tightening financial conditions are already worth nearly -0.6% of U.S. GDP growth — quietly erasing the tailwind from fiscal stimulus — and that's before the second-order effects hit. Watch the emerging market currency complex closely, particularly Pakistan, India, South Korea, and Taiwan, all of whom source 20-28% of their LNG through the Strait of Hormuz. If those currencies crack against the dollar, what begins as an energy price story morphs into a classic EM crisis: widening current account deficits, forced monetary tightening, dollar-denominated debt spirals, capital flight. That contagion doesn't stay contained to the developing world — it feeds back into U.S. credit spreads, risk appetite, and equity valuations in a loop that's very hard to break. The Strait of Hormuz is not just an energy chokepoint. Right now, it's the fulcrum of the global economy. Position accordingly. Headlines like this are stupid….. The first major stock index just fell into correction territory. Will others follow? U.S. stocks finished sharply lower on Friday, as investors wrapped up another bruising week. www.marketwatch.com/story/the-first-major-stock-index-just-fell-into-correction-territory-will-others-follow-f4870713?mod=home_lead As I’ve said many times before, the Russell 2000 is a crappy index. Correction vs. bear market doesn’t mean anything, losses are losses. If you actually look at IWM it held right where it needed to on Friday and is above it’s 200 day moving average…… I wouldn’t own it, but if you were looking to trade it for a bounce this wouldn’t be a bad spot. This is also dumb…… The Market’s Favorite Active ETF Was Made for This Moment. Is It Delivering? www.barrons.com/articles/markets-favorite-active-etf-is-it-delivering-ce70ee56?mod=hp_WIND_A_1_5 A covered call strategy wasn’t made for this moment. It’s outperforming the S&P because it happens to have the stocks the market is rotating to. According to Bloomberg it has 14.03% in tech while the SPY has 32.37%. If they sell everything off then the premiums you get from selling calls are a drop in the bucket compared to what you are losing on your stocks. Gold is getting absolutely crushed this morning. In tomorrow’s note (unless something else interests me more) I’ll talk about why I think this is a buying opportunity ETF News MEMY Holdings Update: We’ve sold Crowdstrike (CRWD) Kratos (KTOS), Centrus Energy (LEU), Uber (UBER), and Energy Fuels (UUUU) , replacing them with Coherent (COHR), Applied Materials (AMAT), Advanced Micro Devices (AMD), Symbotic (SYM), and Micron (MU) (all 5% positions). For a full list of MEMY holdings, visit: https://incomeblastetfs.com/etf/memy Distributor: Foreside Fund Services, LLC A Stock I’m Watching Today’s stock is ARM….. It was a lone bright spot on Friday, BUT, it did fail at the 200 day moving average, setting it up as a short. It would need to reverse back above to potentially go long. In Case You Missed It I had the pleasure of talking to Dividend Degenerates on why I like put spreads better than covered calls for income….. The H.E.A.T. (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth. The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2026 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved. Keep Reading Mar 10, 2026 • 11 min read The Great Silicon Shakeout: Why Chips Could Rip While Software Just Had a Dead‐Cat Bounce Mar 5, 2026 • 18 min read Rent Software. Own Cyber. Stalk Memory. Mar 18, 2026 • 12 min read Washington Just Declared War on China’s Shipyards: 3 Stocks That Could Benefit View more 2