The Clock: Sort the Map by When It Pays
THE CLOCK
Same map, sorted by when it pays instead of what it does.
PAYING NOW
$NVDA $AVGO $MU $CRDO $VST
Revenue is in the print. Contracted, shipping, commissioning. The argument here is multiple, not existence.
PAYING 2027
$IREN $NBIS $CIFR $WULF $BE
Signed contracts against capacity that isn’t energized yet. You’re underwriting a commissioning schedule, not a product.
PAYING LATER, MAYBE BIG
$TSLA $OUST $AMBA $ASTS $RKLB $PRME
A different clock entirely. These don’t trade on AI capex, and that’s the reason to own them.
It’s easy to hold all three buckets and grade them with one scorecard. That’s the mistake.
A name that pays in 2029 isn’t underperforming. It’s early. Early is a position size question, not a conviction question.
Which bucket is your book actually in?
