McGowanGroup Wealth Management
Q3 2026 Client Updates
“If you can keep your head when all about you
Are losing theirs. . .
If you can wait and not be tired by waiting, . . .
-Rudyard Kipling
Executive Summary
*The Strait & The Supply: The aftermath of Operation Epic Fury.
*The Tech Horizon: Measuring the historic, AI-powered first half.
*Pockets of Froth: Identifying dangerous overpricing in the AI sector.
*Where institutional capital is potentially neglecting deep value.
*Summer Planning Season: estate and tax planning updates.
Epic Fury
Oil traded from below $60 per barrel at the start of the year to over $115 per barrel after Epic Fury began.
Negotiations, cease fires, strikes, and counterstrikes are the current established pattern with Iran.
Global oil inventories have declined by an estimated 1 billion barrels, suggesting higher long-term prices and stronger cash flow estimates for oil and gas infrastructure.
AI Powered Tech Rally
Tech stocks measured by the Nasdaq 100 index powered to a near 20% gain in the first half of 2026. Overall S&P 500 earnings growth for the first half of the year came it over 20%.
Tech hyperscalers are on track to invest an unprecedented $1 trillion in AI infrastructure between 2025 and the end of 2027.
Dangerous Overpricing
During the second quarter of 2026, the successful SpaceX IPO raising over $80 billion sparked a tech rally after funding enthusiasm underscored the ability of companies to raise capital.
AI mania has led to a group of debt-laden negative cash flow AI companies that have never made money being priced at 50-100 times revenue. WULF, CRWV, and CBRS are examples. Periods of market anxiety are not likely to be kind to unprofitable companies.
Deep Value
The frenzy of buying in a small group of tech companies is a contrast to areas left behind including profitable software, payment processors, dividend companies, and energy infrastructure.
Rising dividends and stock buybacks underscore attractive opportunities for investors. Currently, the pipelines and energy infrastructure still appear underpriced relative to other sectors. In our estimations, data center electricity demand is an obvious choice for natural gas power generation. Nuclear holdings include profitable companies benefiting from the current build-out of increased capacity and data center demand.
The Future
For now, the economy is healthy and future inflation is expected to subside with the recent drop in oil prices. Economic growth in the first quarter was revised upward to 2.1%. Atlanta Fed estimates 1.2% for the second quarter. Job growth, according to ADP, added approximately 100,000 net new private payroll jobs each month for the past three months.
The McGowanGroup Investment Committee (IC) meets each Wednesday morning to review and upgrade the model portfolios using an impressive, evolving, research process. Equity market rallies provide investors with the opportunity to raise Tactical Safety for future resilience as underperformers are harvested systemically. Pullbacks in market values for equity provide the opportunity to add high cash flow assets at attractive prices.
New Wealth Management Client Portal
State of the Art Applied Technology
Our performance tracking for clients started in the 1990’s along with customer relations management software. Each designed for relentless pursuit of reliable, superior client profits and excellence in service. We have received great feedback on the new Black Diamond Client Portal including the mobile app. Just call or email if you would like a refreshed link. Pershing BNY automatically feeds your statements and tax forms to Black Diamond, and your CPA is notified as they are added to the document vault.
Summer Wealth Planning Season
Our wealth managers during the Q3 reviews will include estate plan updates, beneficiary reviews, and coordination with your latest will and trust documents. Further, for 2026 tax planning, your mid-year tax summary will allow your CPA to update realized gain/loss, and income estimates including types of income.
We remain committed to the mission of dedication to Superior Client Profits and Excellence in Service. Thank you for allowing us to serve you and your family!
Spencer McGowan and The Team That Cares,
McGowanGroup Wealth Management
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Headline Round Up!
*TEXAS! North Texas Home Price Start to Appreciate Again, Annualizing at 5.51% Over Last 90 days.
*TEXAS! April US Oil Production and Exports Hit Record with Distance! Q2 Profits Announcements at July End.
*TEXAS! Dell Shareholders Approve Legal Entity Move from Delaware to Texas.
*Crypto Spanking Intensifies: Bitcoin Drops Below $58k Per Coin.
*Anthropic Releases Claude Science for Automating Research.
*FDA Allows Zyn Nicotine Pouches to Claim Healthier Than Cigarettes.
*Blockchain Arrives! Open USD Stablecoin Endorsed by Visa, Mastercard, Blackrock, Google and Over 100 Other Companies.
*Circle Internet Group Plummets on Open USD News.
*Stuxnet on Steroids! CIA Director Ratcliffe: “AI Digital Nuclear Weapons Rewriting Reality of Conflict.”
*Productivity: Record Profit Margins for S&P 500.
*Crypto Winter: Strategy Abandons Never Sell Bitcoin.
*Small Caps First Half Best in 35 Years, 22%.
*Trillion-Dollar Borrowing Binge!
*Buy Low: Senior Housing King Runs $160 Billion Empire!
*Rare-Earth Boom Battles!
*Comcast Spikes on NBCUniversal Spin Off.
State Street SPDR Dow Jones Industrial Average ETF Trust (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Invesco QQQ Trust Series One (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
State Street Energy Select Sector SPDR ETF (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Terawulf Incorporated (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Terawulf Incorporated Financial Analysis (2022 – 2027)
– Courtesy of Bloomberg LP
Bitcoin to United States Dollar Cross Rate (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
MicroStrategy Incorporated (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Generic First West Texas Intermediate Light Sweet Crude Oil Futures Contract (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Salesforce Incorporated (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Adobe Incorporated (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
Automatic Data Processing Incorporated National Employment Report Seasonally Adjusted Private Nonfarm Level Change (12/31/2025 – 6/30/2026)
– Courtesy of Bloomberg LP
