Risk Disclosure

Educational purpose only

This website and the 2026 AI Infrastructure Handbook are provided for general investor education only. Nothing published by Picks & Shovels Research — on this page, in the handbook, or in any message sent through WhatsApp — constitutes investment advice, a personal recommendation, an offer, or a solicitation to buy or sell any security, fund, bond, derivative or other financial product.

No specific securities

The sectors discussed (power grids, cooling and thermal systems, semiconductor equipment and manufacturing) are introduced for background knowledge only. We name no specific securities, tickers or issuers, and no statement we make should be read as pointing to any. No view expressed implies any expectation about the future performance of any company, sector or asset class.

Risk of loss

All investing involves risk, including the possible loss of your entire invested capital. Markets can fall sharply and stay depressed for long periods. Infrastructure-related companies are not exempt: they can be affected by order cycles, technology shifts, interest rates, regulation and construction delays. Historical data shows how infrastructure suppliers behaved in past technology build-outs; it does not guarantee how any supplier will perform in the present one.

Past performance

Past performance is not a reliable indicator of future results. Any historical examples used in our educational material — including gold-rush and dot-com era comparisons — are illustrations of business-model mechanics, not claims about returns.

Accuracy and completeness

We take reasonable care over our material, but we make no warranty as to its accuracy, completeness or fitness for any particular purpose. Figures, industry statistics and technology descriptions are simplified for teaching purposes and may date quickly.

No advisory relationship

Reading this page or receiving the handbook does not create an adviser–client relationship. Picks & Shovels Research is not registered with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any state securities regulator as an investment adviser, broker-dealer, or financial planner, and does not hold itself out as doing so.

Your responsibility

Please make decisions independently, in line with your own financial situation, objectives and risk tolerance. If you are unsure whether a course of action is suitable for you, consult a licensed financial adviser before acting. Nothing in our material should be treated as a substitute for that advice.

External links

This page links to WhatsApp for handbook delivery. We do not control WhatsApp, its parent company or their services, and this disclosure does not extend to content or practices on those external platforms.