In the post-Trump era, what should you buy in the U.S. stock market? And how should the crypto space respond? Yesterday, I spoke with a friend about Trump’s decisive loss in the midterm elections and the future of crypto and U.S. equities—here’s my perspective. The Trump era is entering a new phase. In the 2026 U.S. midterm elections, the Democratic Party gained control of both chambers of Congress, meaning Trump’s governing environment over the next two years will change significantly. Over the past few years, a defining feature of both U.S. equities and crypto markets has been the growing influence of political narratives. Trump’s tariff policies, tax cut proposals, pro-crypto stance—even a single social media post—could trigger short-term market volatility. But I believe the market will gradually shift away from political trading and return to fundamentals: industry trends and profitability. Let’s start with U.S. stocks. My top bet remains AI infrastructure—but the investment thesis must evolve. The past two years saw markets hype GPUs, with investors fixated on NVIDIA and AMD. Later, attention expanded to memory companies like Micron and SK Hynix. Going forward, I’m focusing more on the underlying infrastructure of AI: optical communications, power equipment, data centers, and cooling systems. The reason is simple: AI models can iterate endlessly, but expanding computing power requires real, tangible hardware investment. The more data centers built, the greater the demand for fiber optics, transformers, power grids, and electricity. Companies like Corning (GLW), Broadcom (AVGO), Micron (MU), Vertiv (VRT), and Eaton (ETN) are worth continuous monitoring. Of course, strong industry fundamentals don’t guarantee reasonable valuations—you still need to track orders, profits, and capital expenditure returns. The second theme is energy. The endpoint of AI isn’t just computing power—it’s electricity. As U.S. data center construction accelerates, grid upgrades, nuclear power, natural gas, and energy storage all present long-term opportunities. In the future, what may become truly scarce isn’t chips—but stable, affordable, and continuous electricity supply. Now for crypto. The post-Trump era doesn’t mean crypto must enter a bear market. On the contrary, the industry may enter a phase that prioritizes real value over speculation. BTC remains my primary focus. What will ultimately drive BTC’s price isn’t whether the U.S. government supports crypto—but ETF inflows, institutional allocation ratios, dollar liquidity, and real interest rates. ETH needs to be evaluated through the lens of stablecoins, RWA (real-world assets), and on-chain finance. Tokenizing traditional financial assets is meaningless if it’s just storytelling—but if real capital, real users, and genuine settlement demand continue growing, the underlying infrastructure holds long-term value. SOL is no different: don’t just track meme coin trading volume—look at stablecoin scale, DeFi revenue, and real user retention. Moreover, I believe stablecoins and RWA are areas worth deep research over the next few years. The ultimate goal of crypto isn’t to remain stuck in token issuance, speculation, and capital rotation—it’s to become financial infrastructure. That said, risks remain. If AI capital expenditures fail to translate into corporate profits, U.S. tech stocks could face renewed valuation pressure. If U.S. inflation persists and interest rate cut expectations collapse, BTC and high-valuation growth stocks will suffer similarly. Finally, here’s my concrete investment strategy. If I were to allocate assets for the next two to three years in a post-Trump world, my choices are clear. For U.S. equities: AI infrastructure is my top priority. First-tier holdings: NVIDIA, Broadcom, Micron—focused on AI compute, chips, and storage demand. Second-tier holdings: Corning (GLW), Vertiv (VRT), Eaton (ETN)—betting on optical communications, data center infrastructure, and power equipment. Rather than chasing AI hype alone, I prefer companies with actual orders, earnings, and industry moats. For index exposure: Use the S&P 500 as your core holding—don’t put all your capital into tech stocks. Supplement with energy, power infrastructure, and healthcare. For crypto: My strategy is BTC first, ETH second, SOL as a satellite position. If allocating solely within crypto assets, I favor: 60% BTC, 20% ETH, 10% SOL—with the remaining 10% held in stablecoins to wait for better opportunities. Hold BTC for the long term; avoid short-term trading. Monitor ETH closely for RWA and stablecoin ecosystem growth. Track SOL through real users and on-chain revenue. Avoid including speculative altcoins with no real utility or solely narrative-driven valuations in your core portfolio. On position sizing: I prefer dollar-cost averaging over lump-sum bets. Divide your planned investment capital into three tranches: First tranche: Establish a core position. Second tranche: Wait for market pullbacks. Third tranche: Reserve for liquidity shocks or truly compelling prices. Don’t chase prices upward blindly; don’t hold onto positions out of faith if fundamentals deteriorate. If AI capital spending continues rising and corporate profits materialize, I’ll maintain or even increase exposure to quality tech stocks. If BTC sees sustained institutional inflows and dollar liquidity improves, I’ll consider increasing BTC allocation. Conversely, if corporate earnings disappoint, ETF outflows persist, or macro liquidity tightens significantly—I’ll actively reduce risk. If considering all investable financial assets as the denominator, I wouldn’t let crypto dominate my portfolio. For investors with higher risk tolerance, a reference allocation could be: 50% equities, 10% crypto assets, 15% gold, 20% cash and short-term U.S. Treasuries, and 5% other assets—adjustable based on individual circumstances.