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What happens when growth numbers for tech names start coming down? (1:50) Tech Cache’s Joe Albano and The Financial Prophet, Victor Dergunov, dissect recent news and this week’s earnings (6:50). What happens to tech if Trump wins? Harris? (17:50). Top tier tech stocks (21:40). How will the Presidential election affect semiconductors? (28:30). This is from our recent live event.

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Transcript

Rena Sherbill: Hi, everybody, great to be here. Happy that you’re all joining us. Very happy to be here with Victor and Joe.

So tech sector, no better people to talk about it with than Joe from Tech Cache and The Financial Prophet himself, Victor.

We’ve seen some lovely news out of the tech sector over the past 24 hours. We had a record close in NASDAQ. We saw some great earnings from Google/Alphabet (GOOG) (GOOGL). We have some lesser known names known as Meta (META) and Microsoft (MSFT) set to report after the close today. Lots of good news to be had.

But Joe, let’s start with you. How are you thinking about all this good news? How are you dissecting things in the tech sector? And what’s your outlook there, kind of broad picture to start with?

Joe Albano: Well, first, thanks, Rena, for having me here. This is a lot of fun. I’m glad to be here.

The tech sector – I’ve been, so I’ll be honest. I’ve been looking since the summer for the tech side to correct – not everything – but mostly a lot of the bigger names, and we’ve seen some of that happen. We saw some decent slides over the summer.

We saw NVIDIA (NVDA) come down way off its highs. Now it’s into new all-time highs. The thing that I’m concerned about is that with NVIDIA, with Meta Platforms (META), a lot of these big tech companies, they’re running into lapping a strong year.

And that’s going to be kind of an issue when we get into 2025, where those growth numbers are going to start coming down. Now, does that mean the stock can’t continue to go up? No, I mean, it definitely can.

But as far as the sentiment in the market, I don’t think there’s enough of that momentum that we saw since the bottom in late 2022 to now, where we can really kind of find another leg up to 20%, 30% gains. I’m thinking that we’re going to see more of a correction in 2025 before we get to maybe new highs.

So that’s kind of where I’m at. Even with the NASDAQ at highs, I think there’s structures on the chart that aren’t really giving me the warm and fuzzies for where we’re going to be in the beginning of 2025 and even into Q2.

RS: What are some of those things on the chart that you’re looking at that’s causing you to be concerned?

JA: Yeah, it’s the structure of the rally off the low from the summer that’s really concerning to me because that structure does not look like the start of a new rally. It looks like something of an extreme bounce off those lows. And even though they extend into new all-time highs, in the case of Meta and NVIDIA and a few others, there’s not that great look to the chart that says, hey, this is going to continue to extend.

Now, can it happen? Sure. There’s ways that, even on a technical basis, the markets can still push higher. But I think once it reaches whatever top it’s going to, it’s going to be kind of a hard fall, in the sense of it’s going to take a lot of people by surprise. And I think some people are going to get shy and start selling out of it, and it’s going to kind of create a snowball effect.

RS: Victor, how are you thinking about things? How’s your optimism, pessimism levels these days when you’re looking at tech?

Victor Dergunov: So first, Rena, thank you for having me here. It’s a pleasure to be on with you. So to answer your initial question, I believe the answer is, A, tech will rally. Now looking at the broad sector, of course, we have the Magnificent 7 leaders and the other significant tech companies kind of taking charge and leading the way higher.

As Joe mentioned, we had a significant correction in August – July and August. So that brought many stocks down by 30%, 40%, or even 50%, even more in some cases. And we’re talking about significant companies like NVIDIA and Tesla, and basically all the Magnificent 7 and the broader tech segment really had a significant correction. And I think that was the big correction that many people were looking for. Of course, another correction is not out of the question and it could happen basically at any time.

But for now, the market looks relatively constructive, even with so many volatile elements happening occurring at once, like the election, the FOMC meeting, peak earnings, heavy data, and everything kind of combined. And we’re still seeing extreme resilience in the market. And I believe once the election is over, we can have a transitory volatility phase and then the market can continue moving on to new all-time highs into year end. And that’s what I’m expecting.

RS: Given that we’re in the midst of these major earnings reports from the tech names, what are your thoughts? What are some markers that investors should be paying attention to. Joe, I’ll ask you first in terms of the earnings. What are some things to point to or what are some things that you may be looking out for, maybe some points of light or some points of caution as these earnings come out?

JA: Yeah, I mean, I’ll start with (AMD). So last night when AMD reported the – they bumped their AI revenue up another $500 million to $5 billion for 2024. And I think that’s just not enough to keep the markets really rallying behind that kind of stuff, even NVIDIA. I mean, we’re talking nearing $30 billion per quarter in just AI revenue.

You’re getting to the law of large numbers where it’s going to be really difficult to accelerate that unless something material or some kind of major breakthrough comes through, which I’m not seeing at least in the next year. We have some other smaller tech companies, Cerebras is one of them. They’re trying to push in with an IPO and try to hit on that turf that AI or that NVIDIA and AMD are on.

But there’s a lot of strength still with some of these. You look at, we’ll see Microsoft tonight, but we’ll look at Meta Platforms tonight. We looked at Google yesterday, Alphabet, and still strong cloud growth.

And I think there’s just a lot of trickle-down that’s now happening, where you saw all of the big names make their money at the top of the chain, right, and hardware looking from anything from Arista Networks in networking to Micron (MU) in memory to NVIDIA and AMD, I can’t really say the same for Intel here, but those guys have been making that AI money for a while. But now we’re starting to see it filter down into how are the cloud providers going to grow in this now that they’ve invested the hardware.

Can they push? And it seems like so far, Google has found a little bit of an opening here to kind of break in. We’ll see what Microsoft has tonight. If it grows cloud by 35%, if it does, then there’s no real advantage to Alphabet. Everybody’s market share is moving at the same pace as the market.

So outside of that, we’re now jacking for position of who’s going to become that leader and where’s everybody going to go for providing services to enterprises, to governments. We’ve seen a lot of investments from governments into AI.

So don’t forget Amazon (AMZN), of course, AWS. We need to see what that comes in. And really, it’s the difference between the fundamentals and what the stock does just because we’re seeing this start to trickle down, it doesn’t mean the stocks are going to behave in a linear way that we expect them to with revenue kind of growing this way.

There’s just like AMD, it’s AI revenue is – the market doesn’t care about it. We saw that in the reaction. $5 billion in AI revenue is not enough to move the needle and it’s not even its highest operating margin segment. So the market isn’t rewarding everybody equally. And just because you have AI revenue and it continues to grow doesn’t mean that there’s going to be returns on the stock at the end of it.

RS: Victor, what are your thoughts on earnings coming out and what investors should be paying attention to?

VD: Yeah. So, of course, we’re approaching the heart of the earnings season. Well, basically we’re here already. We saw results out of Google and out of AMD. Obviously, Google’s were very positive. AMD missed slightly on the guidance, even though they met expectations EPS-wise and revenue was a little bit over the consensus about $100 million. But the guidance was a little bit light, only $50 million lighter-than-expected, but nonetheless, the market was obviously expecting more.

By this time in the game, AMD should be at least meeting guidance expectations. But in reality, they should be surpassing guidance, much like NVIDIA had done and other companies have shown that they’re able to do. So basically, I view this as an AMD-specific problem. And in reality, it’s not that big of an issue.

I believe the market is overreacting here. And basically, I believe we’re still early in the AI game. I mean, if you want to do like a baseball analogy, I think we’re somewhere in the fourth inning. So there should be plenty of growth left in my view.

And when we move forward, I believe that there will come a time that we will see signs of a slowdown. And that will be the time to get out of the AI trade, or even potentially short the AI trade. But I don’t believe that we’re there yet. And I don’t see anything threatening in the earnings here. I don’t see anything threatening in AMD’s earnings. I believe that AMD could be doing better as a company. They could be executing a little bit better, but the demand remains extremely strong for their AI offerings, as with NVIDIA and as with many of the leading companies in AI.

So I’m not seeing any signs of a slowdown here. And I believe that demand can continue to be robust for – it’s challenging to say exactly for how long, but I believe that there’s still plenty of time to ride this AI wave and we will get indications that the run is close, it’s coming to an end. But again, I don’t see any signs of that here yet. So I’m going to ride this train to the end until – yeah basically…

RS: Until the wheels fall off.

JA: Rean, can I jump in?

VD: No, no. until the wheels are about to fall off and then I’ll parachute out safely. I don’t – you don’t want to be on the train when it goes off the cliff. And this – and please don’t get me wrong, this bubble will burst. And of course, many of the stocks that have skyrocketed, they will come crashing down. But I’m not prepared to call a top. I’m not prepared to say that the top is approaching because I don’t see it.

RS: Yeah, Joe, go ahead.

JA: Yeah, I just want to jump in. So I actually agree with Victor on the AI part of it. I actually think we’re closer to like a third inning. So I don’t even think we’re that far into it. The difference I think where I am and Victor is, is I don’t expect that the fundamentals necessarily of the AI market are going to match the stock performance.

I think the stock is going to – the stocks in the AI sector are going to decline before that actually reaches a business top. And I think that’s really where the two of us are kind of different in that regard. I think we both understand that AI is many years to come. I don’t – there is no – this isn’t hype, this isn’t vaporware, this isn’t some kind of hollow kind of promise from an industry. We’re already seeing a lot of the efficiency gains. Taiwan Semiconductor just talked about it and said, if we get a 1% efficiency gain, that’s like a $1 billion in our pocket.

So this is real. It’s not some kind of propped-up kind of situation. This is actually a real — shift. But my difference is definitely on the stock returns and how the stocks will perform versus how the business performs, because the two don’t have to be connected as far as I’m concerned. And that’s really what I tell my Tech Cache subscribers is, there’s a sentiment of the market and then there’s the fundamentals and sometimes they don’t align.

RS: Victor, happy to hear if you have a response. Also, I was curious, what would you say is your number one or one to two indicators of when we may hit a top in the AI part of things?

VD: Right. So we’re going to see a slowdown in infrastructure spending and things of that nature. We’re basically just going to see a broad market slowdown in AI spending and everything that basically has to do with AI.

Now this could correspond with a recession or with a market downturn because it makes sense for companies to cut back on spending when the economy slows down or goes through a recession. And also, I believe that and I agree with Joe on the point that the AI-related stocks, they will – and basically this applies to almost any industry, they will show weakness before the underlying, before the businesses do, because the stock market looks ahead by about six months or so typically.

So probably before the real slowdown occurs in the underlying businesses, we could see potential weakness in the stocks beginning. So this is where we have to be very astute and very vigilant and pay close attention to the technicals and the sentiment. Basically, the sentiment is crucial when discussing any kind of industry or stocks.

And, of course, sentiment is very robust here and we saw what happened when sentiment switched to the negative just briefly in July and August. We saw a significant correction in many companies that were some of the highest flying stocks.

So basically, we need to consider all these factors and keep an eye out for anything that could signal a potential slowdown in the AI and the broader tech segment, which would then translate to just basically a more significant downturn for the tech industry and the stock market in general.

RS: So to the point at hand, this election season that we’re in, we’re less than a week away from this presidential election. In our second session of the day, I believe it was Michael Gayed who said that tech is the sector that may be a winner for both candidates. In other words, if either candidate wins, it could be a win because of, I would imagine, how well tech is doing and because of all the runway ahead in terms of the growth.

Joe, what would you say to that? Who – what – how are you thinking about things, given a Harris win, given a Trump win, how are you thinking about tech going forward, let’s say, in the next few years?

JA: Yeah. So I mean, I’ll start with semiconductors. It’s clear that both candidates have a very different approach to how to get American semiconductors back on track. The Harris administration – or would be Harris administration is looking at funding it from internal like CHIPS Act, things like that.

Whereas a Trump administration is looking to put tariffs on foreign chip companies, so that it forces them to build those plants in the United States and they would do it organically without government handouts or government tax breaks or things like that.

So it really depends on what you think works in that situation, do tariffs work or does government spending from Congress work. And I think there’s flaws to both of them because we saw with the CHIPS Act, it took two years before we started even getting a payout to any of these companies. And then Intel starts going off the rails and it starts delaying those things.

So we give them money and it’s not going anywhere. Whereas you look at tariffs and you can say good or bad about tariffs, but it would make people and it would make businesses have to make decisions also. So it really depends. I don’t know which one would be better. The problem is both take time. We’re talking you pass the CHIPS Act in 2022, just now getting funding here in mid-2024. It takes another two to three years before you have a plant that’s even close to being operational.

So it’s difficult to say. It probably whatever that – whatever either administration does here in early 2025 will take to the end of their first term, or at least if a Harris administration, their first term to see the results. So it’s really difficult to say.

I think what’ll happen ultimately in the stock market is that it’ll move on whatever decision is made, but by the time it actually plays out and bears out in reality. And when chips are actually coming off the line that the returns have already been made basically.

RS: Victor, any thoughts there? What would you say to either presidency?

VD: So I think the most important thing for the tech sector is a more accessible monetary policy. And I think tax cuts are going to do just excellent things for the stock market and for the tech sector. And I think that tariffs will be looked back on as a positive because it will – tariffs should be great for American industry because more Americans will be buying American, more will be made in America, and a lot more. This could impact our country and our industries very, very positively because we’ve seen the shift overseas.

We’ve seen the factories in China. We’ve seen the factories in America basically emptied in many cases. So we need to bring this back into America because this is an important base. And it’s very important for our tech industry. And America has the greatest technology, the greatest companies in the world. And America should not be exporting extremely high level AI technology and other technologies to countries like China and to other countries frankly that are not friendly to American interests.

So I think the case for tariffs is very strong. And I think the market will do great with tax cuts and with more accessible monetary policy. I think these are what the tech sector needs and what the tech sector will rally on basically.

RS: Joe, something we’ve talked a lot about is the different AI tiers that you’ve classified. You talked about it with us on the Investing Experts Podcast. You talked about it in June at our Investing Summit.

What would you say are your favorite stocks to look at in this season, during this time, during the next few weeks, over the next few months? If you want to look out another year, what are some of your favorite stocks and maybe what would you caution investors against favoring these days?

JA: Yeah. So those three tiers was the hardware, the middleman, like Super Micro Computer (SMCI), Dell (DELL), Lenovo, things like that. And then the retail side of it where you get the output and things like that, just for viewers that aren’t aware what my three tiers are. And I said back in June that we would be moving into that retail tier where you have companies that are using AI.

So more of the Meta Platforms, more of the Tesla (TSLA), more of the Waymo, more of other levels. And then you get other businesses that are helping these businesses to grow through their AI, through databases, talking Couchbase or MongoDB, Palantir, things that are actually using it and creating a product. I’m more focused on those companies now since the hardware side of it. Though on the hardware side, we’re starting to see the PC side of AI start to take shape.

So there could be a recycle back through that hardware part, but not in the data center, but on the PC side. Again, there’s less money though in the client PC side as we would get, at least margin-wise for sure, in absolute dollar terms, it might not be that big.

So there’s some thought there that we can go back through those tiers and see some of that. We have Qualcomm to look at, creating some of those chips that are off the beaten path using ARM processors. And again, I’m looking at some of the retail side with Adobe, Palantir, some of the other ones like MongoDB.

They’re more – the more – the further we move into this, the more in focus they become because I kind of put it out into late 2025, 2026, where those companies there at, what I would call, the bottom of the funnel would start to see that growth come through.

RS: Victor, anything you would add there in terms of stocks to like, stocks maybe to turn away from or avoid?

VD: Yeah, sure. First, I agree with Joe on this, that the services side of AI and the software companies and the companies that use AI are the ones that could get a lot of interest here. And some of my favorite AI stocks companies are Palantir, Tesla, AMD until yesterday, NVIDIA, Broadcom (BRCM), of course.

I like the smaller company, SoundHound AI (SOUN). It’s an AI voice company, that’s very interesting.

So I also like Dell on the hardware side. I think it’s great – it’s doing great things. And now with Super Micro Computer’s problems, Dell can possibly capitalize even more in that segment. So I like Dell a lot. These are probably some of my favorite AI stocks.

Palantir (PLTR), we’ve been long for a long time. It was actually – it’s been – it was my largest portfolio holding since like, it was around $6 and it’s at, it’s at like $50 now. So it’s done really well. And I think there’s much more upside ahead for Palantir. It just has to consolidate, possibly pull back a bit.

It’s got a – it’s gone a little bit ahead of itself, but Palantir remains one of the best AI companies globally because it offers a unique service. It’s basically a monopoly in my view and at the core of its AIP platform, companies, government agencies and just about any organization globally, domestic or foreign government or private, it doesn’t matter. They can all benefit from Palantir’s AIP platform.

So basically, the market is massive. So I think it’s only a matter of time until Palantir just goes higher and higher. But again, the stock is a little bit ahead of itself here and it may need some time to consolidate and then we could increase our position in Palantir.

And now I like Tesla a lot because it’s now my most significant portfolio holding, because it’s shown that it can be more profitable than basically anyone expected. I don’t think anyone expected that Tesla would post what it did. I think it posted like a 19.8% gross margin, which is pretty remarkable given the dynamic and the much lower margins in previous quarters.

So we’re actually seeing Tesla’s business becoming much more efficient just in front of our eyes. And I think a lot of that has to do with AI and a lot of the efficiency advantages that Tesla has because of their technological advantage, basically.

So I think that’s probably my number one stock right now is Tesla going forward because they have so much to look forward to, like the full self-driving, the robotaxi fleet that could be absolutely massive and could materialize much quicker than anyone expects and could put companies like Uber and others that are basically – the way I compare Tesla to Uber is basically the way Uber was to traditional taxi companies.

When it came, when Uber (UBER) kind of came to the market, it put a lot of the taxi companies and the people, the taxi drivers, it kind of put them out of business basically because it was the new thing, it was the better system, the better product, the consumers we’re getting, were getting a better deal from Uber.

And now with Tesla coming along with the robotaxi fleet, and it’s not just Tesla, it’s other companies also, of course. And I’m not saying that Uber can’t participate in this, but obviously, their business is much different. It incorporates a lot of human drivers. And I think that sooner than later, we’re not going to need a lot of those human drivers.

So every time that Tesla rallies on the prospect of a robotaxi future, we see Uber stock actually decline on the news. And this is why, because Tesla’s future robotaxi fleet is a huge threat to Uber and companies that are like Uber.

RS: I’m going to start to get into some of the questions that we’ve gotten. Some of these questions came in yesterday. We’ve had a lot of questions, so I want to try and get to as many as we possibly can. Also wanted to note that the poll, everybody, most people are in agreement with Victor that tech will rally at 57%. We’re seeing that’s the winner so far.

In terms of the first question, how will the choice of one or another candidate affect the semiconductor sector? Joe, you talked a little bit about the semiconductor sector. Obviously, NVIDIA has a big part to play there. How do you see the semis shaping up over the next election season?

JA: Yeah, it comes back to what I was saying with tariffs versus government funding. And I think after hearing Victor’s kind of thoughts on that, I think that the tariff would actually really only work because of where we are now. It gains on that momentum of these chip companies like Taiwan Semiconductor, Samsung, maybe a few other smaller ones that they’re already in the process of doing that building.

So if the tariffs get put on, they would accelerate that where they have no real choice to build these fabs and basically have to move manufacturing inside America. You got a lot of companies, Taiwan Semiconductor, Intel building fabs in Germany and Ireland and places outside the United States, even though they’re having new fabs built here in the United States, I think, it would kind of change that decision a little bit.

But I think it really kind of only works because that ball already got rolling. I don’t know that if a Harris administration just continues to feed companies money, which by the way, not to be political, but if you look at some of these companies who are having trouble getting this money, there’s a lot of pork in that bill and it’s slowing them down quite a bit.

We would have been off the ground probably a year or more if it wasn’t for all the stuff that American politicians like to stick in a bill because we can’t just vote on one thing. And I don’t think that’s a partisan statement. I think that’s just reality of that. We just don’t vote on one particular thing. And I think that’s really where it slows us down.

Now, tariffs, on the other hand, that’s kind of cut and dry. And that kind of sends things in one direction. There’s no wiggle room or if, ands or buts there as far as a law doling out money from taxpayer coffers.

So yeah, it would be interesting. And I think the tariff would wind up working because of where we already are in 2024. It would kind of send it off into the ultimate result of trying to bring in onshore all of that technology, all that talent, and getting chips in a place where it’s not threatened by an American adversary.

So yeah, it’s a very interesting topic. I think semiconductors are a hot spot when it comes to politics, more so than cloud providers and things like that. So it really starts there and that’ll be the main focus for either administration really.

RS: Victor, anything to add there?

VD: Yeah, sure. So first, I think that a lot of what we’re hearing on the campaign trail is political rhetoric, basically. So we should take everything that the candidates say with a grain of salt, whether it’s regarding tariffs or regarding any kind of economic agenda.

So as far as the semiconductor space and which administration will be in the White House, I don’t think that it matters that much, to be honest, because I think the tech sector is going to do – is going to do fine regardless. There are, of course, differences and things of that nature. But regardless, I think the tech sector is very well positioned going forward. And I think that it should continue to do well, regardless of who’s in the White House.

Having said that, I’m very much against the government giving out, giving or dishing out mass sums of money to various companies and just government organizations and things of that nature. So this is where our massive deficit comes from and the unsustainable government debt that’s at like $35 trillion or whatever and moving up enormous sums each day.

So we definitely need to get that under control. So one way to do that is by stopping giving out huge sums of money. And like Joe said correctly, all these bills that they pass and there’s a lot of extras, a lot of pork in there, as you mentioned. So that’s another huge negative basically for our country, not just for the tech sector. So we definitely need to do something about that. And – but I think the tech segment is going to do well regardless.

RS: Sticking for a second on the semis, another question that came in is about an IPO. Joe, you mentioned earlier about Cerebras’ IPO. Do you see that taking a significant market share from NVIDIA?

JA: No, not at all. Cerebras’ product is based on wafer-sized chips. Now one, if you know anything about semiconductors and how that works, that’s an expensive chip, like, and I’ve seen some final products cost in the $2 million to $3 million range from Cerebras.

So not only that, but yields. If you have issues on one wafer, that whole wafer could be trashed. Now there’s obviously ways in engineering to work around those circuits. And if other circuits don’t work, they have backup. There’s a whole bunch of things you can do.

But the point is Cerebras is going after a niche part of this, which is basically an ASIC, which is a circuit that’s very specific. It’s an application-specific integrated circuit. So NVIDIA has always positioned itself, and you can listen to the CEO, Jensen Huang, talk about this all the time. Their GPUs – NVIDIA’s GPUs do general GPU acceleration and AI.

So they’re covering a huge market that their chips will work for basically anything you want to put it to. Will it be the best in a particular workload? Probably not. That’s what Cerebras is targeting, is getting these very specific workloads and designing chips that work for a workload that, yes, is 50%, 60%, sometimes 100% faster than an NVIDIA chip. But that’s only because it’s only programmed or only designed to do one specific workload really well. This is the same reason why you have Amazon, Meta Platforms, Google, all going to Broadcom to make these chips is because they’re specifying what their workloads are and what they need and then getting TSM to manufacture those chips. That’s not a direct competition to NVIDIA.

I think there’s a lot of misunderstanding there that these chips are somehow competing with NVIDIA. Yes, is it offloading some of that workload that NVIDIA chips are doing today? Yes, but it’s not going to replace them in the way that they need them to do, to do mass AI acceleration in the way that a $100 billion company or even a $2 trillion or $3 trillion company needs them to do.

But they’re going to be able to create some specific circuits for themselves and chips that work for internal workloads that do things better as a segment of their overall CapEx investments, basically.

RS: Appreciate that. So Victor, happy for you to weigh in on Cerebras if you have thoughts there. Also, the last question I wanted to ask if you want to get that in there as well is, somebody asked, is it too late to start betting against AI? And I’m curious your – both of your answers on that one. Victor, take it away.

VD: Okay. So as far as Cerebras goes, I agree with Joe that it’s more of a niche product, a niche company. So I don’t think that it’s going to take substantial market share from NVIDIA or AMD. So it has basically a market that it’s going after, and it could do well. But time will tell. It’s still early. So now, as far as the AI trade, what was the question? Is it too…

RS: Is it too late to start betting against AI? Have they missed the mark?

VD: No, I think it’s too early to start betting against AI, definitely.

RS: Fair enough.

VD: Yeah. I don’t think people should be betting against AI here. I think that betting against AI here is akin to betting against the Internet in 1995. So I mean, that’s obvious – you obviously would not be in a good place, had you been short Internet stocks in 1995. So I think the analogy works here. So I don’t believe you’re going to be in a good place shorting AI stocks now.

Having said that, if you are patient and you wait until this train is about to come off the rails and crash off of the cliff, you will be able to make a lot of money shorting AI. I guarantee you that. I’m not prepared to say exactly when that will be. It could be next year. It could be in 2026, but I don’t think it’s going to happen in the next six months or even six to 12 months from now. So likely further out.

RS: Joe. Is it too late? Is it too early?

JA: Yeah. No, I agree with Victor. I don’t – it’s both. It’s too late and it’s too early. You’re in a position where you can’t bet against AI. You can bet against the returns of these AI companies. That’s one thing, sure. But to bet against AI doesn’t make any sense to me as a whole.

RS: Joe, Victor, appreciate you both very much. A lot more insights to be had if you check out both of their profiles.

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