Transcription
Hello everyone. We've got a very special treat for you today. I sit down with Dan Ies, one of the best Wall Street analysts, in an exclusive interview to get his take what's going on in the AI world, how stock market is fairing, and what his big takeaways are from earning season. Dan is in rare form. He drops a ton of knowledge, and I think that you're going to take a bunch away from this. Here's my conversation with Dan Ies.
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Before we get into today's conversation with Dan, please remember to subscribe on YouTube. We have just over 36,000 subscribers, but my goal is to get to 1 million. Hit the subscribe button and let's get into this conversation.
All right, Dan, I thought a great place to start the conversation. Everyone's worried about this tech bubble, this AI bubble. Uh you seem not that worried. You seem very bullish on these technologies. What are the things that you're looking at that give you uh some degree of confidence that we actually are going to go much higher in the stock market?
>> Yeah, I mean look at earning season. I mean if you look at hypers scale or capback super cycle what we saw Microsoft others palunteer look it gives more validation that you're hitting the next stage of growth. Numbers are going to continue to go much higher but in terms of AI bubble I think many have been saying that for the last three years. They'll say it for the next one two years. It all comes down to numbers and I think you come out of earning season more bullish rather than less bullish.
>> Okay. So when you say coming out of earning seasons, what are you looking at? Are you looking at revenue growth? Are you looking at profits? You know, there's numbers now coming out of whether it's open air in the private market, some of these public companies that they're losing a lot of money as they make these investments and they're trying to kind of get ahead of what they think is this big super cycle. But then there's also a lot of companies, Palunteer being one, but many others, they are driving immense growth in revenue and profits and they're doing it with less employees, which means they're more productive. So what is like the thing or is it everything is actually in
>> I think you have to view like the brains behind this AI revolution. It all comes down to capbacks. It's a capback super cycle. Going into this next year you're going to probably have close to 550 600 billion just from big tech. Then you actually start to look at the use cases. Palunteer MongoDB look at Snowflake look at Oracle. Use cases are now starting to explode on the enterprise. it all. It's like pieces of a puzzle you have to put together. I think it's very easy to say bubble bubble value but if you look at the pieces of the puzzle hyperscalers capex use cases what we see with open AI every that's speaking to ultimately I think tech stocks that continue move higher as investors underestimate the scale and scope of the AI revolution.
Now when you start thinking about okay so the big tech guys are going to go spend immense amounts on capex I think people have now come to the conclusion uh Satia Nadella recently talked about hey it's not the chips that are limiting factor it's the energy the power that the kind of data center infrastructure so it's obvious that big tech is going to spend money with those uh companies and so people are running around the world trying to figure out who are going to be the big winners when it comes to power and AI data centers uh are there other areas you mentioned a lot of like database companies uh in there that you see this big tech spending is going to have kind of a waterfall effect onto these industries and so people should look at well if big tech's going to go spend $600 billion where does it go those companies obviously will get profits as well
>> yeah and it speaks to our Ives AI you know our ETF because it's all about the second third fourth derivatives of AI you know Nebas coreweave you start to look at names like that you look at ultimately like on the power side names like Aqua which have been one of our favorites GE Venova you know and then it all starts to look at like not just software but even areas like cyber security crowd Strike pow zcale look my whole thesis is we sit here 2023 2024 it's Nvidia Microsoft Palanteer let's get launch that that was really the thesis now it's about the second third fourth derivatives playing out and I think investors continue to underestimate what going to you have more spending the next two years than the last 10 years combined so betting against that I'll take the opposite side
>> so let's talk about a couple of the names you mentioned is one example where uh The critique against them is they don't have any revenue really. Uh this is not a company. This is like a science project. How do you look at that business? Why you have you been so bullish?
>> You're going to have two to three billion of revenue in the next few year. In other words, today it's zero. But look at how their position on the government side, how their position from a nuclear perspective. How do you think we're going to ultimately get this power constraint that we have right now? It's nuclear. You know, there's names like Genova. You going to have the traditional I think sort of you know we'll say energy companies grid companies that will convert but a it's really they are I think years ahead which is why you see the valuation that continues to move higher because it's a scarcity value.
So, I was uh surprised. I heard uh Elon Musk and Joe Rogan do this three-hour podcast recently, and in it, Rogan asked uh Musk about what does he think about all the nuclear stuff, and he was um he wasn't negative on it, but he basically was like, "This is kind of like a a science experiment in the corner. There's no way that this is actually going to be at scale a solution to this." And obviously, he's very convinced that solar is the path forward. uh on uh kind of the energy side. How do you look at somebody like an Elon who I think a lot of people say, "Hey, he's probably the best entrepreneur of, you know, our lifetime, him maybe not being as excited about the uh the nuclear stuff."
>> I think he's right in the near term about solar because look, nuclear is going to take 5 years to spin up a lot of these reactors. You compared to China, I mean, China has what 23 reactors the last four or five years. US has two. So the point is solar grid will be in the near term a gap and I think obviously
>> Tesla's extremely well positioned there in terms of everything Musk has done but I think longer term nuclear is the play. I mean my view is like nuclear is going to be in this country what solves a lot of the power issues.
>> Did you see the video online of uh the solar manufacturing facility in Texas? There's this like high-tech you know uh thing. I did not realize that that uh Chinese company actually came to America, built it, and then the US government passed some legislation that essentially forced them to sell it. So, an American company owns it today, but it was built by a Chinese company originally. Um, that kind of opened my eyes and said, "Wait a second. If this is possible here in America, how much of it is we have a innovation gap and we don't know how to build this stuff versus there's something else that is limiting us from being able to create, you know, something that's this high-tech manufacturing uh of solar panels."
Look, there's really there's no limiting factor. I mean, to me, it's really been, you know, somebody who's spend so much time in Asia. China is years ahead of us when it comes to power. I mean, there's no doubt. I mean, that's when we talk about AI revolution, US is ahead of China when it comes to tech. First time in 30 years because of Nvidia, because of Palanteer hyperscalers. Power-wise, you're behind China. But it speaks to like the biggest sort of ground swell right now is making sure from a US innovation perspective things like that you see multiplied around I think around the country.
>> Now uh you think China's ahead in terms of the technology to generate power or actually like power availability today.
>> I think it's both. I think that's where like China they have a massive supply of power and they know that they're ahead there. They're ahead I'd argue in robotics and some other areas. But it comes down to like there's only one Nvidia.
>> You look at the hypers scale. There's only one pounder. I mean US for the first time is ahead and I think that's known within Trump administration. First time in 30 years US is ahead of China. But the biggest constraining thing to me what worries me it's not valuations, it's not demand, it's not use cases, power in the US especially over the next few years. That's the biggest constraint.
And when you say that that's a worry or that's a constraint that you're paying attention to, uh what are the negative effects if we don't solve that problem?
>> Look, you have 3% of US companies that are going through AI today down the path. When you get to 20%, you the rubber meets. In other words, you you're going to need more power. So the point is over the next few years that's going to be right now kind of like what I view as not even just the ground swell but that's the focus in terms of making sure that we don't get to a point from a capacity constraint perspective that power becomes limiting especially in this AI arms race for China.
Yeah, it does feel like um some of the Bitcoin mining companies that are transitioning over to these AI data centers uh iron cipher you just go through the list of all these guys um I think one of the big questions was would they actually be able to get the contracts with the hyperscalers and uh over the last week or so we have seen some massive announcements we saw you know 9.7 billion for uh iron we saw cipher announce a $ 5.5 billion deal with AWS like it feels like that is no longer a concern and people have kind of validated the fact that they will transition and they will be able to get these contracts
>> they're going to have I mean I I think you see the market quickly shifting.
>> The other thing is too is like from a big tech perspective they're trying to get more vertical integration
>> because to them like that's they're right now no different what Open AI is doing with you call it the circular financing. every big tech company is trying to plant flags across the board and because this is the time.
>> Mhm. You know, I worked at Facebook in uh 2014 2015 and one of the things that I did not know before I got there but really appreciated once I kind of got inside the company was how big uh they were in owning data centers and creating the pops, you know, uh really focusing on the infrastructure and not just in the United States, all around the world. And so it does feel like that is part of the DNA of the company even though that might not be the public narrative. But these companies are very focused on the infrastructure that they own.
>> But that's why like Meta like selling off after earnings because of capbacks and obviously that's going to hurt free cash flow and earnings. You want them to do know there's like if let's say if Zuck said we're slowing down capex and ramping up profits next year. That's a negative. See, it keeps coming down to like you got to get you can't get caught up in some of the narratives, right? You got to focus on follow the money. And right now for them, it's data centers. It's buildout. It's basically converting three billion users into more monetization. I mean, that's the focus. Them, Meta, Google, and everyone else.
>> Open AAI recently talked about the fact that uh you know, they're losing money. Uh people are very worried about um can they ever turn a profit. We've seen this story many times before. the Palunteers, the Ubers, you know, Amazon, all the way back. Um, is it just everyone relax, they're going to make a bunch of investments and over time they'll they'll kind of get to cash flow positive or do you think there's real concerns about some of these companies?
>> I think it's just it's nearsighted. Like, in other words, it would be no different than like a prospect in sports that you draft and right away you're you're focused on, okay, are they going to hit, you know, 50 home runs? Are they going to run for 1500 yards rushing? The point is like you're playing the long game with open AI. The way you get to one, two, three trillion. It's not on profits right now. It's stakes in the ground,
>> building the stack out. That's what Altman's doing. Sour fryer obviously CFO there. I mean that that is the name of the game right now in this arms race.
>> Okay, let's talk um about uh in the stock market. Obviously, the Fed has been cutting interest rates. That is supposed to be a boom to stocks. Uh I think AI plus uh kind of cheaper money you know uh coming in the end of QT is coming.
>> does this just feel like we are still in the early stages of a multi-year bull market on like a macro basis?
>> It's a two it's a two to three years left in this tech bull market.
>> The reality is people that think like that Fed's not cutting in December better chance me playing the NFL not than that not happening. I mean the point is because look Palin you know he's getting replaced in May anyway with a dub. The reality is is that you are going to be in a Fed cut cycle. You have seven trillion on the sidelines. You have a fourth industrial revolution that's playing out across the board. The bubble moments continues to play out. You know, people some some bears in their basement, mom bringing, you know, meatloaf down to the basement yelling another sort of bubble. That continues to be the theme to me. If you focus on the winners and you focus on the spending and you focus on the narrative, I can just tell you come back from Asia over the last month,
>> US tech, US tech, US tech, the investors in Asia,
>> that's what investors are focused on because they know for the first time in 30 years, US head of China. I'm not saying that there's not names like Baba, BU, Tencent that that are going to, you know, stocks that you could own from a China perspective. US for the first time in 30 years is ahead of China
>> in this AI revolution in the spending. That's why I'm bullish.
>> Now, uh that's public companies that are ahead of China in terms of their development and and capex spend, all that kind of stuff. Uh there are some data points that are now coming out where you're seeing uh China based models are actually driving more adoption than US-based models. And I think that uh there's a fear of kind of the geopolitical competition where if all of a sudden people are using uh models based in China that are just more effective or cheaper uh and they open source that now China kind of controls the flow of information. they control, you know, kind of it's like Tik Tok on steroids type concern. Do you worry about any of that stuff?
>> I don't worry because you need China to innovate. You need competition. And it's, you know, someone that's seen it a lot firsthand, you know, in what's happened Shanghai and across China.
>> Look, if you don't have competition, Jensen talks about it all the time, like that's what's fueling US tech. The reality is it's not in the models, it's in the data, it's in the use cases that is what's going to continue to drive it. And as we all know, like that's something too, like from a USChina perspective, you want a dethawing. You saw that in Korea because that's bullish. That's ultimately what you need for pure competition, US and China. Way to play out free market.
>> Yeah, it's it's super interesting. Um Michael Bur who's famous uh big short um housing crisis. Uh he's had a somewhat of a checkered track record, right? That there's times where he's called for market tops, that hasn't happened. He's got this famous sell tweet that market ripped pretty much after that. um he recently came out in a 13F and he's basically shorting all the names, you know, the Palunteers, etc. Uh does that worry you? Do you think that he's just going to get run over? Is it a data point?
>> If I run into Bur when I'm in Taiwan, seeing FABS, seeing what demand looks like then and then he views it there, that's one thing. Just calling a bubble in some sort of tweet and putting 13Fs, I view that as just buying opportunities because it's my view. you focus on the fundamentals, what's ultimately happening. And look, there's there's many, it's not just him. I mean, there'll be many that that call a bubble this whole time, but the reality is we're going to see NASDAQ 25,000, NASDAQ 30,000 as this as it's not just tech. It's going to spread to utilities, energy, financial because I could argue like this is the start of disruptive technology that that I believe especially when it comes to autonomous robotics and where the future's going. It's hard to me to be negative on what I believe this fourth usher revolution.
There's this thing that um I like to refer to as profit wildfire, right? is there's a company or a sector that all of a sudden it taps into some new profit center and AI is is uh I think that new profit center all of a sudden they realize wait a second if we keep throwing wood on this fire if we throw gasoline on this fire it's going to get bigger and when they do that they're doing it from a pure financial incentive standpoint they want to drive more profits for their company but then all of a sudden the fire starts to get out of control right now it spreads into the utilities it spreads into the database companies it spreads into uh let's say cyber security right and that profit wildfire just takes over the market in a way that I think people are always calling for like I don't know like the firemen are going to come put out the fire but it doesn't seem like that's possible
>> but I just tell you like everyone's viewing is like cost reduction cost and I'm not saying that you're not going to you have a tighter job market maybe because of AI but the reality is that over the coming years it's going to create jobs as someone like myself I spend so much of my time like in US going to cities all around the country how many cities had 75,000 employee people living there now it's 20,000 the factory move to Mexico or India or wherever now they have education issues and and other now innovation centers
>> it speaks to what we're seeing with AI you are going to see software developers engineers manufacturing data center more data centers under construction today in the US and active data centers so I believe we're going into a boom
>> and I think in my view in that environment you continue to own the winners in the second third fourth derivatives.
Let's talk about cyber security for a second. You mentioned Palo Alto Networks. There there's another a couple other names I think are pretty interested in. Um what do you see happening in that sector and how does that interplay with AI?
>> It's another example derivative beneficiaries, right? In other words, as more and more of these use cases, you're going to have to protect it. When it comes on a cyber security perspective, names like Zcow or Powto, Crowd Strike, I think you're going to have more and more consolidation. And I think that's where the view like from a tech perspective, it's not just Mag 7. It's trying to identify and we talk about in our ETF like software, consumer, cyber security, autonomous. I mean those to me are going to be the areas over the coming years how you invest instead of just saying bubble and just run for the elevators. These are the opportunities when you actually start to think about it.
Now let's talk uh about Tesla. Tesla is sitting right at the intersection of all this stuff. Uh Elon in particular, he's got XAI, he's got Tesla, he's got SpaceX, etc. Um Tesla seems to now have transitioned in the minds of a lot of investors from a car company to what it probably is, which is a robotics company. Um they are driving immense amount of innovation, self-driving cars. They've got uh the humanoid robot that's coming and and seem to be like pretty close to being able to show some stuff that that should be exciting.
>> his pay package is up for debate uh and vote. Um I think it's going to happen today. Uh what is the general sense here? Like do you think it passes? Do you think it doesn't?
>> Yeah, I think it passes and I think actually overwhelmingly passes. Look, ISS, you know, the Norwegian fund. I mean, some have kind of opposed it. Look, the reality is is that Tesla is Musk. Musk is Tesla. The only way that it brings them into the what I view the AI future, most important chapter in Tesla's history, it's Musk wartime CEO. And look, you talk about a trillion dollars, that's ultimately hitting all the targets, but you need Musk at the helm. And now it starts what I think is the most important chapter ever for Tesla, autonomous, robotics. This is going to be the future, what ultimately defines Tesla. And that's why even when it comes to XAI, you want them to have a big ownership stake of XAI more and more as a physical AI play, it's Nvidia and Tesla.
Now, uh when you look at Tesla moving forward, um it does feel like data is the big advantage, right? They're obviously collecting tons of data when it comes to the self-driving cars. Uh these humanoids, I think a lot of people are looking at like what is the output of the humanoid, but they are ingesting an insane amount of data. We recently saw a 1x uh which a private company they uh put out um my understanding is it's a demo that was uh remote controlled, right? kind of uh um
>> but it's got a camera, it's got sensors, it is taking in all this information. A human can take over the robot and actually have it do things, right? That that maybe like the edge cases. When you start to look at that stuff, is this all just a data game?
>> Well, look, 10 million cars in the I mean, when you look at Tesla, their biggest advantage, it's data scale, scope, Musk.
>> Mhm. What separates them above everyone else is that and I think more and more as the data game plays out especially in robotics autonomous I mean you mean 30 35 cities from an auton perspective I mean that that's why you own Tesla I think autonomous alone is worth a trillion dollars this is a two and I think ultimately $3 trillion market cap
>> now uh Elon if he gets the pay package and he delivers he'll be the first world's first trillionaire um it does feel like Elon is probably solving the most amount and the hardest problems in society.
>> It kind of feels like the guy who solves the most amount and the hardest problems deserves the most amount of money. Is that your take?
>> And also go back to 2018 like the pay package that they gave him, everyone's like there's no way ever he could hit those targets exceeded it. And it speaks to, you know, and it's still actually in Delaware court in terms of that battle. Look this when you think about who the winners are Nvidia why think about the role that the godfather of ad Jensen plays AMD we susundard at Google Nadella Microsoft Karp Palunteer the point is like it speaks to leaders and why they're so important Musk right now wartime CEO
>> now uh you mentioned AMD I think she took over and the stock was like3 or$4 dollars remember correctly It's like I've said, Lisa Sue, if she's flying the plane, I'm in 3A drinking Cabernet, watching Netflix, feeling really good. The point is like that's something where like you bet you a lot of times I think you bet more even on the actual leader than the company. And that was that's my whole view with her is that she she's one of the best CEOs I think ever, not even just in tech. And I think she's proven it.
>> Yeah. What's interesting to me is she's not as well known publicly I think with the average investor, right? the people in the tech or kind of the analyst community, they obviously know her, respect her, really think very highly. Um, why do you think it's just she just not focused on that stuff?
>> She's maybe not as like promotional as some other, but point is like look, if she opened up a coffee shop in New York City, it would somehow turn into like a Michelin coffee shop. I mean, she's a gold standard. See, and that's a lot of times like why you bet also you bet on AMD, they're going to get a big piece of this AI revolution. And it's not just about Nvidia, which I think there's going to be a $6 trillion market cap over the next 12 to 18 months. AMD is going to be a huge participant.
>> Uh we have not seen Apple really do that much with AI. It feels like Apple is behind in the artificial intelligence race. Is that intentional? Do they have some view that we're all missing? Or do you think they just kind of messed this up?
>> I think underestimated it. Look at the DNA of Certino. No acquisitions, maybe a little bit of hubris, but my whole view in Apple is like, look, biggest consumer install base in the world, 2.4 billion iOS devices, 1.5 billion iPhones. Now, like they could, they don't need to be first and they can still be the winner. Consumer AI revolution is going to go through them. I think Google is obviously going to be a huge partner when it comes to Gemini. That's going to be their AI bet. And look, Apple all-time high even without AI. So, it's my view like $7,500 gets added just because of AI. That's why Apple in my view continues to be a name. You I think it's a pound the table moment given my view of where Apple's heading on the consumer side.
>> You know what's funny is I was talking to a friend and if uh Tim Cook put out a piece that was like, you know, uh we're an AI company now and it was like a directive internally like use AI and everything you do. We've seen some other companies do this. That stock would absolutely rip higher. Look, but again, it goes back to Cook's 10% politician, 90% CEO. It's a different strategy. They play a different game. People could criticize and for good reason. It's hard to argue with what he's done. He's the tactician. He's the look and that's why he's the master of that domain.
Let's talk um we were talking about power earlier and one of the companies or or types of companies you didn't mention are the legacy energy companies. Uh oil and gas or kind of traditional energy. uh they have pretty much sat this out and been happy just to oh we have to more demand let's go ahead and strike these deals. Uh I got to imagine they're sitting there saying we got to get in the game.
>> Oh yeah. I mean there I I would expect acquisitions. I'd expect diversification. I think it's going to be ones where it's like a Honeywell
>> now has spin-off and like semis. You're going to basically have some of these companies that are going to have like nuclear plays disruptive techn AI sort of data center plays. So I think that's one like it's just a matter of time till you see them aggressively go in there and then the multiples you could start to see that that could actually play out too when you actually get AI multiple for some of these names.
Let's talk about uh Palunteer. Obviously this is a darling of the retail movement. Uh Alex Karp consistently is able to cut through the noise and deliver, you know, kind of very focused messages. The company continues to perform. revenue and profits are growing while they're cutting uh expenses and headcount. Um Bur is short. Uh there's other people who are definitely looking at, you know, the dot plots and saying this thing is way overvalued compared to everything else. Uh you're bullish. Why?
>> I mean, people have hated it from 10 bucks to 200. I mean, my view is Karp what he's building. He's building the next Oracle, the next Microsoft, the next IBM. I mean in terms of from a from a software perspective no one can match them from a use case. Commercial growth is off the charts. Now look investors will say which is super expensive right historically expensive but you got to be able to look out three four five years in terms of where this goes. You cannot talk AI revolution without Palunteer and and and that's really the view is that this is going to be a gold standard. I think in the future just like a mag seven mag eight whatever you want they're going to be sort of in that conversation. And I think no one understands that better than carb.
And when he is out talking about uh what they're doing, it seems like the message has become very clear. Uh retail investors in particular really believe in this business. But it also feels like there's almost this element of they've become the chosen winner. Now companies are showing up and saying uh before it was like what do you do? How does this work? Are you a company that we could trust? To now it almost feels like they're becoming the default. And IBM has enjoyed this you know uh position. And oracles enjoy this position for a long time. Is Palanteer the new default?
>> They're playing a different game. I mean, no. And you could argue it start with government, everything they've done, threeletter agencies across the but now it's in the commercial and no one can match what they do from an AI perspective. They don't even have a direct sales force. So they have become the de facto. Look, when you become the de facto too, you become hated. Competition institutional. I think largely has missed this. Retail's been well ahead. But this is not the end of the Palunteer story. And I continue to view a trillion dollar market cap next two to three years.
>> So you think a trillion dollars in the next two to three years?
>> Next two three and look and our call on this obviously over the years you know it's one like you're going to continue to fight this sort of haters. They're going to continue to prove it and then all of a sudden free cash ramps valuation rent
>> and then next thing you know like that's how these stories
>> I do think that the haters are an essential part of these stories because they bring attention. They create the controversy and it draws capital
>> and you need haters and at the end of the day markets you have bears bulls buyer seller like the point is like that's what creates a market that creates opportunity.
>> Mhm. Let's talk about orbs. Uh this company you're a chairman of uh you're very focused on identity and kind of like proving humans uh are doing certain things. It's going to be a huge story with AI, robotics, humanoids, etc. Um as a refresher for folks who did not hear you the last time you were here, describe what orbs is and then we'll talk about some of the partnerships.
Yeah, orbs I mean Aco is the company I mean like this is our our partnership you know with Alex Sam Alman in terms of everything that they've done in terms of building out orbs are basically you know these are utilities that are iris scanning technology identification in a bot robotic world is going to be through the eyes through the iris and 17.5 million have already signed up through worldcoin you know and that's something where we're a huge supporter of we're buyers of world because look we believe this is going to be the de facto authentication single sign and AI future. My view is that this is not a that this is not just buying a coin and that's how this is really something we've talked about in the enterprise side. You know, we just announced a deal with Coinbase now deal with Kraken. This is just the start of more and more companies, not just consumers that are going to need true authentication in AI world.
>> Describe like what you're doing with Coinbase.
>> Yeah. So, Coinbase is a good example like when you think about, you know, in this world of crypto and in the world of DATs, like how do you know who's who? So, the point is authentication. And we're doing the same thing with Kraken. Like this is a huge pain point for these companies. With orbs, what we're doing, we're basically almost the enterprise arm for what's happening here. And that's why I think when you go to Sam Alman's sort of broader vision, how this all started, it's you're not getting to a pure AI future without authentic, without human proof. And that's what we're doing. and by using the iris that you think is secure but also it is uh something that can be replicated across different types of hardware or software
>> and it's on the orb for 10 seconds when you get your sky guide scanned and it's the most secure platform there is in your phone no one has access to it
>> but it speaks to in the future that's how you're going to be identified
>> when you're in a company talking to partners as a human transactions that to me is kind of the future and that's why we're so bullish on it
When you put the orb up for the first time, do you feel like Men in Black, you know, Will Smith is going to press the button?
>> Well, you know, I mean, but it's funny like even like how many people do you queer at the airport, right? I mean, this is this is basically just taking it to a whole next level and we believe this is just the start. Look, I don't think it goes back to like if someone like myself has covered tech for decades and decades, you do not reach the heights of AI without authentication.
>> Yeah, I think that's right. Uh what is one sector everyone else is bullish on that maybe you're bearish on?
I mean, I would say I think I turn around a little. I think there's there's a little too much maybe bullishness on just focused on you know what I view is like you own just big tech and they're not focused on the second, third, fourth derivatives. To me the biggest opportunity you own big tech but the second third fourth it's software it's cyber security it's a lot of the infrastructure plays that to me is where a lot of the alpha is going to be generated over the coming years
>> and that's what you guys are doing with your ETF
>> and that look it's been we you know obviously we hit a billion less than 5 months because my whole view is just you got to pick the AI winners the whole reason we have the ETF is that if I bump into someone at the airport where I'm talking institutional investor in Singapore and New York. It's a true ETF focused on the Ives AI30 the winners that we view you know that are going to be the core players in this industrial revolution.
>> So basically you have an ETF people can then go uh put their money in you guys are managing that capital uh and the focus is 30 AI companies that you guys deem as kind of the outperformers.
>> Yeah. based on different categories, enterprise, chip, software, consumer. Four times a year we tweak in terms of some some get added, some get subtracted. But that to me is a true AI sort of list rather than just companies that say AI 30 times in their conference call.
>> That makes uh that makes sense to me. All right. Where can we send people to find you on the internet?
>> Yeah. So, you know, obviously on X uh you know, Davs Tech, LinkedIn, and you you could reach me, hit me on email or anything. So, it'll be great.
>> Amazing. Always enjoyed talking to you. Thanks for doing it.
>> Yeah, thank you.
>> Man, I really like talking to Dan. He always drops alpha and that conversation was no different. That's it for today's show. Thank you guys so much for subscribing and for watching. Please remember to continue to follow along on YouTube and I'll see you guys live tomorrow from the desk of Anthony PMP.