00:00 Speaker A
Marian, you were bullish, if I'm correct, in the semiconductor industry since 2012. How is covering this space and picking stocks in that space different today than it was in 2012? Of course, I think there are many differences other than valuation.
00:15 marian
Well, when I first started liking cicadas, there was no theme. Well, we're certainly not talking about AI.
00:22 Speaker A
That's a great point.
00:24 marian
Now, we have a theme. Now you know why semiconductors are no longer a commodity. And they are also stories of growth. Well, probably the big difference is that there's a big growth story under AI. Nvidia has basically rewritten the path of semiconductor chips. Well, the whole stack is built. And yes, you know, there will be ups and downs. As you know, stocks go up and down. But in general, we think technology, and semiconductors in particular, will drive this rally toward the end of this decade, into 2029 and 2030, when the S&P would be looking to rally around 10,000 to 13,000. So again, we're calling it 2026, and we're not afraid to say that there's still a lot of upside in this market, especially in technology.
01:21 Speaker A
In other words, we don't see an AI bubble.
01:23 marian
No, I don't see any bubbles. But I believe we will enter a bubble. We've compared this market to the bubbles of the late '90s, 2000s, and '20s, 1920s. And we're tracking pretty much the same. In fact, it's a little spooky how we actually track that pattern. In other words, although a bubble is occurring, I think it probably won't end until the 29th or 30th.
