00:00 Speaker A
There's another stock I'd like to ask about, and as you know, it's CoreWeave, which was sold off pretty quickly. Maybe the company didn't quite get the message across about construction delays at one of its data centers, or one of the data centers it leases rather than owns. Um, are you concerned about that name in terms of execution risk, liability, and business model?
00:32 Speaker B
Yeah, it's not. Because if you look at Core Weave, Nebius is another one from part of the Neo cloud. Look, my view is that you're going to see things go from quarter to quarter. This very Fourth Industrial Revolution will have some drawbacks. But I don't think of it as a moment of panic where everyone heads for the elevators, screaming fire in the theater of the crowd. So I think it's going to be very intensive, but the onus is on them to execute and communicate that. Because investors are naturally very sensitive now, right? Is this a bubble in some sense? Once again, the onus is on companies to communicate, even though I believe the 4am AI party is at 10:30pm.
01:21 Speaker A
Okay, let's listen to this. I understand the theory about the whole AI space, but if there's something that's probably a little risky in terms of messaging and execution, why not try to avoid it? Why not buy something else that doesn't necessarily have that risk?
01:40 Speaker B
Sure, like our ETF, 30 AI wins, Core Weave is one of them, but the point is you can't bet on one company the same way. I think you have to like betting on Pounteers, Mongo DB, energy companies, GE Vernovas, etc. on the software and hyperscalar side, whether it's AI Jensen, the godfather of video, AMD, or Micron. So I think so too in that respect.
01:54 Speaker A
You disperse it.
01:55 Speaker B
Because you have to think like a barbell approach. Just betting on one or the other is risky, right? From the perspective of what happens in that company. WeWork is a great example. When it comes to the best way to play AI Revolution, there are some chip names, software,
02:22 Speaker A
But I guess you're wondering why I should avoid Core Weave or Oracle. Why not leave them alone?
02:27 Speaker B
Yeah, look, but at this point in my life, investors are like, “Oh, don't touch those, they're toxic.” But let's say it's 6-9 months from now. Why didn't I buy it at 180 when Oracle is at 240? So my view is, if there's a structural problem, if you don't believe in the theory, if there's something that feels like a change to the business model, you're going to avoid them. But as incredible as that is, it speaks to the need for strong hands and a kind of strong stomach to fight through some of the moments of deep inquiry, the Day of Emancipation, waves that we're going to see. So in 2026 there will be more, right? But it speaks to my opinion that it's like you put on an S&P 7,000 hat or an 8,000 hat in New York. My view is that we have two years left in the tech bull market. And also, bears are in hibernation mode, so you can't see them in a spreadsheet. They've missed out on all the transformative technology stocks of the past 20 years and are waiting to see what happens.
