Asks why Nasdaq is having its worst month since last March and if software is a 'lost industry'.
Nicole Petallides
Steven Whiting
Rejects the idea software is lost. Highlights massive AI hardware buildout ($94B CapEx increase) causing investor fear, but argues key software/cloud/cybersecurity companies (e.g., Microsoft) are where AI happens and will adapt.
Notes the software index (IGV) is near 52-week lows despite broader tech strength, asks for specific stock examples.
Nicole Petallides
Steven Whiting
Names Workday and Salesforce as different from Palo Alto and Microsoft. Stresses the need to take advantage of dislocations but not make it the sole portfolio focus.
Steven Whiting
Links AI's energy demand to strong utility/energy sector performance, partly geopolitical, partly fundamental to powering AI.
Clarifies if he is completely out of software, even at lows.
Nicole Petallides
Steven Whiting
Affirms cybersecurity and cloud computing as core holdings. Identifies technology and healthcare as the two long-term growth sectors that become a larger share of the economy over time.
Asks why Nvidia is important today and if he likes it.
Nicole Petallides
Steven Whiting
Likes semiconductors this year due to AI infrastructure buildout; Nvidia is sold out through 2027. Highlights concentration risk (8% of US equity market) and the historical precedent of hardware disruption (Intel).
Asks about the MLP (AMLP) pick.
Nicole Petallides
Steven Whiting
Recommends MLP ETF for ~8% yield. Cites geopolitical risk, need for energy infrastructure, favorable regulation, and record US oil/gas output.