Asks for thoughts on software companies, referencing a CEO's defense that the sell-off is overblown and AI disruption isn't as severe as feared.
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Describes the structural sell-off in software as the worst in 25 years, requiring assumptions of declining revenues and customer losses for major companies.
Asks specifically about Amazon's AI ambition and CapEx spending, questioning if they are just a cloud provider.
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Argues Amazon must invest heavily in CapEx to retain its cloud leadership and capture AI monetization, even if it means short-term stock pressure.
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Describes extreme bearish sentiment ('NYC cab driver is bearish on tech'), panic among investors, and calls software a 'do not enter zone' in the short term.
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Concludes this is not the end but year 3 of an 8-10 year AI build-out. Bears win the day but not the year; expects tech stocks to be up big by year-end.