Basically, you look like you were in every chip name apart from Intel, in many ways. Tony, is that right? And how are you looking at the ecosystem and its strength?

You know, when you look at our holdings, we currently are focused on the compute aspect of things. And so, look, India is a big holding, as well as Marvell and Broadcom. My view is that the compute TAM is

growing significantly, and the foundational models are kind of growing exponentially every year. And so the chip companies that have the scale, the expertise to take out the leading edge are, I think, going to be advantageous in terms of capturing this compute.

And so I think, you know, I like that space long term, but we are selective in our holdings here. You know, specifically those three, especially. We'll talk about Marvell, for example.

Would it be a worry, as the leader did, to jump ship to Intel? Well, I think that Murphy has created a ton of value over the years. You look at when I picked it up; it was in a sub-$10 billion market cap.

And he's, over the years, done a lot of great M&A in capital allocation, spun businesses, and acquired a world-class custom team that is right now delivering a lot of AI custom compute chips for the likes of Amazon, for example.

And so, you know, I think that it would be a concern if he jumps ship. I do think it's, you know, he's put a lot of work into Omaha Valley. He's got a great team there. And they're kind of firing on all

cylinders coming out of the last few years. So, you know, for me, from my perspective, it seems like he does have a lot of good reasons to stay at Marvell. And so I'm, you know, I'm taking his word for what he said last night, kind of affixing

value here. Looking at your top ten holdings, Marvell is one of them. At the end of October, it's about 2% of the fund. The top holding is in video, as you mentioned. Interestingly, we had CEO Matt

Gorman on the show, on the program across our network yesterday, and we're going to be playing a bit of that sound later. But Amazon is the best points contributor to the Nasdaq today. They had a whole raft of chip announcements.

What does that mean for NVIDIA? What does it mean in terms of their own customers building custom silicon? Yeah. I mean, I don't think that story is anything new. It's just generally the evolution of compute. Essentially, you have new workloads

that need more general-purpose Nvidia chips, and then over time, as the workloads get bigger and they mature and stabilize, you kind of bring in the custom compute. And so, you know, I think the two kind of coexist, and they have coexisted over

the last decade.
And so going forward, I think of them as kind of a symbiotic
relationship in some ways. And that is just evidence that the
chip's total addressable market (TAM) is increasing. The computing demand continues to
increase because the workloads are getting

to be so big that it makes sense to have
a custom chip. But you know, what's interesting is that
previously, five or ten years ago, we thought, hey, AI would
just be used for things like

identifying what's a cat and what's
not a cat, I imagine. So now it's like transformed into
something that we no one could have thought about or predicted.
So, I think that it's just we've had this debate before about why.
But I think that what you've seen is

that both Nvidia, AMD, and custom
chip providers have done well as the tandem has increased.
'I am not a cat' will forever be part of internet history.
What then about Nvidia's valuation at these levels?
You're talking about how finally we're

getting a return on investment from an
application layer perspective of AI. We're actually using it in our everyday
life and work life. Can Nvidia's growth in terms
of its valuation continue? Have we priced it all in?
Yeah, I think that's a great question.

I mean, a $1 trillion market cap is
pretty astounding if you look at the
profitability and free cash flow.  Even so, a 30 to 35 times forward earnings
multiple is pretty reasonable.

And so while the stock price has gone up a lot, I think that when you look at valuation, it's not extreme, not at 100 times earnings, which I think says the market is saying there is a little bit of a

concern about how sustainable the numbers are, whether profitability can continue at these levels. And so, I think the valuation at face value is actually relatively moderate, given its history and its growth. It is extraordinary to take a step

back and think that on this day we are at a record high for the Nasdaq 100. Apple's at a record high. We've got Nvidia continuing to rise in terms of market cap. And then you have the Salesforce numbers and its own record high in terms of share price today.

What do you make of their application of agent force and whether it's actually going to make them more profitable as well as getting revenue off the ground? Yeah, I think it's an exciting time in tech and that, you know, it could be this

next productivity revolution. You're kind of upending labor as we know it with digital agents and digital labor that essentially doesn't sleep, doesn't even take breaks, operates 24/7 and can operate alongside humans. And so I think that's what's really

exciting. And all these software companies are now kind of seeing the opportunity and going after it. Everyone wants to be the platform where you store your data and operate. And so whether that's Microsoft, ServiceNow, Salesforce, like I

I think it's a big opportunity.
And so we've kind of seen, you know, the first year of chatter pretty much dominated by the chip companies, and really dominate the infrastructure
layer. And so now I think that we're seeing it
on the app layer, which is really

exciting because you need to see it in
the app layer for the chip companies to continue doing well.
And, you know, I think we are kind of seeing that in the last earnings
season. We've seen that shift, as you say,
movement from all-in on chips, then

shifting into software.
But boy, is it playing out in some of the valuations.
I'm looking at Palantir trading at 180 times future earnings; they've been the
darling of the AI story. Will all companies aspire to reach
those valuation levels, or is

Palantir overvalued?
You talk about how AI is going to disrupt the
workforce. But I feel that the market's been trying
to price that in for quite a while. Yeah, absolutely.
And I think that not every company can

be like what Palantir is doing.
I think doing AI is really, really hard. And they've been elite for the
last decade. And I think of them bringing
AI to the government and the enterprise.

And so I think what's special about them
is that they've got this very centralized ontology for AI, and then
they can customize that for clients, and clients can build on that.
So I think of them as a platform.

I mean, you think about what the United States government is trying to do now is to be more efficient. And part of that is bringing AI and technology to automate things and to modernize people's processes and data. And so I don't think every company can

be like Palantir. I think there's like some special ones in the AI software, kind of similar types of area, like, you know, kind of like Applovin, for example, or Axon. I like, you know, where there's like specific vertical applications where it

can be applied and really drive a lot of automation and intelligence.

In Search of AI Opportunities

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현재 보유하고 있는 자산은 컴퓨팅에 중점을 두고 있으며, 인도, Marvell, Broadcom에 상당한 투자를 하고 있습니다.

컴퓨팅 TAM은 대규모의 전문 칩 회사를 중심으로 크게 성장하고 있습니다.

특히 마벨에서 선별적으로 보유하고 있습니다.

마벨의 CEO에 대한 논의와 그의 퇴임이 미칠 잠재적 영향에 대해 논의합니다.

Marvell의 강력한 성과에 대한 평가와 CEO가 남아야 하는 이유.

아마존의 칩 발표가 NVIDIA에 미치는 영향

아마존의 칩 발표와 이것이 NVIDIA 및 맞춤형 실리콘에 미치는 영향.

범용 Nvidia 칩과 커스텀 컴퓨팅의 공존.

증가하는 컴퓨팅 수요를 반영하는 범용 칩과 맞춤형 칩의 공생 관계.

AI 워크로드의 진화는 맞춤형 칩에 대한 수요 증가로 이어집니다.

초기 예측을 뛰어넘는 AI 애플리케이션의 예상치 못한 성장.

엔비디아의 가치 평가 및 시장 성과

엔비디아의 성장 및 가치 평가의 지속 가능성에 관한 질문입니다.

높은 시가총액에도 불구하고 엔비디아의 밸류에이션이 합리적이라는 평가.

엔비디아의 수익성 지속 가능성에 대한 시장의 우려.

나스닥 100, Apple, Salesforce에서 사상 최고치를 기록했습니다.

AI가 소프트웨어 기업과 생산성에 미치는 영향

디지털 에이전트를 통해 생산성을 혁신할 수 있는 AI의 잠재력.

AI 데이터 및 운영을 위한 선도적인 플랫폼이 되기 위해 경쟁하는 소프트웨어 기업들.

칩 중심의 인프라에서 애플리케이션 계층의 AI로 전환하세요.

칩 회사의 지속적인 성공을 위한 애플리케이션 레이어 AI의 중요성.

팔란티어의 가치 평가와 AI 시장

팔란티어의 높은 밸류에이션과 고평가 여부에 대해 논의합니다.

AI 애플리케이션 개발의 어려움과 팔란티어의 접근 방식이 가진 고유성.

팔란티어의 중앙 집중식 AI 온톨로지와 이를 정부 및 기업 고객에 적용합니다.

정부 현대화에서 AI 애플리케이션을 위한 플랫폼으로서의 팔란티어.

모든 기업이 팔란티어의 성공을 모방할 수 있는 것은 아니며, 특정 업종에서 성공한 다른 AI 기업의 사례가 제시되어 있습니다.

In Search of AI Opportunities

In Search of AI Opportunities

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