기술 부문 수익 및 투자 동향 전망

앨리슨은 시장 변동과 새로운 애플리케이션에도 불구하고 기술 투자는 계속 번창할 것이라고 믿습니다.

### 기술 수익 및 투자 기회에 집중하기
* 📈 다음 주는 기술 섹터에 있어 매우 중요한 시기로, **Cisco, Dell, 네트워크 어플라이언스 등 주요 기업의 실적 발표**에 중점을 두고 잠재적인 기업 수요 증가를 전망할 수 있습니다.
* 💬 업계에 미치는 영향에 대한 논의는 **지수 재조정이 필요하다는 우려**를 시사하지만, 특히 금리와 금리가 시장 역학에 미치는 영향 등 **펀더멘털은 여전히 핵심**입니다.
* 📊 과거 추세를 보면 **대형주 기술 기업은 금리 변동과 관계없이 계속 성장**할 수 있으며, **소규모 기업에 비해 더 높은 가치에 도달하는 속도**가 현저히 빠릅니다.
* 🔍 과거의 모든 리더가 향후 주기에서도 그 자리를 유지하는 것은 아니므로 **적극적인 투자에 중점을 두어 안목 있는 투자자에게 기회**를 제시합니다.
* 💡 **NVIDIA와 같은 기업이 큰 혜택**을 받을 것으로 예상되지만, 진화하는 기술 투자 환경에서 **더 광범위한 수혜자**가 발생할 가능성도 있습니다.
* 🌍 전 세계적으로, 특히 인도와 미국 시장에서 흥미로운 기회가 생겨나고 있으며, 특히 **계약 제조업체를 중심으로 AI 기반 생산성 향상**이 인정받고 있습니다.
* ⏳ 인프라 발전에 따른 애플리케이션 개발은 점진적인 과정이며, 과거 사례에 따르면 **중요한 변화가 나타나기까지 수년**이 걸리므로 투자자의 인내심이 필요합니다.
* 📅 전반적으로 기술 부문은 시장의 다양한 계층에서 **지속적인 투자와 성장에 대한 기대**와 함께 변혁의 길을 걷고 있습니다.

Jackson Hole has been and gone in video. Is next Wednesday, which is top of mind for you, Alison. I think, you know, we've very much focused on the bottom up and focused on where the technology sector is. And the key focus is going to be on earnings next week. And, you know, seeing the enterprise demand pick up, that we saw some signs of that from both Cisco and La Norvell in recent weeks. If that carries through not just ten PDA, but we have Dell and Network Appliance and a pure storage all for next week as well. Okay. I love how you're going bottom up here, Alison. Does any conversation around the dinner table or conversation of big conferences that you're going to at the moment end up with people saying, boy, your industry is just sucking up all the oxygen, but also all the passive money? And is the real worry about indexes having to come in and rebalance here in some way.

I think you always come back to fundamentals, and there's always a focus on, you know, will interest rates, you know, result in this rotation into smaller caps? Is there necessarily going to be growth? And I think we'll look back if you look back even to 1990, and when you see, you know, trillion-dollar companies, the pace at which they've reached 2 trillion has been faster and more likely than companies. That 100 billion going to 200 billion. So technology always tends to be quite size agnostic. And those large caps, when asked when they achieve scale on key competitive advantages, can continue to grow on that. And in spite of the interest rate environment through rising and falling rates. So we're quite agnostic about the size of companies and, you know, the indexes, you know, just know there are winners and losers, and those large-cap names. When you look back to prior cycles, not

all of the past leaders become the leaders in the next cycles. We think it's a great time to be an active investor and actually choose which of those companies are going to lead in this next week. So does NVIDIA just stay the main company that benefits from a picks and shovel perspective? Do others win? And indeed, when does the investment coming from the hyperscalers pay off to them too? Yeah. I mean, I think, you know, for VTR, we had many of the same questions about Apple during the mobile EDA. Could Apple continue to win? And we do think that the majority of the value in parallel processing is accruing to Fed, but that is the majority of it and not all. And we well, through just as we've seen previously, see a broadening of beneficiaries. And on that return on investment spend on I, you know, just as recently as a few days ago, we had Wal-Mart actually talk

about the huge benefits to their product catalog, being able to, you know, take 850 million pieces of data that would have taken them a hundred times the headcount before. So, real productivity gains, and that is coming from that. I spend, we've heard Andy Jassy blog today talking similarly about the number of developers that you can see with faster coding. So, we think that will continue to encourage and spend in that broadening of speed, not just to the hyperscalers but eventually to enterprises as well. To that point, Jackie and the team in New York, let's bring back that chart you had a second ago, some of the mega caps and their performance in the session because Amazon in your biggest fund, these are all names you hold, Microsoft, Amazon, Alphabet, and Matt are not in that ranking order in terms of allocation. When all is said and done, August 29th, what would need to happen within video is earnings for you to rethink your allocation to each of those names?

going forward. You know, I think even if you look back at last year, we don't react just to one quarter of earnings because a lot of possession I come into that. But we think we've already seen evidence from all of the reports that those companies that you just saw that they are committed to continuing to spend where they see a return. And we think these results will just continue to show that they are seeing strong visibility and seeing that broadened. So, you know, we don't really see that as being an event from embedded. It's going to materially change your view on any of those mega-cap. Alison, is there anything that excites you outside of the US listed Mega-cap tech names anywhere else in the world? Yeah, we see it. Lots of exciting new companies, particularly. We see some exciting emerging technology leaders in India. We also see, you know, through the US market, there are several areas that are

just emerging in terms of the productivity gains, and that they can be had from artificial intelligence, that have been underappreciated even in some of the contract manufacturers. And where we see trends to sell towards globalization, towards focus on, you know, higher standards in supply chains, that some of the best SDI spend is actually trickled down to some of the companies that will actually have to manufacture. And that's not just TSMC for and Petya, but the servers, the storage that will have that will be made for many of these hyperscalers, and we think we will start to see that occur to some different names much further down to market cap cars. Allison, that's really interesting. But again, we're sort of talking about the infrastructure layer. Where will the money go from the application layer at some point, do you think? Well, it just takes time. And we've seen that before. You know, when we had the mobile data,

you know, between when Apple launched its iPhone in 2008 and you actually had the IPO of Uber, you know, over ten years of developing the App Store, developing applications. And, you know, we do tend to see and this is followed a very similar pattern. I you tend to see advertising benefit fast and that we see and e-commerce we're hearing that from from Walmart. And then you start to see enterprise software, some productivity gains and then eventually that filters into other new applications, many of which we wouldn't have thought of first. But this happens over multiple years, you know, in technology, proper waves rather than just hype cycles. These take, you know, 5 to 7 years to play out. So investors shouldn't necessarily look and think that investments have to be in those applications today because many of those still have to emerge as we start to see, you know, the interface for easy for consumers still evolves somewhat and

Tech Gains Ahead of Nvidia Results

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기술 부문 및 향후 실적에 집중하기

기술 부문의 실적은 다음 주에 Dell과 Network Appliance와 같은 기업의 주요 실적 발표가 예정되어 있어 면밀히 관찰되고 있습니다.

Cisco와 라노벨의 최근 실적에서 알 수 있듯이 기업 수요가 증가하고 있는 조짐이 있습니다.

업계의 지배력과 지수 재조정 가능성에 대한 논의가 계속되고 있지만, 여전히 기업의 펀더멘털과 규모에 관계없이 성장할 수 있는 능력에 초점을 맞추고 있습니다.

과거 리더가 미래 투자에 미치는 영향

기술 업계의 과거 리더들은 다음 투자 주기에서도 NVIDIA와 같은 기업을 중심으로 영향력을 이어갈 것으로 예상됩니다.

병렬 처리의 가치는 주로 소수의 주요 업체들에게 혜택을 주고 있지만, 더 광범위한 수혜자가 있을 것으로 예상됩니다.

하이퍼스케일러의 투자 수익은 기업에게까지 확대되어 개발자의 생산성 향상과 코딩 속도 향상을 이끌 것으로 예상됩니다.

미국 메가캡 기술 그 너머의 흥미로운 기회

기업들은 수익이 기대되는 분야에 지속적으로 투자하여 강력한 가시성과 성장세를 보이고 있습니다.

인도의 신흥 기술 리더와 미국 시장에서 저평가된 분야, 특히 인공 지능과 공급망 개선 분야에서 주목받고 있습니다.

최고의 SDI 지출은 제조업체로 흘러들어가고 있으며, 시가총액 하위 기업의 잠재적 성장도 기대됩니다.

기술의 진화와 투자에 미치는 영향

앱 스토어와 애플리케이션의 발전은 2008년 아이폰 출시부터 Uber의 기업공개까지 10년이 넘는 기간에 걸쳐 이루어졌습니다.

기술적 영향의 패턴은 광고 효과와 이커머스 성장이 주도하고 엔터프라이즈 소프트웨어와 생산성 향상이 그 뒤를 따르는 등 일관된 양상을 보입니다.

새로운 애플리케이션과 기회가 5~7년에 걸쳐 등장하고 그 과정에서 소비자 인터페이스가 진화하는 경우가 많으므로 투자자는 장기적인 관점을 가져야 합니다.