Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Think back on twenty twenty five the returns we've had,
Speaker 2: inequities and fixing come and commodities, and I think about
Speaker 2: twenty twenty six worst opportunities and where you really want
Speaker 2: to start is in technology. We can do that with
Speaker 2: Dan Ives. He's a senior tech analyst and head of
Speaker 2: technology research at what Bush. Curty, Stan, thanks for being
Speaker 2: in our studio here here is always all right, set
Speaker 2: us Let's set us up for twenty twenty six. In tech,
Speaker 2: I mean the consumer electronics shows in a couple of
Speaker 2: weeks in Vegas. I'm sure you're going to be their
Speaker 2: huge presence there. Use my name. If you go to Bolagio,
Speaker 2: they'll take care of you.
Speaker 1: I know, you know, you say Sweeney. It always gets
Speaker 1: you the best way it does it. It opens, doores,
Speaker 1: open store, it opens. Yeah.
Speaker 2: What are you thinking about twenty twenty six?
Speaker 3: Here?
Speaker 1: For AI? Look, I mean obviously it starts off at
Speaker 1: Cees where I think that Jensen's speech on that Monday
Speaker 1: is going to set the tone set right in terms
Speaker 1: of autonomous robotics physical AI. But look, I think the
Speaker 1: reality is is that despite a lot of the haters
Speaker 1: and the bears and hibernation mood. It is gonna be
Speaker 1: I think just a booming year for AI and TEX stocks,
Speaker 1: especially in the first half of the year. I think
Speaker 1: investors are underestimating, specifically on software, like we talked about
Speaker 1: not just Palenteer, but Manga, dB Snowflake, a Lout, the
Speaker 1: infrastructure plays, Nebiis and some of those others. It's about
Speaker 1: the derivative place, the second, third, fourth derivatives, CrowdStrike, cybersecurity, power, Alto,
Speaker 1: and I think what we're gonna see play out Microsoft Oracle. Look,
Speaker 1: I think we say here a year from now. Oracle
Speaker 1: is the name that I think investors are just throwing
Speaker 1: in the garbage. That's the one I think investors are getting, yeah,
Speaker 1: because it's the view, like taking on debt, open ai
Speaker 1: is not gonna be good for their bill. Look if
Speaker 1: you look at any open ai related tech stock, from
Speaker 1: AMD to you know, to Microsoft to Oracle, those stocks
Speaker 1: have sold off significantly. And I think the reality is
Speaker 1: this is an AI revolution where you're in. We talked
Speaker 1: about the AI party. It's ten thirty ten forty five pm.
Speaker 1: Party goes to four am, start at nine pm, and
Speaker 1: open Ai is going to play a huge role in
Speaker 1: that in the infrastructure build out. So to me, Paul,
Speaker 1: it's like I think, like tech stocks, they're up to
Speaker 1: twenty five percent really that.
Speaker 3: Twenty twenty six. But I mean, is that the big
Speaker 3: names like in Vidia because I think to myself, lots
Speaker 3: of competition out there for them. First of all, supply
Speaker 3: chain challenges continue, but you've also got Google and Amazon,
Speaker 3: big competitors who are playing catch up with Nvidia. Can
Speaker 3: can it really hold on to that momentum in twenty
Speaker 3: twenty six?
Speaker 1: Well, there's only one godfather of AI. He's wearing a
Speaker 1: black leather jacket. His name's Jensen, And I think, look,
Speaker 1: they are five years ahead of any other competitor. That's
Speaker 1: why look for them, like even their third best chip
Speaker 1: restricted each two hundred right in China, despite whatever the
Speaker 1: polotic baba JD Tencent, they want those chips because it
Speaker 1: comes down to like they are so many years ahead
Speaker 1: of competition. I think, book AMD, that's gonna be a
Speaker 1: major play that we see playing out. And then I
Speaker 1: think you start to look at like what Google's doing,
Speaker 1: what Microsoft is doing in so in this chip world,
Speaker 1: it's in an AI arms rates, but here's the deal.
Speaker 1: For the first time in thirty years, US is ahead
Speaker 1: of China when it comes to tech. How about that
Speaker 1: that that is I think that's really like the most
Speaker 1: important thing here is that's it's.
Speaker 3: Getting lost in the sauce. I feel what you just said.
Speaker 1: Well, it is because for so many times, like I'd
Speaker 1: be in Taiwan eighteen hours seeing like factory fabs, then
Speaker 1: land the newark aaraport, there's some fisfied Dunkin Donuts and
Speaker 1: You're like, wow, we are like so Bahat now switched.
Speaker 2: So is Opening Eye gonna go public in twenty twenty
Speaker 2: six and is that going to be a seminal event for.
Speaker 1: I think early twenty seven? Okay, they go, they could
Speaker 1: file maybe by the late twenty six. But I think
Speaker 1: that's the thing like SpaceX, you think about Anthropic, you
Speaker 1: think about Open Ai. Look, the reality is is that
Speaker 1: you know, people talk about bubble some of the best
Speaker 1: companies that haven't even gotten public yet. And I think
Speaker 1: there's a supply demand for big growth names. And that's
Speaker 1: why to me, I think investors that are seeing it's
Speaker 1: a bubble text done, they're doing it from the twenty
Speaker 1: fifth fourth of New York City office building or Metro North, right.
Speaker 1: I mean the reality is like for someone like me
Speaker 1: that sees it globally, sees the demand that supplies twelve
Speaker 1: to one for video chips today any Asia.
Speaker 3: But here's the question, is there enough energy out there
Speaker 3: to meet that supply? Because that's one of the big
Speaker 3: the biggest challenge going forward.
Speaker 1: That's Look, if you think the thing to me that
Speaker 1: like if you're just like, what could spoil the AI party?
Speaker 1: It's not about demand fourth and Dutch Revolution. It's not
Speaker 1: about like the use cases. It's energy and regulation. And look, energy,
Speaker 1: that's why like you know, you look what's happened on nuclear.
Speaker 1: You saw the TAE deal with you know obviously trum media.
Speaker 1: You saw what Google's doing in terms of them buying
Speaker 1: their own energy company. I mean, energy is the biggest
Speaker 1: restriction in the US. But I continue to believe like
Speaker 1: nuclear is going to be the play there.
Speaker 2: CS It's two h and fifty three hundred thousand people
Speaker 2: to send on vegas for it, and it's been going
Speaker 2: there for forty years. I've been going to this thing.
Speaker 2: This one feels like we might get like a seminal
Speaker 2: announcement coming out of this, whether it's a product, service
Speaker 2: and investment, a deal, it just feels like maybe this
Speaker 2: CEES might be something where something really material pops out
Speaker 2: of it.
Speaker 1: Yeah, I agree, because like look for so many years
Speaker 1: CEI it's like, oh, a great refrigerator that talks to you,
Speaker 1: a cool drone that now it's really become like central
Speaker 1: to the when you're think about the AI revolution, I
Speaker 1: think when you do about chips, when you look what's
Speaker 1: coming out of AMD, I think in Nvidia is really
Speaker 1: gonna double down on robotics. I think quantum is another one.
Speaker 1: If you go back a year ago, that's where Jensen
Speaker 1: was sort of quantums, like ten fifteen years away, QUANM
Speaker 1: stocks sold up. I actually think there's gonna be a
Speaker 1: lot more bullet when it comes to quantum. And look,
Speaker 1: I know half the companies that I know that are
Speaker 1: going there. They're not officially there. Why they going there.
Speaker 1: They're not going there to you know, to to go
Speaker 1: to the Cosmo or go to the wind for dinner.
Speaker 1: They're going because they're looking. They're looking for acquisitions.
Speaker 2: I kind of feel like during CS if I talked
Speaker 2: to a CEO, I think my first question is could
Speaker 2: be why you're not in Vegas, Like, I don't care
Speaker 2: what business you're in. I'm in the point you're touched
Speaker 2: by the technology, Yeah, exactly.
Speaker 1: But to Paul's point, it's this isn't just about like
Speaker 1: consumer gadgets one hundred inch televisions that somehow talk to you.
Speaker 1: Now it's really become central to like we're the technology.
Speaker 1: Think about the Chinese presence there in terms of X
Speaker 1: paying bid everyone else. You think about autonomous robotics, and
Speaker 1: that's why, like I think the one thing like to
Speaker 1: stress to anyone listening is like this is AI. It's
Speaker 1: not just about like chat, GPT, what mid do you use?
Speaker 1: We are now this is the year Apple goes deep
Speaker 1: thousands of deep end the pool when it comes to
Speaker 1: AI on the consumer side, We're now gonna hit the
Speaker 1: next level of the AI revolution. But this is a
Speaker 1: nineteen ninety six moment, not nineteen ninety nine two thousand
Speaker 1: bubble moments.
Speaker 3: Yes, thankfully. Do we expect a big China presence at
Speaker 3: this thing given the relationship right now between the US
Speaker 3: and China.
Speaker 1: If you're a China tech company, you have to come here.
Speaker 1: And I think, like when I think about like the
Speaker 1: presence last year that was already signific. This year it
Speaker 1: is it's booming because for them, okay, like they're not
Speaker 1: gonna be able to sell into the US at least currently,
Speaker 1: but this for them, it's a flex to muscles on
Speaker 1: the global stage in terms of them selling South America, Europe, Australia.
Speaker 1: I mean that is that world descends upon still because
Speaker 1: when you this is the world event. But to Paul's point, like,
Speaker 1: if you're not there, it's almost like being in a
Speaker 1: wedding at a table by the kitchen with random people
Speaker 1: instead of being at like kind of like Paul, he's
Speaker 1: always like front and center, like he's at the cool table.
Speaker 2: Matt Campbell named seventeenth Penn State head football coach. What
Speaker 2: do you think?
Speaker 1: Look, I think Campbell like he is the right guy
Speaker 1: for Penn State. I mean it's not just that it's
Speaker 1: the staff he's going to bring in. He's he knows
Speaker 1: how to recruit. I think he's the magic formula. I
Speaker 1: think now we'll get Dan town Lynn from the USC
Speaker 1: as a defensive coordinator. This is going to build the
Speaker 1: stage to what I've like people will say next year,
Speaker 1: I got to rebuilding there. I disagree. I think this
Speaker 1: gets us back into the playoffs next year and it
Speaker 1: goes back to the dream Natty. In twenty seven or
Speaker 1: twenty eight, there we.
Speaker 2: Go Penn State, a new cycle there as coach Franklin
Speaker 2: moves on to Virginia Tech. We got the Matt Campbellton.
Speaker 2: You come up there at Penn State and Dan ives
Speaker 2: Very is an alum and very involved in this school.
Speaker 2: Dan I thanks so much for joining us. Is senior
Speaker 2: tech analysis web Bush Security, giving us the latest thoughts
Speaker 2: there