Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Daniel Ives joining us. Dan,
Speaker 1: I want to get this out of the way right away.
Speaker 1: You're in registration on an ETF. Come on top of
Speaker 1: the market. You just want to be on the cover
Speaker 1: of Barons. Why is your ETF going to be different
Speaker 1: than the four thousand others out there that don't wear
Speaker 1: pink coats?
Speaker 2: Yeah, and it'll get launch yesterday.
Speaker 3: And look to me, it's twenty five years covering tech, right,
Speaker 3: I mean, it's it's all the research we do in
Speaker 3: tech and all the investors around the world that have
Speaker 3: followed us.
Speaker 2: Now it's an ETF focused on AI.
Speaker 1: What do you what do you envision a portfolio turnover
Speaker 1: rate will be? Is this going to be buy and
Speaker 1: hold stodgy ETF or you're going to be in their
Speaker 1: day trading.
Speaker 2: No, it's gonna be It's gonna be pretty long term, right.
Speaker 3: I mean we could have changes in terms of our
Speaker 3: ives AI thirty that meet this up, but look this
Speaker 3: it's a living organism, right, and I think the AI
Speaker 3: revolution we've talked about the reason we're doing it now
Speaker 3: this is only Remember it's only ten pm in the
Speaker 3: AI party that goes to four am.
Speaker 1: Okay, Dan, Michael Purvis just in with us here on
Speaker 1: the Microsoft moonshot. You know, he's saying it's techs up
Speaker 1: text down that I don't buy it. What I see
Speaker 1: here as a bet on future earnings persistency. Can the
Speaker 1: tech group sustain up thirty percent growth or do they
Speaker 1: have that still whopping up sixteen percent growth? What's your
Speaker 1: bundled growth rate for tech Forward?
Speaker 2: I mean, look, I think it's acceleration here.
Speaker 3: I mean to me, I think Street's under estimating tech
Speaker 3: growth by three to five hundred BIPs for the rest
Speaker 3: of the year. I mean, look, what's happening in terms
Speaker 3: of the AI spending trend, and when it comes to
Speaker 3: what's happened Redmond, that's right in their backyard. That's why
Speaker 3: Microsoft is going to be the one that I think
Speaker 3: that's a stop. Five hundred's next stop. And ultimately, you know,
Speaker 3: five fifty six hundred does not out of the question.
Speaker 4: JN.
Speaker 1: Paul up Tucker told me time, Oh, by Redman there exactly.
Speaker 1: I didn't do well.
Speaker 4: There you go exactly. Hey, Dan, Alex Steele and I
Speaker 4: you know, we just spent two days with the folks
Speaker 4: at Bank of New York at one of their offsite
Speaker 4: conferences with their wealth management clients and the B and
Speaker 4: Y people, to a person said, the most important thing
Speaker 4: in their business is AI. Just help us step back
Speaker 4: thirty thousand feet. Now that you've got this ETF, where
Speaker 4: are we in kind of the ETF deployment, adoption spending.
Speaker 4: Give us a thirty thousand foot view.
Speaker 2: Yeah, I mean, look, I but I agree with what
Speaker 2: they're saying.
Speaker 3: I mean, I think this is the biggest tech trend
Speaker 3: that we've seen, not just in twenty five years for us,
Speaker 3: but I think that we've seen the last forty fifty years.
Speaker 3: And I think it Look, it's changing the investing climate, right,
Speaker 3: it's changing the appetite for risk and Paul, my view
Speaker 3: is that both from the operations, from the use cases
Speaker 3: perspective they're excluding across financial services, and the appetite for
Speaker 3: investors globally when it comes to AI again, you want
Speaker 3: to be in the left lane of Ferrari in terms
Speaker 3: of big tech going ninety five miles an hour not
Speaker 3: you know, a lot of these are sort of value
Speaker 3: thirty miles an hour.
Speaker 2: Right, Lan in a minivan to me, I just continue
Speaker 2: right on tech.
Speaker 1: Dan, I the time we've got left the one lagger here.
Speaker 1: The chart is amazing, folks. Apple is so different from
Speaker 1: the other mag seven's and there's this thing in this
Speaker 1: thing Ives. I'm sure he'll be in the third row
Speaker 1: at the conference coming up for Apple. I'm looking at
Speaker 1: the screen, Dan Ives, and I'm modeling ninety two one
Speaker 1: eleven one o eight, ninety eight, one oh four, maybe
Speaker 1: a modeled one hundred and twenty one billion of free
Speaker 1: cash flow out in the next eighteen months. Did you
Speaker 1: just see that financial performance coming right back over to
Speaker 1: a stock lift or is it a product China issue?
Speaker 2: Well, first off, I think free cash is being underestimated
Speaker 2: in terms of those numbers. And look, we'll be there
Speaker 2: on Monday.
Speaker 3: It comes down to like they were late on AI,
Speaker 3: but the consumer AI revolutions coming through Apple, and I
Speaker 3: think what you will see laid out Monday is now
Speaker 3: sort of going to be the blueprint for how developers
Speaker 3: are going to be building AI on top Apple. And
Speaker 3: then my view is like this overhead and net we're
Speaker 3: seeing here, this will be short lived as the growth
Speaker 3: comes back to this story, and I continue to think
Speaker 3: it's just it's a China driven caught in this category
Speaker 3: five Tariff.
Speaker 4: Storm, DAN the Dan ives webbush AI Revolution ETF. Who
Speaker 4: is the target audience for this? Do you guys think?
Speaker 4: And and then second, just gud, what's the timing? When
Speaker 4: is this coming to market?
Speaker 3: Yeah, it came to market yesterday and obviously very exciting
Speaker 3: first day. Look, it's institutional, but obviously it's retail allowed
Speaker 3: of investors from around the world. Right, I mean, wherever
Speaker 3: I go, people say, how do you play AI? Now
Speaker 3: you're given the vehicle to play my research that ultimately
Speaker 3: builds this AI theme.
Speaker 2: That's what really I think what differentiates is, so, how.
Speaker 1: Has your day changed now that you're a portfolio manager
Speaker 1: A wise one?
Speaker 2: But Tom, it doesn't change because this is all built
Speaker 2: in a research.
Speaker 3: If I add, if I'm upgrading, if I'm adding names,
Speaker 3: all of the research, the AI thirty the ETF is
Speaker 3: the first TTF built on an analyst research. And I
Speaker 3: think that's one where investors around the world that follow
Speaker 3: us and they navigate us for decades, this is now
Speaker 3: the actual vehicle to play our research in a theme.
Speaker 1: Look at you with the waitings. I've got it on
Speaker 1: the Bloomberg terminal. Of course, folks, that's the way reroll.
Speaker 1: I'm gonna do the math. We gotta go to bar.
Speaker 1: But come on, Dan, what are you old? Like eight
Speaker 1: eight holdings in your ATF.
Speaker 3: It's the AI thirty, it's the the ives AI thirty,
Speaker 3: thirty names that make.
Speaker 2: Up what I've used the AI Revolution.
Speaker 3: And look it's like this is just it's the second, third,
Speaker 3: fourth derivatives.
Speaker 1: Right, That's why I listened to day Night's congratulations on that,
Speaker 1: really really major, major congratulations. May you survive the first
Speaker 1: ninety days