Jeff Kilburg

The Salesforce-Anthropic partnership is a concrete positive catalyst showing that software names are not done, and AI can embolden, fortify and galvanize names like Salesforce.

The Salesforce-Anthropic partnership relieved the 'SaaS pocalypse' concern; software is popping and AI is emboldening and fortifying software names. The wide dispersion between software and semiconductors has narrowed, and he points to IGV as a way to play the software catch-up.

Lagging sectors are finally participating, with materials rotating higher. XLB is coming back, and names like Nutrien and Newmont are seeing investor love because of the 2026 rotation theme. He sees this broadening rotation as healthy.

Lagging sectors are finally participating, with materials rotating higher. XLB is coming back, and names like Nutrien and Newmont are seeing investor love because of the 2026 rotation theme. He sees this broadening rotation as healthy.

NVIDIA's earnings gave a green light that anything AI related, including AI networking and AI infrastructure, is back on. AI remains the hinge for the market, and AI capex is real and tangible, supported by Amazon's ability to match capex spending with returns.

NVIDIA's earnings gave a green light that anything AI related, including AI networking and AI infrastructure, is back on. AI remains the hinge for the market, and AI capex is real and tangible, supported by Amazon's ability to match capex spending with returns.

He is cautiously optimistic on equities: the low VIX around 14.5 signals a short-term all-clear rather than complacency, and a historically strong 30% year-over-year EPS growth earnings season is the undercurrent offsetting higher 10-year yields, the Iranian conflict and tariffs. The market is likely to continue moving higher, and the main risk for investors is being underinvested.

Lagging sectors are finally participating, with materials rotating higher. XLB is coming back, and names like Nutrien and Newmont are seeing investor love because of the 2026 rotation theme. He sees this broadening rotation as healthy.

CoreWeave's post-earnings surge and 74% gross margin show that AI capex is finally translating into profitability. Kilburg bought CoreWeave calls because this is the first positive earnings reaction since the IPO and it helps validate the broader AI infrastructure spend.

Jeff Kilburg explicitly stated that Intel is above $53 for the first time and has "some more room to run specifically in Intel." He is bullish on the semiconductor sector as a safe haven and part of the AI trade, with Intel positioned to benefit from increased demand and industry momentum. Therefore, a LONG position on Intel is warranted due to perceived upside potential from current levels. A slowdown in the semiconductor cycle, failure of AI demand to materialize, or company-specific execution issues could break the thesis.

Jeff Kilburg called semiconductors a "safe haven," noted a semiconductor ETF is up about 14% year-to-date, and expressed excitement about individual names within the sector. He is optimistic about the AI race driving continued growth, believes semiconductors are leading despite market dispersion, and thinks valuations have become more attractive. Therefore, a LONG view on the electronic technology sector (encompassing semiconductors) is justified as a defensive yet growth-oriented play. Macroeconomic slowdown, persistent oil price spikes above $90 affecting inflation, or a decline in AI-related investment could undermine the thesis.