Matt Orton

Speaker explicitly names TSM as one of his favorite names, down over 10% from all-time highs, and states it will benefit from industry trends discussed at GTC. As a leading semiconductor company, TSM is positioned to capture growth from increased investments in AI and technology infrastructure. Attractive valuation after pullback combined with strong secular demand drivers support a long view. Geopolitical tensions or a slowdown in global tech capex spending could hinder performance.

Speaker says industrials "benefit significantly from this big capex supercycle," liking electrical equipment companies and early site developers for data centers. These companies are direct beneficiaries of increased infrastructure and data center investment, driving earnings growth. Exposure to capex trends makes this sector attractive for investment, while avoiding early-cycle cyclicals hurt by energy prices. Higher energy prices in the short term could impact some cyclical components of the sector.

Speaker states "tech is still a place to be," specifically citing semiconductors, memory, and optical names that will require big investments. These segments are central to the AI and data center capex supercycle, offering durable growth less disrupted by near-term uncertainty. The sector has strong growth potential, but selectivity is required to focus on beneficiaries of secular trends. Not all tech companies will benefit equally; poor stock selection could lead to underperformance.