NVIDIA, MICROSOFT OU GOOGLE: ONDE ESTÁ O VERDADEIRO LUCRO DA IA?

Watch on YouTube ↗  |  July 31, 2026 at 21:00  |  12:51  |  Market Makers
Speakers
Jerson Zanlorenzi — Sócio do BTG Pactual e responsável pela Mesa de Produtos & Distribuição

Summary

Jerson Zanlorenzi analisa a volatilidade nos mercados de IA, destacando a rotação entre hardware e software, a dificuldade de escolher vencedores e a importância de se posicionar em dólar e em ETFs diversificados como o S&P 500. Ele também aponta uma segunda onda de ganhos com IA em empresas tradicionais (Dow Jones) ainda não precificada.

  • AI theme causes violent sector rotation between memory/chips and software/service companies.
  • Recently money rotated back to large customer-facing platforms like Microsoft, Amazon and Google.
  • Picking a single AI winner is extremely risky; a diversified S&P 500 ETF is a safer way to participate.
  • High US rates and a strong dollar act as vacuum cleaners, compelling investors to hold USD and international positions.
  • Emerging markets such as Brazil suffer from Fed tightening and global uncertainty.
  • A second wave of AI gains may come from traditional companies cutting costs with AI, driving Dow Jones relative outperformance.
  • Geopolitical tensions and oil price swings add further uncertainty to global monetary policy.
Ideas
Jerson Zanlorenzi Sócio do BTG Pactual e responsável pela Mesa de Produtos & Distribuição 2:11
AI rotation back to customer-owning giants
The AI investment theme is causing violent rotation between sectors such as memory/semiconductors and software/service providers. Recently, money has shifted back to large companies that own the customer relationship, namely Microsoft, Amazon, and Google, as they capture AI value through their platforms.
MSFT AMZN GOOGL MED
Jerson Zanlorenzi Sócio do BTG Pactual e responsável pela Mesa de Produtos & Distribuição 9:41
Must hold dollars amid high US rates
High US interest rates and global uncertainty make the US dollar a safe haven and a powerful capital attractor. Investors must have a dollar position and international investments because the Federal Reserve acts as a vacuum cleaner, sucking global capital into USD-denominated assets.
USD MED
Jerson Zanlorenzi Sócio do BTG Pactual e responsável pela Mesa de Produtos & Distribuição 10:06
S&P 500 ETF for AI diversification
Given the difficulty of picking a single AI winner, a diversified approach via an S&P 500 ETF is the best way for the average investor to participate in the AI transformation without bearing the risk of choosing wrong individual stocks.
SPY HIGH
Jerson Zanlorenzi Sócio do BTG Pactual e responsável pela Mesa de Produtos & Distribuição 12:15
Second AI wave lifts Dow Jones stocks
A second wave of AI benefits will come from traditional companies using AI to cut costs and boost profits. This rotation from S&P 500 to Dow Jones is already visible and the market has not yet fully priced in how much more profitable these incumbents can become through AI adoption.
DIA MED
Up Next
29:23
Foreigners Bet Upward on Futures Options, We Formulate Domestic Investment Strategies Seen Through Charts | Chesley Investment Advisory Executive Director Park Se-ik
Chesley Investment Advisory (체슬리투자자문) · Jul 31
3:57
Market Close: Mixed July for Markets, Amazon Soars, Oil Higher • 7/31/26
CNBC · Jul 31
8:46
Chevron CFO on 2Q Earnings, Growth Plan and Iraq Accord
Bloomberg Markets · Jul 31
45:14
AI Hedge Fund Collapses as Earnings Hit Tech Giants | Bloomberg Businessweek 7/31/2026
Bloomberg Markets · Jul 31
9:44
Amazon Has Best Day Since 2012 | Closing Bell
Bloomberg Markets · Jul 31

This Market Makers video, published July 31, 2026, features Jerson Zanlorenzi discussing MSFT, AMZN, GOOGL, USD, SPY, DIA. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jerson Zanlorenzi  · Tickers: MSFT, AMZN, GOOGL, USD, SPY, DIA