Dave Mazza: AI leadership rotates beyond megacaps to new winners

Watch on YouTube ↗  |  January 14, 2026 at 12:08  |  4:04  |  CNBC
Speakers
Dave Mazza — CEO, Roundhill Investments

Summary

Dave Mazza, CEO of Roundhill Investments, says the AI trade is broadening beyond mega-cap GPUs. He sees Nvidia's near-term leadership constrained by valuation and China uncertainty, while favoring the rotation into AI memory and storage names like Micron and SanDisk. He also notes high-beta assets and metals have rallied year-to-date but expects greater volatility around the 2026 midterm elections, requiring selectivity.

  • Dave Mazza says the AI trade is evolving beyond GPUs.
  • Nvidia has stalled with future growth largely priced in.
  • China sales are partly priced in and near-term certainty is lacking.
  • Micron and SanDisk are named as memory and storage beneficiaries.
  • Semis and memory names have been strong year-to-date.
  • High-beta stocks, meme stocks, small caps, and metals have rallied.
  • Midterm elections may raise volatility in 2026.
  • Mazza favors selectivity and a mix of mega-cap tech and other areas.
Ideas
Dave Mazza CEO, Roundhill Investments 0:24
AI shift favors memory and storage.
The AI trade is evolving beyond GPUs; powerful data centers require both AI chips and memory and storage. Investors are rotating down the AI stack, and Micron in memory and SanDisk in storage are key beneficiaries. SanDisk, once left for dead, is a storage play and has been a top year-to-date performer, while Micron is emblematic of the shift.
MU SNDK HIGH
Dave Mazza CEO, Roundhill Investments 0:32
Nvidia stalled; China certainty needed.
Nvidia has been the AI leader but has stalled because much of its future earnings growth is already baked into its valuation. China sales are priced in to some extent, and Nvidia has delivered robust revenue and earnings growth even with China offline for multiple quarters, but until there is greater certainty on China reopening, it will be difficult for Nvidia to be another kickstart for the market higher.
NVDA HIGH
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This CNBC video, published January 14, 2026, features Dave Mazza discussing MU, SNDK, NVDA. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Dave Mazza  · Tickers: MU, SNDK, NVDA