| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Gil Luria
Technology Strategist at D.A. Davidson |
Software stocks have underperformed the broader market by the widest margin since 2000. Luria notes MSFT, NOW, SNOW, and DDOG are trading at attractive valuations relative to growth. Newman highlights CRM and NOW are proving AI is an accelerator, not a displacer. The market is pricing in "obsolescence risk" (AI replacing software), but the counter-narrative is that AI is a "labor enhancer." These companies provide the essential infrastructure for AI (MSFT/SNOW) or the "rules and rails" of business (CRM/NOW) that cannot be easily replaced by LLMs. LONG. The sell-off is a tactical opportunity to buy high-quality compounders at depressed multiples. If "Agentic AI" actually begins replacing seat-based SaaS licenses faster than anticipated. | 23:06 | |
| LONG |
Oliver Chen
Retail Analyst at Cowen |
Walmart is gaining market share across all income cohorts, including high-income earners. Green compares the current AI cycle to the 2000 internet boom, noting that incumbents who adapted (Walmart/Target) won, while those who didn't (Sears) died. In a bifurcated retail environment, scale and data are the new moats. WMT is successfully blending physical retail with digital advertising and AI-driven supply chain efficiency. It is a "Phygital" winner. LONG. WMT and COST are defensive growth plays that benefit from trade-down behavior and technological adaptation. Valuation is high (WMT at 50x mentioned), leaving little room for earnings disappointment. | 7:26 | |
| LONG |
Alicia Levine
Head of Investment Strategy at BNY Mellon |
Lazar forecasts a 12% jump in CapEx for 2026, driven by a "manufacturing renaissance" and heavy truck orders. Levine notes a rotation into "dirty businesses" (making things) as capital flows to the physical world. The AI trade is broadening from digital to physical. You cannot build data centers, factories, or energy infrastructure without materials and industrial machinery. This sector benefits from the "goods producing" jobs multiplier. LONG. Cyclicals are the beneficiaries of the "No Landing" / 4% GDP growth scenario. If the Fed keeps rates higher for longer due to strong growth, financing costs for heavy industry could bite. | 8:46 | |
| AVOID |
Mitchell Green
Founder of Lead Edge Capital |
Green explicitly states we are in a "Giant AI CapEx Bubble" and that the amount of money being spent on infrastructure is "mind-boggling" relative to current revenue. Overbuilding is rampant. Similar to the telecom fiber bubble, capacity is being built that may not be utilized immediately, leading to massive depreciation cycles that will hurt the owners of this hardware/infrastructure. AVOID. The risk/reward for pure-play infrastructure build-out is skewed to the downside if utilization lags. If AI adoption accelerates exponentially (AGI), the demand for compute could outstrip even this massive build-out. | 84:48 | |
| LONG |
Mitchell Green
Founder of Lead Edge Capital |
Green calls Palantir an "amazing company" and owns the stock. Newman notes they are a driver in the enterprise space. Despite high valuations, PLTR is in a "category of one" for delivering actual revenue/margin expansion from AI (the "receipts"). They are successfully bridging the gap between AI hype and operational utility. LONG. A winner in the "application layer" of AI. Extremely high valuation multiples make it vulnerable to any growth deceleration. | 16:21 | |
| LONG |
Mitchell Green
Founder of Lead Edge Capital |
Green points out that Chinese tech giants like Alibaba and Tencent have doubled off their lows but remain cheap, generating billions in profit. The geopolitical discount is too steep. The US and China will likely find a way to coexist ("One plus one equals four"), and these companies are dominant monopolies trading at value multiples. LONG. A contrarian value play against the expensive US tech sector. Geopolitical tensions escalating or further regulatory crackdowns from Beijing. | 86:37 | |
| LONG |
Jim Zelter
Co-President of Apollo Global Management |
Apollo's stock was hit by fears that private credit portfolios are exposed to "obsolete" software companies. Zelter clarifies their exposure to non-IG software debt is minimal. The market mispriced the risk. Apollo is pivoting to "boulders" (massive retirement service markets in Japan/Australia) and Investment Grade credit, which are less disruptable by AI than small-cap SaaS. LONG. The sell-off was based on a misunderstanding of their loan book composition. A broader credit cycle or recession would hurt their private credit book regardless of sector. | — | |
| LONG |
Tyler Kendall
Multimedia Editor |
Japan is investing $36 Billion in US energy projects, including a natural gas plant in Ohio and oil export facilities in the Gulf. This is a direct injection of capital into US energy infrastructure. It validates the "Energy Security" theme and guarantees demand for US LNG and fossil fuels. LONG. US Energy infrastructure is a beneficiary of geopolitical alignment with Japan. Regulatory hurdles or delays in project approvals. | 6:26 |