00:00I was talking with the equities desk this morning at Bloomberg News about a lot of these names that
00:05are really lower today, taking a pause, Intel, Micron, Intel in particular, they were kind of
00:10primed for a bit of a pullback, right? Is that it? Is that just timing in the moment? Or is
00:16it
00:16the CPI print we got this morning? I think the CPI print is completely disregarded by the chip
00:24nation and AI because they don't care. They just simply don't care what cost things are. Or I guess
00:32overall they don't care. God knows that AMD is probably making some gains because they have a
00:40somewhat lower priced GPU than NVIDIA and it's capable. So cost is relative. But yes, I don't
00:49think CPI has anything to do with today's tech sell-off. I think it has more to do with just
00:56look at the gains for the year and sometimes you just run out of buyers. Even momentum buyers can't
01:03continue. So it's probably that as well as what happened in South Korea. Again, momentum buyers
01:12want to buy companies that are going up. And perhaps yesterday's sell-off of those memory names
01:18was enough to cool the temperature of buying chip stocks today.
01:25It's interesting to talk about momentum. And we've been hearing from some of the biggest leaders on
01:31Wall Street just today about whether AI is real, what the investment opportunities are, who wins,
01:35who loses. Just take a listen to Jamie Dimon a little bit earlier, Kim.
01:39The way I look at it is that AI is real. A lot of money is going to go into
01:43it. That doesn't mean
01:44everyone who does it is going to be a winner. Like, go back to the internet. A lot of people
01:48lost. A lot of people won. And so, you know, in the hyperscales, will those data centers not find
01:54use? They probably will. But is it possible that some do it badly, design it badly, didn't get the
01:59right? Yes, of course it's possible. Kim, you've bet on, invested in the right names,
02:04some that have done incredibly well through momentum or otherwise recently. But are too many
02:10ramping higher at this moment? Will we start to see more discernment?
02:13I hope so. And actually, we've seen some discernment with Intel coming back from, you know,
02:20it was not only dead and buried, but it had the grass grew over its grave, right? I mean,
02:27it was gone. And yet here we are. And why are we here? I think it's the forward movement of
02:34AI
02:34development. And whenever AI came on the scene and ChatGPT captured everyone's imagination,
02:42both NVIDIA and OpenAI seemed to be like the winners and everybody else was just going to
02:48languish. Well, technology rollouts don't really work that way. And I think we're probably in,
02:54I've been watching a lot of baseball because the Pittsburgh Pirates are actually tolerable to watch
02:59this year so far. And we're probably in the bottom of the second inning in AI. So we have a
03:07lot of road
03:08to go ahead of us. The big calendar item this week probably is President Trump's visit to China,
03:16meeting with President Xi, and also the delegation of top CEOs, all relevant to the fields that you've
03:24outlined. What's at stake here for the technology investor and for markets this week?
03:30Well, the US and China are walking a really, really narrow line between each other where AI is
03:39considered is, you know, the topic. For a long time, America has been winning. But I think it feels
03:48like decades ago, whenever Deep Seek came out, maybe it was the beginning of 2025. You know, the shiver went
03:56through the AI community going, oh my gosh, China might have something here. And while we want
04:03competition, it's the military uses of AI and the military uses of the chips that we're very cognizant
04:10of. And I think that's why, you know, Jensen Wang didn't get the invite. They don't really want to
04:16discuss that at this point. So don't invite them. Don't have a conversation about it. But yes,
04:22AI is very much a contention between the US and China. And I know that the US is, you know,
04:30US first would like to develop it and sell it to the rest of the world. But so would China.
04:35So
04:35there's going to be tension over the world of AI.
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