00:00Dan Ives of Wedbush writing, Cerebrus is a watershed moment for the tech sector.
00:04The appetite for AI exposed companies are high in the market.
00:07Dan joined us now for more.
00:09Dan, for an IPO of that size of more than $4 billion,
00:12that is the best performance we've seen on a single day going back to 2000.
00:16Does it feel throthy or is this a different moment?
00:19Look, it doesn't. I mean, we've talked about it a lot.
00:22I mean, this is an AI revolution.
00:24And when it comes to the chip trade, that's going to continue to move higher
00:28because demand to supply, and we've talked about it from, you know, NVIDIA, 10 to 1.
00:33And that ripple effect is across the board from inference to infrastructure.
00:38And that's what investors are focused on around the world.
00:41And this is something you said, it's really just the appetizer to what's going to be
00:46as we go into SpaceX, OpenAI, Anthropic and others in terms of tech.
00:51You are the bull on steroids, Dan.
00:52I think you'll be comfortable with that particular description of your approach to this market.
00:56When do you start to get nervous about what's happening here?
01:01Look, and I get the sort of view.
01:04To me, if I was sitting in an office building and just looking at a spreadsheet,
01:09OK, then maybe that's how you could sort of buy the bears.
01:12That's how they're looking at it.
01:13I go, look at my, when I was in Asia just a few weeks ago,
01:17demand the supply has accelerated 20%, quarter over quarter.
01:21So when I see companies, if they start to slow down their pace of spending,
01:27that's where I can start to get negative.
01:29But to some extent, it just continues to increase.
01:31And I think in this nine inning game, baseball game, third inning, one out, man on second.
01:38At this point, Dan, Cerebrus is a bit different than OpenAI or Anthropic,
01:42given the fact that it produces chips, which it doesn't produce CPUs or GPUs.
01:46Last night, I was learning about wafers and wafer system engines,
01:50which is essentially the full page size chip that they sell.
01:54How much are we seeing a very different type of response in markets to the IPO of Cerebrus
01:59that can't really foreshadow what we could see with some of the big IPOs coming later this year?
02:04Sure. It's a great point.
02:05I mean, look, everyone, you can't put them all in the same bucket.
02:08But when it comes to inferencing and what we see in terms of the overall demand
02:12for the trillions of dollars spent, you need to power.
02:16And when it comes to the chips, that right now on the supply chain is not just about NVIDIA.
02:21We've talked about chip rally.
02:23We still think 15%, 20% higher at least from AMD.
02:26You've seen it go out to Intel, and obviously you've seen the reaction here.
02:30But I think it just speaks to the second, third, fourth derivatives around the AI trade.
02:35And that's our view, and I think software is included there.
02:38It's why I believe we'll be looking at NASDAQ 30,000 over the next six to nine months
02:44that's driven not just by big tech,
02:47by the second, third, fourth derivatives of what's going on in this revolution.
02:52One thing people have noted, Dan, is that they're going to be winners and losers.
02:54You've talked about that as well.
02:55I think about some of the IPOs that are on deck and then some of the negative press
02:59around one name in particular, OpenAI, now in news with respect to a breakdown
03:03in the relationship with Apple.
03:05Are you getting a little more nervous that they're losing their thunder to Anthropic
03:09and that even with overall things really accelerating,
03:13that will be one loser potentially in the not-so-distant future?
03:17Yeah, look, right now, I mean, the narrative is a bit negative,
03:20but I think that's actually much different than the reality.
03:24I think they're going to be one of the core winners when it comes to enterprise.
03:28They've obviously gone through a lot of changes relative to Microsoft
03:31and relative to some of these deals.
03:33You see the Apple news, the must-trial.
03:36So we're going through one of those periods.
03:37But when I think about winners over the long term, I mean, they're at the centerpiece.
03:43And even though Anthropic right now, clearly the best model,
03:47what they've done is almost historical,
03:48I think you cannot paint these companies with a brush just based on near-term news.
03:54This is just the beginning.
03:56And OpenAI is going to be one of the foundations of the AI revolution.
04:01Hey, Dan, it's going to catch up, as always.
04:02What a move in yesterday's session.
04:04This is going to be one of the things I prefer to increase you significantly.
04:04I mean, you know, they're not going to open it up
04:04And for what?
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