Asit Sharma

Yes, valuations are elevated.

They feel dangerous to me right now.

Let's make sure we're clear about risk here.

Since we commented on these high-bandwidth memory providers in the survey,

have been under this acute supply chain shortage.

Since we mentioned, they've really run up even more.

I hesitate even to talk about Omicron, but there you have it.

Be careful out there.

Overall, I think there's going to be many investable opportunities outside of the GPU builders or the cloud hyperscalers that make up the rest of big tech.

Think Amazon, AMZN, Microsoft, MSFT, or Alphabet, GOOG, over the next few years.

That's why we want to think in holistic terms about a whole industry that's being built up.

Sure.

I have some rules.

My first personal rule is to stay invested in the AI leaders.

I own many of the companies I just mentioned, but especially those bigger names like Nvidia, AMD.

Avoid concentrating on any single idea.

Asit, you've done that before, earlier in your investing career in tech companies, it didn't work out.

Now, speaking of concentrations, another personal rule, when I'm assessing ecosystem players, I try not to shy away from customer concentrations for very specialized suppliers.

It sounds counterintuitive.

Why would you buy a company that only has a few businesses, even though there are gigantic businesses, as customers?