Jason Ware

speaker

527 appearances 2 recordings 1 series first heard Apr 2026 last heard 13 Jul

Jason Ware’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

Appearances

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The Rundown · How Chip Stocks Became Wall Street’s Favorite AI Bet (ft. Jason Ware) · 13 Jul 2026 podcast

And so I think the last three-ish years of the bull market, three and a half years, have largely been a story of tech leadership, of AI excitement, but also at times periods of internal rotation.

I mean, I can't, I've lost count how many times I've heard strategists and portfolio managers talking about the rally or the bull market broadening out, quote unquote, broadening out.

It feels like

We see that for a couple of months, and then we see it fade, and we see tech leadership reassert dominance.

And I think in particular, to your point this year, what we've seen is tech has done largely quite well, but I think the big driver of that performance, both in terms of earnings and stock price, has been what's happening in semiconductors.

When we look at

q2 i would say that mag 7 actually did okay as a group it was up 11 percent in the quarter um the s&p was up 14 and some change um off of uh uh off of the lows in march um but semiconductors were you know up almost doubled like 95 percent and so there's definitely been this um

move into what I call AI bottleneck plays and away from the more obvious hyperscaler compute story that drove chips like NVIDIA, the big GPU winner in the space.

We've seen kind of a move away from what was obvious to some of the pain points in the AI infrastructure build out.

Yeah, it's such a good question.

And you're spot on in your observation.

It's like the classic rule of like follow the money.

And we've seen, you know, the one person's one company spending is another company's revenue.

And that revenue is showing up in particular in the semiconductor group.

Obviously, the first order winners were NVIDIA and Broadcom.

And now we're seeing memory stocks, which, by the way.

It's arguably one of the most boring parts of technology of the last 25 years prior to the last six to 12 months, like memory stocks were boring and cyclical and commoditized.

And like you were, you know, as a portfolio manager, why would you ever invest in these

these stocks.

And then suddenly that changed when we realized, oh, there's massive bottlenecks using that phrase.

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