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.

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

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

It just has to be a slowdown.

These things are going to get hit pretty hard given the massive runs that they've had.

So I think the last time we chatted, did the Q1 in review, you asked me a similar question about Microsoft, and I was wrong then, so I might be wrong now.

But I think my answer at the time, and this is still true in my mind, is...

that Microsoft is suffering from two primary negative forces right now.

The first one is they're being lumped in with the software trade.

They're being lumped in with the software group, this idea that AI is going to eat software and that software terminal valuations have to come down.

So that's one.

I think that's...

pretty absurd on its face, this idea that AI is going to disrupt the enterprise software business of Microsoft and how entrenched that is, how established it is, how moaty that is.

I just don't think that's going to happen, but it's showing up in the valuation.

It's why the PE has gone down.

And then the second piece, and you touched on this,

is their relationship with OpenAI.

At one point, that was an asset for them, and now it's become a liability.

And so Microsoft is sort of trapped in this AI strategy where what used to work really well for them, this exclusive arrangement with OpenAI and being an early investor and having Sam Altman on speed dial, is now...

seen as a headwind because OpenAI has sort of lost its edge in the LLM space.

Not my view, but the view of others.

They've essentially, you know, given that away to Anthropic, which is a cloud.

And they're struggling to get their mojo back.

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