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 · last 12 months

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

So Microsoft is trying to figure it out.

They have Copilot, which has sort of had mixed reviews.

But I think when you take away the headlines that are creating the situation where Microsoft has gone from a 30 PE down to a sub 20 PE, which is the only reason the stock is down, it's not because of earnings.

When you strip away all of that and you look at the fundamentals, this is still a business that's growing.

It's top line.

It's revenue at a 13% to 15% rate, and their earnings are growing at a similar pace.

So you can get a great business that has a great moat and that we think is a winner in all of these tech tailwinds and this transformative technology.

You can get it for less than an S&P multiple, and it has double the earnings growth of the S&P 500.

So we still like it, but the market right now is sour on it.

Yeah, I mean, it's a great question.

I think big picture is the free cash flow, as you mentioned, right?

We've seen free cash flow come down dramatically given all the spend that's happening.

We're seeing companies like Amazon just a couple of days ago go out on the market and issue massive bond offerings to underwrite a lot of the infrastructure, AI infrastructure spending they're doing.

And so there is a capital and a cash flow question that has to be addressed, I think, in this earnings season.

But as I kind of back out and zoom out a little bit more and just look at what's happening in each one of these companies, I mean, we've been saying for some time that, you know, this used to be called Fang and then it was Mag7 and it's still Mag7.

But this idea that they all trade as like a monolith to us never made sense because these are individual companies with individual interests.

headwinds and tailwinds and management teams and balance sheets and opportunities and i think to your point on google um it's just amazing how quickly sentiment on wall street changes right because i think it was march april of 2025 forget the tariffs for a minute you can you can literally isolate those and remove them from the story

I heard so many people talking both just in conversations I have, but as well as out in the public square, in the media, talking about the death of the 10 blue links, right?

Google's business was going to be disrupted and disintermediated by AI and chat GPT in particular.

This was back when they were like the darling in the LLM space.

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