Jeff Wang

pool of spend is going to shrink in terms of the number of companies, but the amount that each individual company is going to spend is also going to go up. There is real overinvestment risk, I think.

pool of spend is going to shrink in terms of the number of companies, but the amount that each individual company is going to spend is also going to go up. There is real overinvestment risk, I think.

The way that we've decided to invest in AI in the public markets, we have some investments that are semiconductor or hardware stocks that power AI, but we more so invest in the application companies that over time I think will profitably infuse AI into their products. So if you can buy a nice core business with a call option on AI, I think that is a very good way to play it.

The way that we've decided to invest in AI in the public markets, we have some investments that are semiconductor or hardware stocks that power AI, but we more so invest in the application companies that over time I think will profitably infuse AI into their products. So if you can buy a nice core business with a call option on AI, I think that is a very good way to play it.

The way that we've decided to invest in AI in the public markets, we have some investments that are semiconductor or hardware stocks that power AI, but we more so invest in the application companies that over time I think will profitably infuse AI into their products. So if you can buy a nice core business with a call option on AI, I think that is a very good way to play it.

What's the example of that? ServiceNow is a really interesting way to play it. So it's got obviously a very good underlying core business. And I don't know that ServiceNow has necessarily the biggest opportunity in AI, but it's a very clear opportunity. IT ticket deflection is purpose built for AI. To be able to deflect tickets, to resolve them automatically, that is very clear.

What's the example of that? ServiceNow is a really interesting way to play it. So it's got obviously a very good underlying core business. And I don't know that ServiceNow has necessarily the biggest opportunity in AI, but it's a very clear opportunity. IT ticket deflection is purpose built for AI. To be able to deflect tickets, to resolve them automatically, that is very clear.

What's the example of that? ServiceNow is a really interesting way to play it. So it's got obviously a very good underlying core business. And I don't know that ServiceNow has necessarily the biggest opportunity in AI, but it's a very clear opportunity. IT ticket deflection is purpose built for AI. To be able to deflect tickets, to resolve them automatically, that is very clear.

That is a very, very clear use case in my mind. I don't know if it will be the biggest use case right now with all the incremental innovation that there is in models. I think coding could obviously be a much bigger use case. But in terms of clarity, ServiceNow's opportunity, I think, is one of the most clear.

That is a very, very clear use case in my mind. I don't know if it will be the biggest use case right now with all the incremental innovation that there is in models. I think coding could obviously be a much bigger use case. But in terms of clarity, ServiceNow's opportunity, I think, is one of the most clear.

That is a very, very clear use case in my mind. I don't know if it will be the biggest use case right now with all the incremental innovation that there is in models. I think coding could obviously be a much bigger use case. But in terms of clarity, ServiceNow's opportunity, I think, is one of the most clear.

Then I'd also argue that overinvestment in the semiconductor and foundation model layer actually should accrue to application companies over time in the form of more better AI capabilities that we can infuse at lower cost.

Then I'd also argue that overinvestment in the semiconductor and foundation model layer actually should accrue to application companies over time in the form of more better AI capabilities that we can infuse at lower cost.

Then I'd also argue that overinvestment in the semiconductor and foundation model layer actually should accrue to application companies over time in the form of more better AI capabilities that we can infuse at lower cost.

I think Nvidia's price is reasonable if you think it's gonna continue to keep going. So Nvidia trades at what, 25 times next year earnings. I think the bigger question is what does 26 look like? You know, hyperscaler CapEx is going up. I think it's going up at a rate that is surprising to us. It's grown what, 50% year over year this year. 25 grows another 30%.

I think Nvidia's price is reasonable if you think it's gonna continue to keep going. So Nvidia trades at what, 25 times next year earnings. I think the bigger question is what does 26 look like? You know, hyperscaler CapEx is going up. I think it's going up at a rate that is surprising to us. It's grown what, 50% year over year this year. 25 grows another 30%.

I think Nvidia's price is reasonable if you think it's gonna continue to keep going. So Nvidia trades at what, 25 times next year earnings. I think the bigger question is what does 26 look like? You know, hyperscaler CapEx is going up. I think it's going up at a rate that is surprising to us. It's grown what, 50% year over year this year. 25 grows another 30%.

Is it 30% higher? I mean, 30% higher, I think would effectively eat away every single dollar of Google EBIT. So what does happen? I think it's a great question. This is where being a hedge fund is actually helpful for investing in something like AI. So we can invest, obviously, as I mentioned, in the application companies.

Is it 30% higher? I mean, 30% higher, I think would effectively eat away every single dollar of Google EBIT. So what does happen? I think it's a great question. This is where being a hedge fund is actually helpful for investing in something like AI. So we can invest, obviously, as I mentioned, in the application companies.

Is it 30% higher? I mean, 30% higher, I think would effectively eat away every single dollar of Google EBIT. So what does happen? I think it's a great question. This is where being a hedge fund is actually helpful for investing in something like AI. So we can invest, obviously, as I mentioned, in the application companies.