Joanne Feeney
speaker
259 appearances
6 recordings
2 series
first heard Nov 2025
last heard 8 Sep
Joanne Feeney’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Sep 2026 with 1.
Appearances
I I Riley, I think we're gonna see uh always that conversation pop up whenever you see cross investments by companies, by buyers and their customers, uh and their suppliers.
So our view is that circular financing is really sort of an altern alternative way for companies to become more vertically integrated, to have more control over the inputs, uh the technology that they need to use to build up their capacity.
In the future.
And this is another example of that.
Investors still have the opportunity to diversify risk and pick the areas in which they want to have most exposure.
But these kinds of deals sort of combine the types of exposure an investor will get now with Amazon, because now owning Amazon means you're going to own a little bit of Qualcomm.
Um, but it but it's a really uh innovative idea for solving what is a complex financial markets problem, uh which is the limitations on borrowing, the different capacities of balance sheets by these companies, and it also creates long-term contracts.
And it gives uh Amazon more skin in the game at the Qualcomm level, which gives Qualcomm the confidence to be able to build up this capability and to take the risk.
risk of creating big design teams and putting the resources into that.
So it's a really effective way of sharing that kind of risk and it means that innovation likely happens much more quickly than it would otherwise occur.
So it it gets another supplier, it gets another uh designer, co-designer for chips, it gets more supply on the connectivity side and ultimately on the AI inference side.
It's already working with Marvell, and perhaps that, you know, one partnership uh could have been seen as too risky.
And so they get to diversify, which gives them better pricing power down the line for acquiring these chips, and it also gives them more.
More uh protection against NVIDIA's price levels, which you know ultimately probably uh soften a little bit with with this increase in competition among the chip designers.
You know, Broadcom is another player here that Amazon, you know, doesn't currently work with, but it is a way for Amazon to diversify and to get multiple sources for these chips in the future.
Yeah, and we should expect it to Riley, which really doesn't diminish the attractiveness of NVIDIA as an investment.
It is one of our uh holdings uh across a few of our different strategies.
We've known it for a long time.
Um the the thing to think about is the size of the market, how much that is growing versus market share.
You know, NVIDIA's been dominant, they've had massive and dominant market share, and we should expect that market share to fall as more players come in.
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