Seth Fiegeman

So that points to still a lot more potential upside from here.

And the story hasn't really changed.

People continue to see a lot of long term demand for all kinds of AI related hardware and infrastructure.

And certainly it will expand out a little bit.

NVIDIA has a very important software business, for example.

But in general, this is all about the GPUs that have been driving the AI trade really for the past couple of years now.

Yeah, absolutely.

So really the poster child on the other end of this trade is Meta.

That stock fell quite sharply last week after it came out, really talked about its expense growth, its capex growth.

It's talking about taking write-offs and all of this.

I think there is more skepticism.

People want to see that all of this spending is being done in a diligent and disciplined kind of way and that this is really going to lead to some kind of pronounced return on all this investment.

Now, I think there's still a lot of support for AI related strategies overall, especially at companies like Amazon and Alphabet, which are showing a pretty direct link between all of this spending and improved performance in their cloud computing businesses.

But for someone like Meta, which doesn't have an equivalent cloud type business, the story is getting a little bit trickier for them.

People are getting a little bit more discerning.

And like you said, we did see the stock come down last week as I think people just are maybe getting a little bit of cold feet.

Yeah, certainly.

I mean, it's not purely an NVIDIA story anymore by any stretch of the imagination.

Anything that is involved in any kind of components here, I mean, we've certainly seen Broadcom, another major winner, Micron storage companies like Seagate and Western Digital.

These have been some of the biggest performers of the year.