Tiffany Wade

We don't have a ton of additional details on what these tariffs might look like.

So I think this is just a reflection of broader selling in the market that's hitting the largest names the most today.

Some are getting love.

Intel is actually getting love at the start of the year more broadly.

And they're still going to be our winners.

And how nuanced do you need to get on name by name?

Yeah, I think we're definitely seeing people try to pick spots outside of the main winners so far, so outside of the NVIDIAs and the Broadcoms, trying to look for other ways to play the AI trade.

Intel's been a case of that.

We've seen the semiconductor equipment stocks have done well so far to start the year.

The memory stocks are also ways that people have tried to play this sort of broadening AI exposure.

Intel, I think, is a trickier one because they do still have trouble with their foundry business.

But I think there's definitely some other opportunities where investors are looking for other ways to play the AI trade.

Are you looking at other ways to play the AI trade?

NVIDIA is such an important part of some of the portfolios you run.

Yeah, I think the fundamentals for NVIDIA are still very good, but I think it makes sense that people are looking for what the next leg of the value trade may be for AI.

So we're certainly looking at other parts of tech like the semi-cap equipment companies, but also companies that are involved in the infrastructure build-out for AI, so things like electrical equipment.

Yeah, I think especially for the largest hyperscaler names, we need to see continued acceleration and growth of the cloud businesses.

And then we also need to see the CapEx numbers remain stable or higher for the year.

And I think those are kind of the two large indicators that we'll be looking at from those companies in particular.

I think in the near term, it's the Mag7 and especially Amazon, Microsoft, Google, and then Meta also, which had a big CapEx announcement last quarter.