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Worried about AI capex spenders outside of Google, says DCLA's Sarat Sethi

Worried about AI capex spenders outside of Google, says DCLA's Sarat Sethi

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  1. 01 GOOGL NASDAQ ACHETER +8,58%
    Entrée $326,56 27 juil 2026
    Actuel $354,59 07 août 2026
    Résultat +$28,03

    when I look at an Alphabet, which is one of our core holdings

    Contexte "WHEN I LOOK AT AN ALPHABET, WHICH IS ONE OF OUR CORE HOLDINGS..."

  2. 02 AMZN NASDAQ ACHETER +19,34%
    Entrée $231,39 27 juil 2026
    Actuel $276,14 07 août 2026
    Résultat +$44,75

    we own Amazon on that side and the sunny side

    Contexte "WE OWN AMAZON ON THAT SIDE AND THE SUNNY SIDE."

  3. 03 QCOM NASDAQ ACHETER -5,68%
    Entrée $170,04 27 juil 2026
    Actuel $160,39 06 août 2026
    Résultat −$9,65

    You know I got Qualcomm and Nvidia there too

    Contexte "YOU KNOW I GOT QUALCOMM AND NVIDIA THERE TOO."

  4. 04 NVDA NASDAQ ACHETER +13,88%
    Entrée $196,51 27 juil 2026
    Actuel $223,78 07 août 2026
    Résultat +$27,27

    You know I got Qualcomm and Nvidia there too

    Contexte "YOU KNOW I GOT QUALCOMM AND NVIDIA THERE TOO."

  5. 05 MSFT NASDAQ ACHETER +29,27%
    Entrée $389,10 27 juil 2026
    Actuel $502,97 07 août 2026
    Résultat +$113,87

    I do like the company

    Contexte "I DO LIKE THE COMPANY, BUT I DO THINK THEY HAVE THEIR..."

  6. 06 NOW NYSE ACHETER +18,79%
    Entrée $105,56 27 juil 2026
    Actuel $125,40 07 août 2026
    Résultat +$19,84

    I think ServiceNow came out exactly what people said. They hit their numbers. They didn't say anything about, hey, we're seeing a softening in the back end. They are firing on all cylinders.

    Contexte "SO I THINK SERVICENOW CAME OUT EXACTLY WHAT PEOPLE SAID. THEY HIT THEIR NUMBERS... THEY ARE FIRING ON ALL CYLINDERS."

  7. 07 SYK NYSE ACHETER +0,20%
    Entrée $336,74 27 juil 2026
    Actuel $337,43 06 août 2026
    Résultat +$0,69

    Stryker, which is hips, knees, Thermo life sciences, even the J&J, these are high quality cash flow companies, really great balance sheets earnings.

    Contexte "STRYKER, WHICH IS HIPS, KNEES... THESE ARE HIGH QUALITY CASH FLOW COMPANIES, REALLY GREAT BALANCE SHEETS EARNINGS."

  8. 08 TMO NYSE ACHETER +4,02%
    Entrée $559,53 27 juil 2026
    Actuel $582,00 07 août 2026
    Résultat +$22,47

    Stryker, which is hips, knees, Thermo life sciences, even the J&J, these are high quality cash flow companies, really great balance sheets earnings.

    Contexte "STRYKER, WHICH IS HIPS, KNEES... THESE ARE HIGH QUALITY CASH FLOW COMPANIES, REALLY GREAT BALANCE SHEETS EARNINGS."

  9. 09 JNJ NYSE ACHETER -3,37%
    Entrée $265,95 27 juil 2026
    Actuel $256,98 06 août 2026
    Résultat −$8,97

    Stryker, which is hips, knees, Thermo life sciences, even the J&J, these are high quality cash flow companies, really great balance sheets earnings.

    Contexte "STRYKER, WHICH IS HIPS, KNEES... THESE ARE HIGH QUALITY CASH FLOW COMPANIES, REALLY GREAT BALANCE SHEETS EARNINGS."

Transcription Complète
WEEK, ALPHABET RAISED ITS CAPEX OUTLOOK FOR THE SECOND QUARTER IN A ROW. LAST WEDNESDAY, THE SHARES THINK ABOUT 7% ON THE ANNOUNCEMENT. MY NEXT GUEST SAYS ITS PARENT COMPANY IS BEING UNFAIRLY PUNISHED. LET'S BRING IN SARAT, CT, MANAGING PARTNER AT DCLA AND A CNBC CONTRIBUTOR. IT'S GREAT TO SEE YOU, SIR, AND I ALWAYS LOVE TO KNOW WHICH SIDE YOU'RE TAKING OF THIS. IS IT THAT YOU WANT TO SEE THOSE CAPEX PLANS RAISED OR YOU MAYBE PREFER A LITTLE BIT MORE DISCIPLINE? >> I WOULD PREFER MORE DISCIPLINE. BUT WHEN I LOOK AT AN ALPHABET, WHICH IS ONE OF OUR CORE HOLDINGS, THEY HAVE SO MANY DIFFERENT LEVERS TO TOGGLE. IF YOU LOOK AT, YOU KNOW, DEFINITELY IN THE GEMINI SIDE, BUT YOU'VE GOT YOUTUBE, YOU'VE GOT CLOUD. AND I THINK THEY CAN ALWAYS PULL IT BACK. IF AT SOME POINT TWO THINGS HAPPEN, ONE OF THE RETURN ON INVESTMENT IS NOT THERE OR THE MARKET BY ITSELF, WHICH IT DID LAST WEEK. BUT NOW AGAIN TODAY IT'S SAYING, HEY, LISTEN, WE THINK THERE'S ENOUGH GOING ON HERE. I WORRY ABOUT SOME OF THE OTHER COMPANIES THAT ARE SPENDING, YOU KNOW, WHAT'S GOING TO HAPPEN IN TERMS OF CAPEX FOR THEM. AND WHAT IS THE REACTION OF THE STOCK MARKET, BECAUSE THAT'S GOING TO BE THE REPORT CARD RIGHT THERE. >> AND WE I MEAN, OTHER AREAS OF WHERE THE MARKET HAS BEEN UNHAPPY. IBM COMES TO MIND. FORGET WHAT YOU WERE SORT OF SAYING ABOUT THAT ONE. SO, YOU KNOW, AS YOU SAY, YOU AGREE WITH THIS IDEA THAT CUSTOMERS ARE NOT SPENDING ON HARDWARE. WE'VE TALKED A LOT ABOUT WHAT THAT MIGHT MEAN FOR OTHER SOFTWARE NAMES. SO HOW ARE YOU POSITIONING NOW TO KIND OF NAVIGATE CONTINUE THROUGH THIS PERIOD OF EARNINGS SEASON AND THEN, YOU KNOW, INTO THE REST OF THE YEAR? >> SO IF YOU TALK TECH, YOU KNOW, DEFINITELY YOU'VE GOT THE ALPHABET ON THE SIDE. WE OWN THAT. WE OWN AMAZON ON THAT SIDE AND THE SUNNY SIDE. YOU KNOW I GOT QUALCOMM AND NVIDIA THERE TOO. AND WHAT I DO LIKE AND YOU KNOW THIS KELLY WE'VE TALKED ABOUT THIS FOR A YEAR SOFTWARE. AND IF YOU LOOK AT KIND OF WHAT IBM SAID AND YOU SAID WHAT SAP SAID, PEOPLE ARE STILL SPENDING ON SOFTWARE. IT'S THE HARDWARE THAT THEY'RE HOLDING BACK ON BECAUSE NOT ONLY DO THEY NEED TO MAKE SURE THAT THEY HAVE ENOUGH TO SPEND ON AI, THEY SOFTWARE AND SECURITY. SO THOSE ARE GOING TO BE IMPORTANT THINGS TO WATCH FOR, I THINK, GOING FORWARD. AND YOU'VE SEEN A LITTLE BIT OF REBOUND, AND I THINK MICROSOFT'S THE ONE THAT I KIND OF I'M WONDERING WHERE IT GOES BECAUSE IT'S ALREADY DOWN DOUBLE DIGITS SINCE THE BEGINNING OF THE YEAR. IT'S VERY SOFTWARE HEAVY, AND MOST OF THEIR MONEY IS BEING SPENT ON R&D. SO I DO LIKE THE COMPANY, BUT I DO THINK THEY HAVE THEIR, THE ONE OF THE FEW THAT HAVE TO SHOW THE RETURN ON INVESTMENT FASTER THAN THE OTHERS. >> WHAT DID YOU THINK OF SERVICENOW? AND I WILL POINT OUT TO YOU TO WHAT YOU WERE SAYING, THAT SALESFORCE EARLIER WAS LEADING THE DOW WITH A NEARLY 5% GAIN. >> SO I THINK SERVICENOW CAME OUT EXACTLY WHAT PEOPLE SAID. THEY HIT THEIR NUMBERS. THEY DIDN'T SAY ANYTHING ABOUT, HEY, WE'RE SEEING A SOFTENING IN THE BACK END. THEY ARE FIRING ON ALL CYLINDERS. AND NOW IT'S EXACTLY WHAT WE THOUGHT THEY HAVE TO. ALL THESE SOFTWARE COMPANIES HAVE TO EXECUTE, AND THEY HAVE TO SHOW PEOPLE THE CASH FLOW. THEY'RE GOOD BALANCE SHEETS. THEY'RE BUYING BACK SHARES. TODAY, SAP ANNOUNCED THEY'RE BUYING BACK BILLIONS OF DOLLARS OF SHARES. SO COMPANIES WOULDN'T DO THAT IF THEY DON'T HAVE CONFIDENCE IN THE FUTURE. RIGHT NOW, IT'S JUST WHERE THE ALLOCATION OF CAPITAL IS GOING. AND NOW YOU'RE SEEING THAT KIND OF MOVING BACK AND FORTH BETWEEN SEMIS SOFTWARE, HARDWARE. AND I THINK HARDWARE IS THE ONE THAT'S GOING TO LOSE THE MOST. BUT THE ONES THAT HAVE THE HIGHEST RETURN ARE GOING TO BE THE BEST RETURN ON INVESTMENT. >> WHICH IS ANOTHER, YOU KNOW, INVERSION OF THE NARRATIVE. EARLIER THIS YEAR, IT WAS HARDWARE AS THE NEW SOFTWARE. AND NOW YOU'RE SAYING HARDWARE SOFTWARE IS THE NEW HARDWARE. AND ANYWAY, SERVICENOW IS UP 9% FOR THOSE WHO ARE KEEPING TRACK. YOU GET THE FINAL MINUTES TO TALK ABOUT STRYKER, THERMO FISHER AND J&J. >> SO, KELLY, ONE OF THE THINGS THAT WE'VE SEEN IN THIS MARKET IS, YOU KNOW, MONEY WENT FROM VALUE TO MOMENTUM, AND THEN IT STARTED GOING FROM HIGH QUALITY GROWTH AND REASONABLE PRICE COMPANIES TO MOMENTUM. AND WE'RE SEEING THAT COME BACK. SO STRYKER, WHICH IS HIPS, KNEES, THERMO LIFE SCIENCES, EVEN THE J&J, THESE ARE HIGH QUALITY CASH FLOW COMPANIES, REALLY GREAT BALANCE SHEETS EARNINGS. AND I THINK YOU'RE SEEING MONEY COME BACK TO A HEALTH CARE SECTOR THAT'S THE SMALLEST IN THE S&P THAN IT'S EVER BEEN. SO WE'RE NOT TALKING ABOUT, YOU KNOW

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