Pence: NVDA "Pivotal Chokepoint" of AI & Likes MSFT, AMZN, GOOGL in Mag 7

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1. 01 NVDA NASDAQ ACHETER +1,79%
   Entrée $219,74 18 août 2026

   Actuel $223,67 09 sept 2026

   Résultat +$3,93

   vs. indice +2,4% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …fficer, Pence Capital Management, thank you so much for being with us. So since you have Nvidia as a name you like, let's talk about it. I mean, they have a $350 price target. Do you see a lot of upside potential for Nvidia and if so, why. I do. I mean Nvidia still is the absolute choke point in AI. And they're absolutely essential to this growth which is still quite phenomenal. And when you think about it in most all these tech companies, what I'm liking is that the E is growing faster than the P. If you look at p e ratios, earnings …

   I do. I mean Nvidia still is the absolute choke point in AI.

   Aller

   Contexte extrait par IA "So since you have Nvidia as a name you like, let's talk about it." / "I do. I mean Nvidia still is the absolute choke point in AI."

2. 02 LMT NYSE ACHETER -11,70%
   Entrée $607,17 18 août 2026

   Actuel $536,15 08 sept 2026

   Résultat −$71,02

   vs. indice −11,0% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …t missiles, replacing all the Thad systems and the F-35. So they have $230 billion worth of order backlog. That's three years worth of revenue. Show me a company that's got three years worth of revenue locked in with a government contract. That's probably one you want to buy. Understood. Okay, so we covered some of the names that you're watching in the mag. Seven. Let's get to semiconductor equipment and some of the other names that you like in the semi spotlight. Tell me about some of those names and why this …

   That's probably one you want to buy.

   Aller

   Contexte extrait par IA "Lockheed Martin has a monopoly on replacing all the Patriot missiles, replacing all the Thad systems and the F-35. So they have $230 billion worth of order backlog..."

3. 03 KEYS NYSE ACHETER -2,93%
   Entrée $341,00 18 août 2026

   Actuel $331,01 09 sept 2026

   Résultat −$9,99

   vs. indice −2,3% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …some of those names and why this AI build out. Because it's you have names that go beyond just the mag seven. Exactly. You got to have it's not just the mag seven. It's all the essential components of the mag. Seven and so you take a look, I kind of like the four that we want to talk about. I call that test, test, connect and see and what I mean by that, what I mean by that is when you look at Keysight technology, which, you know, they're up about 80, about 66% this year, they've got some volatility. They're going to be annou…

   I kind of like the four that we want to talk about.

   Aller

   Contexte extrait par IA "I kind of like the four that we want to talk about. I call that test, test, connect and see... when you look at Keysight technology..."

4. 04 TER NASDAQ ACHETER -5,10%
   Entrée $404,29 18 août 2026

   Actuel $383,69 09 sept 2026

   Résultat −$20,60

   vs. indice −4,4% SPY −0,7% sur la même période

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   Contexte de la transcription source

   … tested. You don't want to build one of these data centers and all of a sudden have 1 or 2 faulty chips blow it down. So Keysight really works the testing of that to make sure when the chip goes in, it goes in. Right. And that's important. Then when you look at Teradyne, the same thing. Teradyne is a big a big tester of those things. And again, they're testing to make sure they're up 106%. I mean, it's an amazing company. And again, it's test equipment. So to make sure it works before it ships, and then you have Lumentum, which are light is the series. They're up like …

   Then when you look at Teradyne, the same thing. Teradyne is a big a big tester of those things.

   Aller

5. 05 LITE NASDAQ ACHETER +13,25%
   Entrée $873,31 18 août 2026

   Actuel $988,98 09 sept 2026

   Résultat +$115,67

   vs. indice +13,9% SPY −0,7% sur la même période

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   And then you have Lumentum, which are light is the series. They're up like 130%.

   Aller

6. 06 AMZN NASDAQ ACHETER -2,72%
   Entrée $259,45 18 août 2026

   Actuel $252,40 09 sept 2026

   Résultat −$7,05

   vs. indice −2,1% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …g at Amazon. They have the resources to spend a ton of money on R&D, Microsoft, a ton of money on R&D. If they're the biggest, you spend that much money on R&D, 2% of your sales, 2% of that much, you're going to come up with something. And I think those are going to continue to lead this. And then you have you have some other ones. I love when we take a look at a company like ASML, ASML makes, they're the only people that make that extreme ultraviolet light machine. And so they're absolutely. You can't have it's kind of lik…

   I think those are going to continue to lead this.

   Aller

   Contexte extrait par IA "When you take a look at Amazon and Google... major technology companies..."

7. 07 GOOGL NASDAQ ACHETER -3,94%
   Entrée $344,20 18 août 2026

   Actuel $330,65 09 sept 2026

   Résultat −$13,55

   vs. indice −3,3% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …g at Amazon. They have the resources to spend a ton of money on R&D, Microsoft, a ton of money on R&D. If they're the biggest, you spend that much money on R&D, 2% of your sales, 2% of that much, you're going to come up with something. And I think those are going to continue to lead this. And then you have you have some other ones. I love when we take a look at a company like ASML, ASML makes, they're the only people that make that extreme ultraviolet light machine. And so they're absolutely. You can't have it's kind of lik…

   I think those are going to continue to lead this.

   Aller

   Contexte extrait par IA "When you take a look at Amazon and Google... major technology companies..."

8. 08 MSFT NASDAQ ACHETER +2,08%
   Entrée $481,63 18 août 2026

   Actuel $491,65 09 sept 2026

   Résultat +$10,02

   vs. indice +2,7% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …ant. There's two characteristics. You're either brilliant and do one thing really, really well, or you're big and you spend a ton of money on R&D. And so now you're looking at Amazon. They have the resources to spend a ton of money on R&D, Microsoft, a ton of money on R&D. If they're the biggest, you spend that much money on R&D, 2% of your sales, 2% of that much, you're going to come up with something. And I think those are going to continue to lead this. And then you have you have some other ones. I love w…

   Microsoft, a ton of money on R&D.

   Aller

   Contexte extrait par IA "...Microsoft, a ton of money on R&D..."

9. 09 ASML NASDAQ ACHETER -4,07%
   Entrée $1 802,98 18 août 2026

   Actuel $1 729,52 09 sept 2026

   Résultat −$73,46

   vs. indice −3,4% SPY −0,7% sur la même période

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   Contexte de la transcription source

   …ompany like ASML, ASML makes, they're the only people that make that extreme ultraviolet light machine. And so they're absolutely. You can't have it's kind of like this. You can't have AI without Nvidia. You can't have Nvidia without TSMC. You can't have TSMC without ASML. So you get all of these essential companies that that are going to have a complete bid to them. I know you had micron on your list as well. And just AI subscription and AI adoption and how it just continues to grow. So you're a big believe…

   You can't have TSMC without ASML.

   Aller

   Contexte extrait par IA "You can't have AI without Nvidia. You can't have Nvidia without TSMC. You can't have TSMC without ASML."

10. 10 TSM NYSE ACHETER +5,31%
    Entrée $413,41 18 août 2026

    Actuel $435,36 09 sept 2026

    Résultat +$21,95

    vs. indice +6,0% SPY −0,7% sur la même période

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    Contexte de la transcription source

    …s. I love when we take a look at a company like ASML, ASML makes, they're the only people that make that extreme ultraviolet light machine. And so they're absolutely. You can't have it's kind of like this. You can't have AI without Nvidia. You can't have Nvidia without TSMC. You can't have TSMC without ASML. So you get all of these essential companies that that are going to have a complete bid to them. I know you had micron on your list as well. And just AI subscription and AI adoption and how it just continue…

    You can't have Nvidia without TSMC.

    Aller

    Contexte extrait par IA "You can't have AI without Nvidia. You can't have Nvidia without TSMC. You can't have TSMC without ASML."

11. 11 MU NASDAQ ACHETER +9,25%
    Entrée $940,76 18 août 2026

    Actuel $1 027,77 09 sept 2026

    Résultat +$87,01

    vs. indice +9,9% SPY −0,7% sur la même période

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    Contexte de la transcription source

    … You can't have it's kind of like this. You can't have AI without Nvidia. You can't have Nvidia without TSMC. You can't have TSMC without ASML. So you get all of these essential companies that that are going to have a complete bid to them. I know you had micron on your list as well. And just AI subscription and AI adoption and how it just continues to grow. So you're a big believer to make sure that people are invested in this way. All right. I look at it this way. If you're not investing in the future, you won't be part of it. Okay. Dryden Pence, Chief Investment

    I know you had micron on your list as well. And just AI subscription and AI adoption and how it just continues to grow.

    Aller

12. 12 TDY NYSE ACHETER -9,01%
    Entrée $665,00 18 août 2026

    Actuel $605,08 08 sept 2026

    Résultat −$59,92

    vs. indice −8,4% SPY −0,7% sur la même période

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    Contexte de la transcription source

    … really fast. And the technology that does that becomes essential. And then the last one that we've talked about, and we can circle back to any of these, if you want to go deeper, is, is, is Teradyne. And you know, our Teledyne rather, and Teledyne is they're really the eyes of AI. It helps, you know, we're just scratching the surface on robotics and all of these other things. So these are companies and it's like 31% this year. But I think this one is one that has a lot of room to run, because it's essential to the vision of AI. And we think about how it's changing and evolving. Because one of the things you talked about was as AI, the chips become bigger, larger, more expensive, more manufacturing. It requires more testing. Exactly. So it seems pretty simple to y…

    Teledyne is they're really the eyes of AI. It helps, you know, we're just scratching the surface on robotics and all of these other things. So these are companies and it's like 31% this year. But I think this one is one that has a lot of room to run, because it's essential to the vision of AI.

    Aller

    Contexte extrait par IA "...and the last one that we've talked about... is... Teledyne is they're really the eyes of AI... But I think this one is one that has a lot of room to run..."