Did You MISS Nvidia? The Next Winner Is Hiding in Plain Sight | Feat. Couch Investor

If you want the next Nvidia, the next AMD, it seemingly is staring you right in the face. According to them, ASIC volume could surpass GPU volume from 2027 onwards, which means even higher growth potential than what Nvidia and AMD are putting up. Am I wrong here? Do Do you own this name? If Entropic goes to zero tomorrow or poof, it disappears tomorrow. AI is not disappearing. The need for compute is not disappearing. is just going to shift from entropic to chat GPT to meta to to open source models etc etc but obviously 50% of every dollar that I have is in Nvidia that's my biggest bet how are you brother >> doing well doing well enjoying the conversation >> are you uh I know that you've been well I'm sure you've been following the Clarity Act thing but are you involved in any of those crypto names? No, I mean only indirectly through a Robin Hood or maybe a Sofi, but other than that, >> not really. >> You don't have seen >> that it didn't pass, >> but it I I saw that not only did it not pass, it didn't even get to the stage where they get to vote for it. >> Well, if if it did get past Cloer, then it would have passed. Uh, I think it was the the votes needed to pass the cloer was higher than the actual votes needed to pass the clarity act. So that was the real vote essentially. But yeah, it was a blowout. It was I think there was more nos than yeses. So not good. But I wanted to talk a little bit about um the current state of the market. Obviously we have the potential for rate hikes tomorrow. We have AI doomerism. There's a lot of potential macro concerns. Well, like and in the midst of all of that, we're seeing the biggest spending craze, unbelievable earnings beats. Like, it it seems like the real evidence, the stuff that's actually here today is very good, but the potential for tomorrow is very, very scary and off-putting. And I want to know how you invest around that. The thing is, a year from now, do we believe that energy prices, oil prices are going to be above $100 or not? In my opinion, no. So, everything else follows, right? Because that that's the huge contributor to inflation. So, if a year from now we will have oil prices under $100, in my opinion, then okay, whatever happens tomorrow and over the next couple of weeks and months, I don't care. Like 5 years from now, you wouldn't even know what the heck was going on in September, October of of 2026. Just that we we we forgot what happened 3 years ago in September in October. Like what was it also? I think three years ago uh 10 year was at 5% or or whatever. Do do we do we remember? No. Now we know cuz we compare it. But other than that, we already forgot that it went to 5%, then it dropped all the way down to 3.8%. In a matter of a couple of months. Could the same happen now? I don't know. Um, we're definitely in a better place. I would say inflation is still here, but it's much slower than back in 2023. GDP growth is there. You've got huge spending, huge investments across the board. Yes, it's it's energy prices that is super high that is screwing everything over as of right now. And I I said before I would not be surprised if the Fed does nothing tomorrow because a 25 basis points hike is it going to do something at this range? It's not like we're at 2%. Like we aren't even that low either. So I wouldn't be surprised if if we stay at the same range tomorrow. >> Yeah. Yeah. But what would you prefer them to do? A 25 basis point hike now and then a 25 basis point hike later or come December do a 50 basis point or 75 basis point like all at once because that would make a difference but that would be you know the times that we've done 50 basis point hikes at once there's it's almost been a recession immediately. >> Yeah. But they could do nothing tomorrow and 25 in December. >> Yeah. Yeah, but if it's not if it's not a big enough step today, then that would be even less of a big step. >> But then then their projections for 27 would be we are going to or expected to increase maybe a little bit more than previously expected based on the data that's available to us etc. Cuz I mean the the the reports that we've gotten since the last meeting were weren't the worst ones. Even the CPI report, one one thing came in a bit hotter than expected, but it's not that everything is out of control like 3 years ago or so. >> Well, it it came in line with the expectations, but the expectations were pretty high, you know. I think it was like 4.3% year-over-year or something crazy like that. That's a long way from a 2% inflation goal. >> Yeah. Okay. But the 2% I mean I think the conversation around the 2% this year should have never been in the conversation to start with. Um but if we do believe that we are going to go into a period where economic growth is going to stay quite high where AI does deliver deflation over time then then okay but if not then yeah then then maybe that's a a different situation which is why I'm not part of the Fed uh and I'm not Fed chair and not here to make these decisions and look that there is a reason why all of the big investors, legendary investors don't spend that much time on on these types of things anyways. >> Yeah. No, I think um Kevin Wars is a different breed. So, uh I find it harder for me to believe that we're going to see a rate hike than if let's say Powell was in. I would definitely believe that we were going to see a hike. But there was already three descents against the chair, you know, last meet and maybe things have not gotten better or at least on the job side, things have definitely gotten better. And so the need for a rate hike or to keep rates stable has actually like there's less need for that. It's not just the pull to the hike. It's how much do you need the the cut? what what like does the dual mandate get um more evened out if especially if the jobs uh data is better than expected then we're we're fine to hike even more then as Trump complained that good news is almost bad news and we've seen that I think when was it Friday right where the markets suddenly flipped green when the news wasn't the best out there but I don't know it it would be you increase interest rates you are slowing down the momentum of maybe the economy and a lot of companies. What's the point in that if really high oil prices are are the majority of the reasons why inflation is is still high? I'm not and by the way, I'm not saying that the Venezuela deal blah blah blah is going to have any effect anytime soon. It's it's not it's a good headline, but it's not going to do much in the in the short run. >> Sure. Sure. Now, um, outside of just purely rates, a lot of the AI companies who are trying to facilitate this growth are getting hammered because of these AI extinction fears. Nvidia, for example, it's not that we know that the chips aren't going to start melting that have already been sold, but potentially if we are pacing the frontier, that future chips for pre-training might end up slowing down. And that's Nvidia's bread and butter. So, has the bull case on Nvidia changed since these comments from Jacob Coxin and the fears around AI extinction? I mean, I I I think now we see why Nvidia has invested so much in open source models and then the open way and and all of that because and and I liked I like what he said out loud during the uh all-in summit >> when when they talked about the fact that these companies, these private companies are super loud and that previously when you were building your company, you were building your company in silence. >> Yes. Right. >> Yes. And it's true like I think we've we've spoken about this many many times like every single thing needs to be amplified. There is a pre-announcement to a pre-announcement to an update like who like just come out. Imagine the iPhone right before the iPhone got announced suddenly had pre-announcement little teasers here and there and then for every iOS update we get like huge and who who cares? The majority of people don't really give a about benchmarks anyways. Like can I spend more tokens on on a problem? Is it going to be faster? Is going to be accurate? And how much is it going to cost me? That that's that's what people want. Um I don't see Nvidia going anywhere. And as as we've said many many times, if entropic goes to zero tomorrow or poof, it disappears tomorrow. AI is not disappearing. The need for compute is not disappearing. It's just going to shift from entropic to Chad GPT to meta to to open source models etc etc. So the these companies they they might be very important but I do think they feel or they felt like they were gods in this arena and slowly but surely they noticed that they are not. Slowly but surely they noticed that suddenly Meta with the super profitable core business model comes out with Muse and you get to have what is it 100 million tokens per week for free. >> Yeah. and they're like, "Oh, maybe we should slow things down." If you think you need to slow things down, you slow things down. Deal with your own issues. Let the others continue to do what what they've been doing. And the others didn't have that many issues anyways to start with. So, >> yeah. Yeah. I mean, that's that's a good way to put it. I love that stance from, you know, David Saxs. If you guys want to slow down, you all have each other's phone numbers. You know, there's only like four of you. It's not trying to get uh hundred different companies in a row. It's, you know, anthropic, open AAI, SpaceX Meta maybe Gemini, like the the frontier is few and far between. Um, and we see a report today that I think OpenAI and Tropic and Google have been in discussions around safety stuff more recently. But there's also some claims that that might even in increase AI spend because now you're not going to slow down on the developments of new models. You now need to spend almost additional clusters on alignment that there's another area of spend that you're going to need to put compute towards. >> Yeah. But I don't know. It's funny like Sam Alman today after saying that we need to slow down the pace of the frontier said this is a huge week for shipping new products for us today and or or this week and then next week is their dev day on September 29th or sorry in two weeks. And so they are pushing ahead like crazy. It just seems like a big marketing stunt to me that's going to blow over the same way that anthropic opus models being conscious before that and GPT2 was being posed as being an extreme threat to humanity. GPT2 like ones that could barely put together sentences. Yeah. Sorry to say, but even today, you know, the AI doesn't even know what day it is today. >> Yeah. >> Like Yeah. like, "Oh yeah, yesterday Tuesday was like, no, yesterday was not Tuesday." Like, can you not use a calendar? Like, oh, how stupid are these? Even today, the the models are sometimes very very dumb. >> Yes. >> But but they'll take over the world and wipe us all out. Okay. >> They will wipe us out just on the wrong day. >> Yeah. Um, but I'm curious how you're actually playing this in terms of your investments. Are you taking this as a buy the dip opportunity or are you keeping a little cash on the side for after FOMC? So what we've seen yesterday I don't know what happened throughout today's uh market but yesterday was was the market like giving us a little preview to what might happen when we are going to really see capex growth slow down cuz yesterday we saw all of the semiconductor names Neoclouds as well drop while all of the big tech players go up. So everyone that's every company that's investing a lot free cash was under pressure they went up yesterday. >> Yeah. >> If we do have a slowdown which again I do think we're going to naturally have a slowdown in capex growth. That doesn't mean that the dollar amount goes down just the rate of of increase slows down which is normal. um we are going to see these companies again generate billions of dollars in free cash flow because their core business is just so good cash from operating activities for all of these companies have gone up and to the right so nothing really changes there um and then as for the semiconductor names what are we suddenly going to see a reduction in demand all of them are still catching up to demand so even if we do see a slowdown it's not going to happen this year certainly not next year and 2028 looks like a year where all of them are still going to experience growth. So it's it's yeah it's it's by the weakness in very good companies. Um the big tech names I still think that Meta is is ridiculously undervalued especially now I mean not especially but now the market starts to give it a little bit more respect. Although today I don't think it it reacted at all on the new subscription plans that it released. I think the market underestimated the reach. Like how many times do we have to talk about there over three billion users across the ecosystem. Uh the fact that they can like they can market their own new releases for free to three billion users. See, you know what's so funny about how many users they have is they have something like 3.5 or 3.6 six billion. But you're just saying the round, but the rounding is 500 million people. >> Like more than, you know, the next biggest competitor on Earth is how much you're rounding by. You're rounding by bigger than X. >> Yeah. Let's let's give it three billion because maybe there are 500 million that just don't care about all of this. So, we'll we'll just look at the three billion as if that's not big enough. Sure. But it's uh yeah if I don't know M meta is like $800 stock trading at still $64050 right now. All of the big tech companies are in my opinion very cheap compared to compared to some other names in the market because again I'm going back always to the same point the core business is very profitable. If we're only looking at free cash flow right now, then yes, okay, free cash flow is under pressure, but the core business for all of them is is extremely extremely good. Then you've got some other names. I know that talking about fintech right now might not be the the sexiest thing out there because of their environment. I mean, new has made some big announcements more recently. >> Thank you. >> Um, I think SoFi is still very undervalued. Um, >> did you see by the way that the uh the new bank new global product was in partnership with DLO? >> Yes. >> Yes. So, this is something I wanted to say last week when we were streaming >> Oracle, but for some reason I didn't want to bother anyone with that cuz other than us two, I don't think that many people follow both companies. But okay. Yeah, I saw that. Um but yeah, fintech is fintech seems or some names in fintech cuz Robin Hood they did have a good run more recently but fintech does seem like a segment in the market where maybe some software names were in as well earlier this year where it's don't want to touch it because there's zero momentum around the stock. The business is still growing but the stock is is under pressure because of the rate environment and things like that. So eventually it will flip. I don't know when. Yes, it might be opportunity cost. Who knows? I don't know. I don't I don't don't have a crystal ball, but there are definitely some some good companies out there. And then there is Nebus. Can't uh can't not talk about Nebus. It's uh >> even if you have a >> probably 20 28 209 something like that. 20868 on Nebas. 56 billion market cap. That's a a good looking stock for you right now. >> For us, no. >> Oh, yeah. No, it's um not only am I invested, I'm locked in because I got covered calls that are way out in on the runup this severe runup into the 300s. I uh I got caught out and rolled really far out. So, I'm I'm in it regardless. But no, I'm definitely very >> I also had a covered call >> and thankfully cuz I did have like a a sell a buy order in case it dropped by 50%. Cuz I had one for December cuz I also had to roll it up and out for December. I think it was 320 or something like that. And because we went two weeks ago went just under 200, then I just bought it back and now I'm at a much lower and shorter um time frame. But yeah, Nebus is also one of those names where again AI is not going anywhere. Open- source models are not going to go anywhere anytime soon. I think the popularity around them is just going to increase over time. And the fact that they are very well connected with Nvidia, now with Palanteer, the enterprise space is huge for them. It's yeah, it's if we do drop again under 200, I thought we would on Monday, but Monday didn't well, it wasn't that scary at the end of the day, right? Everybody was, oh, Black Monday. Yeah, I thought it would be a deepse I mean equivalent, but nothing. It was not nearly as bad as um I think some people thought it was going to be. I I think you're correct. A lot of people suspected a lot of the semi names to be down 8 n 10%. And I think you know we were down probably closer to two. Still bad, but uh Nvidia actually held on. Now I have a bet for the end of the year with Stephen >> 250. It's further than where I thought we would be from that goal. We're at uh 212 right now. We were 230 something few weeks ago. Am I going to win this bet? You asked me this last week as well and I said tricky now, but maybe tomorrow it's back at 220. I mean tomorrow late tomorrow could be it is quite crazy that Nvidia is I mean it's a almost a $5 trillion company but valuation wise I think by fisc I saw it uh today by fiscal 28 it's expected to generate close to half a trillion dollars or so in free cash flow or something close to it let's call it 400 billion >> Wall Street's even off on their predictions we were just looking at that today they don't even expect them to grow by 70% So, do you believe Jensen or do you believe Wall Street? And if you were to adjust for what Jensen said that not only are they going to grow by 70% that that's a supply constrained number, so maybe 72%, maybe 75, maybe higher. Um, I'd like to see how many additional billion dollars of operating profit that ends up generating for them, you know. So, um, Wall Street's being very conservative in their estimates while still putting $315, $350 price targets. >> They're low on the financials, high on the price target. >> Yeah, the price targets. Yeah, the price targets most of the times are just >> BS. It's like with meta. It's like, oh, suddenly we go back like people come out with their $735 price target. Like, okay, cool. It's back to where it was previously. I agree, but I usually think that those price targets are conservative so then they don't come out and like, you know, lose their job. They're they're not trying to make claims that no one else is making. The fact that they're all so bullish on it and kind of sticking their neck out a bit, I think is going to show just how truly bullish they are on this company. >> Not one institution, but Wall Street in general. You're having essentially a combined couple thousand of Wall Street analysts taking a look at this. >> It's pretty interesting. >> I mean, worst case scenario for them, if the stock is at 250, they can just suddenly release a new note. Oh, we are upgrading. >> Yeah. Yeah. That's fair. >> Yeah. But no, it's it's crazy when you think about it. like over 800 close to $900 billion in revenue, over $400 billion in free cash flow two years from now, two and a half years from now. And people complain that Nvidia is let's say sponsoring the AI ecosystem like what do they want? What do you want them to do with their money? Like how much how many shares do you want them to buy back? How many how much dividend do you want? Of course, they're going to invest in the ecosystem, in the supply chain because it makes the whole ecosystem healthier, which makes their company better because more companies can buy from them and get built. So, can call it circular financing, but uh what else would you want them to do? Only buy back shares and buy treasury seems to be the only appropriate thing that a company of that scale can do with their money. But obviously Nvidia is doing the right strategy cuz not only are they securing a lot of supply and those customers that they're giving their money to are buying their chips, but also the returns of those shares have done well. You know, I think in public equities they've expended something like 13 billion and their equity position in public business is worth like almost 50 billion. So they're up like more than triple. So they're winning twice. I don't know. I like it. You can call it circular financing, but it's working. Um, there's a couple other names that I've been taking a look at. Oracle and Broadcom have been some of the big tech names that people don't put in the list of mag sevens, but these are gigantic businesses uh that also have extremely high potential for for future growth. I'm curious how you look at those names if those are worth it in your portfolio. So I looked at Oracle today as well because I was I was thinking about okay what names look interesting in today's market that I I I do not own. So I looked at Oracle and it does look very interesting especially yes if you look at the earnings multiple it's growing it's acceleration it's accelerating and okay there is the the huge pile of debt that's that's out there I understand >> went down a little bit >> yeah went down a little bit I mean if they if they continue to accelerate growth it should be fine um but then I asked myself do I need another one like Do I need an extra name in in that basket? I don't know exactly what the ship happened, ladies and gentlemen. Um, we got to do another Wednesday episode here soon. It's been a bit >> tomorrow, but I don't know if it's happening. I like I haven't >> You guys don't message me. First of all, you messaged me on X before and my last message was don't message me on X and message me on WhatsApp so I don't miss this message. And you messaged me again on X >> and here you are. So, it seemed to work. You turns out you do answer it. >> You're very lucky that I checked the the the chat because I usually don't. But I think tomorrow's still on. I think tomorrow is still on. >> Okay. >> Um Barcom I haven't checked recently. I just I don't know what did the stock What did the stock do? >> I know the business is doing well, but did the stock crash or I have a huge >> So we uh for Broadcom, we're down another 1.4%. So I can share my screen here. >> Um this is the surprising part. So we ended up seeing earnings most recently but even before that we were at a high of 295 and came crashing down and then this earnings we are falling even further than where we ended up showing off earnings. The interesting part was that we saw midterm guidance. So they said that their AI solutions which makes up for the majority of their revenue is going to grow 100% in 2027 and then double again 100% in 2028. And whenever I take a look at that company's PEG ratio, it's something like 0.5 right now. And Wall Street estimates are I mean, I would put it a little conservative. That's an extremely low price to pay for a company that gave you midterm guidance. It's not just we're going off Wall Street's kooky numbers. We're going off of what Hawk Tan, the CEO, ended up saying. You have Meta saying that they're on track with an AI chip that's going to save them money designed by Broadcom. OpenAI huge success right now with Astra. They're going to become Broadcom's second largest customer and they are already working on the second and third generations of their Jalapeno chips. And then obviously TPU Google has the most successful custom ASIC program outside of Nvidia and AMD. Like so um it's just surprising that this company is getting sold off when this is seemingly where the market is going. There's there's definitely an area for custom AS6, meaning chips that are outside of the regular GPUs that are designed for specific AI workloads. And it's being purchased by the largest customers in the world. Microsoft, Meta, OpenAI Google. Can you find larger customers than this? >> Oracle has six customers total. Six. And they want to double revenue and double it again the next year. >> Oracle >> uh Broadcom, sorry. >> Can Can you pull up the >> the link that I I sent just to reinforce your point? Oracle has like one customer and that's OpenAI. But let's go ahead and share this real quick. >> So you want to speak to this? >> Yeah. So to reinforce your point, as you can see right here, this is again from JP Morgan's projections, but according to them, ASIC volume could surpass GPU volume from 2027 onwards. Yeah. which means even higher growth potential than what Nvidia and AMD are putting up peg ratio.5. If you want the next um the next Nvidia, the next AMD, it seemingly is staring you right in the face. Am I wrong here? Do do you own this name? >> I do not own this name. But then you know I always come back to okay but what about Nvidia PEG ratio there seems to be also.5 or 6 with a forward P of 17.6 times >> and yeah that's the do you go and look at a $5 trillion company or do you go and look at what is Broadcom now at 1.6 six. I guess I guess that that will become the question, right? Who can grow faster market cap wise? Um, Nvidia at 5 trillion or Broadcom at 1.6. You could make the case that 1.6 is much easier, right? Because you can go, you can double and you can be still what is a top four company on the planet. Um, and it is possible. Could Nvidia double? It could, but it's much it's much harder to go from five to10 trillion dollars, >> I think. And by the way, I see some comments about the Oracle one customer thing. It was a joke. That's why Neil left. Um, so just a little jokey. Um, but >> but it's true. >> But $300 billion of the backlog is OpenAI. >> But I'm not lying at all. And they have one customer. No. Um it it's it'll be their biggest customer by far. Um so I I was just going to say I think the same thing that Oracle and Broadcom are facing right now that's separate from um Nvidia AMD and these sort of names or even you know you brought up Nebus is the concentration in that revenue whenever we talk about the doubling for next year and the doubling after that that is you know 60% of their revenue the other 40% is in you know networking which is obviously expected to do very well, but a lot of um components, routers, modems, cyber security, they're in so many other things that are not expected to grow as fast as that area that is diluting their growth. Same with Oracle. There's a lot of areas that are doing extremely well. There's a lot of areas like Netswuite, for example, which is still growing, but it's like single like low single digits that is diluting their overall growth. Now, maybe that's diversification, you know, maybe that's maybe that's good for for potential downside. But I think that's also the question that some investors are getting themselves into right now is do you want to buy the oracles of the world or do you want to buy a very very focused name like Cororeweave Iren Nebius that if they are to do well in those specific areas like more more um cloud customers that's the only thing that they're betting on and so the the impact on their total revenue will be much larger. Yeah, you're asking some good questions here >> and it seems from the standpoint from you, you said uh you're not holding Oracle, you're not holding Broadcom, but you are betting on Nebus and and I had AMD and I have AMD, still have Micron, still have corewave. So that thing is I am exposed to the growth. >> No, the answer is I am exposed to the growth. just how much more exposure do I need of the same story? That's that's that's I guess the the question here cuz it there there is no scenario where one does well and the other ones do not do well at all >> cuz spending cycle if it does come down drastically I I I assume it it's going to hit Micron and AMD and Nvidia Broadcom etc etc. um less AI use is going to hit Oracle, Corife and Nebus as well cuz they're again all in the same category. So, it's more about do I believe that in the short term there's going to be a rerating of the name because we believe Broadcom at the current PEG ratio PE or even Nvidia or even an Oracle actually also is too cheap and so we just play that whenever it goes from 20 to 25p or whatever or 17 to 25 and then we're done maybe. >> That's the most interesting part about investing. Um it's that whenever these companies continue to get so cheap, it's not just the growth that I'm looking forward to driving us. It's the multiple expansion. >> Yeah. >> And so companies can actually grow much faster than their overall growth. Uh you know this 100% and have invested in amazing companies that have done this. But that's what a rerating is, right? It's whenever the the market not only sees the potential for growth, but then adjusts to the valuation accordingly. And honestly, what I think we've been seeing from a lot of these AI names, Broadcom Oracle Nvidia is that they've actually had a rerating, but to the downside, that people are calling the bluff. They do not believe the growth that we're allowing these valuations to fall from Nvidia 68 times to now being like 28 times. It it it's actually allowed these companies to not grow their stock price as fast as how much they're doing on the bottom line. But if history can repeat itself, which they've constantly been able to beat expectations, is there a potential for them to go back up to those 60 times as they continue to hold these rates or even just keep the current rate and you know ex expand EPS by 70%, is that enough for a share stock price to keep the multiple that we have today, but bring up earnings by 70%. So the stock price has to go up 70%. Like that is what I call a margin of safety. You know, it's whenever you're investing in a company that is so cheap, but if the likelihood that they are going to succeed either keeps the multiple or expands the multiple and both are aggressive outcomes, one more aggressive than the other, but both look extremely good comparatively to the S&P 500. That's a pretty good area to invest in. >> Do they buy back shares? I assume yes or no. Uh yeah, I think they I think they both do. >> Okay. Yeah, cuz that that helps. That's for people that don't know Micron Micron is not allowed to buy shares at the moment. It will be allowed in the at the end of December and >> I think >> Yeah. And with with their cash pile growing and then free cash flow profile growing by the day, it's it's going to be it's going to be quite impressive to see what all of these memory names are doing. And I said it in today in today's video where said it on record. I think yes this time it is different because there was no time in history of this memory cycle where these players were about to generate hundred billions of dollars in free cash flow. Like so even when or if probably when we're going into a down cycle in in this memory uh in this memory thing all of these companies will be sitting on huge cash piles like huge huge cash piles that didn't exist before like in previous cycles. In previous cycles they went up then when they went down they were left with almost nothing. They were screwed. this time they literally will have so much money they they don't know what to do with which is I think >> you know what's funny about that is this whole circular financing idea for Nvidia Nvidia has been spending money left and right just writing checks to every single company that wants to potentially start an AI business I'm sure if I started an AI corporation money just appears in my like they just send it to you they just go hey your first in GPUs is on us thank you yet their cash position position just hit 99 plus billion dollars as of the last quarter. Like the cash has just only gone up while spending it aggressively. But that's the amazing thing. So, um I'm curious if that also leads if the company gets much cheaper that they just go into aggressive buyback mode. doesn't seem like that's going to be the case for some time, but >> I do think that first quarter of 27, I think we're going to see Micron announced quite a big share buyback program. >> Oh, Micron for sure. Yeah. >> Yeah. >> Yeah. Like we might even see a press release outside of like a share issuance outside come December 9th and say, "By the way, guys, we're getting started today." >> Yeah. No, that's definitely possible. Um I I think it's by 2028 that they said uh they could buy back 40% of their shares and they said um they would put a 100% of their excess cash to work. Now they said that what excess cash means is they're still going to have a huge cash pile. They they they want cash to be flexible, but obviously the idea of going public and having shareholders is we want shareholder return and that's what they're going to want to do. So, it's interesting that you're not buying the Oracles of the world, you know, some of these names, but you're even doing a more aggressive bet, which is Micron. And I'm curious some of some of your thoughts on that name really quick. >> I mean, I made that bet already. Now, whatever is left is just house money. >> Right. >> Did you take chips off the table? Um, >> yes. Yeah. Yeah. Yeah. Yeah. Whatever is left right now is not my money anymore. >> I mean, it is my money, but it's not what I invested in. I did that. I took my chips off the table after a,000 and then as the months had gone by and we've sort of stayed in this price, I've actually put that 30% back in uh at around 950. I'm curious if you'd be willing to buy more now. I'm sure we're roughly around 900. It's probably the same around the same 925. >> Yeah. So, I was tempted because it was in the 800s as well, not that long ago. Yeah, but decided to put it in so into into some other names mainly Meta because there as well I do think the rerating is is just it's just starting but yeah I wouldn't be against just buying more micron because yeah on paper it is the cheapest of them all by by far it's not even close. >> Um but right now I don't know there's a lot of I could do this I could do that. I just rather wait see what the heck's going on here with the with the market. I did buy more of Axon today. Um there was an overreaction a $1 billion convertible at 0% like stock was down 10%. Okay, thank you. Anyways, I wanted to buy I wanted to buy a bit a bit more because it was still a small a small position. Um but yeah, Micron is it's again it's not a bet for me anymore because it's up so much. Business is growing. It's accelerating. It's one of the few ones where I don't don't even know when they're reporting. In a week or two, maybe probably two weeks. >> Micron is uh next week or two weeks. >> So that's going to be very very interesting. It's crazy to think that the memory names are going to generate more free cash flow than all of the big tech companies. >> Yeah. I mean, and and no one suspected it before. Honestly, you were one of the earlier people on Two Weeks from Now, by the way. >> You were one of the earlier people. What was your original or your first purchase on Micron? >> My average is 90. So, >> 90. >> 90. Yeah. >> Oh my gosh. Dude, my average before buying this latest round was 370. And people called me late. Now I look like a genius. You look like a prophet. I mean, three three gen I mean is late. It's it's the same where other other names as well. It's like, oh, you're late. Like why do you believe this is the top? Like if it's the top and you're still holding, >> then there's a problem with your statement. Uh so even other companies where people still buy at like I'm I'm still okay buying Google like oh I'm late no I'm not late bought a lot last year when this thing was trading at 20 times or 18 times earnings it's not it's not the end of Google it's not the end of Amazon it's not the end of a lot of these companies so late if you say that you are late then you should definitely sell out of your position because you believe it's not going to go up anymore Yeah. Yeah. Yeah. >> Um but >> no that that's an important point. You investing is a game versus yourself. It's not versus others. If you you know if I never made the bet on Micron because you made a 10x so that means I can't make a 3x then what what are we doing here? You know um that's a really good point. Even if you bought at 600 and you magically sold the top, still a 2x, which is not bad at all. >> That's crazy that you could have bought at 600 and still made a 2x. And I'm not buying 950 to not see a 2x. Like I do think that we're going to see some pretty aggressive uh price increases on Micron, but we just need to see that the buildout continues. The same reason why Nvidia is not going higher is the same reason Micron's not going higher. But although people are worried about new new supply coming online, what do we get? 20% increase in supply. How much more of that ends up like like is demand going up by 20%. It's Elon said it's going up by 200% per year, you know. >> Yeah. The only big difference I mean the only thing that could make a bigger difference is maybe being allowed to buy Chinese >> y >> components >> CXMT and stuff like that. >> Um that that could be the difference. But then again SK Hindings, Samsung, Micron, they are working quite closely with their customers. So designwise it would still make more sense for them to stick with these big three names than to suddenly go go with the others. I do think going with Chinese names is better for an Apple, right? For for smartphone makers and things like that, I think for them it would make sense, but if you're building huge GPU clusters, racks, I think you still stick with the with the top three. And I will say this, and I've said it before, I do think that it's it's impossible to see margins at the high 80s forever. Yeah, I think that's going to come down, but the dollar amount that they are going to still collect and flow to the bottom line is just getting bigger and bigger. And at the end of the day, that's the most important. How much money do you keep in your pockets? Is that increasing? Yes. Okay. Thank you, dude. I I want to say that because not only do I I completely agree, but what we've been seeing that's been actually helping Micron sell off is that like some of the newer products like the Vera Rubin Ultra is expected to have like a massive D-Spec in HBM. Like I think the initial uh expectations was it was going to have one terabyte of HBM and now I think it's at 188 or something 188 GB. So massive dspecs. On the other hand, as memory prices come down from those high 80s and let's say it gets to 60 or something and Nvidia actually can purchase more, those dspecs are going to reverse and the next versions of rows of finemans, they're just going to say, "Okay, well now we can afford to put more on and it'll actually keep the constraints." Like I think the fact that we are pricing so high and still having so much supply even though we're dspecing on some of these chips is honestly leading to like a longer supply constraint because we need to reverse those changes and HBM needs to get back to one terabyte or even higher while prices are still you know marginally high. I don't think they'll stay high 80s but let's imagine they're 50s and like you said the the end result is more net income and that's the only number that we should be caring about. It's crazy how much Nvidia sold off uh after earnings because they said that instead of a 75% gross margin, we're going to get a 74% gross margin on 70 plus% growth. >> Yeah. >> You know, >> where where previously they didn't even touch I think 70 like before this huge big started. >> We get used to that new paradigm pretty quick. >> Yeah. So question. So what what so what are you buying? Do you own any I know you own Micron, I know you own Nebus, but you own the oracles and the Broadcoms and Yep. All the above. Um, so I think every single stock that we talked about, I can't think of Well, I said I ran. I don't own that one. Um, I recently just started a position in Oracle. It's extremely small. I mean, very, very small. Um, Micron's a pretty sizable bet for me. Um, Broadcom is growing, but obviously 50% of every dollar that I have is in Nvidia. That's my biggest bet. But a large portion of my money is rotated into artificial intelligence right now. But I still have bets on DLO, New Bank, SoFi. I honestly have been thinking about like everyone's going to hate me for saying this, but going a little bit harder into New Bank than potentially I'm going into SoFi right now. Like >> New Bank is just it's doing everything for me. I I I'm loving the company execution and it looks cheaper than ever. It's cheaper than whenever I bought it at $3.80. >> Yes. But a year from now, we might see the same price. >> Yeah. Yeah. But um like uh that that you could say that about any stock, you know. >> No, but the these names, I mean, I think I I've checked it a couple of months ago. It was probably at the same price that we're Yeah, probably at the same price where we're at um right now. It's it's one of those names where the company it's it's the same as Sofi. Like you nobody can convince me that Sofi is a bad company when they're growing 30 plus percent. >> Yeah. >> In a in an environment that's definitely not in their favor. But the stock doesn't move. Well, it moves on the it goes down. It doesn't go up anymore. >> But they just issued their first ever um buyback $1 billion authorization. They're only going to >> new new bank, not >> new bank. New bank. They're only going to grow, you know, higher and higher amounts entering the United States, entering 35 plus countries for uh, you know, stable coins and payments, stuff like this. So, I I think they're going to keep up that pace of innovation. They might even expand growth based on their US entry, depending on how hard they go into that. that billion dollar authorization can turn into two, can turn into four pretty quick, especially as the company stays cheap. Um, so hey, I'll buy it at a forward PE of 14 and by next year if I have to buy it at a forward P of 11. I mean, I can't base my investments off where it's going to be, how much cheaper. I mean, it could be a six forward P. It's where Micron is. >> Yeah, I I don't disagree. I've I've been adding to these names despite maybe the logical thing is to buy names in AI cuz they get more favorable sentiment from the market right now. But then again, we know how fast that can that can switch. So, I don't I don't mind. Um, speaking of new, my uncle, he lives in Brazil. He sent me a video of uh food getting delivered to his building and it gets delivered by a robot in the like a a robot on wheels with like a tuxedo picture on it like a butler. The robot can call the elevator, can call you, can go out of the elevator, and then go goes in front of your of in front of your door, and then you just click on the screen, and it's like the tuxedo opens, and then you get your food, and then it goes back out, calls the elevator, and you hear like, "Please uh don't disturb the robot, blah blah blah. I'm going into the elevator." It's it's insane. And that's in Brazil, by the way. Um, send me the video. It's It's insane. Like in the US, I know you have AV ride and and all of these little little bus driving in the street, but we're going to see some amazing stuff. It that is uh that's really cool. I'm curious to know is that like um what service offers that? >> Question. Um, what's the name of that super app? It's not public, but I think New Bank has an equity stake in it. Anyway, that's for another conversation. That is really interesting though. And I'm sure uh New Bank will continue to broaden out and maybe partner with many of those businesses. Oh, it's going to drive me nuts now that I can't think of that uh name. >> Starts with a P. >> I'll ask with P. Um, it's like one of the larger super apps for food delivery and groceries and all of that. Pay, not paige. All right. Anyway, that's for another time. But, uh, I'm past my slot and I got to send this stream over to our good friend Amit. >> All right. I'll send you the name. >> Thank you, brother. >> On WhatsApp and we shall see each other tomorrow. >> Rappy. That's what I was thinking about. Was it WPY? >> I don't know. I guess I guess we'll find out when I get an answer. >> Okay, that would be my bet. Neil, thank you so much for joining us. I will uh just do a quick send off. I got to say one last announcement and then I will uh end off. But I'll see you tomorrow. >> See you. Bye. All right, brother.