![]() ![]() ![]() Do you see an investment opportunity within AI just not a name like Nvidia right now, given the valuation? Or is this a case, an investment thesis that you're making across the landscape? SEANA SMITH: Well, Mario, when it comes to some of that valuation concerns, I guess, because you drew on some of the comparisons that we've seen to a lot of people call some of those things like 3D printing a fad of the past. So I would be forward-looking, not backward with Nvidia right now. And like Wayne Gretzky said, it's not where I've been, it's where I'm going that counts. And technically, too, because this is a momentum-based market, Nvidia is extended. So to have a stock go up over 200% on all the sizzle and no steak, I would avoid it right now. If you look at this March in 2023, they did $7 billion. And if you look at last year in 2022 in March, Nvidia did $8 billion in revenue. However, I'm all about fundamentals and earnings. And I know Nvidia is one of the major market players within that space. Now, I'm not going to say that AI, there's no place in this world for it, because I do believe in it and I'm a proponent of it. And recently, you can look at the bitcoin momentum trade in 2020. Then from there, in 2018, it was the marijuana phase, where MJ, the ETF, and all the marijuana stocks was also going to change the world. Number one, the 3D printing phase back in 2014, where they said 3D printing is going to change the world. Now, this AI frenzy, I've been trading these markets for almost 15 years now, I want to give you an analogy of what it reminds me of. ![]() And very frothy names like Nvidia, like Microsoft, who have been overconcentrated within the cues, they're going to be caught and their positions are going to be slightly decreased. The NASDAQ is going to do a rebalance literally next Monday. And to me, seeing the first half of this year, Nvidia up literally 200%, extremely extended, it's a trade right now I'd like to avoid, and I'll explain why. So to quote the late Wayne Gretzky, one of the greatest scorers of all time in hockey, they asked him, what makes you such a great scorer? And he said very simply, it's not where the puck has been, but where it's going that counts. MARIO VENEROSO: Absolutely a pleasure to be here thank you for having me. And I will tell you, that's increasingly becoming a popular one for staying away because of the valuation play. But you're saying to avoid some big names in that space. Tech stocks have had an impressive year thus far. Mario, we're going to start with what you say investors should avoid. But with higher rates and inflation still top of mind, where should investors be putting their money? We have Mario Veneruso, Kingsview Asset Management Partner, here to break it all down for us. AKIKO FUJITA: We are seeing stocks edging higher as the earnings season takes center stage. ![]()
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