Bloomberg Daybreak: US Edition Daybreak Holiday: Big Tech Outlook with Dan Ives and Gene Munster
11 snips
Dec 31, 2025 
Dan Ives, Global Head of Tech Research at Wedbush, and Gene Munster, Managing Partner at Deepwater Asset Management, dive into the future of Big Tech and AI. Ives sees sustained growth in AI monetization, while Munster emphasizes NVIDIA's central role in this landscape. They discuss the competitive edge NVIDIA holds and whether the high valuations of the Magnificent Seven are justified. The duo also explores Tesla's focus on autonomy, the significance of hyperscalers, and which small-cap techs could emerge as key players in 2026.
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AI Is Still Early
- Gene Munster believes AI is in early innings and will outperform the NASDAQ over the next few years.
- He cites accelerating NVIDIA growth as proof the AI 'brain' is expanding and utility will follow.
NVIDIA's Multi-Year Lead
- Dan Ives says NVIDIA remains multiple years ahead in AI chips despite rising competition.
- He highlights severe demand-supply imbalance with customers unable to get enough chips.
Valuations Depend On AI Utility
- Gene frames valuations as dependent on how transformative AI utility proves to be over time.
- He argues a ~27x multiple on MAG-7 ex-Tesla can be reasonable if multi-year growth of 15–20% materializes.