Dan Nathan and Guy Adami are joined by Deirdre Bosa, host of CNBC's Tech Check, for an engaging discussion on the latest trends in tech and finance. The episode kicks off with a market overview, highlighting NASDAQ's new highs and the S&P's performance, while also touching on the impact of interest rates on tech valuations. Deirdre shares insights on the excitement surrounding AI in Silicon Valley and the reluctance of startups to go public despite market highs.
The conversation then shifts to the "Magnificent Seven" tech stocks, with a particular focus on NVIDIA's staggering market cap growth and its role as a proxy for AI investments. The trio delves into Amazon's AI strategy and its profitability push under Andy Jassy, as well as the resurgence of old tech companies like Dell in the AI hardware space. Speculation arises about Apple's potential AI hardware announcements at WWDC and the challenges generative AI startups face in monetizing their investments in NVIDIA chips. The discussion also covers the different AI models available to consumers and the potential for commoditization in the AI space. Guy raises questions about the relevance of monetary policy and interest rates on the tech market, with Deirdre providing insights from her perspective. The episode also touches on PwC's partnership with OpenAI and its implications for the enterprise Gen AI market.
Articles We’re Reading
- Dell Should Keep Shining in Nvidia’s Halo (WSJ)
- Nvidia’s Cloud Spending Soars, as It Looks Beyond Chips (The Information)
- Hedge funds have never been more long the Magnificent 7 stocks, exceeding last summer’s peak exposure (CNBC)
- Google’s AI search setback (Platformer)
- China Creates $47.5 Billion Chip Fund to Back Nation’s Firms (Bloomberg)
- Apple Set to Unveil AI Strategy at June 10 Developers Conference (Bloomberg)
- PwC Set to Become OpenAI’s Largest ChatGPT Enterprise Customer (WSJ)
- The Great AI Challenge: We Test Five Top Bots on Useful, Everyday Skills (WSJ)
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