RiskReversal Pod How AI Is Reshaping the Tech Power Rankings with Rishi Jaluria
Jun 12, 2025
In this conversation, Rishi Jaluria, Managing Director of Software Equity Research at RBC Capital Markets, shares his expertise on the evolving tech landscape. He discusses Microsoft's strategic investments in AI and OpenAI, emphasizing the need for long-term thinking. Rishi delves into Oracle's AI and cloud strategies, while also analyzing Salesforce and HubSpot's growth. The talk highlights macroeconomic factors affecting tech investments and the importance of distinguishing innovation from hype in a rapidly changing environment.
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Episode notes
AI's Revolutionary Impact
- The launch of ChatGPT marked a fundamental shift similar to the internet and cloud revolutions.
- Success depends on distinguishing true AI innovation from superficial 'agent washing'.
Use Long-Term Investment Perspective
- Adopt a long-term investment horizon of 3 to 10 years when evaluating AI and software stocks.
- While quarters matter, underlying technology and economic moats are more critical for durable thesis.
Microsoft's Broad AI Integration
- Microsoft's AI innovation extends beyond OpenAI to embed AI across their product stack.
- GitHub Copilot, Office, Dynamics, and Security Copilot are early examples hinting at future growth drivers.