William de Gale: Investing in Tech, Making 300% Returns & His Top Stock Pick for 2026 | #22 PART 1

Jan 12, 2026

William de Gale, Co-founder of BlueBox Asset Management, brings over 20 years of tech investing experience. He shares insights on why the AI boom isn't a bubble just yet and how chip manufacturers dominate his portfolio. Discover the key differences between Google and ChatGPT, his contrarian views on Adobe's potential, and why companies providing AI infrastructure like TSMC and ASML are set to outperform. He also reveals his surprising top stock pick for 2026—details that could reshape your investment strategy!

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INSIGHT

Search Vs Generative Reply

Google is a search engine that routes you to web pages while ChatGPT is a generative model that predicts and composes probable text answers.
ChatGPT uses vast training data to produce satisfying responses rather than pointing to original sources.

INSIGHT

AI's Energy Changes The Economics

Generative AI is far more energy intensive than traditional search, especially for video or large models.
High marginal costs mean rapid usage growth can be loss-making and risk bankrupting blitz-scaling companies.

INSIGHT

Why GPUs Power Modern AI

GPUs process thousands of parallel calculations and were repurposed from graphics to AI and supercomputing workloads.
AI scales by linking many GPUs into clusters that coordinate memory and data transfer for speed.

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William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.

In this deep-dive conversation, William reveals:- Why the AI boom ISN'T a bubble (yet) - and the warning signs to watch for- The difference between Google and ChatGPT that most people miss- Why chip manufacturers represent 40% of his portfolio- His contrarian bet: Why Adobe and software platforms will be AI's biggest winners- The "picks and shovels" strategy that consistently outperforms disruptors- Why Nvidia's ecosystem is powerful but not unbeatable- His surprise top stock pick for 2026 (it's not what you think)William explains why companies selling the infrastructure (TSMC, ASML, Lam Research) consistently outperform the headline-grabbing disruptors, and why the market is wrong about AI's impact on software platforms.

Chapters:

00:00 - Intro 02:00 - Military to Finance Journey03:29 - Google vs ChatGPT06:13 - Who Owns OpenAI?07:24 - AI Energy Use08:10 - What Are GPUs?10:05 - AI Data Centers13:19 - AI Investment Scale14:07 - Safety & Guardrails15:17 - Big Spenders in AI18:11 - Artificial General Intelligence19:32 - AI Bubble Risk?22:18 - AI & Human Knowledge23:37 - What's Next After AI?24:13 - Tech Returns: 15% Growth26:02 - TSMC Leadership27:47 - Nvidia Explained28:33 - Nvidia vs Apple Ecosystem31:29 - Picks & Shovels Stocks

Links & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=ukWilliam de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=ukInvestment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.