Knowing when to sell: How growth investor Michael Frazis manages risk

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Sep 3, 2026

Michael Frazis, CIO of Frazis Capital Partners, returns to explore today’s fast-moving markets. He examines cracks in the AI infrastructure boom, Apple’s on-device advantage, a possible software revival and breakthroughs in biotech. Frazis also shares his shift from buy-and-hold growth investing toward trend following, risk management and the thinking behind the ROAR Active ETF.

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INSIGHT

Nvidia Faces A Structural Customer Threat

AI infrastructure faces pressure from expensive memory, leveraged speculation, hyperscaler debt, and customer-designed chips.
Google, Amazon, and Microsoft can increasingly bypass Nvidia by building specialized processors through TSMC.

INSIGHT

Local AI Could Make Apple The Surprise Winner

Smaller, cheaper models that run locally could reduce demand for centralized AI data centers and subscriptions.
Apple may benefit because its efficient, integrated hardware avoids the enormous AI infrastructure spending burden.

INSIGHT

Software Fundamentals Are Challenging The AI Narrative

The software sell-off reflected a narrative that AI would replace software, but several companies instead accelerated growth.
Companies maintaining 20–25% growth from depressed valuations could outperform as fundamentals challenge the narrative.

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