Artificial Intelligence: The next inning
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” - Charles Dickens, A Tale of Two Cities
Last three or so years in the markets have been a blur. We have had an AI revolution like no other and Frontier General Intelligence is now cheaper per month than four cups of coffee(espresso based drinks, not drip) at Starbucks.
A couple weeks ago we initiated a position in Intel at $106 or so and it has since hit new all time highs of $140 and pared some of those gains while trading at $128 or so at the time of writing.
Our initial bets on the AI complex were in hindsight pretty simple.
AMD 0.00%↑ , CLS 0.00%↑ , COHR 0.00%↑ and CRWD 0.00%↑
Now comes the tricky part as we are trading a more mature market and multiples are now going to be scrutinized heavily and everyone and their analyst uncle is going to ask “what about P/E, FCF, P/S and head and shoulder shampoos on the chart”.
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We are casting a wider net this time with about 20 equity ideas and categorizing them in the following tiers.
Design and IP layer
High Volume Silicon layer
Specialized Endpoint Silicon
Component Enablement layer
We will go through each one and you will either get bored or learn something new today about semiconductors (or both).
