저자: 미상 · 외국인
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메타·세일즈포스 등 빅테크의 실적 압박과 '증명의 시기'를 강조하는 시장 분석. 별도로 AI 인프라 수요가 공급을 압도하며 엔비디아의 한국 파트너십(SK하이닉스 등)이 AI 메모리 병목 수혜로 이어진다는 주장. 한 출연자는 에너지·원자재·실물자산 비중 확대와 인프라(데이터센터 관련) 희소성 투자를 권고.
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inside that building. And how much pressure is he feeling himself, Zuckerberg, to deliver something that's going to wow the market and wow investors back into the name because outside of Microsoft, which is is down as well on the year, there everything else seems like it's a pretty good story to tell.
How outside of these two? Pressure's definitely building because when you're spending 120 130 billion to from from a cap backs perspective, they need to now show and I think that the wake-up call was the last earnings call. Because when you contrast that with Amazon and obviously others, for Meta, that's going to put in Meta in the investor penalty box.
You got to start to show it. Next two or three quarters, this stock's either at 750 800 or it's where it is or lower. The point is this is kind of a fork in the road period in my opinion for Meta, but a step in the right direction in terms It's a good road to follow. finding themselves in a penalty box.
You know what I'm saying? Like it wasn't just after this last quarter, it was like two quarters ago they were in the penalty box with a major penalty before. Like they can't stay out of the box. How do they stay out of the box? Look, and I think for them that's that's the quagmire because they're trying to really turn around a a cargo ship in a river.
I mean they're trying to make a massive transformation while investors are obviously watching every single move. When you think about the hyper scalers or chip companies, they're kind of front and center in terms of ones that are going to benefit from AI. Meta, we'll see Apple in a few weeks. You look at Microsoft when it comes to, you know, one where it's still guilty till proven innocent.
These are the names now that now need to show. It's not just about talk, it's about execution. Real quick. Real quick. Apple, new high, you just mentioned WWDC, we'll be there, so that that stock's up. and how much pressure is on Salesforce tonight with with their earnings? I mean, if you from a pressure level, if there's pressure on Meta, there's even double the pressure on Benioff and Salesforce.
Because it comes back to back's against the wall. I think they ultimately start from the Asian forest perspective, can you get that over, you know, ultimately to a point where it could be 3 4% of revenue. But this is a prove it period. Look at Zscaler. They're here. Look at CrowdStrike and Palo Alto on the other side.
That's a fork in the road period for tech. Key few months ahead. Key earnings night ahead for software. All right, thanks. uh occurrences in the interest rate market. And basically, we will just stick with US, emerging markets, and um also start dipping toes into the small cap arena. The energy trade's actually hanging in there.
We mentioned earlier SLB is at levels we saw 3 years ago. So, they're trading well. How important in your opinion is the underlying commodity, or have people realized that these energy stocks actually go higher regardless? I think it's really important. Uh it with a market where we have the equities up as high as they are, you do want to find those opportunities, and energy is going to hold up even in inflationary environments.
And I think because of what we're seeing in the inflation space, and also some of the signals we're getting out of like the Fed futures and so forth on on rates not being cut, but potentially being, you know, um jacked up a rate or so, it's time to consider adding some serious uh commodities and uh real assets into the portfolio.
A sleeve of it. So, thanks for being here first of all. So, when you talk about real assets, is that real estate? Is it art? Is it things outside of the market? What what are you referring to? Well, when we when we think about real assets, we're thinking about some of the things inside the market, certainly outside the market as well.
But we like hedge funds, we like um as I um you know, gold and and silver and things like that. Um we like um energy and different areas that will respond well in the kind of market that we're in. Kathy, in terms of asset allocation, have you have you changed at all in terms of I hear you talking a little bit about fixed income and some of the dynamics even a private credit, which, you know, if it was 6 months ago, it seemed like it was part of NI of the storm.
Anything changed in terms of how you're viewing asset allocation? Yeah, when I look at asset allocation, I'm looking at the big picture and driving down. So, the allocation piece isn't changing too much in terms of equity allocation, fixed income, and alts. But, what I would say is we we are bringing more of the evergreen alternatives into clients' portfolios as a diversifier and a non-correlated asset, which I think makes sense in a market where we're up so high.
We want to find other areas that have opportunity. of those that that's tradeable. In other words, are these some of the ETFs like the JP Morgan Well, it's Morgan Stanley, so you got the Morgan Stanley ones. Of course. Well, for, um, for example, I would say you were talking about the credit. Um, there's also private equity.
There's infrastructure. There's a lot of infrastructure out there that you can buy in an evergreen structure, which is considered an alternative investment the way it's it's put together and created. So, we we like all of that. And in the, you know, back in the day infrastructure was tunnels and bridges and roads, and today it's communication towers and and digital and and things like that.
So, we definitely think that with all of the data centers and and all of the building that's going on and the lack of energy to fuel all of this, there's going to be a scarcity, and we want to invest in the scarcity before it becomes too expensive. & today's video. Nvidia's latest global expansion shows the AI race is accelerating.
Just when investors thought that AI trade might be need a breather, Nvidia delivered another reminder that global AI buildout is still moving full speed ahead. Over the past few days, Jensen Huang has been making headlines across the South Korea announcing a series of major partnership that could be further strengthened the Nvidia position at the center of AI revolution.
The announcement weren't just symbolic. They highlighted something much bigger. Countries, cloud providers, telecom operators, and technology companies are now racing to build national AI infrastructure. And Nvidia want to be the foundational powering all of it. One of the most important development involves Nvidia expanding partnership with South Korea technology leaders.
The company is working alongside with memory giants like SK Hynix, telecom operators, and major AI platform providers to accelerate the construction of next generation AI infrastructure. Among the biggest announcement was planned to build the gigawatt scale AI cloud infrastructure in Korea using the Nvidia AI factory architecture.
The first phase is expected to came online later this decade. While the headlines focus on the deals themselves, investors may be missing the bigger story. Nvidia is no longer simply selling the GPUs. The company is selling entire AI factories. That's a completely different business opportunity. Instead of providing individual components, Nvidia is helping government and enterprises design full AI ecosystem that include computing, networking, software, memory, and the cloud infrastructure.
And that opportunity could be significantly larger than many investors currently appreciate. Another critical takeaway from the Korea announcement involves memory. AI demand continue growing faster than the supply. Advanced memory remain one of the most important bottleneck in the industry. That's why Nvidia deepening relationship with memory suppliers is so important.
Without enough high-performance memory, AI systems cannot at maximum efficiency. As AI models become larger and more sophisticated, memory requirement continue increasing. Every new AI factory, every new cloud deployment, and every new generation of infrastructure requires more advanced memory solution.
That's create a powerful tailwind throughout the supply chain. Meanwhile, the concern about the slowing AI spending continue to clash with reality. The evidence coming from customer suggest the opposite. No major company want to risk falling behind. Cloud providers ar. Government are spending aggressively.
And every participant understand the same thing. Missing the AI wave could be the far more expensive than the investing in it. That mindset is driving one of the largest infrastructure build-out that the technology industry has ever seen. What particularly interesting is that demand continue overwhelming the supply.
Industry executive repeatedly point to constant in volume compute, memory, networking, power, and the data center construction. In other word, the challenges isn't finding the customer. The challenges is building infrastructure quickly enough to meet the demand. That distinction matter because historically technology bubble has often be characterized by the excess capacity sitting unused.
Today AI market look very different. Most available AI computer is being fully utilized. Companies are actively searching for additional capacity. And model developers continue competing for access to the best infrastructure available. This is the one reason many of us believe the comparison to the previous technology cycle are incomplete.
The demand environment today is far stronger than what investors witnessing during the earlier infrastructure boom. At the same time, is netting AI is creating an entirely a new layer of demand. These systems are moving beyond the simple chatbot. They are performing task, making decision, using tools, and generating economic values.
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