ALMOST -- CHECK RIGHT HERE -- ALMOST POSITIVE FOR THE YEAR, DOWN ONLY LESS THAN HALF A PERCENT AT THIS POINT. JOINING US WITH MORE ON THE TECH RALLY AND HER TOP PICKS, THE PORTFOLIO MANAGER AT ADVISORS CAPITAL MANAGEMENT JOANNE, LET'S START OFF WITH NVIDIA AS IT APPROACHES A $2.8 TRILLION MARKET VALUE. HAS IT GOT BEEN AHEAD OF ITSELF? >> I DON'T THINK SO, DAVID IT'S ALWAYS THE CASE THAT, YOU KNOW, A STOCK'S PRICE WILL BUILD IN ITS FUTURE, RIGHT, ITS FUTURE GROWTH PROSPECTS ARE QUITE IMPRESSIVE PUT IT IN PERSPECTIVE, NOTICE THAT NVIDIA'S EARNINGS OVER THE LAST YEAR HAVE GONE UP 450, 460% ITS STOCK HAS GONE UP 250% EARNINGS, YOU KNOW, ARE LEADING THE WAY. SO ACTUALLY THE MULTIPLES COME DOWN IN THE LAST YEAR. NEVERTHELESS, THE STOCK CONTINUES TO RISE ON EXPECTATIONS THAT ITS GROWTH WILL, YOU KNOW, WILL BE MORE LONG-LASTING THAN FOR MANY OTHER COMPANIES IN THE MARKET THAT INVESTORS CAN OWN. SO THAT'S WHY THE STOCK IS WHERE IT IS, AND WE DO SEE AN AWFUL LOT OF GROWTH AHEAD OF IT. COMPETITION IS COMING, BUT IT'S GOING TO TAKE SOME YEARS FOR THAT COMPETITION TO SHOW INROADS. >> WHAT ELSE TO THE EXTENT THAT WE SIT HERE AND TALK SO OFTEN ABOUT THIS OPPORTUNITY WHEN IT COMES TO GENERATIVE AI, BEYOND NVIDIA ARE THERE OTHER NAMES THAT YOU THINK ARE THE GREATEST BENEFICIARIES? >> THERE'S A LOT OF WAYS ONE CAN INVEST AROUND AI ONE IS NVIDIA. BUT THE OTHER IN THE GROUP IS AMD, DEVELOPING CHIPS COMING OUT THIS YEAR TO DO WORK IN AI, MORE ON THE INFERENCE SIDE, BUT THAT'S A REAL OPPORTUNITY AND THEY CONTINUE TO GAIN SHARE AGAINST INTEL AND SERVERS AND PCs. LOOK AT A COMPANY LIKE BROADCOM. IT'S MORE DIVERSIFIED. IT'S NOT ONLY IN THE iPHONE, BUT IT'S ALSO ENABLING AI INFERENCE CLIPS WITH THE COLLABORATION WITH GOOGLE, SO, YOU KNOW, THAT'S AN OPPORTUNITY, PLUS THEY'RE DIVERSIFIED INTO ENTERPRISE AND CLOUD THEY HAVE YET TO REPORT COMING UP IN A COUPLE WEEKS, LOOK FOR WEAKNESS ON THE CLOUD AND ENTERPRISE SIDE BUT THEIR AI IN CLOUD IS STRONG AND THEY GENERALLY HAVE HIGH MARGIN BUSINESSES BECAUSE OF THEIR DEEP TECHNOLOGY MOATS >> WE'RE IN GROWTH MODE FOR ALL THESE COMPANIES IN TERMS OF ADOPTION AND DEMAND, BUT HOW DO YOU THINK ABOUT THE SUSTAINABILITY OF REVENUE GROWTH FOR SOME OF THESE COMPANIES THAT ARE IN EARLY AND HOW LONG THAT LASTS? >> YOU KNOW, SARA, SO INTERESTING TO LOOK AT THOSE NVIDIA NUMBERS AS JUST AN EXCLAMATION POINT ON HOW THE WORLD HAS CHANGED. YOU KNOW, YOU LOOK AT THEIR GROWTH LAST QUARTER, 460% EARNINGS GROWTH, BOY, THAT'S GOING TO DROP AN AWFUL LOT THIS QUARTER ONLY 260% EARNINGS GROWTH BUT THIS IS JUST THIS BIG STEP UP CHANGE IN THE OPPORTUNITY AHEAD OF THEM. A YEAR FROM NOW, NVIDIA EARNINGS ARE LIKELY TO BE GROWING AT 25 TO 30%, IN EXPECTATIONS. OTHER COMPANIES THAT ARE JUST GETTING INVOLVED, RIGHT, WILL NOT SEE THE SAME KIND OF STEP UP THIS WAS A UNIQUE OPPORTUNITY FOR NVIDIA LOOKING AT THE SOFTWARE SIDE SERVICENOW WHICH WE OWN IN OUR GROWTH STRATEGY IS A COMPANY DEPLOYING APPLICATIONS ENABLED BY AI AND SO IT'S REALLY HARD TO SORT OF GET YOUR HEAD AROUND SOME OF THESE MULTIPLES BECAUSE A LOT OF EARNINGS AND CASH FLOW IS AHEAD OF THESE COMPANIES, AND SO, YOU KNOW, THIS IS AN UNUSUAL TIME. IT DOES TAKE THOUGHTFULNESS ABOUT WHICH COMPANIES REALLY HAVE DEVELOPED APPLICATIONS THAT CUSTOMERS ARE PAYING FOR THOSE ARE A FEW EXAMPLES. >> JOANNE, THERE'S BEEN CHATTER TO THE DEGREE THERE'S A RISK OF A MELT UP, A LOT OF THAT WILL COME FROM RETAIL PARTICIPATING A LOT MORE IN EQUITIES WE'VE GOT THESE ROBINHOOD METRICS WE WATCH, THE MEMES ARE BACK, NVIDIA SPLITTING TEN FOR ONE. ARE YOU IN THAT SCHOOL >> YEAH. YOU KNOW, WE TEND TO THINK THAT THE MARKET IS GOING TO BE DRIVEN BY THE INSTITUTIONAL INVESTOR. I THINK THE POTENTIAL NVIDIA AND OTHER COMPANIES THAT HAVE DONE THINGS SIMILAR HELPS THE EMPLOYEES, ENABLES THEM TO STOCK OPTIONS, ET CETERA IN THE COMPANY AND WE THINK THAT'S USEFUL, HELPFUL FOR RETAIL INVESTORS TO BE ABLE TO OWN SOME OF THESE THINGS IN THEIR PORTFOLIOS, BUT, YOU KNOW, OVERALL, WHAT WE'RE WATCHING MORE BROADLY IS THE STRENGTH OF THE CONSUMER AND WHILE THEY DON'T HAVE THAT BIG STOCKPILE OF SAVINGS TO WORK OFF OF, THEY STILL ARE, YOU KNOW, BASICALLY SEEING A WORLD IN WHICH THEY CAN GET JOBS IF THEY WANT THEM, WHERE THEIR NOMINAL WAGES ARE KEEPING AHEAD OF INFLATION, SO THE SPENDING POWER OF THE CONSUMER IS SOLID BUT ON THE FLIP SIDE THERE ARE THOSE CONCERNS ABOUT HOW MUCH THEY'RE BORROWING AGAINST, YOU KNOW, PAYDAY IS COMING UP IN THE FUTURE THROUGH THE NEW APPS, CONCERNS ABOUT, YOU KNOW, CREDIT CARD BALANCE, ALTHOUGH RELATIVE TO INCOME, THEY'RE NOT AT HIGH LEVELS SOME SEGMENTS OF THE CONSUMER ARE CLEARLY SUFFERING AND WE'RE SEEING THA
