PRETTY NORMAL RIGHT HERE. >> WE'LL LEAVE IT THERE, GUYS. THANK YOU. >>> OUR NEXT GUEST ISN'T WAITING FOR THE FED TO CUT RATES TO DEPLOY CASH, AND HE'S FINDING OPPORTUNITY IN THALIAS IN PARTICULAR. ONE IS AI RELATED. OF COURSE. AS NVIDIA IS ONCE AGAIN THE WORLD'S MOST VALUABLE COMPANY. LET'S BRING IN THE CHIEF INVESTMENT OFFICER, KEVIN, GREAT TO HAVE YOU WITH US. >> THANK YOU. >> YOU HAVE TO BE INVESTED IN NVIDIA. THESE DAYS, ANY MONEY MANAGER WORTH HIS SALT HAS TO HAVE SOME EXPOSURE. IS THAT RIGHT? >> ABSOLUTELY. NVIDIA IS THE POSTER CHILD FOR THE AI BOOM, AND SEMICONDUCTORS AND CHIPS ARE LEADING THE WAY. I THINK MOST INVESTORS NOW ARE TRYING TO FIND THE NEXT NVIDIA. AND THAT COULD POTENTIALLY GET THEM INTO TROUBLE, AS THERE ARE SO MANY DIFFERENT INVESTMENT OPPORTUNITIES THAT SURROUND THE AI ECOSYSTEM BEYOND NVIDIA. ONE OF THOSE AREAS IS DATA CENTERS. GUESS WHAT? NVIDIA JUST REPORTED THAT THEY EXPERIENCED A 400% YEAR OVER YEAR GROWTH IN THEIR OWN DATA CENTER. DATA CENTERS ARE THE NERVOUS SYSTEM OF THE AI SYSTEM. THEY ALLOW THESE COMPANIES TO STORE AND PROCESS THE MASSIVE AMOUNTS OF DATA NECESSARY FOR THESE AI ALGORITHMS. A COUPLE NAMES ARE DIGITAL REALTY. THEY JUST ANNOUNCED A $7 BILLION JOINT VENTURE WITH BLACKSTONE TO BUILD DATA CENTERSY 5th DOOR BLOWOUT. >>> LET'S GET BACK TO NVIDIA, BECAUSE THAT'S PROBABLY ONE OF THE HARDEST TRADES -- I MEAN, FROM A DISCIPLINED STANDPOINT, KEVIN, WOULD YOU SAY YOU WOULD WANT TO PAIR BACK ON NVIDIA AT THIS POINT? ARE YOU CONCERNED ABOUT A DIGESTION PERIOD IN TERMS OF THE AI SPIN, ARE YOU CONCERNED ABOUT SLOWING GROWTH RATES FOR NVIDIA? ANYTHING ABOUT THE NVIDIA STORY THAT WORRIES YOU GIVEN YOU THE TRAJECTORY? >> CLEARLY IT'S OVERVALUED FROM A PRICE PERSPECTIVE, BUT THERE'S NO STOPPING NVIDIA. THEY'RE NOT SATISFIED HERE, AND THEY CONTINUE TO DEPLOY THEIR OWN EXCESS CASH ON THEIR BALANCE SHEET FOR THE NEXT GENERATION CHIPS. I OFTEN LIKE TO TALK ABOUT SPORTS ANALOGIES. PEOPLE ASKED ME WITH NVIDIA IN PARTICULAR, WHAT INNING ARE WE IN? I THINK WE'RE STILL ONLY IN BATTING PRACTICE OF A DOUBLE-HEADER. BUT THERE'S MORE OPPORTUNITIES THAN JUST NVIDIA. IN FACT, WHY NOT LOOK AT TAIWAN SEMICONDUCTOR, THE LARGEST DEDICATED CHIP FOUNDRY MAKER IN THE WORLD WITH A 40% MARKET SHARE. OR HOW ABOUT INDUSTRIAL COMPANIES THAT SERVICE DATA CENTERS, LIKE VERTIV HOLDINGS. >> SO YOU MENTIONED THIS WHOLE AI ECOSYSTEM SURROUNDING NVIDIA AND ALL THE TENTACLES THAT SURROUND IT. AT WHAT POINT DO YOU NEED TO SEE THE RETURN ON INVESTMENT FROM COMPANIES BUYING THE CHIPS? JUST THE ORDINARY INDUSTRIAL COMPANIES, THE INSURANCE COMPANIES, WHEN DO WE START TO HEAR ABOUT WHAT THEY'RE GETTING FOR THE SPEND? BECAUSE WE'RE GOING NEED THAT IN ORDER FOR THE SPEND TO CONTINUE. >> WE'LL NEED TO BE PATIENT IN THAT FRONT. WHAT CONCERNS ME MORE IS COMPANIES NOT INVESTING IN AI, OR LOOKING TO ADOPT AI TO MAKE THEMSELVES MORE EFFICIENT AND PROFITABLE. BUT IF THEY ARE INVESTING AND COMMITTED TO THOSE INVESTMENTS, THEY WILL SEE DIVIDENDS DOWN THE ROAD, BUT WE HAVE TO BE PATIENT THERE. >> ALL RIGHT. AND ON THE CONSUMER FRONT, ANY WORRY ABOUT THE CONSUMER? ALL OF THIS WILL FEEDBACK INTO THAT AI ECOSYSTEM, WHICH YOU SO LOVE. >> I AM CONCERNED ABOUT THE CONSUMER. THE LONG-AWAITED ECONOMIC SLOWDOWN MAY BE COMING TO FRUITION. WE SAW GDP GROWTH SLOW TO 1.3%. THAT'S ALL IMPORTANT, BECAUSE THE CONSUMER ACCOUNTS FOR 70% OF OUR ECONOMIC GROWTH. IF THEY STOP SPENDING AND SHIFT TO SERVICING, THE ECONOMY CAN ONLY SLOWING FURTHER. BUT THE FED REALIZES THAT. WE STILL MAY GET TWO RATE CUTS THIS YEAR, BUT EVEN IF WE DON'T, WE SHOULD STILL BE 225 BASIS POINTS LOWER THAN THE END OF
