The AI Revolution – Here’s What’s Coming in 2024

On episode 125 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Dan Ives to discuss: the next big thing in technology, Tesla’s 2024 outlook, Google gaining ground in AI, semiconductors, top cybersecurity stocks, the best CEOs, and much more!

Thanks to Dimensional ETFs for sponsoring this episode. To learn more about the Dimensional difference, visit: https://www.dimensional.com/

More from Dan:
https://x.com/DivesTech

00:00 – Cold Open
09:35 – Intro
11:27 – The Story of Dan Ives
13:55 – What Apple Built
18:15 – “The Glow Up”
22:21 – CES Meets Wall Street
29:59 – Microsoft, Apple, and AI
36:56 – Tesla’s Outlook for 2024
42:57 – Is Alphabet falling behind on AI?
48:52 – The fate of ESPN
53:58 – Nvidia, AMD, and the Chips Sector
01:00:30 – The Best CEOs
01:05:47 – Future Proof
01:07:20 – Favorites

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So you’re from Long Island 516 man where you couldn’t wait you couldn’t tell based on the or you could uh accent not really I don’t know I guess it sounds like us yeah it’s a comac sounds like us comac okay very cool when uh wait you

Went com what’s the high school in com High School Jos and I from America oh yeah we’re from America and we live in America again we moved back you’re core 51 Sixers like exact so I’m a 516 then move to 908 Jersey hold on comac is 516

Now it’s 631 you’re not 631 out here but first off but if you this guy’s claiming 516 come on no but original1 original 516 get your own area code and then 631 but I still I still identif was 516 okay you identify I still identify with the 516

631 631 ultimately short changes Eastern Long Island in my opinion so I don’t evenover I don’t even acknowledge the existence of Eastern Long Island past Melville Blackstone steakouse and then nothing else until the Hampton no sorry that’s how I feel I don’t even know why there

Were exits off the highway dude Dan L Ro is right outside I know I’m just kidding uh all right so we’re so we’re basically uh you’re a firsttime guest we’re so excited to have you the timing is incredible everyone’s writing articles about you right now you’re kind of

Having a moment look I think there’s what’s going on with that can we talk about that like you’re you’re on fire right now look I think we we talk about tech in a way that I think uh many I think retail and many people you know that are not even in institutional

Community identify with whose way in terms of me and my team the Royal way because ultimately we by covering Tech since late 90s we try to put it in a way that people understand so if I’m on the street if I’m traveling someone comes up

To me they’re like hey I learned so much from you about AI about Microsoft about Apple how it feel do you love that look that’s that to me it’s like a win in the lotto because I feel like I mean I’ll give you a story like I was in Greece

And some guy came up to me in cre and he’s like because of you I invested in Tesla and and it’s changed my life so to me wow what’s better than that that that look it’s part of the reason why I do what I do right I mean you know in

Working in the institutional Community you know since late 90s here especially last four or five years having more exposure to retail because web bush has a huge ret presence it’s been a breath of fresh air for me especially in the tech Revolution and I think it’s taking complex things especially with so many

Of the Bears yelling fire in a crowd theater year after year you know like we always say you’re not going to find these Technologies in a spreadsheet in your 10th floor on Park Avenue you got to be out there in 3 million miles air miles that’s I think been our Edge who’s

Wed Bush for our listeners I don’t know who that is so wed Bush institutional firm as well as retail B around B out la la anyone in La knows the W bush building been around since 1950s and I think it’s a company that has built a reputation where we’ve really built

Ourselves from West Coast to now nationally to now internationally where where we’re built out a lot in Asia as well as in Europe and I’ve always my whole career has always been a mid-market firms FBR wed Bush because someone like myself it’s like I feel like firms like that is where I’ve been

Able to thrive rather than being put in a little box right tell did you tell Dan about the glasses that you were talking about at lunch oh so I got my first Dan throw your headphones on please if you don’t mind oh yeah thank you I got my

First look in the wild of the meta rayb bands and a a friend of mine was wearing them uh shout out to brenn Talkington so Brinn comes to the New York Stock Exchange today you know Brin okay brin’s a good friend amazing right so she’s wearing the um Ray bands and she comes

Out to me and she’s like I just took a picture of you so I’m like all right let me see it it looks like it was taken with an iPhone it’s incredible and she’s like put these on I put them on the glasses start answering my questions immediately what’s 5 plus 5 what’s

Today’s date what’s what’s the temperature well so what’s for lunch and the and the glasses uh jumped off my head and ran so uh so but like she’s saying like imagine somebody comes up to you and is speaking another language and the glasses are just in your are telling

You what they’re saying that’s what that’s where we’re going well that’s what see everyone with Vision Pro everyone views it as oh $3,500 who’s going to buy two years from now those are going to be sunglasses for $1,200 I totally agree with so so it goes back to

When when Apple came out with airpods everyone’s like if they sell five million airpods in a year that would be ridiculous at Peak they sold 98 million so it just speak look it speaks to why many in this community about identifying with a lot of people globally because On

The Wall Street side many just sit there in their spreadsheets look at why is this 30 times earnings look in evaluation yep in their 10th floor in Park Avenue are going to Metro north those cash flows dude dude they love the DCF and they’ve missed every transformational techto the

Last 20 years it’s a it’s almost like um it’s almost like a per like a personality type and the people that get the jobs do doing what you do tend not to be creative tend not to be outgoing you’re running around the world meeting with the people that are using this

Technology and they’re looking at uh valuation versus a peer group in black and white and it’s not that they will never be right there are moments where Tech uh gets gets sold off on valuation or whatever but those are like stepping stones along the way to this transformation that you’re paying

Attention to and that’s been our Edge I think over the decades like that’s been our Edge and and obviously on you know on social media engage with many because we were able to do the work that if a quarter and if a company gives conservative guid stocks off 57% we’ve

Done the work with Channel customers to know this is a blip it’s a double table P that’s interesting so not just on the rallies but on the sell-offs adding that value of you could ignore this exactly and that’s why and that’s always been our it that’s the work that we do and

We’ve built up the trust out there and just like on the macro guys like the goat Tom Lee and but but we’ve been able to do it in Tech in a way to identify the themes the winners where valuation is not going to capture I’ll just give you an example

Microsoft if we talk to Microsoft partners and they say for every $100 of cloud spend we believe there’s an incremental 35 to 40 of AI spend you throw that through to numbers next two three year Microsoft’s a $4 trillion dollar Mark cap if they’re 50% right wow

So when I look at a name like Microsoft I don’t just sit there looking at historical PE on my DCF spreadsheet getting caught up with the haters in the group think that you know we’ve been supporters of Microsoft since nadela and it’s trying to understand you

Know what I view is maybe it’s a far as who the trees is especially in Tech yeah but so as an analyst you have to look at both you have to know the trees but then you also I think have to work a little bit harder take a step back and

Appreciate the forest that’s exactly and and also like cover in tech for so many years I feel like we have we’re almost a conduit of information you have a pretty good sense when something’s a you know huge Bear all the institutions are shorten you like relative to sentiment

So it gives you sometimes a really good sense from an Institutional retail perspective that you know setups and just general sense out there and also try to be a calming Force as well right I mean there’s I many people that are an I’m going to hold you let’s start the

Show Nico Nicole’s going crazy she just wants to start the show all right Nicole what show is [Applause] it today’s episode of the compound and FRS is sponsored by dimensional ETFs that’s right Michael for decades dimensional has helped move the investment industry toward more transparent data driven solutions for investors their Founders

Contributed to the invention of index funds shout out to shout out to Kenny French Kenny French and the firm broke new ground in offering small cap investing as a diversifier pioneering Factor investing you know that I did I know that and more recently they’ve had tremendous success with their ETF since

Launching in 2020 they’ve been the fastest growing ETF issuer they now offer 38 of them spanning from Global Equity Global fixed income and Global real estate markets dimensional builds portfolios that emphasize dimensions of the market that research shows have higher expected returns their lowcost Diversified investment Solutions are in

Many ways similar to index funds but go a step further in that they are more systematic in pursuing higher expected returns to learn more about the dimensional difference visit dimensional. episode 125 keep my music going this is important okay I want to shout out all the listeners all the viewers we are doing

Ridiculous numbers with the show we are regularly breaking into the top 10 and sometimes the top five investing category podcasts in America all over the the world we’re we’re coming we’re not there yet but in America we have we have arrived what’s up give me a count

On that you don’t seem that you don’t seem as excited as I do no I’m just still digesting lunch we had a monster just had a crazy moner lunch and that’s part of the charm of the show uh but today is going to be a really really exciting show I’ve been looking forward

To this for a long time I didn’t even realize how beautifully timed it is until this week we have all right take us down before I start uh freestyling we have a a man on fire with us today Dan hives is a managing director and Senior equity research analyst covering the

Tech sector at wed Bush since 2018 Dan has been a tech analyst on Wall Street for over 20 years makes frequent appearances on CNBC Bloomberg NBC CBS The New York Times and so many more Outlets you’ve seen him if you’re following him on social media he is all all over the

World he is meeting with some of the preeminent people in Tech on Wall Street hanging out with Tom Lee hanging out with us we’re so thrilled to have you here welcome to the compound and Friends your very first episode of the show thank you so much it’s great be and I

Know I was super excited to be here and thanks for having me of course now I don’t really know your career backstory prior to Wed Bush so like kind of bring us up to speed how did you become uh Dan IES sure so I grew up in Long Island 516

And uh ultimately went to Penn State we are and from Penn State Finance background did corporate finance for a few years got at MBA University of Maryland and then started FBR really in the in the late 90s so in the tech boom Freedman Billings Ram Freeman Billings

Ramsey got bought by B Riley that’s right and we were we were at the Forefront of the tech boom in the late 90s dos toll road AOL micro strategy so I started off as an associate I feel like it was you guys guys and Thomas wiel as well as Robbie Stevens Robbie

Stevens okay rip so a lot of it was I get there I don’t have no Tech background I start as an associate and I recognize pretty quickly like the only way that I’m going to learn this is just build the biggest Network possible so like I went to every user conference you

Could ever imagine built a huge rooll ofex and then ultimately as I started to cover stocks as a senior analyst 20 2 2003 I buil a strong presence from an Institutional perspective because when you’re also at midmarket firms like like an FBR a w book you have to have an edge

The name of the firm is not going to get you in that’s exact it’s it’s more about you building your own brand not the actual bank that’s right and I think we started to build a huge presence specifically in software cyber security and then it really morphed into our

Calls on Apple you know with the iPhone and then betting big on musk and Tesla back in you know in 2010 2011 and you start to build more and more of a presence more of a following because I think investors recognized we’re someone that’s not just going to downgrade a

Stock because they missed the quarter we’re not going to get into a group think and I think that’s been able to differentiate us and also look traveling the glob 3 million a miles we didn’t do it by accident right it was like we felt like we’re not going to find the

Technologies and the trends in our spreadsheets DCF for a 10th FL of an office building in New York so so I want to back up a little bit betting big on the iPhone and then on Tesla both of those things right now with the benefit of hindsight seem obvious like of course

Tesla’s going to be transformative of course the iPhone is going to be a $200 billion business but of course in the early going absolutely nobody believed that and you you probably didn’t even believe that but you all you had to do is believe a little bit more than other

People and it was enough because those are two of the greatest stock market stories of the last 100 years the Blackberry iPhone debate was a real thing for a long time yeah so let’s go to that so let’s go back to 0708 so financial crisis happens everyone’s like

This is just the next Black Bear actually Blackberry is going to crush out it’s a it’s a one iPhone even have a keyboard no one’s giving up their keyboard no one’s giving up and at that time it’s like financial crisis comes that’s it and blackp messenger and black

Pair messenger no Kia it was also a good example is like with apple our view is like it was the services it was that they were going to be able even ear like there were no Services yet but it was the concept that they were going to do

What Nokia and blackberry did not do they were going to be able to build a services and monetization that was going to ultimately be the key to copertino but at the time I mean there were the types of hate that I’d get being bullish on those names when the Dela took over

Microsoft saying that he was going to transform into a cloud play I be a mean as people like you might be the dumbest person I’ve ever met and I’m like and again I never take things emotionally I could care less I just view it like look these are our opinions we feel real

Confident in the work we do you could be of course you could be wrong and but we felt just from a trend perspective that we were going to get we were going to bet big on was their but what was their argument their argument was this is the

Way things are and they’re probably not going to change Apple also only had an exclusive with AT&T at the time for years so it was the AT&T exclusive and then it was the view that once you have an iPhone people ultimately are not going to upgrade it was about the

Blackberry the other sort of smartphone at the time comp it was obvious 15 years ago and and and I’d say to no one but it wasn’t even obvious even if you go back to 2014 2015 at that point our whole argument was the services business could be worth

A trillion or more but even at that point in time they were competing with Samsung heavily ex people thought that Samsung was and the droids Samsung was going to flip the the apple and Josh what I would do is I would literally like I would sit outside 57th Street for

Like a whole day just talk to Apple users so a lot of it like the work that I did by the park like so so the main Apple Store on 57th so a lot of it was like I just would do work I’d be traveling somewhere and I just go to an

Apple store and stay there for like 3 hours just talking to people now that was something like a typical institutional salesperson like I can’t make a call on that that’s f it was all part of our like building a sort of confirm the other work that you’re doing

Exactly but you know what’s funny so by the time it was apparent that apple had won the phone Wars that they were the dominant winner they were already at whatever $500 billion in market cap and then the barcase became valuation all that and this is I mean

on hset and then this is before all of the other categories before before Services was 25% of the business before the airpods before the before everything else and it was just one thing after the other because ironically the biggest move for Apple it wasn’t necessarily 0 to 500 that all the

Battles from 07 to 15 it was from 15 to current the 500 billion to three trillion it was the reating on the services the understanding what was going to happen with the accessories there and I think but that’s a good example of like the just like our Tesla

Thesis we’ve always viewed as a disruptive technology company many have viewed as an auto company should trade I was going to say the other guys covering this Jonas at uh Morgan Stanley but then everyone else who’s an auto analyst how they possibly like the Stu but getting

Back to Apple so you have to know how to value your companies because Apple used to trade like a hardware company and it was back out the cash was at eight times because it was a hard it was a hard compan at that point my Shih

Tzu could have told you you buy it at 12 times and it’s 16 times you sell it at the end of the cycle but then ultimately as it play it out our view is on a Services side it was some of the parts the some of the parts thesis was our

View on Tesla was a view on Microsoft as nadela the tactician was building out and it’s really the view of Nvidia with the Godfather of AI what’s been happening how I ultimately view as a sum of the part story uh we got to talk about the glow up so do you know what

This is I have no idea you know what a glow up is nope nocole what’s a glow up she’s are you rolling your eyes somebody ugly becomes all right well no that’s not what we’re going to say improve yourself the glow up is like you’re a Wall Street analyst but now

You’re like the hot you’re like the hottest animal on the street right now he’s blowing up like he no but he’s like first of all Aviator Nation he killing it look at the shirt is that Modis what’s going on yeah I got this in Italy but you’re a sneaker collector

Too you kick oh that’s AI That’s your uh your sneaker game is fierce in every all right there’s like a glow up going on do you have a stylist no I’m not with you I’m dead serious look it goes back like in I was in sixth grade Long Island wearing green Jabo so

The point is like you always slay cavar you were slaying before people were slaying I was I was look I was playing chess others playing checkers one of these that’s right look that’s why when you grew up in Long Island yeah I think you I had I had the Z cavari every color

What’s up Z Cavs Z Cavs and those every the waist the waist was so high I had unzip the fly to blow my nose uh what’s up all right wait a minute they did a profile of you at Seeking Alpha uh last week did you know this was

Coming out yeah so I saw that this is hot you’re like uh that’s what I mean you’re like you’re the man of the moment so the gist of all this is we’re in this transformative era of tech you are one of the few people that is recognizable um like recognizably associated with

Uh the biggest tech stocks now you have been supporting uh the investing in the investing in these stocks for long I’m trying to like phrase this in such a way you’re not cheerleading the the companies or the stocks people just when they see you they know that this is your

Area of expertise but it’s also a calming Force right so in other words like when you have the typical Academy Award moves first two weeks of the year downgrades of Apple fire in a crowd theater you you need to be sometimes a caling force to handle whether institutional and retail when stocks are

Getting hit on 10year macro geopolitical people freaking out it’s more of a steady hand too and that’s look and that’s also why like on social media I’m so out there too because I also want like as I do work in the field I let everyone know what I’m seeing yeah so

This is this is from the seing alpha profile we feel a responsibility to handhold investors through the ups and downs of the tech Market we’re needed most when things are falling apart when I go to the depths of covid in March and April 2020 that’s where we handheld

Clients and Tech investors through an unprecedented time our view back then was to basically buy tech stocks and it’s going to be shortlived and these were golden opportunities end quote the reporter says that proved to be a good call since March 2020 apple and Microsoft are up more than 200% while

Google has gained more than 150% it’s not that everything you say works out it’s that directionally you have given people the right guidance at at pretty difficult times yeah I think that would be the best way to put it and through like it’s also betting on the right sub

Sectors like for cyber security if names like pow out get CR it was being like this is a golden age don’t worry about the haters the naysayers you own it it’s a dtp a double table pounder it’s easy to get bearish when the stocks fall 30%

Hard to stay bullish no doubt but that’s why like I sat next to Economist for a decade and every day show me some Shri Lankan currency blowout which meant the market was going to you know ultimately implode and i’ be like okay do you want Starbucks or not I’m just saying like

It’s easy to get caught up in there and that’s why I stick to my Pro it’s like process oriented no different than the goat Tom Lee I want to ask you about CEs so as as I was saying to you before I was surprised at the to which Wall

Street seems to be paying attention to CES this time and I understand it’s because everybody now wants to get a look at the new AI stuff coming down the pike it’s called the consumer electronic show but you made the point earlier that most of the AI stuff doesn’t even get

Seen by the consumer because it’s Enterprise level tell us what your impression of the show was and what was like the coolest stuff that you saw yeah just got back last night I mean I’d say it’s the biggest CES that I’ve probably it’s probably go back to 9798 every year

Yeah so if how many people were there 130,000 what but but the most important thing about this CES is it’s not friends the friends you made along the way it’s the friends you made along the way okay yeah obviously you know a good a good Natty party National Championship Monday

Night that’s right go blue but but really what ended up happening is is that you try to understand the use cases and this is not there like robots flying cars it’s trying to understand what the use cases for AI are and that’s why this was one the mainstream Technologies here

You’re seeing the use cases play out which is why we believe this is an AI Revolution it’s not develop it’s not in development it’s in the market now it’s in the market and that’s why what we’re going to start to see first what we believe will be the first three to six

Months of the year you’re going to start to see it from The Godfather of AI Jensen Nvidia you’ll see it from the Dela when they report earnings on the co-pilot that’s typic the iceberg now the second third fourth derivatives start to come through rest of tech from

Enterprise to Consumer which is why we believe the new tech bone markets begun I have a question so you said that you believe AI will comprise 8 to 10% of it budgets in 2024 up from less than 1% a year ago which is kind of wild are we

Going to see a company that we don’t know about today be a trillion dollar AI company or is it just going to be Google and Microsoft are the winners no I think I mean I still believe like mag 7 I look at Microsoft I mean they’re stronger and get stronger

But there are going to be a lot of small cap midcap companies today that no one knows that over the coming years they will start to become more household names but will will they have the opportunity to or will app or will Google bu them before they even well I

Think that’s what it’s going to be a tital wave of m&a and no one and the difference now from a big Tech perspective is KH and the FTC is viewed like a mosquito now no one’s afraid well Microsoft beat them in a acquired Activision and now nobody’s afraid to

Try a deal and a number of other cases where they so now big Tech’s going to be emboldened to do m&a and then when you look what’s happening in midcap you’re going to see a lot of companies either go aggressive or potentially get bought as this all plays out and and that’s our

View that you could have some bumps along the road on macro or you know different earnings but if I look where the budgets are going and where the spending is going I think a lot of the tech companies you’re going to have numbers go up 15 20% versus where the

Street is wanted to ask you if it budgets go to 8% is that coming from somewhere else or is that just incremental uh I guess capex or incremental R&D I think half it’s incremental cacks half of it’s coming from the hardware players and the services and the reason Cisco acquires

Splunk HP just acquired Juniper is because they see writing on the wall they see they’re basically going to be shared donors unless they do something quick what do you mean shareed donors like people are going to spend less with Cisco and spend more somewhere else that’s exactly it and that’s why look

Splunk it’s a really interesting Dynamic Cisco doesn’t buy Splunk if we’re not talking about Ai and by the way we just saw what happens when a company becomes a shared donor Intel versus Nvidia it’s a it’s it’s like not even close when you look at those two stocks over the last

Five years I mean you’re you’re talking about LeBron okay pick your Greek free C to to you know basically Junior High School do you have to follow or be aware of what’s going on in the private markets given that so much activi is happening there

With your space yeah so we spent a lot of time with VCS private companies like in that whole Community not not less about valuation more to understand the data points like who’s winning share who’s we discounting like if the Josh Brown of uh Enterprise sales goes from

Company X to Y to me that’s not wor that’s a signal cuz the guy every salesperson wants to sell the best as well as where quotas are set and exactly um so what did you see at CES that maybe either was reported in the Press but not remarked enough upon or

It’s just something that you were not expecting to see yeah I think three things that I was not expecting to see was the level of Executives there from Big tech companies that don’t have booths in other words like they just browsing just browsing and and obviously

A lot of people that I know there I was shocked that they’re there and why are they there they’re there to basically shop they’re looking for they’re looking for companies they’re looking for Technologies what was the coolest thing you saw look I think the coolest the

Coolest thing I saw was xping because a lot of the Chinese players were there for the first time what is that and it’s a flying car so if you think Jetson’s 202 and it actually works so there’s by 2028 would you get in that though I wouldn’t I probably would get in you

Would get in i’ I’d actually do podcast you would get in it for the gram you would I I definitely I I defin I I I definitely would get in it all right I know you would like a real flying car like as in like Jetson X showed off a

Flying car flying car is it like a helicopter that’s got a car body or no it’s a car body and then all of a sudden it goes to Wi and it actually flies but what propels it so it’s actually if you look at how they’ve built it don’t say

Ai No they’ve they’ve built it in a way that it’s almost helicopter like okay but convert look similar how like on a smaller scale rivan you could get a barbecue set in the actual rivan or you know oh yeah there it is what it has propellers yep

What I mean it’s kind of cool I have to admit like what is that going to actually oh it’s like the cockpit yeah that’s kind you’re from a Demolition Man or something yeah now the one thing with this is that you’re going to need special places to land it and like you

Know it’s not like you’re just going to have them flying around but look who knows 2028 future proof we could be in one of those I’m me I’m I’m down all right so the xang flying car you saw Executives from all over the place you

All over the place on on both on the automotive side but especially on the software side I think if you look at some of the AI technology displayed specifically on what I be on some of the consumer apps how this is all going to be built like from a marketing

Perspective a I is basically going to transform a lot of devices I saw somebody tweet a picture of uh like a Samsung it was like a TV but it was like see-through yeah like what is that so it’s going to and they’re they’re going to release that in the next six to nine

Months so it’s it’s a TV so you’re watching TV there’s an image you actually the screen goes away and then the image is still there but I could see you through it so the screen’s not there a hologram almost a okay very cool and then um I was reading

About Microsoft they have a co-pilot button on the keyboard now yep and the C what’s the significance of that because they don’t make changes to their keyboards very often well because Microsoft recognizes and and and Nell was there with Walmart Microsoft recognizes that the opportunity right

Now is to get more and more consumers engaged on co-pilot now for for the consumer it would be chat GPT but for Enterprises and that this is really the big one We Believe 60 to 70% Enterprises the next two years will be going to co-pilot when you say going to co-pilot

That means they will be clicking the box that says I agree to incorporate co-pilot in all of these Microsoft programs that our employees are already using and what that basically means is let’s say an organization that’s that’s already on Microsoft already on Azure on Outlook they’re on the Microsoft cloud

They’re using office exactly they have a full Microsoft shop now all of a sudden whether it’s the marketing department the finance the legal now they’re going to have co-pilot for whatever their use cases are they could use it so I don’t I don’t use chbt like really kind of ever do you do

You get do you use it do I use I use Google bard inside of Google docs what are you using it for I have it write things that I don’t feel like writing do you use it well I use it but remember the the way most people are going to use

It it’s not in the chat GPT form today it’s it’s going to be apps it’s also it’s going to be apps are going to be developed over the coming years if you look at Apple we believe there’s going to be a whole another App Store that are going to be

AI driven apps when they announce the AI app the stock immediately goes up $500 billion no but that’s a good example I’m not even joking Jos were talking about this like somebody emailed me and said hey you know what because I was a little bit down on Apple he said you know what

You’re not thinking about that nobody is nobody expects Apple to do anything with AI no that’s that’s exactly but you you you wrote Apple introduces the AI App Store you have this great you have this great like wish list a 10 wish list of for Tech and you said we believe that in

2024 Apple formerly introduces the concept of a new AI App Store that you think could increase Services by Revenue by5 billion what does an AI App Store mean so right now if you look let’s say Vision Pro Vision Pro is the next form factor so it’s another form factor February February that Apple’s

Introduced the the average I’ll call Casual take would be like 3500 that’s not going to move NE no that’s not what it’s about chess verse Checkers they’re trying to get developers to build more and more apps for Vision Pro eventually what’s going to happen is developers right now all developers are focused on

Are building AI driven apps Health Care Fitness content Apple’s going to have a separate App Store separate part of the App Store that are just AI apps so as AI apps are built they’re you’re going to be able to buy them on the actual app store the other thing Apple’s going to

Do we believe they’re going to integrate some of that AI technology into Ione so right now when you look at the valuation zero is valued zero zero no literally zero wait can I can I ask you a really naive stupid question let’s say they start using AI built into the iPhone 16

Why does that mean there should be a higher value on Apple stock because they’re charging more for the phone okay so that’s a great question it’s because they there’s 1.2 billion iPhone users and the services business today is 100 billion a year let’s called growing 12

13% now you’re going to have just more and more monetization that Services instead of 100 billion next 3 to four years you’re looking at something that’s 140 150 billion going to 200 billion you said you think Services were talking about how YouTube alone as a standalone entity is worth got whatever 200

Whatever 400 whatever the number is it’s crazy you think that the services business at least you assigned for Apple a $1.6 trillion valuation just for services just for and that’s always look I think a big part of the last like three years was because a lot of people

Be ah growth if you look at iPhone unit they haven’t grown the last four quar that’s you say tree is not far the margins on the services are what 75 they’re double the hardware they they stopped reporting uh unit sales and it’s 25% of the business now and it’s 25 and

The other thing is if you look at where it’s all going is that that is going to be teen growth so what’s called low to mid teen growth margins are actually expanding on the services wild so that but like that’s a good example of one where it’s like if you

Look just at valuation you miss underlying what’s happening in the business what do you think the vision to obviously the $3,500 price is for a very specific audience developers how quickly do you think price comes down in 2 years it’s 1,200 that’s crazy what are you basing that on because that

If you look at the pattern and you look at the price points Apple recognizes sub 1500 is where you get Mass demand cu the iPhone when I say everyone will buy that oh everyone will buy $1,200 well everyone buys the iPhone but also you’re not paying you’re not paying you’ve been

Around so long can’t you like I could write the first three months of headlines for the Vision Pro I could literally I could open up a doc is it going be negative let me give you the list I I know what he’s I’m going to do this

Off the Dome headline one lines around the corner headline two actually it’s a flop headl like nobody wants it headline three okay the device is cool but the App Store sucks headline four the device is heating up my temples and giving me a brain tumor headline five oh actually no

It’s not a brain tumor uh it it turns out but it’s just it’s like this endless headline I put like 5.2 in there would be cutting they’re cutting Supply according to Asian supp Asian supplier says totally uh uh cutting back on supplying chips and then you get a

Downgrade in there somewhere and then somebody downgrades it and it’s just like I already know what they’re going to do why can’t they stop themselves from doing it and the one thing is headline yes don’t do it this time but also the one thing is many analysts

These are not individuals you want as your friends and Junior higher High School in Long Island the point is like if the Wind Blows the wrong direction they downgrade stock so the point is it’s very important I think from an investing perspective it’s like but I’m really speaking more about tech

Journalists because their job is to have somebody read something about Apple that day it’s so much easier to say the product’s a flop no one’s clicking on hey this thing’s actually pretty okay the clickbait negative on Apple and Tesla you could fill a museum with right

Uh can we do Tesla I want to I want to get to a couple more of the max sevs Tesla Outlook in 2024 I don’t want to do like the typical Elon Musk stuff it’s like all right we get it he’s crazy fine you wrote every year the Bears come out

Of hibernation mode and think this is the year that Tesla shares collapse uh the Bears view it as an automobile company that should trade an evaluation multiple of GM or Toyota the Bulls such as myself believe is a disruptive technology company and that the Wall Street con consensus view there is a

Universe in which the Bears are right and investors become less and less excited and the multiple just quietly uh shrinks for 10 years that is something that could happen why do you think that won’t happen be the reason and remember a lot of the Bears they’re some of the

Smartest people I’ve ever talked to on Tesla it just happens the Bulls make money on this one and I think my view there is that 3% of automobiles in the US are EVS now if you think that staying like that for the next five or six then

That that thesis is is true globally you still have 70% Automotive is EV Americans don’t want these EVS other than Teslas so to tell me tell me more about that so to Josh’s Point people don’t necessarily want EV they want a Tesla and that’s an important Dynamic

And the other thing is that from a price perspective if you look for t to make money on a car would you say originally it cost 50,000 to make at at at one point it cost 60 or 70 to Meek wow that to Meek today is 25,000 so so the

Difference is is that because of their software and because of their global scale and because of the genius of musk and their efficiency from Austin to what we’ve seen in China to Fremont and around the world they’re able to produce cars at a pace and at a cost that no one

Else could match and that well they’re not unionized this helps exactly okay but couldn’t that change I I mean I personally I think there’s a better chance of me playing NFL playoffs and unions coming into Tesla just because the Tesla employees don’t want it they don’t want how do do because also

Remember a lot the way a lot they get stock every Tesla they feel like every Des every factory worker they they I don’t want to gloss over this I think this is a huge component walk through Tesla factories yeah everyone feels like they have ownership no it’s like they

Everyone is there they’re all aligned which is very important as everyone thrs that the union UAW and Detroit the difference is the Tesla like there have been millionaires minted on that factory line because of the stock right and no one can say that that started working at

GM or Ford in the last 30 years what would another Auto Company have to do to gonner that software multiple that Tesla gets I mean it’s look if you think the average automotive company today gets less than 1% of revenue from software if you look could ultimately Tesla between

Full self-driving which I’ve used the Golden Goose where it’s all going to ultimately head you know they’re going to have 30 40% overall revs when you look out non AO in other words from software and services that’s a big reason why the multiple that Tesla’s

Going to get I view it more it’s an AR s multiple on that core software business rather than Automotive what would you need to see out of Tesla to think like oh maybe the story is changing look I think if the price the price Cuts we

Think 95% of them are done so if the price Cuts just continue to accelerate in China margins continue to dip this year demand started to WAN significantly they didn’t come out with a sub 30k you would downgrade if you saw it in the data do you think do you think the price

Cuts are bullish cuz they’re crowding competition or they bull or are they bearish because their respond I think it was a poker move for the agers that’s why if we go back Groundhog Day Bill Murray a year ago everyone’s like Tesla this is it it’s over and then the stock

Obviously it was a was a rocket ship because cut prices because margins able that them to do that say you can’t compete with me because I can make I could it cost me less than it cost he’s basically saying you can’t compete I’m going to cut price a suffocate

Competition then my only real competitor would be byd in China and I could live with that because ‘s enough for both of us well he’s got the traditional automakers I don’t want to say on the run but in Retreat they’re now going to make less electric vehicles and they’re

Blaming it on lack of demand the lack of demand is stemming from the fact that they don’t make Teslas and it’s the mods right I mean it comes down to like if you look across the world they want a Tesla not e so I I looked at the

BMW um what is it the MX y i something the the SUV the cross it’s $13 it’s $115,000 MSRP and it’s it’s beautiful I just don’t think the electric vehicle buyer is the $15,000 vehicle buyer but but that’s why if you’re so who is that for but but

You’re talking super high-end Niche yeah yeah yeah at the end of the day if you’re sitting there on the liie on a Saturday one of one of every five is a model 3 or or why okay all right so you’re a constructive Tesla this year oh

I think this is going to be a home run year because my view of Tesla this year it’s not just about units and price cuts and margin stabilizing it’s that we are now going to start turn the corner on what I view is probably the best AI play

In the market because of full self-driving and I think that’s going to be significant to some of the technology they talk about in FSD as well as Battery Technology Tesla I don’t think people realize Tesla stock double in 2023 yep uh I want to ask you about how behind alphabet really is versus

Consensus which is they missed it okay so it’s too early to say anyone missed it right a year ago yeah they were miles beh like it was it was jaw-dropping to be clear we’re saying alphabet miles behind Microsoft because remember they could have bought open AI if they wanted

To they thought they were smartest person on the B and ultimately look the difference there is that they recognize internally I’d say going back to maybe like May June they recognize like okay we messed up we’re doubling down we’re changing course we’re going after it and that’s where everything changed so they

Were very cautious I I think y I think like alphabet the story is that maybe you can correct me the story is that alphabet hired all these ethicists and professors and um academics roaming the Halls talking about the dangers of AI true SATA Nadella was on the phone

Meanwhile with uh Sam saying step on the gas cuz Nadella is a Dog Bounty Hunter like the point is like he understands where the Market’s going he’s not afraid to ruffle feathers and it’s why right now they’re building a stature for him and Redmond and the point is so that but

I think if you look at alphabet they quickly recognize okay we’re changing course because they they realize so five months five they and now they’ve narrowed the Gap to a point where they’re actually when you look at Cloud it’s Microsoft it’s not Amazon number two it’s actually goo it’s actually

Google Google Cloud number two because they’ve to put all their AI developers on what I’ll call almost a co-pilot type technology with right get it into Google Sheets get it into Google Docs get it into all these products because that’s the golden obviously search advertising and for them search advertising they’re

The King of the Hill no one’s Bing is not going to unseat Google Google recognized okay we understand that market solidified the big Market that we’re going after is Enterprise you know what you know why I feel like capitalism just works and and why I’m such a big

Fan Google’s search engine a year ago was just it had become completely polluted the first three results would be sponsored the next three would be sponsored but a different type of spons you would have to get two-third of the way down the page to find something and

It was always a Wikipedia link or Google’s own data and I like movie times weather whatever and I remember saying what what the hell happened this used to be a white screen with a box and with AI now I’m like hitting the microphone button and I’m saying write a letter to

Uh write a letter to my child’s fourth grade teacher named Mrs whatever why he was late to school today uh took them to a doctor’s appointment like a jumble of they give me an email like fully formulate I I almost have to spend like two seconds editing

It and that’s it they are so from my perspective as not somebody involved in the tech as a user I said all right this is quick oh and they and they quickly pivot I mean over the summer yeah there was like an all handson deck type of

Pivot with an alphabet and I think you’re going to look years from now and that was that was just a move that will change the company from an AI perspec years from now is AI replacing people’s jobs or is it just letting us do more with

Less or what what’s I actually think AI creates more jobs in the next two or three years developers Engineers Mar the use cases now over the long term there’s definitely some jobs that could fade away but incrementally I think it’s making you do more in terms of withl

From an efficiency perspective what one of the weakest one of the weakest um one of the weakest uh magnificent 7 stocks off of the lows has been Amazon they like alphabet have invested in anthropic anthropic has a similar janky open AI kind of part of this is not for

Profit part of it is LOL you figure it out what are we to make of Amazon but Amazon’s making chips inferencing chips training chips like so they’re very deep in AI but they’re not getting any credit in the value but then you go back to like jazz is an

AWS Cloud guy he inherits when he inherits Amazon the new the new CEO yeah new see from Bezos they were spending money like a 198 Rockstar so the first thing they needed to do was just significantly Co C I mean the business model was upside down now the last call

It six months special last three to four they’re all in I mean they’re going to go aggressive on chips AI develop they’re I’d be shocked if they don’t make three to four AI driven technology Acquisitions because now the rest of the house is in order now for them it’s making sure that

Google doesn’t leap them on the AI Cloud side because that’s really the opportunity for them from an install based perspec Amazon announced cuts to the studios yesterday a lot of layoffs there uh a third of twitch staff not I think a third got laid off Google also The Verge reported today that Google’s

Doing a bunch of layoffs um do you think that these companies have sufficiently cut some of their employees like or is there good more to come but there’s actually net hireing like that’s a good example like the headline refocusing there it’s a refocus because you look at especially from the assistant and some

Of the speech stuff the companies have recognized that’s in the rear view I mean we’re going to cut some of that staff either redeploy and then we are going to significantly build up in other areas and I think 95% of the cuts in Tech are in the rearview mirror okay

Speaking of uh of the streaming stuff um you had a prediction that apple is going to buy ESPN let’s talk about sports what’s what are what’s the thinking there because live sports content that’s the Holy Growl except they never buy anyone and they the biggest acquisition they’ve done is

Beats 3.4 billion so it’s this is the one asset that’s so rare that they could look to in in our opinion acquire especially given the Disney situation strategically what they would what if they just wait 5 years and ESPN is worth much much less because all the cord

Cutting and they start getting priced out of the rights battles versus like why not just let ESPN become a shell of itself and then buy it for the brand name what do you think it be worth today I think 35 billion in terms of what they

Can get that for so I would just for a company that generates more cash in most countries I mean it’s something they could do pretty quickly but the most important thing is Dan es I’m sorry I got to dwell on this ESPN also puts apple right in the place that they have

Been dying to avoid for the last 20 years which is the Forefront of the culture wars yep apple does not I mean even if you look at the stuff they make for Apple TV it’s so far away from anything that could be perceived as uh risk risque they’re very good at this

Actually that’s that’s their DNA so now you’re going to buy ESPN and you’re going to have all kinds of you’re going to have all kinds of trans rights issues and uh racial stuff and it’s just it’s it just seems so alien to what Apple has tried so hard to avoid but everything

Started with the MLS deal with Messi I mean when they did that yeah you look what that they did do that deal no but when they did that what that did to Apple TV I mean basically tripled the amount of users so they recognize like okay live sports content is where it’s

You know like the only way we’re not going to beat Netflix and content we’re not going to beat any of these guys from a doing shows Brick by Brick we need live Sports content so wouldn’t Netflix be a a a crazy but natural acquisition but I think that what probably the

Biggest strategic mistake if you go back to job they ever like and we’ve talked about the biggest strategic mistake they ever made was not acquiring Netflix when they could have why do you think they didn’t do that because I think they had a view that that would have been Eddie q

And uh the TV guys there or the entertainment guys there well and and then even after when they like if you look at like what they did with Ivy and going back to the jobs days I mean they viewed it as like content was going to

Come and go and if it ever got big we could build it ourselves but we’re not going to pay up for Content got it they miscalculated how quickly streaming and content was how come everyone miscalculated streaming like it feels like the incumbents were so late and

Then they went all in as the business was declining and saturated like they missed it both ways but if you look at Hastings and you look at jobs and you look at nadela and you look at M it’s my view is like the Mount Rushmore there’s individual you bet on them right in

Other words like if you looked at Netflix and you looked at the strategy if you just bet on the vision and you were a Believer then that’s something no it’s simpler than that they missed it because it was accountz of all their profits you you

Told me to listen to Patrick oan as he talked to Mike Ovitz so I did last night I was sitting in traffic for two hours Mike Ovitz was the only Hollywood guy going up up to Northern California to sit with Bill Gates and he would come back to Hollywood and he would say

1993 the guys at Microsoft are telling me that music is going to be distributed over the air uh directly to devices that are not radios and he would get laughed out of the room it’s really really hard for people working in Hollywood who are making money on DVDs or selling movies

To Netflix later on like Disney Disney dis basically cannibalizing itself allowing Netflix to build itself on the back of Disney properties they’re making so much money it’s hard for them to say let’s cut that Revenue stream off and completely fight our profits I totally get that I totally get that I just feel

Like by I don’t know 2016 2017 wasn’t it so apparent that it was inevitable but but even at that point there were views like they would do content deals and they’re like oh my how are you spending money on I remember NF it was like they’re spending $7 billion a year on

Content but once you saw House of Cards and then Orange is the New Black shouldn’t have been like all right this is real no it’s worse than that it’s NBC licensing the office to Netflix people watching millions of hours of the office for $9.99 a month and NBC being

Happy with a check for like $10 million I think Josh is absolutely right it’s all about incentives and people’s self-interest you’re telling right you’re telling people to put themselves out of business I want to this is like amazing and we we so much appreciate your time today I want to make sure we

Do some chip yeah some chip stuff uh Netflix in The Last 5 Years is up 1, 1400% but AMD is up 650 per. we is AMD going to take enough share to justify what this stock has done are you bullish I know you not I know you’re not like

All semis all the time but what are your thoughts oh I think AMD is going to be a massive beneficiary of what we’re seeing in AI big at CES I mean look and also but this is another example just like you Baron Hastings nadela musk Lisa Sue

And Jensen The Godfather of AI Lisa Sue you’re betting you know like that’s one like is she impressive if she’s flying the playing I’m drinking Cabernet in 29e watching Netflix feeling pretty good we’re going to cut that for a social clip and we’re going to do # AMD #

Semiconductors # Nvidia # uh all the all the things that are popular right now hashtag Bill akman whatever’s trending we’re going to put all that hey I want to ask you um do valuation so all right so Nvidia is a cheaper stock now than it was two years ago which is crazy most

People can’t wrap their heads around that but it’s still not a cheap stock AMD is definitely not cheaper than it was do like how important is it because these are still going to be cyclical businesses right but there’s I get the cyclicality and shortages you have an

Incremental 800 billion to a trillion of business yeah that’s new yeah that’s gonna H so so my view on it is like I get it’s expensive the way we view it or it’s got but when I look out in the next three four five years you count on one

Hand maybe two the amount of companies that are really going to be the leaders in this AI Revolution that’s why I just don’t get caught as caught up in current valuation because when you start to sum of the parts of Microsoft you get four

To 5 trillion but then you do you do put price Targets on stocks so where do they come from how do you think about the framewor my whole framework on these names are some of the parts I basically value what I view as the growth businesses the AI the cloud and put a

Multiple on it and I do a best case to where I could see numbers next two to three years and then I give a base case which is like okay if that doesn’t happen here’s what the Stock’s worth and then a worst case is if things all go to

You know a disaster here’s where the stock could be and that and that’s really that’s how I’ve always done valuation you alluded to smid caps away from the mag seven what are the company I’m not I’m not saying like what are the stocks that will go up this year

Although that would be nice but what are the companies that investors should be paying attention to I mean if I was going to an Island right now let’s just say Kawai actually I like big island about Long Island is that Long Island yeah I’d say big island okay so if I’m

Going to an island it’s in cyber to me the the sub sector that’s going to just have a massive move this year yeah is cyber already going these stocks are already going crazy they’ve already gone parabolic but when I look at names like cyber Arc would I view Z scal I think is

One that could be up another 30 40% crowd strike one of our favorites I look at names like cyber are tenable I think there’s going to be a significant amount of m&a in cyber yeah I was going to ask you there’s like 12 of them publicly traded that’s not sustainable no I mean

Especially if they’re all competing with each other no and ultimate I think you could see 30% these get acquired in the next 18 months because you have the 415s that have built from a war chest you know PE perspective what they’ve raised to look at buyout and outside of Bravo

No one’s really done them then you look at the Strategic you have almost a trillion dollars so all right so you got like uh the big ones Palo Alto is the biggest that’s a double table Bounder double table still it’s it’s a it’s not just the tail bers double tail pounder

Okay um I think crowd strike is now by market cap number two MH okay we like that Z scaler Z scaler foret foret we actually like because foret is one like they’ve had a few bad quarters we actually think things are turned around there okay cyber Arc you think is small

Enough to get bought oh and cyber arc’s probably been one of our favorite probably one of the best smid cat management teams in Tech because as more moves to the cloud cyars one they’re G they’re becoming more and more strategic and they probably have from a mouse trap perspective especially from an endpoint

One of the best Solutions out there Sentinel one well I think Sentinel one’s I The Sentinel one is a high probability that that gets acquired they came public two years ago nobody has any idea what this is and Sentinel one ticker S I look at Sentinel one cyar

Tenable veronis is our top four acquisition c veronis vrns um that’s data security play turnaround story that’s another one all right value Tech uh checkpoint love look that’s that’s been our value that’s been our value name why is that so why is that so cheap because they have a

Massive install base many feel that they’re not growing but yet what is checkpoints what are they checkpoint is basically firewall software former blue chip in this space former Blue Chip Gil who who ran and still runs checkpoint checkpoint from a from a cash flow perspective and actually is now seeing a

Renaissance of growth that could be a stock with a two in front of it okay so I’ve been following that one because it’s so cheap but then you’re like wait a minute this is probably the reason it’s so cheap is because crowd strike and foret are just ripping business out

Of it and everyone tries to short checkpoint every quarter and then literally that night can’t sleep because the Stock’s going to be up the they can have a glow up like remember what we saw with Oracle last year like all of a sudden people like oh Oracle sexy

Like couldn’t that happen I think the other glow up is I think I actually love this so I might start using I’ll give you copy so I think salesforce.com I think that’s another glow up because what I view is like the AI story that’s all the DAT they all the data they have

All now then people back oh they just cut some C because benof has margins above 30% that’s another one if I’m betting on someone and Ben off’s flying the plane drinking Cabernet in 15E cuz he could stumble but he’ll figure out where he went wrong and fix it and

That’s what he’s done he’s as opposed to a lot of these other management teams where I wouldn’t want him coaching my kid soccer team Benny off actually understands how to do it when he actually fails and creates so as an analyst though what do you do when

Somebody I’m not saying this is gonna happen when somebody like Benny off says I’m stepping down we have a great candidate internally or we’re going to search for a replacement like do you have to change your thesis on the stock if you went into it with management

Being so important def I mean no I I I call that like when when the thesis change happens you got to look in the miror a thesis if Benny off left that would be a thesis changer because that’s something where I view him is so integral to that story so obviously the

The leadership at these companies is incredibly important you mentioned Mount Rushmore a few thas who is on your Mount wasmore of tech CEOs so you got nadela you got cook Godfather of AI Jensen Lis Su Benny off dude when Steve Jobs uh stepped down and put Tim Cook in that

Would have been a thesis changer but but okay now going back to that point because myew cook was so groomed under jobs they you and also I was Cook’s VI Vision okay not an outsider not just not an outsider Cook’s Vision was about services and how he is Elon not on there

For you and I was going to say and then and then probably at the top of that Mount Rushmore J is is musk because and because my view of musk is he’s been able to build businesses that no one thought was even possible so do you

Think he could save uh Twitter I think he’s what he’s going to he’s going to take outside capital for the super app they take a haircut on valuation and then he builds into a Chinese like super app what does the super app look like like what does that mean similar to We

Chat to what we see in China where you’re going to be able to do e-commerce on it do your ride sharing do other types of search do social media it’s a One-Stop shop it’s a Walmart for Wall Street Journal just published a story that he’s doing cocaine and mushrooms

You you must get questions from clients like is this a thesis changer look but I view musk on a Saturday night musk is not sitting in the library reading the book and everyone recognized that but part of his genius and part of you know some of his faults if you own Tesla if

You’ve been a SpaceX investor you understand musk and you take his genius and his asset with his failures and I think that’s just the that’s just you can’t take the good crazy without the bad crazy yeah but I don’t think so all right so here’s what’s interesting the

Overton window has widened from even when you and I started and you’re you’re a little bit older than me but not much so when you and I started if there were a story in the Wall Street Journal that the CEO of that John Chambers yeah at Cisco was shrooming like the stock the

Stock would be halted and may maybe no it’s true true I’m joking around I remember there was a company called Sienna which was the hottest uh networking stock like back when networking was a hot C this stock was going it was like Michael Jordan would

Go up 10 points every day they had to restate a few quarters worth their earnings it went to zero zero it’s true that’s not the world we live in now it’s a different world and I think it’s also one where investors have thicker skin I also think because of social media

Information flow is just more known out there and I think it’s not it’s back then there were basically you know 10 15 20 funds that could take down a and I think now now you’ve seen more of a democratization of some of these things you would say that’s a good development

That uh investors are less sensitive to gotcha stories no doubt and and I think and that’s also where social media is helped there too where you all and also retail has become such a bigger piece in a lot of these names where sometimes retail is I think on some names retail

Is actually smar than institutions you know what I’m so glad you said that retail investors knew the difference between Tesla and Nia Nico both were called frauds the the first the short sellers that unearth the nicolea stuff Were Heroes because that guy was no doubt absolute garbage and was totally

Stealing and lying and manipulating the stock price and Retail so there’s no there were no institutions in that stock retail were excited about it and then the short seller report came out and the information in it was verified and the guy was gone and the stock went to zero

And that process played out the way it should have and I but if you look in retail retail outside of Baron Kath you know if few yeah retail has been way ahead of institutional on Tesla I mean it’s not even a question yeah and I think retailing a lot of these names

Like from palente tier I’d say to Microsoft a bit on the cloud right outside of biley gford and Ron Baron and Kathy I can’t think of a for institution that came out and said we’re bullish on TES when I would pitch Tesla in meetings people be like please you can leave

Now you um you could leave you could leave uh do you want a water there’s the bathroom Okay so the point is like that’s how it’s it’s shifted from an Institutional perspective do you have fun on the show today oh this was awesome I mean thank you this is such a

Fun time thanks for having me we excited to have you on we were so excited huge fans of yours and uh I love that you came and spoke at Future proof how did how did that come together like how do we get you there yeah I mean I like I

Was asked to speak there and like look that what I loved about that it was just further you know just having communication with like so many advisers that have reached out you know over the years over Twitter LinkedIn fintech fintech people are there fintech I mean you know I’ve been to so many

Conferences over the years future proof is a gold standard and to me it’s one where when there I’ll tell you a funny thing when I’m a future proof and I’m about to speak you don’t know if like there’s going be like one person sit there or you know whoever and and the

Audience was so engaged because it’s one I was able to talk to the people that that have followed me you know across Tech we’re going to have you talk about AI I hope uh at this year’s future proof I’ll be there first playing out there I think what the advisers it’s wealth

Managers and they talk to clients and I think like what they’re going to be curious about is what does wealth management mean potentially for my industry my livelihood we’re going to have co-pilots yeah but yeah but also at Future there’s a lot of advisers where maybe like they’re want they’re trying

To change things within their 100% they are that’s why they’re there instead the typical 6040 Buton they’re like no you got to come listen to what’s happening in Tech and now it’s that opportunity for so many people that maybe you wouldn’t see that I totally agree with

That all well we loved having you here we end the show every week with something called favorites and this could be books TV shows movies uh anything that you’re reading anything that you’re doing Hobbies you you tell us what should the audience hear about from uh Dan Ives look favorites I mean I

I love buying cool sneakers say Aviator Nation Aviator nation’s one of my favorites um for sneakers I love I love Flight Club are those are those dunks yeah these are dunks okay those those are hot so I’m I’m big fan of just cool sort of things that maybe a lot of

People won’t even buy you know type of thing like you’ll go into a store and like no one would ever buy that like the orange for sh there like one dude actually bought it and that was me yeah he works at W bush like he works at Wet

Bush and every once while he talks all so so that things that I like look I’m a sports nut you know so I just I mean that I so you had a Penn State game uh the what game did you go to so I we probably went to like seven pen State

Gam so we’re like look we are we bleed the blue and white we are dialed in Penn State fans college football is a huge passion of myself and um look and obviously I’m you know I I just I love content love Netflix I read a little but

B I just I’m a big fan you need to have passions outside of this um industry and for me it’s it’s really Sports family very cool very cool Michael you have a favorite for us this week yeah you mentioned it but our friend Patrick o shanesy interviewed Michael loitz who is

The founder of you you would like this that guy is just one of the most interesting people in the world what a career he has had so really excellent he’s the and a great investor in his own right so he’s doing a lot of venture investing now like so you know Ovitz is

Like much older but he doesn’t want to spend time with people his age he wants to spend time with younger people who are building companies and just like mentoring that’s great so that’s like the the conversation is half about so so I says to Dustin Hoffman I you know it’s

Half that old Hollywood and then half like he’s involved in AI and it’s really it’s very cool I’m going to look at that um I I wanted to uh just mention how Wild this year is starting out like you got you got like Aaron roders accusing Jimmy Kimmel of crimes on TV

Like this you got Sabin and bich same day retiring s been retiring without even a farewell season yep like he doesn’t want to trade jerseys with other coaches for the next year he’s just like I’m done okay bich out three NFL coaches fired and there’s a huge uproar uh over

Cat Williams Oh Pete Carol too P Carol’s out P Carol that was surprising what with Cat Williams Cat Williams is like one of the most successful comedians of all time people don’t even understand this he’s had 12 one hour specials 12 uh most comedians get one and then never

Again um he’s independent he goes and sells out like Arenas like he’s just he’s huge I didn’t really understand his backstory he like left home at uh 13 years old lived in slept in a park in Miami got himself onto a standup comedy stage at like 14 and just like he a

Crazy story crazy story and eventually gets himself into Hollywood in the movies and uh he’s pissed so he doesn’t do podcasts so he’s been listening you know there’s all these new podcasts now he’s just been listening to other Comics go on and make up about him or one

Guy said that he was supposed to have the Cat Williams role in in a Friday movie and he just like he went on Shannon Sharp’s podcast and he just went crazy it’s three hours it’s in two parts Shannon sharp sh Shannon sharp just like stops talking at one point and it’s Cat

Williams monologue on everyone that’s ever lied about him and he’s just going in on Kevin Hart on Diddy on it’s just I’ve loveed that the Rob Lo podcast has been great the one like all the 80s like if you’re an 80s um in the same vein Stephen A Smith

This morning last night last night yeah just chose to settle a score with uh Jason Whitlock oh yeah I saw that oh my God so this is an 45 minutes of unedited unadulterated this is this is the worst human being I have ever met in my life

That’s his that’s how he opens it no 24 is off people are going nuts right now it’s it’s wild what do you think that’s about it’s in the air I think it’s in the air and I think I mean like look I would like and I think it’s just one

Where uh oh uh acman versus Business Insider oh that’s which I am paying as little attention to as I can uh but like it’s Elon versus Cuban Elon versus everyone Elon versus everyone and in the backdrop you have a flying car in in the backdrop so so it’s it we’re off to a

Wild start for the year yeah and I look I think 24 is just going to be it’s a wild there anyone that you would like to start a fight with right now we’re going to give you the space to do that if there’s anyone I’d want to start a fight

With today you can come back we could do that next I I I have to think I have to think about that one right right now I can’t really I can’t really see it all right we we could we could do we could

Do that on a on a future date uh I want to thank you so much for spending this time with us we we were so happy to have you coming and uh it’s just a great way to kick the year off it does feel like it’s going to be another exciting year

In Tech I don’t know what that means for share prices but just in the the revolution get out the popcorn so and I love that you see see it as a revolution cuz I do too so thank thank you Dan eyeses ladies and gentlemen thank [Applause] you all right just to remind everybody

Uh guys your ratings and reviews go a really long way we have got to trick the algorithms into thinking this is a quality show and the and the only way we could do that is with your help so please if you love the show if you love

Dan IES come on there and say great show give us a rating and review it goes a long way I want to give a special thank you to John John great John has manned the show today uh solo and uh Duncan of course is away Duncan will be back very soon you’ve

Done an incredible job John I just want to look at me look at me look at me you you the talent is off the charts thank you so much rob you were good this week too all right on behalf of everyone at the compound thank you guys so much for

Listening make sure to follow Dan IES on LinkedIn Twitter in no I’m just I’m a Twitter LinkedIn guy Twitter and Linkedin follow Dan IES you will be smarter I promise you we’ll see you Soon