Does that give them kind of a heads up on the competition there? Could they be the front runner for this particular sector of stocks?

Yeah, I mean, I would say that they are the cleanest AI safety trade in the cybersecurity group.

First, let's start with kind of zooming out and just look at their big picture bull thesis.

It's a flywheel story.

So what they want to do is they want to land with cloud native endpoint protection.

That's their Falcon.

That's their kind of hero solution, if you will, their hero product.

So what's your take on Zscaler? One of the few that didn't have an overt AI shift or partnership.

[laughs]

...

this basically is complete bullshit, and just put your foot on the gas, and let's go, go, go, go, AI's gonna be awesome.

Um, President Trump, who benefits from having a booming AI economy, saying, "We're not gonna slow down at all.

This is a China psyop.

Let's push, push, push, push, push." Um, JD Vance, same story.

So what you're seeing is this big split between people that are supplying compute and those that are building frontier AI.

And then so how do you see this, uh, affecting profitability? So outside of the hyperscalers, the, the, uh, second tier, third tier, uh, consumers of AI, do you, do you see any effect there wi- with this, this particular news over the weekend?

That's not what's happening

right now.

What's happening right now is the ante keeps getting up again and we're getting active strikes.

And that changes the game.

I mean, let's go to oil.

Oil, this is what happened when we were calming.

May, June, July, and then all of a sudden, whoa, stuff's picking up.

Is this the true next step in the Frontier Lab evolution? Is that what we're looking at? I watched the essentially trailer commercial for it, and it looked crazy.

Now, that is a really compelling thesis, but it's

a long-term thesis.

It's several years out.

When we talked about these metaray bands, they're selling a lot of them, but that's not really a high-value item.

AI PCs, that cycle's not super robust right now.

Wearables.

kind of becoming a thing, but also not a super robust cycle.

gotcha now with Nike down so much as well, should we have our eyes on new and up and coming retail stocks or should we just be avoiding retail entirely for the foreseeable future? They're

So Luke, what's going on, man?

So yeah, I mean, the, the AI trade is stuck.

Like it's just...

It's not broken.

It's not breaking down.

It's not falling.

It's just stuck.

Right

Luke, what are your thoughts on Dell currently?

I mean, yeah, just absolutely incredible numbers.

Big validation of the core underlying fundamentals of the AI infrastructure trade.

Spending continues.

Dell continues to win a big share of that spending.

Looking at the numbers specifically, revenue is up 58%.

I mean, this is Dell.

So what's your take on Credo Technology, Luke?

How much was that a real thing in terms of, as an investor who's looking for fundamentals and more, you were watching companies that you fundamentally no longer think you want to be buying, how much of that was, here's the hype, let's just take it to its extremes and punish a lot of companies when maybe their valuations are overdone, but they're not that overdone.

Yeah, so you want to talk about single stock specific.

That is where single stock specific really, really matters is in Sasmageddon.

This is not a, you know, they say rising tides lift all boats.

It's not a sinking tide sinks all ships, right? There are some that will prevail, but there are also a lot that will not.

And so what we look for when we looked at that kind of that big sell off or the opportunities, we wanted to see software providers that had preferably proprietary data.

We're preferably connected to, very connected, intimately connected to sensitive workflows.

So have we identified, like, do you believe we're looking at the companies that are the AI winners or they're still going to be a whole bunch of AI winners that we have no idea who they are as of this moment?

Hello and welcome to Being Exponential.

So, NVIDIA just delivered another massive earnings report and at this point, NVIDIA isn't just another stock reporting earnings, it's essentially a quarterly health check for the entire AI economy.

With data center revenue surging, AI demand remaining strong, and the next generation of chips on the horizon, the big question is no longer whether AI spending is growing, it's whether it can keep growing at this pace.

So today we're breaking down Nvidia's numbers, what they tell us about the broader AI trade, and where the biggest opportunities or risks are.

So Luke, stellar numbers.

What's your read on Nvidia?

What's the stock that you're talking about today, Luke?

Yeah.

So first, I just wanna say, you, you mentioned that thing about, uh, you know, your readers or viewers writing in and saying, "Don't wanna buy a stock at a fifty-two-week high." Well, the most likely thing a, a stock does after making a new high is, is make another new high.

Uh, you know, mo-momentum is very real, and in this market, it is very, very real.

So I'm actually giving a recommendation here that is a stock that has run to fifty-two-week highs.

It's been making fifty-two-week highs after fifty-two-week highs for a very long time and will keep on doing so for the next six to twelve months, I think, if not a little bit longer, and that is GE Vernova.

Ticker is GEV.

Is that what we're going to see with GE Vernova, or what kind of growth can you expect, not just in the next 18 months, but the next five years for this company?

With that potentially being the case, are there any particular plays that you think might have the highest torque if we get into this head-to-head race with China for the AI infrastructure play?

Yeah, you're not thinking big enough.

It's not the space race, it's the Manhattan Project.

Right.

You're not thinking big enough.

The space race was peanuts compared to this.

This is in the same way that whoever got the nuke first in the 1940s, won World War II and therefore established global supremacy for the next hundred years.

So I'd love for you to revisit Sasspocalypse, but with that in mind.

You think that the time horizon for SpaceX will pay off for investors who are getting in super early on this IPO right now?

The best way to play it right now is SpaceX, uh, until the lock-up.

Um, and then once the lock-up expires, I think you're gonna wanna shift to supply chain plays.

And I think the second half of '26 is not gonna be about SpaceX going to the Moon.

It's gonna be about, you know, Elon Musk just raised $85 billion.

That's $85 billion in cash.

That's gonna go somewhere.

Do you think that investors need to get in really early on this IPO story for both OpenAI and Claude to get a piece of that massive gains that are expected once these companies go public?

now.

So you have very limited supply against the backdrop of massive demand because obviously it's Elon Musk and It's also the first of its kind company with this kind of rocket launch infrastructure.

There's obviously rocket lab out there, but SpaceX is much bigger doing many more launches.

They got Starlink, they got the orbital compute, they want to go to Mars, et cetera, et cetera.

So you have massive demand for exposure to a company like this.

And then you have limited supply creates a huge supply demand imbalance, which is mechanically pushes shares higher post IPO.

So that's definitely happening.

ASTS SpaceMobile.

Is it essentially a sale on the stocks that we like, or is this the first crack in the AI bull thesis?

Fundamentals can evolve, but as of right now, it is absolutely a tactical buying opportunity in AI stocks.

You mentioned Broadcom's earnings report.

That wasn't it.

Broadcom's earnings report was fantastic.

We talked about it in the other podcast, what you had almost 50% revenue growth, almost 80% semiconductor revenue growth, almost 140% AI semiconductor revenue growth.

or maybe more than 140% anti-semitic revenue growth records in all three categories, $30 billion backlog.

Could you speak to that a little bit?

That's ticker symbol GLW.

Yeah, so I really like Corning.

I mean, the whole thesis here is pretty simple.

I mean, I'm obviously really bullish on the AI infrastructure build-out continuing with a lot of momentum.

Every Blackwell GPU cluster, it needs fiber.

It needs a lot of it, the connectivity tissue for these data centers.

NVIDIA's 72 GPU Blackwell nodes, they require 16 times more fiber than traditional cloud switch racks.

excellent yeah i mean uh the recent sell-off it essentially created a sale for a lot of uh strong stocks that we've talked about in the past um now next up we have sienna ticker symbol c-i-e-n

You can't invest in it quite yet, but what can you invest in today that's strongly connected to the SpaceX story?

Yeah.

So I think everyone views SpaceX as a rocket story, and it is a rocket story, obviously.

But the fact that it has already acquired X and xAI and Grok, all of the data generation capabilities of X, it is now an AI story that Elon Musk has made it crystal clear the reason SpaceX is IPO-ing is to get money to launch data centers into space.

This begins the orbital compute leg of the AI infrastructure build-out.

And this leg is going to be massive because space offers some tremendous natural advantages over Earth when it comes to the cost, the economics of AI compute.

That right now, operating a data center in space is exponentially more expensive than operating a data center on Earth.

First off, let's talk about, just for those who maybe aren't as familiar, which portion of Elon's empire does xAI fill? And then let's get into the names that you are watching in connection with this company.