Stephen Weiss, Founder, Short Hills Capital Partners

Analysts when they made their estimates didn't count on GS winning the SpaceX and openAI IPOs.

He likes the moat around the cybersecurity incumbents. Fears that Anthropic and AI would break cyber companies were overblown.

He added more after they reported a good quarter. They did have margin issues at Foot Locker, but this will sort itself out. Valuable is reasonable, not expensive, and has a moat. They continue to improve store format to entire customers. 

He trimmed it. Trading at a 32x forward PE, but typically in the mid-teens. As long as data centres are being built, this will participate, but it doesn't hurt to take some money off the table.

Based on previous cycles where momentum can turn on a dime, Micron is especially vulnerable to this. Chips are acting like a commodity. That said, he doesn't see their share price or earning declining. A caveat is adding capacity, which has always killed the chips cycle. The difference is that now it takes longer given supply chain issues to add this capacity. Maybe one or two years out, MU will turn, doesn't know.

Is not concerned with rising costs. Dell has much-higher earnings backed by strong demand. They can pass on costs to their customers.

Critics say they're overspending on AI, like Meta, and not seeing a return, but cloud growth was 38% and cloud is their engine. The story is well intact. It's his way of playing AI in China.

He's taken some shares off the table. Is trading at 7x PE, but historically it's 6x. They have contracts through 2028. At some point, this will reset, but it's too early for it.