Stephen Weiss, Founder, Short Hills Capital Partners

What we heard from CEO Jensen Huang at the current tech conference is what we've heard in the several past quarters: there's insatiable demand for AI, and NVDA is the middle of this and it's good for the company. We heard nothing new. He's surprised shares are not even higher today (they are bouncing). The modest share increase isn't tied to NVDA, but tied to the fact that the market has been oversold. That said, will this bounce continued into the close and beyond? The market is in no man's land.

He likes Meta here, is fairly priced, despite the overall selling in tech in recent weeks. 

The analyst who downgraded GS is saying nothing new, including a delay in the M&A cycle. The IPO market will likely emerge in second-half 2025. Also consider is defaults will rise? Lending growth slow or reverse? The overall economy slow down?

MSFT is phasing out Windows 10 and pushing the 11 upgrade.

Shares are washed out from this correction.

Near term, this can't trade at prior multiples given volatility. Anything healthcare is uncertain. He still believes in the $600 price target. Great management. They have growth.

Shares will bounce and news will be good this week.

Sold it. It never became a full position. He bought it because of its last quarter and on deregulation. But oil companies won't drill that much, because it lower the price of oil. 

He sold some shares a few weeks ago. Good news is that robo-taxis won't happen for a while. Bad news is that robo will cost somebody more, and he can't figure out the economics, but will slow down growth.

He trimmed, despite Trump announcing establishing a reserve crypto. Reserve currencies are stable, so his idea is ludicrous. Cryptos are a risk asset, volatile. Trump has a crypto business, so this is pure corruption.

We don't know how much they source from China, so we don't know the impact of tariffs. They can pass on prices to customers. Growth is above the market, but sustainable.

He sold. Apple for example, is starting to make its own chip. Also, reports say China is buying the NVDA chip through other countries. Thirdly, Taiwan Semi could pick up the slack in NVDA. People owned NVDA for momentum and are now selling it for taxes.

Seems to have stabilized and is on the way back up.

After holding it a long time, he sold it. They had a weak quarter with slowing growth a lot. The CEO is retiring. GXO is an acquisition candidate, but isn't sure if growth will resume.

The S&P is hitting a new high today, but it's on low volumes on a vacation week. Point is, money is not coming in off the sidelines and won't sell either. Rather it will wait and see. Meanwhile, we will see atrophy. This isn't about left or right politics. He needs to see a clear path forward--stability--so he knows where the economy is going. He's spoken to private equity, CEOs and bankers and they're all flummoxed--where is this economy going?