Stephen Weiss, Founder, Short Hills Capital Partners

He just added more. The market is bearish MSFT. He misjudged that MSFT would be the largest benefiary of AI, though MSFT will remain a large one, but software companies won't go out of business (i.e. NOW). He's playing the momentum in MSFT now. MSFT is okay for now. It will take a while before AI impedes what they do. Without a doubt, it's the battleground stock in the market now.

He just added more shares. Next year, this looks like a commodity valuation. You can't ignore memory. Is up 133% in the last 6 months.

His largest holding. They just reported a good quarter. Management is superb. The best way to play the investment banking cycle. 

Since he bought it last May 25, it's up 140%. Insane. He is taking profits. It's overvalued here. It's not just a data centre story.

A battleground stock. Has done pretty well since the revision in the Medicaid rate from 0 to 3%, a major change. Run by a great CEO. Is not overvalued now.

An inflationary economy like this is goo for materials. Ongoing onshoring and builds will be tailwinds.

It reports tomorrow. Every quarter is feast or famine. They announced a price increase. Subscription growth, who knows? The stock remains undervalued, is #1 in this industry and has more levers to pull, like live sports.

Downside risk is likely $600, but is more likely to bounce. Today announced it will delay rolling out its AI. Is not surprised. Delays happens alot in tech. He owns a full position, but otherwise would add more now.

Still owns, and won't sell. CAT was overvalued a month ago, but expects it to grow into its valuation. It won't be a 10-year hold for him.

Many commercial planes ship a lot of goods around the world and they won't fly over the Middle East now. So this means FedEx will pick up the slack. Their volumes will jump during this war.

He bought more around $150s because it's cheap. The PE is only 18x. They enjoy the tailwinds of cloud and AI. Losses are narrowing in e-commerce. Fundamentals are intact.

He longer feels that MSFT will be the main beneficiary from AI spending. Their software is prime for disruption. The PE is forecast to be 24x, but he doesn't know what the cap spending will be--it seems to go on.

Is not selling here, but is looking for an exit, because it underperformed all of 2025. Their cloud business could benefit from AI, but will need to keep spending on it which keeps pushing the ROI further into the future. He doesn't buy companies in a major capex cycle.