In this episode, the team discusses the sharp reversal in AI infrastructure stocks, the role of crowded positioning and leverage, and why strong company results initially failed to support share prices. The team examines how forced selling across U.S. and South Korean markets distorted price signals, even as demand, backlogs, and cloud growth remained strong. The conversation also explores whether lower-cost AI models could shift value toward hyperscale platforms and why investors should distinguish between the durability of the AI investment theme and the financing structures built around it. The team closes by outlining the market signals that could help determine whether the recent rebound represents a durable recovery.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the emerging gray market for medical peptides, highlighting popular compounds like BPC-157, GLP-1 alternatives, and next-generation weight-loss therapies like retatrutide. They unpack the ongoing FDA Pharmacy Compounding Advisory Committee meeting, evaluating the regulatory push-and-pull around allowing 503A compounding pharmacies to produce these compounds safely in the U.S. Finally, the team breaks down the commercial landscape for telehealth platforms like HIMSS, analyzing the hurdles of patient adoption, the role of placebo effects in subjective treatments, and the timeline for these therapies to reach a regulated market.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the transition of the artificial intelligence trade into the "discernment phase," analyzing a volatile week where record-breaking hardware earnings met a massive tech sell-off. The team unpacks how historic pre-announcements from legacy giants are revealing a reallocation of corporate IT budgets away from software and into crucial hardware, physical grid infrastructure, and cybersecurity. They outline why the enterprise playbook is shifting toward cost-optimized model routing to match workloads with cheaper, open-weight models instead of default frontier options. Finally, the team explains how they are positioning their portfolios around architecture-agnostic toll roads and robust cyber defenses to capture the capex supercycle without underwriting highly cyclical commodity semiconductor risks.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the shifting state of the American consumer as major companies report mixed results heading into the critical back-to-school shopping season. The team analyzes corporate updates from brands like Nike and Pepsi, highlighting a worrying trend where recent price cuts have failed to stimulate positive consumer traffic or volume growth. They unpack how elevated gas prices, shifting demographics, and structural secular shifts like the rising adoption of GLP-1 weight loss drugs are altering traditional consumer behavior. Finally, the team looks ahead to the upcoming retail earnings season to determine if consumer-focused companies can successfully defend their profit margins while re-engaging price-sensitive shoppers under political pressure.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses how the rapid build-out of artificial intelligence infrastructure is hitting its first major financial constraints, driven primarily by a massive structural shortage and skyrocketing costs in the memory chip market. The team explores how these rising input costs are trickling down to consumers through hardware price hikes from tech giants like Apple and Microsoft, while triggering high volatility in global tech stock indices. Finally, they examine emerging signs of discipline from major cloud hyperscalers who are beginning to push back against a "spend forever" mentality by turning toward open-source, multi-model architectures and custom silicon to control costs.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the signing of a breakthrough 14-point interim agreement between the U.S. and Iran, aimed at ending Iran's nuclear program and normalizing trade in a critical energy region. They unpack the immediate, divergent reactions across commodities, where oil prices slumped on potential surplus expectations while Texas natural gas prices finally surged back into positive territory after months of deep congestion. The team breaks down a compelling valuation disconnect, noting that natural gas producer stocks have lagged behind the positive commodity move, while warning that the deal’s 60-day timeline rests on delicate geopolitical terms. Finally, they explore how this sudden drop in energy prices provides critical relief for a strained Federal Reserve battling 4.2% inflation, even as broader economic indicators like record 401k emergency withdrawals and rising defaults underscore the severe financial pressure still facing consumers.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the kickoff of the historic 2026 World Cup in North America, analyzing its massive $13 billion revenue projection and $10 billion advertising splash against surprising domestic apathy and low brand engagement. They break down the tournament's potential investment catalysts across retail, dining, and hospitality, detailing the near-term wholesale boosts for sportswear giants like Nike and Adidas, a sustained volume boom for online sportsbooks, and creative marketing plays from food chains like McDonald's and Domino's. Finally, the team connects the event back to the ongoing reality of a K-shaped consumer economy, highlighting how soaring ticket prices and lackluster hotel bookings across major U.S. cities expose the stark financial pressures facing everyday sports fans.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMIstrategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a pivotal week in the technology sector where a new market regime has emerged, punishing record-breaking corporate earnings whenever they fail to surpass vertical expectations. They break down the massive hardware shifts coming out of Computex, including NVIDIA’s next-gen Vera Rubin platform, its tactical push into ARM-based AI PCs, and the massive valuation ripples felt by custom silicon players like Marvell and Broadcom. The team also explores the decoupling of cybersecurity from the broader "SaaS apocalypse," alongside a deeper look into Alphabet’s unprecedented $85 billion equity raise to fund an aggressively accelerating CapEx cycle. Finally, they analyze the historic public market re-openings of tech giants like SpaceX and Anthropic, weighing this massive capital recycling wave against emerging warnings from OpenAI that customers are beginning to balk at the real-world costs of running these models.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the macro forces driving the markets to all-time highs, examining the persistent debate around an AI tech bubble versus the sector's robust profitability. They explore a recent revival in software stocks, looming liquidity tests from upcoming high-profile tech IPOs, and imminent pricing and usage limit shifts for large language models. The team also breaks down the complex reality of global oil supply, analyzing a potential truce regarding the Strait of Hormuz against deep structural damage to domestic inventories and a cautious outlook from major energy producers. Finally, they look at how these supply shocks and elevated gas prices feed directly into a K-shaped economy, where historic lows in consumer sentiment contrast sharply with a market entirely propelled by high-income spending and historic tech infrastructure capex.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a critical week of market-moving earnings across both the retail sector and the tech industry, anchored by a deeply insightful analysis of a massive report from NVIDIA. They break down a stark disconnect in the retail space, where consumer sentiment has sunk to historic lows but companies like Target, Walmart, and off-price leaders are managing to deliver highly resilient sales numbers despite mounting pressures from gas prices and the rising cost of everyday goods. Shifting focus to technology, the team dissects how NVIDIA is cleverly reorganizing its business to build a moat against its own customers while pioneering a new structural demand leg for custom ARM-based CPUs to fuel autonomous AI agents. Finally, they look upstream at the entire semiconductor supply chain, mapping out how deliberate production limits at foundational bottleneck players like Taiwan Semi and ASML are serving as a structural barrier that keeps the current AI infrastructure boom from transforming into a classic dot-com-style bubble over build.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.