“Valuations by no stretch are cheap…this is not going to be a value market,” Rob Luna says, but adds that “that doesn’t mean anything” for market strength. He likes Micron (MU) and Seagate (STX) as the “picks and shovels” of the AI trade. He also likes nuclear energy, saying it is critical for the AI trade, but warns investors that most names in the space are pre-revenue. Rob also reflects on whether the entire market is a bubble, rather than just an AI bubble.

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