The Silvercrest Podcast

The market has spent trillions building the brain. The next phase is the tentacles. In the latest Silvercrest Podcast, Portfolio Managers Brian Bies and Steve Lilly discuss edge AI, the shift toward putting intelligence directly inside robots, vehicles, and medical devices instead of routing everything back to a central data center, and what that shift means for finding small cap companies early.

0:00 Why Edge AI Is the Next Phase of the AI Buildout
1:54 Seeing a Next Generation Data Center in Person
3:19 Living Next Door: Dust, Noise, and Political Pushback
5:24 What Edge AI Actually Means
7:09 Does Edge AI Reduce the Need for Data Centers
8:03 Robots That Pursue Goals Instead of Repeating Tasks
9:47 Autonomous Driving and Military Applications
11:40 Healthcare: Wearables, the Artificial Pancreas, and Robotic Surgery
12:50 Latency, Network Outages, and Patient Data Privacy
14:11 What Has to Change Inside the Devices
17:28 Finding the Winners: Patents, Design Wins, and Proof Points
20:49 What's Next for the Portfolio

Visit www.silvercrestgroup.com to learn more.

Important Disclosure: This communication was recorded on July 14, 2026 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Bies and Mr. Lilly. No part of Mr. Bies' or Mr. Lilly's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

Markets aren't behaving the way they used to. In the latest Silvercrest Podcast, Senior Equity Analyst Chad Kusserow and Growth Equity Portfolio Manager Jeff Nevins explore how technology, social media, and AI are transforming market structure and investor demographics, driving new patterns of volatility, and what it all means for fundamental analysis.0:00 How Market Structure Has Changed Since the 90s1:31 CTAs, Algorithms, and the Rise of Hot Money4:20 Factor Flips Explained6:40 Does Fundamental Analysis Still Work8:35 Discipline, Risk Reward, and Knowing When to Trim12:10 Social Media, Data Points, and Validating AI Headlines15:20 Large Cap Versus Small Cap Valuations Today17:47 The Bubble Debate and Why Skepticism May Be Healthy21:48 Do AI Adjacent Small Caps Deserve the Premium23:30 The Next Ten Years of Market EvolutionVisit www.silvercrestgroup.com to learn more.Important Disclosure: This communication was recorded on July 15, 2026 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Kusserow and Mr. Nevins. No part of Mr. Kusserow's or Mr. Nevins' compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

In this Silvercrest Market Update, Chairman & CEO Richard Hough and Robert Teeter, Chief Investment Strategist, explore the contradictions defining today's investment landscape—from record earnings beats and expanding profit margins to elevated valuations and massive capex spending—and discuss what it all means for active management.Visit www.silvercrestgroup.com to learn more.Important Disclosure: This communication was recorded on May 5, 2026 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Hough and Mr. Teeter. No part of Mr. Hough's or Mr. Teeter's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

Silvercrest Growth Equity Portfolio Managers, Brian Bies and Jeff Nevins, discuss their investment backgrounds in technology and their perspectives on the rapidly changing world of technology in the latest episode of the Silvercrest Podcast. 1:18 Career Journeys in Tech Investing5:50 Lessons Learned from 25+ Years in the Sector13:41 The AI Bubble Debate18:56 How AI Spending Ripples Across the Market25:09 Future AI Opportunities30:24 Portfolio Positioning for 2026 and BeyondVisit www.silvercrestgroup.com to learn more.Important Disclosure: This communication was recorded on December 11, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Bies and Mr. Nevins. No part of Mr. Bies' or Mr. Nevins' compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

Silvercrest International Value Portfolio Manager, Christopher Richey, and Bernard Paternina, Portfolio Manager, discuss their investment philosophy, global markets and geopolitical risks, and the role of AI in the latest episode of the Silvercrest Podcast. Important Disclosure: This communication was recorded on October 28, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Richey and Mr. Paternina. No part of Mr. Richey’s or Mr. Paternina's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

In this latest Silvercrest Market Update, our Chairman & CEO, Richard Hough, and Robert Teeter, Silvercrest Chief Investment Strategist break down the Fed’s latest rate cut, what it signals for the economy, and how it could support valuations in an expensive market. They also explore risks, the role of AI-driven productivity, and whether more cuts may follow this year.Important Disclosure:This communication was recorded on September 17, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Teeter and Mr. Hough. No part of Mr. Teeter’s or Mr. Hough's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed.

Important Disclosure: This communication was recorded on May 29, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Brown and Mr. Kelleher. No part of Mr. Brown’s or Mr. Kelleher’s compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

How are companies finding earnings growth in today's economy? Silvercrest's Chairman & CEO, Richard Hough, and Robert Teeter, Chief Investment Strategist, discuss inflation, tariffs, and corporate earnings growth in the Silvercrest Podcast.. Important Disclosure:This communication was recorded on June 5, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Teeter and Mr. Hough. No part of Mr. Teeter’s or Mr. Hough's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

Silvercrest's Chairman & CEO, Richard Hough, and Robert Teeter, Chief Investment Strategist, discuss the current economy. Important Disclosure:This communication was recorded on May 14, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Teeter and Mr. Hough. No part of Mr. Teeter’s or Mr. Hough's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC

Silvercrest's Chairman & CEO, Richard Hough, and Robert Teeter, Chief Investment Strategist, discuss their recent trip together to China. Important Disclosure:This communication was recorded on May 7, 2025 and contains the personal opinions, as of the date set forth herein, about the securities, investments and/or economic subjects discussed by Mr. Teeter and Mr. Hough. No part of Mr. Teeter’s or Mr. Hough's compensation was, is or will be related to any specific views contained in this presentation. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Viewers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. © Silvercrest Asset Management Group LLC