The big news this week was Anthropic dropping AI for the legal sector, hitting software broadly, and the negative reaction to Mag 7 capex, says Philip Straehl. This year, “you have to be much more nuanced” in terms of who will win in the tech trade. He thinks hardware is “quite expensive” and is looking to “second-order effect” companies that are utilizing AI to drive productivity and business. Philip also thinks small caps look attractive.

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