I think the potential of Agenic is to rethink how work gets done overall. It challenges all sorts of

traditional orthodoxies around how organizations execute the work at hand. That's Jason Gersatus,

CEO of Deloitte U.S., talking about the transformational potential of Agenic AI. Join him later to learn

why agents are a game changer for businesses across industries.

If there's one lesson that we've learned about capitalism and private enterprise, it's this.

The system seeks to maximize outputs per unit of inputs, and we haven't seen that. There is no effort,

apparently, to optimize. Hello and welcome to the Barron Streetwise podcast. I'm Jack Howe.

And the voice you just heard is Brad Conger. He's the chief investment officer at Hurtle and Company.

It manages $29 billion for institutions and wealthy families.

Brad's going to talk with us about the stock market and something called the equity risk

premium and whether valuations are too high and how all that AI spending factors in.

That's next.

We have a question from Federico.

Yes, you, Federico, this episode is about you, you might say.

Let me read your email. I am a listener and had two questions I would love to get your take on.

First, I've been riding the AI infrastructure trade, but what if one of the big Mag7 players develops a much more efficient model, i.e. something that uses far less compute or gets to that point through a major

breakthrough. What would that mean for AI infrastructure stocks? I think that's on a lot of our

minds right now. Second, you write, semis are booming, but they are also a cyclical sector.

Should investors try to time the top, or is it better just to stay in for the long run?

Thank you very much. We'd love to hear your thoughts.

Well, you're going to hear them.

I mean, a couple of mine, but mostly you're going to hear Brad's. I had some things to say on this subject, booming spending for memory and chips a couple

...