Welcome to a very special edition of OK Computer on a Tuesday, not a Wednesday, but I'm with one of my fast money friends and market friends. That would be Gene Munster. He is the founding partner of Deepwater Asset Management. Gene, welcome back to the pod.

Great to be here, Dan. I really do look forward to these. Every quarter we've been doing, I think for like two years now on the pod here we get your rundown of

just some of the largest market cap stocks in your universe you know what they are they are the mag

seven that's apple microsoft google amazon meta tesla and invidia and as of this morning jean

they made up about 28% of the s mp 500 a little more than 40% of the NASDAQ 100. It's pretty

astounding. I know you and I've gone back and forth a little bit on the past cycles and the

concentration among the biggest names. This time feels a little bit different. I know I just said

the words here. You and I, again, we've been talking about themes. We're going to hit all these names as far as their earnings and expectations and how you're thinking about into the quarters.

But I'd love for you to kind of frame for our listeners a little bit.

Some of the stuff powering the NASDAQ, powering these names we just mentioned,

these are themes that are not new to you at Deepwater and not new to you in your coverage over decades covering tech.

So talk to us a little bit about how you're thinking about AI.

I know that Microsoft reports Tuesday today after the close year, but November 1st,

they're hosting a day and they're going to be going through a lot of their AI products

and the like here.

And I know, again, to many investors in these names, that might be new product offerings

here, but you've been thinking about this stuff for a while

in both the public and the private markets. When we founded Deepwater in 2017, AI was one of our

three foundational areas of investments when we made investments in 2018, 2019. And then we're

surprised at what's happened with generative AI over the last nine months, happy to see it.

Surprise. But the reason why we, happy to see it, surprised.

But the reason why we were making those investments five, six, seven years ago was because a belief that we think this is the next paradigm shift. Each paradigm shift comes around every

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