0:00

I'm Ben Rizzuto,

0:02

wealth strategist at

0:04

Janice Henderson Investors.

0:07

We've worked to

0:09

help clients achieve

0:11

superior financial outcomes

0:14

and fulfill our purpose

0:16

of investing in a

0:18

brighter future together. To

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learn more, go to Janicehenderson.com. This

0:23

is WSJ's Take on the Week, the

0:25

show where we give you a leg

0:27

up on the world of money and

0:29

investing. That's the stuff that we think

0:31

and talk about every day here at

0:33

the Wall Street Journal. And every week,

0:35

we're going to bring you into those

0:37

conversations. They're going to be with insiders.

0:39

They're going to be about markets, economy,

0:41

and finance. And for today's show, we're

0:43

going to dive into big tech stocks

0:45

and artificial intelligence, and of course, what's

0:47

been the slashiest event of earning earning

0:50

season of earning season season of earning

0:52

season in just a few days. We

0:54

chatted with a really big AI bowl,

0:57

Dom Rizzo. He's a tech portfolio manager

0:59

at Tiro Price, and he shared with

1:01

us, why he thinks AI is the

1:03

biggest. productivity enhancer since electricity. Electricity, that's

1:06

a big one, I use that. I'd

1:08

say so, and which companies specifically he thinks

1:10

could be some of AI's unexpected winners. You're

1:12

going to hear that conversation in just a

1:14

few minutes. Before that though, let's get to

1:17

what's been happening in the news and in

1:19

markets. There's been a ton going on with

1:21

crypto and we have some upcoming earnings

1:23

from Target and Walmart. But

1:27

first, we're about two weeks post the

1:29

US presidential election, and the Trump trade

1:31

still seems to be on everyone's minds.

1:33

Tell us, what do you think? Do you think

1:35

it's already losing steam? Well, first let's break

1:37

down. What is the Trump trade? The Trump

1:40

trade really comes down to two big macro

1:42

moves, and that's stock prices are up,

1:44

and bond yields are up. So let's talk

1:46

about bonds. Yields on tenure treasuries are still

1:48

much higher than they were three months ago.

1:50

Three months ago they were under 4%. Now

1:52

they're flirting with 4.5%. There was a surge

1:54

on November 6th. That didn't quite continue. They've

1:57

been a little up and down from there,

1:59

but they're still up. And why are treasuries

2:01

part of this Trump trade? Well, on the

2:03

good side, because faster economic growth generally means

2:05

the Fed is going to have to raise

2:07

rates in the long term. But on the

2:09

bad side, people are worried about how tax

2:12

cuts, Trump promised a lot of cuts, how

2:14

those things might impact the deficit, and a

2:16

wider deficit means the government is just going

2:18

to have to keep selling more and more

2:20

treasuries, supply and demand, those yields go up.

2:23

So, Gunjan, tell me about what's been

2:25

happening with the stock market with the

2:27

stock market. You know, it's so interesting.

2:29

Throughout the week, the biggest question investors

2:31

posed to me over the phone was,

2:33

when will the volatility that we're seeing

2:35

in treasuries in the bond market? When

2:37

and if will that start to stir

2:39

volatility in the stock market, right? Because...

2:41

Of course, everything's connected. It is, and

2:43

investors are constantly making this calculation of,

2:45

should I put my money in super

2:47

safe treasuries in government bonds, or do

2:49

I take a riskier bet and put

2:51

it into the stock market? You get

2:53

paid a lot to owe. Right, so

2:55

there's this ongoing trade-off there, but at

2:57

the same time, so far at least,

2:59

those higher yields have not caused anyone

3:01

to panic. But I do think it's

3:03

something a lot of people are keeping

3:06

an eye on. And those higher yields

3:08

also haven't dampened a lot of the

3:10

euphoria out there in markets. You know,

3:12

I think things have been a little

3:14

bit more range bound in recent sessions

3:16

and maybe even taking lower as opposed

3:18

to right after the election where you

3:20

saw this crazy move up. What I'm

3:22

seeing in positioning data, what I'm hearing

3:24

from investors, is they are still kind

3:26

of positioning for this year-end melt-up and

3:28

for this rally to continue. Melt-up. Melt-up.

3:30

Melt-up. I've heard of melt-downs. Melt-ups. Could

3:32

be exciting. And you know, my favorite

3:34

indicator of stock market euphoria has been

3:36

flashing bright green. Tell us, guess what

3:38

it is. Gungen knowing you, it's got

3:40

to be something in the world of

3:42

options, right? It's got to be... You

3:44

make me sound like such a nerd.

3:46

Well, in the very best way, Gungen,

3:49

you are a huge nerd. So tell

3:51

me, it's got to be something related

3:53

to that, right? It's tight options, but

3:55

also a stock. Guess which stock? Well,

3:57

if it's options on a stock, let's

3:59

see. No, Invidia is reporting this week.

4:01

That's a big options name, right? It's

4:03

close. Invidia is the new Tesla, a

4:05

lot of people say, and Tesla Call

4:07

Options are my absolute favorite market indicator

4:09

of how bullish or bearish people are

4:11

at any given moment. And what we've

4:13

seen is activity in this market has

4:15

totally exploded since the election. People are

4:17

piling into these trades, betting that Tesla's

4:19

rally is going to keep going. The

4:21

stock is going to keep rising after

4:23

it hit. the $1 trillion mark, or

4:25

at least its market cap, crossed the

4:27

$1 trillion mark recently. There is one

4:30

big caveat here, of course, and that

4:32

is that investors might be getting ahead

4:34

of themselves in terms of what the

4:36

Trump trade even is. Well, it sounds

4:38

like they've cut the brakes on the

4:40

electric car of the stock market in

4:42

what you're saying, so I'm not surprised

4:44

to hear that. People are pricing in

4:46

all the good stuff, none of the

4:48

potentially bad stuff. For example, threats of

4:50

tariffs really weighed on stocks at times

4:52

during Trump's last administration. And James McIntosh

4:54

at the Journal had a great column

4:56

on this recently, where he pointed out

4:58

that some of the Trump trades after

5:00

the 2016 election quickly faded. Well, I

5:02

take James's point, and he's always worth

5:04

reading on topics like that. But I

5:06

do want to talk about one thing

5:08

that looks like there's just unabated... Bullishness

5:10

and that's crypto that has surged after

5:13

the election digital assets are off the

5:15

charts right now. It's been crazy. Bitcoin

5:17

prices hit $90,000 for the first time

5:19

last week. Doge coin has doubled in

5:21

the rally accelerated after Trump announced that

5:23

Vivak Ramoswami and Elon Musk would lead

5:25

his listen carefully department of government efficiency.

5:27

Doge Is everything a meme now? Seriously,

5:29

is everything a meme now? Well, some

5:31

stocks are memes. Coyne-based shares at one

5:33

point were up more than 50% in

5:35

November and micro strategy. The tech company

5:37

that owns a lot of Bitcoin, they

5:39

were up more than the third so

5:41

far this month. The last time I

5:43

looked at it. So yes, those are

5:45

memes too. I know, and I think

5:47

people are betting it's going to continue.

5:49

They've clearly got the stage. The question

5:51

is, what are they going to want

5:53

from it? I'm going to be watching.

5:56

that very closely. It's a good time

5:58

to be a crypto bro. Well we

6:00

should and we'll chat way more about

6:02

this in a future episode. Gunjan we

6:04

just relaunched the show we can't just

6:06

keep promising people episodes about stuff we're

6:08

still getting the hang of it. Well

6:10

we want people to come back and

6:12

listen don't we? Yes we certainly do.

6:14

But I think perhaps it seemed like

6:16

the big issue for the election even

6:18

more so than crypto really was the

6:20

economy and how people felt about the

6:22

economy that really seemed to push voters...

6:24

toward Trump who was making a huge

6:26

case that he was going to bring

6:28

inflation down, he was going to you

6:30

know bring jobs back to America, boost

6:32

manufacturing here, and in terms of inflation

6:34

I keep wondering are we done talking

6:37

about it because Every day Americans are

6:39

still very concerned about it, but I

6:41

wonder how much investors are paying attention

6:43

to it now. What do you think?

6:45

Well, we flagged Target and Walmart's earnings,

6:47

and here's why. I think they'll be

6:49

interesting for a couple of reasons. One

6:51

is I think people will be listening

6:53

to those calls like they have started

6:55

to listen to many calls for any

6:57

comments about the impact of tariffs. Tariffs

6:59

will impact the supply chains potentially for

7:01

people who sell you stuff in stores.

7:03

Will they make any comments about their...

7:05

margins or pricing. Target and Walmart have

7:07

both been lowering prices on a lot

7:09

of stuff lately. So one way the

7:11

inflation story could continue to be part

7:13

of the conversation is if tariffs start

7:15

to bleed into the prices of things

7:17

that you might buy at a Walmart

7:20

or a target. It's just so tough

7:22

to see how that's going to shake

7:24

out, right? I don't know. I feel

7:26

like a lot of stock investors were

7:28

really caught off guard by the tariffs

7:30

and President Trump's last term where his

7:32

tweets on tariffs would drive these huge

7:34

moves in the stock market. to prepare

7:36

for. But there's also just the consumer

7:38

mood and I think that's going to

7:40

be really interesting to watch in terms

7:42

of Walmart and targets earnings. I know

7:44

lately I've been splurging a little less

7:46

the past two years I was kind

7:48

of on a travel spree after the

7:50

pandemic and and it's been coming down

7:52

for me. I'm taking a closer look

7:54

at how much some of these hotels

7:56

cost. Well you're not alone in that

7:58

and if you look at indicators and

8:00

things generally related to people doing that

8:03

like really big time Travel luxury spending

8:05

some of those things have been slowing

8:07

right? We've been looking at American Express

8:09

as results and their spending volume growth

8:11

has slowed a little bit and that's

8:13

one place of course people look for

8:15

spending on Travel, but I think that

8:17

because the consumer is overall still pretty

8:19

strong, they have lots of money in

8:21

their checkbook, they have a job, their

8:23

wage growth has often outpaced inflation, the

8:25

question is whether or not people are

8:27

going to be spending a little bit

8:29

more on things it might be travel,

8:31

but might still be things they don't

8:33

absolutely need. I don't know about you,

8:35

but I'm a big, like, knock-off fire,

8:37

like I will buy, like, the Walgreens

8:39

brand. Anyway, the biggest thing, of course,

8:41

we have coming this week is in

8:43

video earnings and we talk to Dom

8:46

Rizzo, who's a tech portfolio manager at

8:48

Tyro Price, about the chipmaker, AI investment,

8:50

and tech stocks. We're going to get

8:52

to that after the break. Cyber

8:57

Resiliency is becoming an enterprise-wide priority

8:59

for many companies. On this episode

9:01

of Tech Fluential, Deloitte's Lou di

9:04

Lorenzo talks with Rohan Amin, Chief

9:06

Product Officer at Chase, and Jamil

9:08

Farshi, Executive Vice President, Chief Information

9:11

Security Officer, and Chief Information Security

9:13

Officer, and Chief Technology Officer at

9:15

Equifax. Together, they reframe the conversation

9:18

on resiliency and risk management as

9:20

a catalyst for innovation in long-term

9:23

growth, where technology and influence converge.

9:25

New opportunities can converge. So

9:33

tell us, invidia reports earnings later

9:35

this week and before the presidential

9:37

election was really the theme that

9:39

dominated the market for more than

9:41

a year. And the champion of

9:43

that trade was invidia. You know,

9:45

they sell the specialized chips that

9:48

power all of these complex computations

9:50

needed to realize AI. As of

9:52

November, and video was worth more

9:54

than $3.6 trillion making it the

9:56

most valuable company on planet Earth.

9:58

Yeah, that is an absolutely wild

10:00

number to me. I mean, just

10:02

for context, that is three Berkshire

10:04

Hathways, which is itself a pretty

10:06

big company, right? But Gungenai, am

10:08

I right to also say that

10:10

there's some skepticism about the AI

10:12

boom that's been kind of setting

10:15

in in the market this fall,

10:17

right? You follow volatility in the

10:19

market so closely, and it seemed

10:21

like it was really on display

10:23

in the aftermath of the earnings

10:25

reports of a couple of those

10:27

big tech companies that have invested

10:29

heavily, and I mean heavily, like

10:31

to the tune of tens of

10:33

billions of dollars heavily, in AI

10:35

products. And that's, for example, Microsoft

10:37

and Meta platforms, right? Meadow being

10:39

the parent company of Facebook, Instagram,

10:41

etc. Those both fell sharply after

10:44

their earnings. But then again, they've

10:46

bounced back since, so maybe I'm

10:48

just kind of going on about

10:50

nothing. My reporting suggests that you

10:52

are picking up on something real.

10:54

Like I sense some weariness when

10:56

I talk to investors about the

10:58

AI trade. At the same time,

11:00

I think a lot of people

11:02

are almost afraid to bet against

11:04

it. But we have the perfect

11:06

person here to help us unpack.

11:08

All of this, Dom Rizzo is

11:10

a portfolio manager at Tiro Price

11:13

and he manages a fund with

11:15

all of the big tech names,

11:17

including Invidia, which is his number

11:19

one largest holding. Dom, thank you

11:21

so much for joining us today.

11:23

Thanks for having me, guys. So

11:25

there's a lot to talk about

11:27

here with individual stocks, valuations, and

11:29

all that, but let's zoom out

11:31

a little bit. Last time you

11:33

and I chatted chatted around a

11:35

month ago, you seemed pretty bullish

11:37

on AI. Tell us why? Look,

11:39

I think AI has the potential

11:42

to be the biggest productivity enhancer

11:44

for the global economy since electricity.

11:46

And what do I mean when

11:48

I say that? Right? Well, if

11:50

you take a step back and

11:52

you look at what electricity did

11:54

to the global economy, it added

11:56

roughly 1% a year of GDP

11:58

for 32 years. The question

12:00

is, can AI beat that? And

12:02

I think the answer is yes.

12:05

We're starting to see productivity enhancing

12:07

elements to companies already. We're starting

12:09

to see it in earnings reports.

12:11

And just look at what the

12:13

MAG-7 are spending on CAPX. They

12:15

clearly believe it also. This is

12:17

existential for them to win. So

12:19

I think this AI boom can

12:21

continue from here. So you mentioned

12:23

those investments. I mean, we are

12:25

talking very serious numbers here, right?

12:27

Microsoft has spent $53 billion this

12:29

year through the third quarter. That's

12:31

about 28% of their revenue over

12:33

that time frame. Alphabet's CAPX was

12:36

up 62% in the third quarter

12:38

over the same time last year.

12:40

So these numbers are big and

12:42

growing. But for all that, you

12:44

know, kind of call it AI

12:46

power grid that's being built here,

12:48

some of the big society-changing things

12:50

that we've been talking about with

12:52

AI, like four-day work weeks because

12:54

you can get everything. done much

12:56

faster with chat GBT. You know,

12:58

hyper intelligent robots that drive your

13:00

car and do your housework. Heck,

13:02

even just like a decent customer

13:04

service bot, those things still seem

13:07

far away. So when will all

13:09

this AI investment turn into equally

13:11

huge revenue generating products? Yeah, well.

13:13

That's the nature of seismic change,

13:15

right? We always overestimate what it

13:17

can do on a one-year basis

13:19

and then underestimate what it impacts

13:21

society on a ten-year basis. Because

13:23

it just takes time to go

13:25

put in AI native applications. In

13:27

order to have AI be the

13:29

biggest productivity enhancer for the global

13:31

economy since electricity, you really need

13:33

to believe in a world of

13:35

AI agents, right, versus just copilots.

13:38

And just to give everyone a

13:40

quick definition. Co-pilots, humans are in

13:42

the loop. AI agents, humans are

13:44

not in the loop. And so

13:46

you're directing those agents to go

13:48

do things on your behalf. Take

13:50

a company like T-route, you could

13:52

have thousands of digital employees doing

13:54

things upon your behalf. But these

13:56

numbers, like you said, are monstrous,

13:58

right? Let's just put them in

14:00

perspective. Amazon, Google, Meta, Microsoft, 2023

14:02

spent $154 billion of CAPX. But

14:04

as an investor, so you own

14:06

all of these stocks or a

14:09

lot of these tech stocks, how

14:11

many more quarters or years of

14:13

spending are you willing to withstand

14:15

before you kind of throw in

14:17

the talent say, hey, it's too

14:19

much? Well, I think we're starting

14:21

to see the revenue growth come

14:23

through. And this is something that

14:25

I think people probably underestimate because

14:27

it's hard to point to specifics,

14:29

but I'll give you some anecdotes

14:31

and maybe that can satisfy a

14:33

little bit of what people are

14:35

looking for. So if we go

14:37

back a year and we said,

14:40

hey, what do most people think

14:42

meta is going to grow in

14:44

Q4 of 2024, that number was

14:46

in the low to mid single

14:48

digits, right? We just got their

14:50

guidance a few weeks ago. And

14:52

that number, according to them, is

14:54

going to be anywhere from 12

14:56

to 20 percent growth, meta historically

14:58

a conservative guider. It wouldn't surprise

15:00

me if we were at the

15:02

upper end of that range. Let's

15:04

look at Microsoft, right? Let's look

15:06

at Azure growth. AI for their

15:08

entire business is their fastest business

15:11

ever to $10 billion of ARR

15:13

annual recurring revenue. It just happened

15:15

in two years. Moreover, Azure itself

15:17

with AI is growing 33 percent.

15:19

without AI is only growing 21%.

15:21

And then there's a plethora of

15:23

companies that have reported so far

15:25

this quarter, Service Now, Hubspop, At

15:27

Loving, just to name a few,

15:29

that specifically called out AI as

15:31

driving accelerating revenue growth. So it

15:33

sounds like what you're saying is

15:35

that we don't need necessarily to

15:37

get to, you know, total revolution

15:39

in life to have success in

15:41

these investments. I see what you're

15:44

saying there. Frankly, that kind of

15:46

appeals, right? It's like an AI

15:48

trade that maybe isn't as exciting

15:50

as some people might hope, but

15:52

like it's maybe kind of a

15:54

boring and maybe in some ways

15:56

less risky AI trade, right? And

15:58

that sort of appeals. to me

16:00

that there are kind of products

16:02

coming out now that are going

16:04

to be successes enough to justify

16:06

that spending. And they're making money.

16:08

They're making money right now. And

16:10

that's the big difference between now

16:12

and the internet. If we think

16:15

about comparing contrast, 1999 versus today.

16:17

Well, number one, a lot of

16:19

the 1999 and 2005 rebuild out

16:21

was built with debt, right? Build

16:23

it and they will come. On

16:25

the other hand, today, this is

16:27

funded by the cash flows of

16:29

the most profitable companies in history,

16:31

right? So very different setup, just

16:33

from a capital markets perspective. Invidia

16:35

is a really good example of

16:37

that. And, you know, that brings

16:39

me to my next question, which

16:41

is we have this really big

16:43

earnings report coming up. A lot

16:46

of these other companies are spending

16:48

on invidious chips. Is this the

16:50

one report that really matters? earnings

16:52

is always a blockbuster event to

16:54

keep the 90s analogies going right

16:56

but I don't know if we've

16:58

seen the stock move too much

17:00

into the print to see how

17:02

it will react but we just

17:04

saw what Jensen said a few

17:06

weeks ago that Blackwell Demand is

17:08

absolutely insane right now that's Jensen

17:10

Huang he's CEO of Envideo and

17:12

Blackwell is a signature product for

17:14

Envideo right now. Yes, the signature

17:17

new product, right? And that doesn't

17:19

surprise me because the benefits of

17:21

investing in the new chips are

17:23

just so beneficial when you compare

17:25

it to the old chips until

17:27

terms of training the next new

17:29

model, right? And there's training spend

17:31

and there's inference spend. And the

17:33

training spend is what really requires

17:35

the most leading edge bleeding edge

17:37

technology. So we'll see what ends

17:39

up happening on the print. But

17:41

if you take a 18 to

17:43

24 month view, which is what

17:45

I try to do in my

17:48

strategy. I don't see this AI

17:50

CAPX spend slowing. Well, actually, mathematically,

17:52

it has to slow. I don't

17:54

think it stops any time soon.

17:56

You can't spend at these. growth

17:58

rates forever, you have to decelerate.

18:00

But I think that we can

18:02

see very high orders of magnitude

18:04

as we go from an AI

18:06

chip market of $45 billion in

18:08

2023 to $400 billion by 2027

18:10

and $500 billion by 2028. Are

18:12

there companies out there that you

18:14

think of as attractive AI plays,

18:16

but that investors right now don't

18:19

think of as AI plays? I'm

18:21

thinking of, say, retailers or banks?

18:23

Yeah, banker told me the other

18:25

day that that's the biggest thing

18:27

that they're looking at in their

18:29

business over the next couple of

18:31

years. Well, I think it's going

18:33

to just be part of every

18:35

single business. Right? It's like saying

18:37

the having an app or an

18:39

internet web page is a differentiator.

18:41

I actually don't know if it's

18:43

going to be a differentiator for

18:45

normal companies over time. I think

18:47

the question is, is AI a

18:50

sustaining innovation? Does it make the

18:52

big company stronger? or is it

18:54

a disruptive innovation, right? Do smaller

18:56

companies with lower cost structures and

18:58

different ways of doing business? Are

19:00

they able to enter the market

19:02

and be able to take a

19:04

lot of share from the traditional

19:06

companies? So you think other stocks

19:08

could kind of power some sort

19:10

of an echo boom or second

19:12

wave for this whole AI trade?

19:14

I think it has to in

19:16

order for the AI wave to

19:18

continue, right? You need the revenue

19:21

growth acceleration for the rest of

19:23

the market in order to happen.

19:25

You can't just rely on a

19:27

CAPX cycle forever, but I think

19:29

there's plenty of innovations and applications

19:31

turning up that will justify the

19:33

continued spend beyond just the Max

19:35

7. Well, let's get back to

19:37

the... elephant in the AI room

19:39

and really in every room in

19:41

every conversation now and that is

19:43

the Republican victory. So what do

19:45

we think might be on President

19:47

Trump's potential agenda, Dom, that could

19:49

really impact AI supply, demand in

19:52

a positive or negative way? What

19:54

does that mean for the overall

19:56

economy? That probably means a few

19:58

things. Lower taxes and deregulation for

20:00

businesses, but it also means tariffs

20:02

on products. coming in from outside

20:04

the US, right? And if you

20:06

think about all these different business

20:08

leaders all around the world, they

20:10

didn't know where they were gonna

20:12

go build that next new factory,

20:14

right? Do we build it in

20:16

Vietnam? Do we build it in

20:18

China? Do we build it in

20:20

India? Or do we build it

20:23

in the US? I think the

20:25

answer is very clearly and robustly

20:27

now is probably in the US

20:29

going forward. Now with regards to

20:31

AI specifically, like I think that

20:33

we have animal spirits in terms

20:35

of. CapX build-outs, I think that's

20:37

going to probably mean more power

20:39

build-out in the US, which you

20:41

need for AI to continue. You

20:43

mean like power, like electricity, like

20:45

electricity, physical electricity, right? Like AI

20:47

has the potential to be the

20:49

biggest productivity enhancement for the global

20:51

economy since electricity. As long as

20:54

we have enough electricity. All right,

20:56

when we come back, we are

20:58

going to ask Dom, which tech

21:00

company he's the most bullish on?

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21:24

Dom, what is in your view

21:26

the most ambitious way to play

21:28

AI right now? And what is

21:30

the safest way to play it?

21:32

Yeah, that's a really interesting question.

21:34

When I look at my strategy,

21:36

you know, I have a few

21:38

names that if AI really hits

21:40

in a big way. there could

21:42

see fabulous revenue growth from that

21:44

potential. And a name that comes

21:46

to mind in that, in that

21:48

scenario, would be an AMD, right?

21:51

I think they have a real

21:53

potential to be a second source

21:55

to invidia in the data center

21:57

for the companies that need true

21:59

general purpose, compute. In terms of

22:01

where AI is going to improve

22:03

the business model, And it feels

22:05

more marginal, but it's clearly direct

22:07

AI. I would highlight the electronic

22:09

design automation software companies, the EDA

22:11

software companies, Synopsis and Cadence. These

22:13

two companies design all of the

22:15

software that all of the chips

22:18

in the world are designed on

22:20

today. And not only is AI

22:22

supercharging their business with the hyperscalers,

22:24

right? Amazon, meta, Google, all designing

22:26

their own chips with these two

22:28

companies. But they're also making the

22:30

design process more efficient by putting

22:32

AI into the software itself. So

22:34

the ability to materially, materially increase

22:36

the potential chip outcomes. And as

22:38

a result, their core businesses should

22:40

be accelerated from that too. Wow,

22:42

so if chips are the picks

22:44

and shovels of AI, then these

22:47

are the. These are the pick

22:49

and shovel makers for the pick

22:51

and shovel makers. I like that.

22:53

Exactly. Well, Dom, you've given us

22:55

a lot more than seven names

22:57

to think about when it comes

22:59

to AI. Thanks so much for

23:01

joining us. Thanks for the time,

23:03

guys. Thanks, Dom. This has been

23:05

great. Dom manages a fund that

23:07

includes holdings of AMD, AppLoven, Hub

23:09

Spot, ServiceNow, Synopsis, Cadence, and many

23:11

other technology companies. Well, and that's

23:14

everything you need to know for

23:16

Sunday November 17th. The show is

23:18

produced by Trina Manino, Jess Jupiter,

23:20

and Jessica Fenton. Michael LaValle and

23:22

Jessica Fenton are our sound designers,

23:24

and Michael also wrote our theme

23:26

music. Aisha al-Muslim is our development

23:28

producer, and Scott Salaway and Chris

23:30

Zinsley are the deputy editors, and

23:32

Philana Patterson is the head of

23:34

news audio for the Wall Street

23:36

Journal. For even more, head to

23:38

W.S.J.com, I'm Tellis Demos, and I'm

23:40

Gunjan Banerji, until until next time.

23:45

Well, we haven't even talked about crypto

23:48

yet. This is not that long of

23:50

a show. Don't even go there. Don't

23:52

even go there. Don't even go there.

23:54

The only crypto is going to be

23:57

a really big thing. ADP

24:01

imagines a world of work where smart machines become

24:03

too smart. Copier, I a world

24:05

of work where smart machines

24:07

become too smart. the way,

24:09

I need 15 copies of

24:11

this. a word Janet. Yeah, I know. Page

24:13

the way, of, or not

24:15

a word, Janet. of. Yeah,

24:17

I know. print Page If it

24:19

be a word, or irrespective of.

24:21

Just print them, please. If

24:24

it were a word, Janet, it would

24:26

mean to silent is... Copier! Switch

24:28

to silent mode. Let's Let's put a pin

24:30

in it. Anything can change the world of

24:32

work. From HR to to ADP helps businesses

24:34

take on the next anything. anything.