00:00 Speaker A
I usually usually shareholder meeting, kind of humdrum, right?
00:04 Speaker A
Doesn't have a lot of fireworks. You got executive comp that gets rubber stamped. We elect the board. Maybe a shareholder proposes something the board hates and it goes down in flames. But tomorrow, you say actually
00:13 Josh Lipton
What we can I think we could see something, right? Because typically, companies tend to give an overview of how business is going, right? They might comment on some recent developments. And this is Jensen Wang after all. And he does spin a pretty good yarn. Josh, to the extent that he says anything incrementally positive, whether it's reaffirming expectations that Wall Street has, talks about inference, which was a comment we talked about earlier about AMD and the huge push that that's going to have, maybe he says something about how Blackwell is doing, or what I'd like to hear is, hey, margins in the back half of the year, they are going to ramp as we mature in our Blackwell production. It could be anything. Could be nothing. But we have to pay attention.
00:55 Speaker A
You own Nvidia in this portfolio.
00:57 Josh Lipton
The Street Pro portfolio? Absolutely.
00:59 Speaker A
After the run it's enjoyed, Chris, are you just kind of sitting tight here? Are you adding? You booking a little profit?
01:05 Josh Lipton
Well, so typically, we have a very hard rule with the Pro portfolio. If a position eclipses four and a half percent, we will start to trim it back. Now, the Nvidia position, even though it's been very strong, and we own a decent size in the portfolio, it hasn't hit that point yet. So we are watching it. So some of the data points that I'm watching that could potentially tip us into that area. Well, as we move into from June to July, we could get some Taiwan Semiconductor monthly revenue numbers, their quarterly results, same for Foxconn, those are nice leading indicators. We'll also going to be watching big tech and what they have to say about capital spending levels for the second half of the year. Do they say anything early? Maybe not formal numbers, but tip their hand a little bit for what capital spending could be in 2026. If we see that happening and it's positive, that really could lift Nvidia further.
02:03 Speaker A
What about the yellow flag I will hear some folks throw, which is what if Nvidia can't sell? What if Jensen can't sell his latest and greatest AI chips to Beijing? Then what?
02:15 Josh Lipton
I think a lot of that's been kind of baked in. That's not a new conversation. I would actually flip it around and say what about what we're seeing for AI and data center growth outside the US? You know, and I joked earlier, we were off camera, you know, they're building data centers in Armenia. You know, you can see whether it's, you know, the European version of Stargate, or other countries, there is ramping data center demand. And I think that with Blackwell being sold out, you know, there is room for some upside as these other projects are announced.
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