Ex-Rocket Scientist: The Secret to Millionaires' Investment Portfolios — Silicon Valley Girl Podcast

Marina Mogilko: Big investments that I've made recently have been like 40% in a single stock. This is Alex. He's a money nerd and he's been paying for his lifestyle with his investments for the past 10 years. When I met him at dinner and he told me about his investing strategy, I realized right away that I need to bring this to you guys because this is something I'm striving for and this is something I'd encourage everyone to look at.

Alex: People are panicking. That's exactly when you want to be greedy.

Marina Mogilko: In this episode, we're going to dig deep into his investment strategy. We're going to break down the AI bubble. We're going to talk about what he invests in and how he sees the future, and of course, the psychology of smart investing, how not to buy high and not to sell low. Let's dive deeper into this conversation with Alex. For an average investor like me, what would be the ideal portfolio if I want to win in this AI era?

Alex: The best thing to do almost always in the stock market is to do nothing. But let me back up. Are we in a bubble? I think certain kinds of stocks are definitely in a bubble and certain kinds are not. So for example, right now hardware, you know, the infrastructure for AI is definitely not in a bubble. We're already seeing some revenue returns on the infrastructure for AI and we're seeing like a big explosion in demand for the compute power associated with AI. So I think the underlying infrastructure, you know, the servers, the data centers, the chips, things like that are definitely not in a bubble.

I think we'll see certain software companies that are claiming to be AI software companies today. We'll see their valuations skyrocket and then drop. Those might be in a bubble today. I think it'll be a few years before we see the next Facebook, the next Google, the next big software companies associated with AI.

Marina Mogilko: Interesting. A lot of people talk about like the dot com crash, right? When all the valuations were through the roof and then suddenly everything collapsed. Are we going to see something like that? Do you think?

Alex: I don't think so. I think we will see crashes in certain sectors for sure, maybe not as extreme. But if you look at the balance sheets of a lot of these companies, you'll see that their revenues and their profits are following their valuation. So for example, Nvidia has a skyhigh price, right? But if you look at their earnings per share and their PE ratio, the fundamentals are there to support the valuation.

Marina Mogilko: Can you explain to everyone watching what PE ratio means and what's a good number?

Alex: Sure. Yeah. So when you think about a stock's price, which is really based on its market cap, that tells you how highly valued the company is. And then when you look at its earnings, that's literally how much money it generates in profit per share, right?

Marina Mogilko: So the higher that number the better.

Alex: So there's kind of two ways to control that number, right? You can earn a lot more money or you can decrease the amount of shares. What's a good number for a PE ratio? It kind of depends on the company and honestly what kind of PE ratio you're looking at. But I try to look at forward PE ratios, which means a prediction of the next 12 months of earnings. Probably under like 30 is what I would say.

You'll hear different numbers from different people. Value investors tend to want lower PE ratios like 15, 12, even 10, because they don't want to pay a high price per earnings per dollar earned, right? The flip side of that is if you just look at the PE ratio, what you're really ignoring is the growth of the company. And when you're talking about AI and other like pretty relatively new industries, they're growing very fast. So earnings is like a snapshot, right? It's like taking a picture of a balance sheet and saying this is a number, but in reality next quarter those earnings will look very different, and then the quarter after that, and then the quarter after that. So looking at a forward PE ratio and thinking about what they'll be making next year or in two or three years or even five years can sometimes be a better estimate of value.

Marina Mogilko: How accurate are those?

Alex: So it depends. The way the industry likes to do it is they look at analyst estimates and they take the average. Something I've noticed is analysts are usually incorrect, sometimes by a lot. So that's part of my job. I try to understand the science behind the stock, if you will. That's what my YouTube channel is about. And really what that means is understanding it from a product-first perspective. Because if you back up for a second, we've been talking about earnings, we've been talking about profits, we've been talking about prices, but all of those are really led by a company selling a product or service, right? So by the time they report their earnings and that news comes out, they've already done a lot of business. So you can actually probably figure things out faster if you understand the product, the service, the experience that company provides, because then you can make a decision before those numbers even hit the balance sheet, if that makes sense.

That's kind of why I'm at conferences like this—to look at Nvidia, look at Amazon Web Services, look at these publicly traded companies and try to understand more about the products and services they offer, what that means for their revenue, what's that going to mean for their margins going forward, and make investment decisions so that by the time it hits the news, I'm already invested.

Marina Mogilko: Actually, I've been noticing the same thing with AI. By the time it's in the headlines, it's already too late. Companies like Microsoft, Amazon, Google are rebuilding everything around AI and people who learn to work with it now will be in the best position. Yes, 40% of people fear AI will take their job this year and yes, we've seen big layoffs, but here's what's not getting enough attention. These same companies are hiring people who can understand AI, who can use it, who can build it. And this isn't about jobs. If you run a business, if you freelance, if you're building something of your own, AI is not optional. It's leverage. Those who learn it now will outrun everyone who doesn't.

So, what are you investing in right now?

Alex: Yeah. So big investments that I've made recently have been in Nvidia. I've been in Nvidia since 2016.

Marina Mogilko: How much of your portfolio is Nvidia?

Alex: Right now it's down to about 40%. So it used to be even more.

Marina Mogilko: It's like 40% in a single stock.

Alex: Yes. So it used to be even more. And that's because I've been holding Nvidia stocks since 2016. I've been buying the dip as well when everything crashed with the crypto crash. Remember?

Marina Mogilko: Yeah.

Alex: So I didn't buy that one, but Nvidia has actually crashed by over 20 or 30% several times in the last maybe 18 months now. I track it and buy, or at least slowly average more in. And then a little while ago I sold about a third of my shares because I got married, so I paid for my wedding, I paid for my honeymoon. Real life expenses. So I had to adjust my portfolio accordingly.

Marina Mogilko: How does it hold? Can you walk me through another example?

Alex: Yep. I've been talking about a stock called Palantir for about three years now. So I first started investing in Palantir in 2022 or 2023. I started buying it at about $11 a share. I sold it at around $25 a share. I sold about a third of my position. I ended up buying it back. I re-evaluated my thesis. I actually made videos on both sides. Made a video saying, "Hey, I don't like these few things about the stock." Then a couple people in the Palantir community pointed me towards different things to look at. I decided I was wrong, came out with another video, bought back in at around maybe $28, $32, and now I believe it's at like $135 a share.

Marina Mogilko: Wow. So it was another huge win. How much of your portfolio is Palantir?

Alex: Yeah, another like probably 20 to 25%. And so let me make a good distinction here. So I didn't buy it to become that, right? When I bought these stocks, they were 8, 10, maybe 12% of my portfolio. And because they grew, they became a larger percentage. And so usually what I do is I buy and then I just hold for a long time because it can take a while for these companies to mature and then for the stock market to understand what these companies offer.

So for example, whether we want to talk about Nvidia or Palantir, their earnings trailed what they were actually doing. It wasn't easy to hold the stock because for a long time they were losing money on their research. They were unprofitable or nearly unprofitable. Nvidia was a gaming company first, transitioned to data centers, and that transition took a long time for them to become profitable in that segment and start growing in that segment. Meanwhile, they were declining in their gaming revenue, right? So it just looked like the business was going down. It's the same story with Palantir. They had a big government segment and then they were spinning up their commercial segment, and for a while their government business was slowing down and their commercial business didn't make up the difference. So understanding the product is what got me in the stock before their earnings caught up to what they were actually doing.

Marina Mogilko: What was your background?

Alex: Electrical engineering. So I'm not a finance guy, you know. My background is I have a bachelor's in electrical engineering, a master's in basically data science, and then an unfinished PhD.

Marina Mogilko: Thank you. You have perfect education for working with this stuff.

Alex: Yeah. Yeah. So I'm very lucky, you know.

Marina Mogilko: So 40% Nvidia, 20 to 25% Palantir, what else?

Alex: The rest is honestly companies straight from the NASDAQ. I'm a big believer in Google, big believer in Amazon. A big portion of my portfolio is the NASDAQ 100, the index itself. I hold another index called SPMO. That's the S&P momentum index. What's special about that one is it only picks from companies in the S&P 500, but it tracks them based on momentum—the relative amount that they've gone up in the last I believe four quarters, so 12 months. Those two indexes make up a good chunk of my portfolio so that I'm a little bit diversified, but then I hold individual stocks and I usually pick from those same indexes. So Google, Microsoft, Amazon, Broadcom is a big stock that I cover.

Marina Mogilko: Is selling ever part of your strategy apart from personal expenses?

Alex: Absolutely. No matter who you are, a stock can get way overheated very fast. Sometimes Palantir moved, for example—it's up like 80% this year. That's a little too hot to handle. So I don't really sell out of a stock completely, but I'll trim it over time, right? So Nvidia is a great example. Palantir is a great example. I might reduce my exposure from like 40% of my portfolio, which is way too much, down to something like 25%.

Marina Mogilko: And then reinvest in NASDAQ or—

Alex: Reinvest in the NASDAQ. Yeah. So I try to always make my money work for me instead of work for my money. So typically if I don't know what to do with it, I'll put it in the indexes, treat that like a cash position. And then what happens is because some of my shares in these indexes are more than a year old, I can withdraw them and only pay capital gains tax. So that's what I use to fund my next investments.

Marina Mogilko: Interesting. So when you talk about income proportions, does most of it come from YouTube now or stocks are also like a primary income source?

Alex: Yeah, so about 10% to 15% of my income comes from YouTube, and the rest comes from investing.

Marina Mogilko: So you can say investing is your full-time job, right?

Alex: Investing is definitely my full-time job. I treat it like a real job. So for me I probably spend 40 hours a week researching. And so what I actually do is I try to monetize that research as many ways as I can. The first and primary way is definitely my own investments. You know, if you shut down my YouTube channel today, I would just be focused on investing for myself. Second way is sharing my research on YouTube, right? So that's my YouTube videos. Third way is I actually advise a couple family offices, pretty small family offices, but same thing, you know—it's just like the content on my YouTube channel, but they're just asking more specific questions about more specific companies, some public, some private. And again, it's all AI and semiconductor focused, so chip focused. They're really looking to understand how to protect their wealth in the event of a bubble, right?

Marina Mogilko: What's your advice there?

Alex: Yeah. So don't have crazy amounts of exposure in one or two publicly traded companies would be a good start.

Marina Mogilko: Which is the opposite of what you do, right?

Alex: Which is the opposite of what I do, right? So I find that people who are very, very wealthy, they're not really looking for two, three, five, ten x stocks, right? They're looking for safe bets that meet or outperform the market. And what they want to do is minimize their risk, right? So it's a very different strategy for them. They're already diversified across a lot of different asset classes as well. So what they actually end up looking to me for is to stress test an existing thesis in a company they already have—like will Amazon continue powering roughly a third of the internet or when things move to AI, will the next big cloud service look very different from Amazon? That's a great thing to think about.

So I do think that Amazon Web Services, Google Cloud, Microsoft Azure, they're putting themselves in a position to kind of have their cake and eat it too. They power a large portion of the traditional internet and they're investing heavily in AI to power a big portion of the generative internet, right? So I think because they're able to spend the many billions of dollars to build up that infrastructure, they'll be very hard to disrupt no matter what. Because just like family offices, these are really like companies that are portfolios of technology, right? Google's not just a search engine—it's a cloud service provider, it's the Chrome browser, it's the Android operating system, it's Google DeepMind, you know, there's all these pieces to their portfolio. So when Google loses a little bit of market share in the search space, for example, which was in the news lately, you know, they dipped under 90% market share in search, they actually have a large portfolio of technologies, products, and services to fall back on and other ways to make that up.

Marina Mogilko: So for an average investor like me who can't spend all my time investing and researching, what would be the ideal portfolio if I want to win in this AI era?

Alex: So not lose everything. I'm going to say something a little bit controversial here. The typical advice—and by the way, I'm not a financial adviser, right? I'm not qualified to give financial advice. That's very true. So you know, if you were to establish a serious amount of money in an account today, you should go seek a professional and talk to them, right? But if I was in your shoes, what I would do is instead of building the traditional advice that you would get today, I would build a 60/40 portfolio. But here's the key—I don't mean 60% stocks and 40% bonds. I mean you diversify outside of stocks, right? So you want to hold some real estate, maybe you want to hold some crypto or some precious metals or whatever collectible you think is a good asset to hold, right? And inside stocks, what you want to do is decide how much risk you're willing to take. And that really depends on what kind of stocks you want to buy versus how much you should put in indexes.

So for example, instead of a 60/40 stocks bonds portfolio, maybe it's a 60/40 indexes individual stocks portfolio, right?

Marina Mogilko: So no bonds?

Alex: So in my opinion, no bonds, right? That's certainly not mainstream advice, but what I would do is I would put money in the S&P 500 and the NASDAQ. I would prefer the NASDAQ, but if you aren't so comfortable with the big ups and downs, the S&P 500 is a great index. It's performed super well. Long history and track record of great performance. A little more risky, but a little more rewarding over the long term would be the NASDAQ 100. Still very diversified—100 tech companies across a wide variety of different technologies. You got your Nvidias, your Broadcoms, but you also have software companies, cybersecurity companies, really all sorts of different technologies. So I would do the NASDAQ and then the rest, I like picking individual stocks from like the top and the middle of those indexes because those indexes already have good criteria for a company to be in them.

All the individual stocks I hold, there's no magic, right? They're at the top of the S&P 500. They're at the top of the NASDAQ. And so what I really do is I try to find the losers in those indexes. And by losers, I just mean the historic underperformers. Not that they're bad companies, just that their growth in the stock market has underperformed the index. And I just try to avoid those. There's a good saying, you know, if you want to be a great gardener, it's not about planting the right plants. It's about stripping away all the things that stop those plants from growing. So what I try to do is plant my flowers. Those are the individual stocks, and try to minimize my exposure to the things that stop them from growing.

Marina Mogilko: So for a 35-year-old like me, what would be the percentage of those things that you mentioned? NASDAQ 100, S&P 500, and some individual stocks?

Alex: Yeah. So if you never want to think about the market again, you do it once and then you go away for 30 years and you hope that you just want to retire, then dollar cost averaging is what I would do. But you know, a lot of people automate that. For example, you know 100 bucks a month, a thousand bucks a month, whatever you feel appropriate, you're just investing it into this mix. So what's the mix? Yeah. So the mix would be in my opinion something like 25% S&P 500, maybe another 40% NASDAQ 100. So that's already two-thirds of your portfolio. Now you're safe and in the indexes, right? You can rest easy knowing you have 500 companies spread across your portfolio, right?

Marina Mogilko: Yeah.

Alex: And then the other 30 to 35% I would pick individual stocks. And the way I like to do it is I like to invest in things I know. So my channel is focused on sort of expanding people's knowledge about things so they feel comfortable holding those stocks when they dip 20, 30, 50%. Which Nvidia does, Palantir does, Broadcom does—all these high rewarding stocks, they crash just as much as they go up, right?

Marina Mogilko: So hard, especially if that's your single portfolio—

Alex: Yeah. And whether you're a retail investor, an institution, a family office, whatever, your behavior and your psychology is 90% of your returns. I strongly believe that. There was a great study by Fidelity and they said the top performers in their entire suite—you know, Fidelity manages trillions and trillions of dollars in assets. Guess what they all had in common?

Marina Mogilko: They were over 60 years old?

Alex: They were all dead.

Marina Mogilko: They were all dead. See?

Alex: Yeah. They just couldn't touch their portfolio, right? So they let it ride, you know what I mean? They never sold, which means they never panicked. So that's a good reminder that the best thing to do almost always in the stock market is nothing, right?

Marina Mogilko: Wow.

Alex: So even though my channel's about stocks and updates and buy this and buy that, it's because a lot of new people funnel in. They find my channel, they're having new money to allocate. They just found me for the first time. But the average viewer I find that I talk to, they only make one or two investment decisions per year. They'll rebalance maybe quarterly. They'll get into a new stock. They'll decide to sell, just like I did, because they have a real family expense. They'll watch one of my videos on a stock they were thinking about selling and decide to hold some of it. Maybe only sell half what they thought.

Marina Mogilko: So it seems action-packed when you're making content about stocks every week—

Alex: But it really is like for the average viewer supposed to be just a data point, another data point, another and then they go about their life, you know?

Marina Mogilko: What about dollar cost averaging when the market is up and down?

Alex: Yeah. So many times in a week I remember five years ago I would talk to my financial adviser and he would say like once a month. Now we're like maybe once every two weeks. I don't know because it just happens fast. So I think dollar cost averaging, there's like no right answer. I do think dollar cost averaging more often makes a lot of sense because then you just have like a smoother average. You can imagine if you only invest once a year and you accidentally hit a bad day, yeah. Like so there's definitely a lot of money can be made by buying low, right? Not just selling high, but actually buying at a great valuation. So dollar cost averaging more often sort of smooths that out for you. If you have one bad day, it's a smaller proportion.

So let's say you invest $1,000 a month. Maybe that's really $500 every two weeks or $250 every week. You know, it's the same number, the same cadence. You still can automate, right? You don't have to do it manually. Still automate. Yeah. You know, if you want to invest 20 bucks a day, like it sounds a little silly, but it's really not a bad strategy because it just smooths out that whole worry about timing or mistiming the market. It goes away when you're just averaging in.

Marina Mogilko: How much do you hold in cash?

Alex: How much do I hold in cash? So I tend to hold like less than 5% in cash, which is again not mainstream advice.

Marina Mogilko: How many months of runway for your family?

Alex: Oh, so in my safety fund, like outside of my portfolio. So because I own my own business, I tend to hold nine months in cash. And that's just because, you know, if my business goes under, that's the sole income for like the family and things like that. So because I don't have a W-2, like a reliable, stable employer, I like a long runway. Believe it or not, I'm actually a conservative investor.

Marina Mogilko: Based on everything like the topics of my channel, you wouldn't guess that—but looking at your portfolio, I wouldn't say you're conservative.

Alex: Yeah. Yeah. But again, you know, top of the indexes, the biggest companies in the world, which by definition makes them some of the safest, right?

Marina Mogilko: But do you ever wake up in the night and think like, hey, maybe we're approaching another 2008 because of the tariffs or whatever is going on in the world? Do you ever have these thoughts?

Alex: Of course, you know, I think that's a real part of the challenge, you know, and then the question is, okay, you have the thought, what are you going to do about it? Is the answer to sell everything? Since the tariffs got announced and we hit our bottom, right? I believe the market is up something like 30%. Did you buy that?

Marina Mogilko: You didn't buy anything?

Alex: So I ended up buying the dip and I made a bunch of videos about it. You know, we track something called the fear and greed index, which is a great index. It's run by CNN. And what it does is it tracks all these different metrics to help determine how fearful or greedy the average investor is in the market in that moment.

Marina Mogilko: That's a good one. Never heard of that one.

Alex: Yeah. So fear and greed index, and the thing to know is like Warren Buffett says, right, you want to be greedy when others are fearful. So it turns out the bottom of the market, when you know everything was going on with China tariffs, was also the bottom of this fear and greed index. So I made a video saying the fear and greed index goes from zero to 100, it was at a three. Extreme fear. Panic in the market. Blood in the streets, right, so to speak. So I was talking about the stocks I was buying, exactly what I was doing in that moment, and the market's up I want to say like over 20% since then.

Marina Mogilko: Fascinating.

Alex: So there are all these other indicators you can look at to sort of get an idea, right? And it's not like if your index is low, go buy, right? We're not trying to time the market. We're just trying to get a little more data before we make a decision either way, right?

Marina Mogilko: Have you ever panic sold?

Alex: Of course. Of course. Yes. I think every good investor, part of becoming a good investor, it's just like any other skill, you start by being a bad investor. You know what I mean? Yeah. So for sure, and you can see in like the early days of my channel and even before that I've lost plenty of money, right? By selling, by not buying, by yeah, of course. I've made every mistake in the book. And I don't like, I don't know anyone who's really good at anything who didn't start by being very bad at that thing first, right? So yeah.

Marina Mogilko: What would be your advice for people who are panicking, thinking of selling, maybe something happens in the next two weeks and we all have this thought of like maybe—

Alex: Yeah. I think there's two really good sets of advice. The first is if you think prices are going to go down, right? If I was going to Louis Vuitton tomorrow and I thought that prices were going to go down, I would probably be pretty excited, right? Because I'd be getting something I want at a discount.

Marina Mogilko: Yeah.

Alex: So if you really believe in the stocks that you hold, you're probably actually should be pretty excited for a dip. I think you probably just lose trust at that stage when everything's going down in the stock, right? It's easy to do that, but you got to remember things are going down because other people are panic selling, right? So if people are panicking, that's exactly when you want to be greedy. So the right thing to do there is actually reassess what you hold, which is hopefully you're investing in things you already know. Which is again kind of like the point of what I do, right? And if you believe in what you hold, Nvidia, Palantir, whatever else, and you understand it, then when it goes down, you're happy because you're dollar cost averaging. So you're getting more shares per dollar, right? So that's the first thing.

The second thing is if you're really set on panic selling, you just, I can't take it anymore, don't do it all at once, right? So just like you want to dollar cost average in, people forget you can also dollar cost average out. Right? So a great thing to do is I'm out. Great. Sell 10% of your position and then reassess because the number one thing that I hear from people is right after they hit that sell button, they get seller's remorse. Just like when you pull the trigger and you make a purchase and then all of a sudden you're like, "Oh my god, why did I just spend all that money?" Same thing on the other side. So sell 10%. Sell 15%. Don't ever sell 100% of anything all at once.

Marina Mogilko: I love that. What about other stocks? So we talked about giants, right?

Alex: Yeah.

Marina Mogilko: What about the Tesla stock? What about Meta? What about smaller startups that just IPOed and are emerging?

Alex: Sure. Sure. So I would classify the Teslas and the Metas of the world as still giant stocks. I think Tesla's still over a trillion dollars in market cap. Facebook, everybody knows. And you're going to see that a lot, right? Like if it touches AI, it's going to be up and down because AI sentiment changes every day, right? AI is amazing. AI is a hype cycle. You know, AI cured cancer. AI is just a chatbot. You know what I mean? So it's going to go up and down.

One of the things that I focus on is like deep research, right? Understanding the science behind the stocks. Jensen just gave a great keynote and he talked a lot about where the world is heading in terms of data centers. So the Blackwell chips, one thing that's special about them is they require liquid coolant. So traditional data centers have these big fans. They push a lot of air through them to keep things cool. But if you can liquid cool things, you can make things a lot smaller, which means you can pack a lot more compute in a rack, which means each rack can provide a lot more service, a lot more AI, a lot more data, which means you can pack a lot more in a data center. But it requires liquid cooling.

So one of the things that I've been looking at lately is a bunch of publicly traded liquid cooling companies. Who are the vendors for Nvidia? Who are the vendors for AMD? Who are the vendors for Qualcomm? Right? So again tying this back to not just what are the balance sheets today but where's the world going to be tomorrow, right? Liquid cooling is a great example. There's a lot of talk about quantum computing, robots.

Marina Mogilko: You don't believe in them?

Alex: Uh, so I don't believe in humanoid robots today, right? I do believe that ultimately humanoid robots will be something that, you know, they'll be walking around us, they'll be doing certain manual labor jobs, but I think if you take a step back, the reason people are so gung-ho about humanoid robots is the world is built for humans, right? You know, you can imagine somebody manning that camera, a humanoid robot should be able to man that camera. Sweeping a floor, a humanoid robot should be able to do anything a human can do, right? But if you take a step back and you look at any task, a human is way overengineered to do almost any task we just talked about, right?

Marina Mogilko: So you know, cleaning a floor doesn't require a humanoid robot. Yeah.

Alex: You know, a little robot is a self-cleaning mop, self-cleaning vacuum and you're done, right? So you don't want to build this whole complex brain, opposable thumbs, all these extra joints. Absolutely. Mop a flat surface, right? Yeah. You can think of a lot of these other jobs the same way. Part picking, for example, Amazon employs over 750,000 robots. So they're actually one of the world's biggest employers of robots today, not in the future, already, right? Almost none of them look like humans. So that's probably a good sign that future robots will also mostly not look like humans.

For example, car factories are heavily mechanized, right? Car factories, you know, big heavy parts, assemblies, a lot of things going on. Why don't those robots look like humans? Beautiful. Yeah, there are form factors better suited to most of these tasks. It makes most sense. A lot of these tasks are highly repetitive. Serving a drink. Why aren't those robots looking like humans? My barista is a human, right? Why isn't the Starbucks robot, the coffee robot, a human?

Marina Mogilko: How do you invest? Do you invest in robots?

Alex: Uh, I try to invest in companies that have a lot of exposure to what's called the robotic stack. So Nvidia is a great one for that. Nvidia has a whole set of products to cover the whole AI stack.

Marina Mogilko: It really does cover the whole AI. It really does. It's a great pick for just, I don't want to think about or learn AI. You know, there's so much to this. What do I do? I just want one or two companies. Nvidia should be among those in my opinion.

Alex: But could it get disrupted? Yes. And I think they will get disrupted in certain markets for sure. So Nvidia makes chips that are called GPUs, right? GPUs, what's special about them is they're very broad, right? So they can do a whole bunch of AI computing tasks very well, but they're not specialized. Broadcom is one of their biggest competitors because they make what are called ASICs, application specific integrated circuits. So those are really, really, really good, much like better than Nvidia's chips, but at a much narrower set of tasks. So if there are ASICs that can beat Nvidia in certain things and people have enough demand for those workloads, they're going to buy ASICs and not Nvidia's chips.

Marina Mogilko: But the easy answer is just hold both stocks, right?

Alex: Like one of the things that I look at, and what like especially for family offices, one part of my job is helping them understand, hey, if you just buy these two or three stocks, you actually own most of the market. So a good example for GPUs, if you just hold Nvidia and AMD, you