Dan Ives (2:48)

Yeah, look, I think right now, yeah, you don't have a choice. And that's when you look at margins, gross margin 75% over the coming years you will have competition. Big tech companies are going to try build their own chips obviously amd what you see with Huawei and China and others. But the reality is, especially when it comes to physical AI, autonomous robotics, you're going to have no choice right now where Nvidia, you're going to ultimately have to go down that route with Nvidia. But this is going to spread 5, 7, 10 vendors over time. But at least next 18, 24 months, probably 36 months. If you're calling the red phone for a chip, it's the godfather of a black leather jack of Jensen who's answering that phone.

Interviewer 2 (3:34)

Dan, what's the, what's the conversation you're having these days with your tech clients as it relates to software and just the threat potential real? I don't know that I may pose to some of these software vendors because boy, those stocks have been taken out to the woodshed.

Dan Ives (3:54)

Yeah, Paul, it's the most in my opinion, disconnected tech trade that I've seen in my career because and Jensen hit on it last night on the earnings call. Software will be the hearts and lungs from a data perspective and use cases of AI. So the concept that Claude and others are going to unseat these, when you look at Salesforce, ServiceNow, Microsoft, others, it's a fictional tale and I think investors trying to figure out like how do you play software? Right now everyone's running for the hills, you're in semis and hardware, no one's even touching software. But I view that as the opportunity to own some of these core winners.

Interviewer 2 (4:35)

I mean, what's the conversation you're having? I would think the hedge funds would be really, if I'm a hedge fund manager, I'm going right to my tech analyst and saying I think this might be once in a lifetime opportunity to buy some of these names. I mean, but you can be obviously really right or really wrong here. What's, what do you think the conversation is?

Dan Ives (4:56)

The conversation, you think it's that, but it's actually, I think it's almost the opposite. You're seeing everyone just run to semis and hard.

Interviewer 1 (5:05)

This is important, Dan, on this Thursday you can report right now that what you're observing is people are still running

Dan Ives (5:14)

Running for the hills like you know they're being chased by a dinosaur.

Interviewer 1 (5:20)

Okay, let me, let me interrupt here because you killed this in April. We were running for the hills on April, the first week of April last year. Oops. And you know you nailed that along with some other people. You weren't alone. Is this the same equivalent, the same analog now is the running there of April. You know a year ago general it

Dan Ives (5:42)

would be like being negative on Aaron Judge because of the way he plays the first week of a season. The point is if you look at this over years right ServiceNow, Salesforce, what Arvin doing at IBM you look at Microsoft. I view these as generational opportunities as is all plays out. And that's why right now like the Bears are winning the narrative in the day that's going to be short lived. That's how you ultimately that's how you make money in this market.

Interviewer 1 (6:11)

Okay, let's switch gears. Danaves with the stock global head of tech research at Wedbush securities from Scott Still Arizona this morning we welcome all of you around the world and across the nation. Apple's going to do some soiree right now. I see all the Apple gossip. I think they did a product refresh last year. What's the product refresh look like this year?

Dan Ives (6:32)

Yeah, I mean they'll be like on when you look at different models from the iPhone, the SE you're going to have some lower cost models that they release. And I think this is one where they start to tiptoe into iOS. We talk about 26 for 265 where that's going to finally be Siri AI which all leads into WWDC and iPhone 18. Look at the way we obviously talk about all the time. Look at the way Apple's trading. I am telling you right now this is a Stock Google in 2025 will be Apple in 2026 between the product refreshers and listen to you.

Interviewer 1 (7:15)

Okay. I've been using AI here and all I know is Penn State has to play Wisconsin, USC and October 17th Michigan. I mean Penn State is a tough

Interviewer 2 (7:26)

schedule but they don't have to play Ohio State.

Interviewer 1 (7:28)

That's big. Okay.

Interviewer 2 (7:29)

That's big.

Interviewer 1 (7:30)

We now report from State College Pennsylvania with Daniel Ives as well. Are they beyond the coaching debacle.

Dan Ives (7:37)

Oh and we, we, we got the golden ticket with Campbell as coach. Now I told you like we've talked about it it's the rebuild to a natty in the next few years. Big ten right now I hate to say it for the sec. I mean It's a Big ten dominant league. I think Penn State is in just a phenomenal position going into 26 and beyond.

Interviewer 2 (7:58)

You know Tom, at Penn State football's good but the wrestling program is crazy good.

Interviewer 1 (8:04)

It's like Iowa State.

Interviewer 2 (8:05)

It's like Iowa back in when we were kids.

Interviewer 1 (8:06)

When we were kids, yeah.

Interviewer 2 (8:08)

And people go to the matches. They go to like tens of thousands.

Interviewer 1 (8:12)

Dana, I seriously here you've been a huge supporter as an alumni of Penn State. You're down in the field and all the rock star stuff. If they ruined college football is it now become so commercial? It's just not the same that you and I and Paul knew years ago.

Dan Ives (8:27)

I actually, I think they've even the playing field when I look at nil. I mean now it actually comes down to like you're seeing more, you're seeing the ability. That's why I think Big Ten is obviously started become a dominant levers sec. Look, the competition and the athletes ultimately you know they deserve to get paid. And it just comes down to like, you know, it's a new world. But, but I think it's, it's, it's not going to be changed anytime soon.

Interviewer 1 (8:54)

Got to go. What's your single best buy this morning?

Dan Ives (8:58)

A single best buy to me right here is Microsoft. Microsoft, the way that that stocks trading, it's, it's almost the most disconnected tech stock that I've seen probably in the last two years.

Interviewer 1 (9:12)

Denise, thank you so much. Trooper from Scottsdale this morning.

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