Jordi Visser

Consider investing in companies enabling the physical build-out of AI, with Corning (GLW) highlighted as a core holding transitioning from an industrial company to a key AI supplier. Look for a potential breakout in Tesla (TSLA), as its value shifts towards upcoming catalysts in robo-taxis and humanoid robots. As the AI rally broadens beyond just compute, Marvell Technology (MRVL) is a key opportunity positioned to solve critical data movement bottlenecks. Be cautious with traditional software stocks like Salesforce (CRM), as their business models face significant structural threats from AI-driven commoditization. For 2025, anticipate a rally in crypto, with Bitcoin (BTC) building a bottom and Ethereum (ETH) poised to benefit from the major theme of tokenization.

The primary investment theme is the massive AI infrastructure build-out driven by the shift to Visual Language Models (VLMs) over the next three years. Consider Google (GOOGL) a key beneficiary, as its Gemini model and custom TPU chips provide a competitive edge in this next phase of AI. To capitalize on the application of this technology, look to the biotech sector (XBI), which is using AI to accelerate drug discovery and is showing significant market strength. With the market rally broadening beyond mega-caps, investors should also consider increasing exposure to small-cap stocks (IWM). Finally, remain bullish on the broader semiconductor sector while being cautious on traditional software stocks, which face disruption from AI-driven automation.

View recent pullbacks in the AI sector as buying opportunities, as the long-term trend is driven by strong fundamentals, not speculative hype. Despite its large run-up, consider NVIDIA (NVDA) a core holding poised to capture a significant share of the estimated $5 trillion global data center build-out. The extreme fear and recent 36% crash in Bitcoin (BTC) may present a significant buying opportunity for long-term believers as sentiment indicators reach historic lows. Look for undervalued opportunities in small and mid-cap stocks, which are forecasted to see nearly 60% EPS growth and may be poised for a major catch-up rally. A forward-looking theme is the physical infrastructure for AI, focusing on companies that control essential resources like power and land needed for data centers.

Consider investing in the AI-driven pharmaceutical theme by looking at Merck (MRK), which is viewed as an undervalued play with potential for its P/E valuation multiple to expand significantly. Despite its large run-up, NVIDIA (NVDA) is presented as a core long-term holding that remains reasonably priced relative to its future growth prospects. The physical build-out of AI infrastructure creates a major opportunity in the "picks and shovels" sectors like commodities, energy, and industrials. Financials such as J.P. Morgan (JPM) and Goldman Sachs (GS) are positioned to benefit from a strong economy and future AI-driven profit margin improvements. For diversification, consider small-cap stocks through the Russell 2000 index, which is expected to see significant earnings growth next year as the market rally broadens.

The recent market dip is a buying opportunity within an ongoing bull market, supported by strong corporate earnings and strength in the financials sector. Consider looking for investments in the transportation sector, which is showing technical signs of a breakout and suggests broadening economic growth. For investors bullish on the AI theme, Palantir's (PLTR) strong results confirm accelerating adoption, while the recent pullback in Oracle (ORCL) may offer a more attractive entry point. Bitcoin (BTC) is a high-conviction, long-term buy, with the current market fear creating a favorable accumulation opportunity for those focused on its structural tailwinds from AI. Investors seeking crypto exposure should consider owning Bitcoin (BTC) directly over MicroStrategy (MSTR), as the latter's premium has significantly decreased.

Tesla (TSLA) is a top conviction buy, as it has reportedly solved autonomous driving with a major catalyst of driverless robotaxis expected in Austin within a few months. The massive AI infrastructure build-out presents a long-term opportunity in semiconductors and related industrial companies like Teradyne (TER). Consider allocating to Bitcoin (BTC), as current negative sentiment offers an attractive entry point ahead of a new cycle driven by real-world utility and institutional adoption. Be very wary of shorting small caps, represented by the IWM ETF, due to the high probability of a massive, retail-driven short squeeze. Finally, investors should turn their attention to the cryptocurrency and tokenization theme, as projects like Solana (SOL) are positioned for the next major growth phase.