Ep. 86: AI's Next Decade, the Memory Supercycle, and Launching Yorkville Ives, with Dan Ives

In episode 86, hosts Jimmy Lee, Jim Worden, and Paisley Nardini welcome back Dan Ives, who appeared on theshow's very first episode and has since left Wedbush Securities to launch Yorkville Ives & Co., a new merchant bankfocused on technology, energy, and infrastructure. They discuss how his outlook on the AI investment cycle hasevolved, the debate over sovereign AI and data protection, and how election-cycle politics could shape AI policy.They also cover a possible memory chip supercycle, a shift in relative opportunity from hardware toward software,energy and grid infrastructure as a growing bottleneck, healthcare as an industry poised for major AI-drivendisruption, and how advisors might think about diversifying AI exposure beyond mega-cap technology.

• -  Dan Ives says the AI investment cycle he once framed as a five-year buildout now looks more like a ten-to-twelve-year cycle, and he estimates the industry is only around 15 percent of the way through thespending he expects to see.

  -  He points to “sovereign AI,” companies and countries wanting their own data protected rather thanabsorbed into outside frontier models, as a growing theme shaping both policy and corporate strategy.-  On AI regulation, Dan Ives argues that politicizing the issue carries real risk, since slowing US progressmainly narrows the competitive gap with China rather than making AI safer.-  He sees a possible memory chip supercycle underway, arguing that current AI-driven demand couldreduce the historical boom-and-bust cyclicality typical of that part of the semiconductor industry.-  Dan Ives says he currently sees more relative opportunity in software than in chipmakers over the next sixto twelve months, as AI use cases mature and some software names that pulled back earlier this yearcatch up.-  He flags energy and grid infrastructure, including the buildout gap between the US and countries likeChina, as one of the more significant bottlenecks, and potential opportunities, tied to the AI cycle.-  Asked which industry is least prepared for AI-driven disruption, Dan Ives points to healthcare, citing thegap between cutting-edge AI tools and the day-to-day reality of clinical practice.-  On portfolio construction, Dan Ives suggests advisors look beyond mega-cap technology to sectors likedefense, industrials, energy, and utilities that he views as indirect beneficiaries of AI infrastructurespending.

  Hosts: Jimmy Lee, Founder & CEO, The Wealth Consulting Group; Jim Worden, Chief Investment Officer, TheWealth Consulting Group; and Paisley Nardini, CFA, CAIA, Head of Investment Strategy at Tema ETFs.

  Guest: Dan Ives, Partner and Senior Managing Director, Yorkville Ives & Co.

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