CNBC Televisionยท2025-08-20 17:07Investment Strategy - The firm sold approximately 66.67% (two-thirds) of its Dell position, expressing continued confidence in Dell and a willingness to reinvest if the stock price declines to the low $100s [1] - The firm views Salesforce as a significantly undervalued stock, drawing a parallel to Uber in the 1960s, suggesting substantial growth potential [1][2] - The firm anticipates a potential 15-20% increase in Salesforce's stock price after earnings, based on the belief that the market is currently undervaluing the company [2] Company Performance & Strategy - Salesforce is prioritizing free cash flow, margins, and growth, signaling a focus on financial stability and expansion [1] - Dell's growth is primarily driven by its infrastructure services group, which is gaining market share in the AI build sector [2] - Dell is actively buying back shares, indicating confidence in its future performance and a commitment to increasing shareholder value [3] Market Dynamics & Competitive Landscape - The firm believes the market is underestimating Salesforce's AI capabilities and the potential of its Informatica acquisition [2] - The firm suggests Dell is taking significant market share from SMCI in the AI infrastructure space [2] - The firm considered Dell's stock price in the high $130s as a temporary top, prompting the decision to trim the position [3]