Bloomberg Television·2025-11-11 17:28AI & Technology - Hyperscalers resemble the operating systems of the dotcom boom and have the best chance of creating software packages that bring AI to the people [4] - The rapid depreciation of AI chips, with new chips appearing every 18 months that are ten times more powerful, poses a risk to independent companies [7] - The focus is on who will create the software package that can be monetized, with hyperscalers having the best chance [7] Market & Investment Trends - The world is different from the dotcom boom era because most companies understand that many of those companies never generated earnings or revenues [1] - Only Microsoft, Apple, and Amazon recovered from the dotcom boom and became substantially larger companies [2] - The ETF business has changed the investment landscape from mutual funds, offering tax efficiency and lower running costs [9][10] - Private debt relative to GDP is down 2% annually, indicating the private economy is saving money [16] - The dollar's stability suggests that the anticipated economic problems may not be as severe as expected [17] Value Investing - The most important engine of a value company is generating free cash flow and collapsing capitalization [13] - Value companies in mature industries should focus on generating cash flow rather than investing heavily in CapEx [13]