You’re Misreading the AI Bubble | Gene Munster and Doug Clinton on Why It’s Just Getting Started

You probably still have, I think, another two or three years in this sort of AI bull market cycle before things get really insane. Uh, I know some people think things are already really insane. I think if you actually look at the numbers though, for the most part, a lot of these companies, they are supported by fundamentals.

We still believe we are earlier than most investors uh would would assess at this point that the probability that there is upside to some of these smaller uh companies because the numbers are smaller, the law of large numbers working in their favor when it comes to growth is higher. I think the downside to disbelieving in AI and having it play out if you're a mega cap is that the ones who believe and the ones who invest then win and you become relegated to probably not being a mega cap anymore. it won't be a race to the bottom that they'll actually hold up some of their the pricing more than what I think people expect because at the end of the day if there's value that's being created we think there is a lot more value in thinking than there is in networking it won't be as steep of a price decline as what many are anticipating any discussion about deep water or intelligent alpha products and strategies is not a solicitation to buy or sell any securities and past performance is no guarantee of future returns additional information on Both firms can be found at their websites deepwatermgt.com and intelligentalfalpha.co.

Gan and Doug, welcome back to Access Returns. — Hello. — Thanks for having us. — Today we're going to work through the Deepwater 2026 predictions piece that you put out um a little while ago.