By Jeremy Phillips
Publication Date: 2026-05-29 12:26:00
Wedbush’s Dan Ives went on The Pomp Podcast with Anthony Pompliano and laid out a thesis that should reframe how you think about every AI position in your portfolio. His line: “This is 3rd inning, 1 out in a 9-inning game.” If you accept that framing, the implication for chip stocks, hyperscalers, and even the utilities powering the buildout is straightforward. Most of the game is still ahead.
I’ve owned NVIDIA for over 15 years and Alphabet since April 2012, so I’ve watched several “peak AI” calls come and go. Ives’ argument is that we’re nowhere near a peak. He frames it as a “multi-year bull market relative to what’s happening in tech”, with the U.S. owning the parts of the stack where the value actually accrues: “the models, the software, software and the chips.”
Nvidia: The Godfather Trade
Ives calls Jensen Huang the “godfather of AI”, and the numbers behind NVIDIA (NASDAQ:NVDA) keep validating that label. Q1 FY27 revenue hit $81.615 billion, up 85% year over year, with Data Center revenue of $75.246 billion growing 92%. Networking inside that segment grew 199%. Huang described the moment in the 8-K filing as “the largest infrastructure expansion in human history.”
Management is putting capital where the conviction is. The board authorized an additional $80.0 billion in repurchases and raised the dividend from $0.01 to $0.25 a share. Supply commitments now sit at $119.0 billion. Ives’ competitive read: “a third-rate Nvidia chip is a year and a half,…
