Doxa Takes

The 5-Layer Cake of AI (Ep.30)

Chase & David are back for episode 30, diving into a market that keeps defying a normal playbook. Oil is up, rates are elevated, inflation is sticky — three headwinds that historically hurt equities — yet the market keeps grinding higher. They break down what's actually driving the disconnect, why it's unusual, and why the real opportunities are hiding in the themes the rally has left behind. Then they get into Jensen Huang's five-layer cake framework for AI infrastructure — a mental model they've adopted at Doxa for thinking about where value accrues across the AI stack. From chips to models to applications, they walk through each layer and what it means for positioning. (5:10) The Market Disconnect (23:40) Forgotten Opportunities (30:30) 5-Layer Cake Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase and David and should not be held as representations of their respective firms. For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method

The Ides of March (Ep.29)

Chase & David split episode 29 into two (unrelated) parts. First, they unpack the Iran conflict - how they're thinking through it, how it compares to the Russia/Ukraine war, and why the oil market disruption is *very large*. They also talk about why the broader market is presenting more opportunities than they've seen since 2022. In part two, David tackles one of the most common financial planning questions: do I need a trust? They cover who actually benefits from one, what a trust can (and can't) do, and the different flavors worth knowing about. If you've ever wondered whether a trust is just for the ultra-wealthy, spoiler, it's not — this one's for you. (2:20) Iran and Markets (21:15) Estate Planning: Trust FAQs Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase and David and should not be held as representations of their respective firms. For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method

Hidden Gems in Software? (Ep.28)

Chase & David start 2026 by unpacking the software selloff—and why the market's first-level thinking is missing a lot of nuance. With hyperscaler data center spending equaling the GDP of Sweden, the AI infrastructure boom is undeniable. But so far this year the market has flipped from "AI is all upside" to "AI is an existential threat" for many software stocks. Chase breaks down the four fears driving the panic: 1) BYOS - build your own software, 2) AI-native startups eating incumbents, 3) the death of seat-based pricing, and 4) a broken value chain. The key framework? Whether a company owns proprietary data and workflows or is just a fancy UI sitting on top of yours—that's what separates the winners from the losers, and big opportunities exist where the market is struggling with that distinction. Enjoy! Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase and David and should not be held as representations of their respective firms. For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method

2026 Outlook w/ Conor Sen (Ep.27)

Chase welcomes back Bloomberg Opinion columnist Conor Sen for his third appearance on Doxa Takes to tackle the 2026 outlook—and why getting there requires making sense of 2025's messy economic puzzle. This past year gave us economic data that made sense in isolation but was tough to reconcile. Labor markets showed rising unemployment in a low-hire, low-fire environment, yet consumer spending stayed resilient. AI capex continued running hot while housing sat in recession. Policy whipsawed between posturing and action, creating broad uncertainty with occasional sharp interventions. Chase and Conor work through what surprised them, what aligned with their expectations, and why these contradictions matter for the year ahead. They outline three distinct pathways for 2026: 1. Consensus continuation - The low-hire, low-fire labor market persists, housing bounces along the bottom, AI spending sustains its momentum, and policy uncertainty gradually recedes. 2. The AI to housing handoff - AI capex cools, financial conditions tighten across equity and private markets, but rates fall substantially allowing cyclical sectors and housing reignite in response. 3. Classic recession - Unemployment marches higher, AI investment pulls back, consumer spending weakens, and rate cuts prove insufficient against deteriorating fundamentals. This isn't about prediction—it's about understanding which variables actually matter and how they interact. From policy uncertainty to structural economic shifts, we're exploring the frameworks investors need to navigate what comes next. Enjoy! Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase, David, and Conor and should not be held as representations of their respective firms. For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0]Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method

The AI Spending Boom (Ep.26)

Chase & David break down the AI spending boom into three parts for episode 26: 1) Is AI infrastructure spending big enough to mask underlying economic weakness. When tech companies are dropping hundreds of billions on data centers and infrastructure, it creates ripple effects across markets and GDP. Are we in a bubble? 2) David asks the question about the energy shortfall equation that's creating real bottlenecks. From utilities to power generation, the math is getting interesting. 3) What's next in the AI chain—agentic AI that can actually take actions, not just chat. We discuss who wins when these agents need massive amounts of proprietary data to be useful, and why the companies sitting on the right data sets might be the real beneficiaries of this next wave. From capex distortions to energy bottlenecks to data ownership, we're covering the investment themes that matter beyond the AI headlines. Enjoy! (3:20) An AI Bubble? (9:05) Where does all the money go? (12:15) Why big dollars doesn't equal big jobs. (15:10) The energy bottleneck. (21:20) How the big models (& companies) relate to all the spending. (27:00) An AI model and a microwave. (31:45) The next stage - Agentic AI Nothing we say here is investment advice – we don't know your personal situation, your goals, or any other variables that we use to create a unique financial and investment plan for you and your family. We're here just chatting and of course you're welcome to reach out to anyone at Doxa Capital if you are interested in a plan that complies with your financial situation. The views expressed are that of Chase and David and should not be held as representations of their respective firms. For terms and conditions, please visit our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://doxacap.com/terms-conditions/⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://doxacap.com/terms-conditions/%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0%E2%81%A0]Music by ⁠⁠⁠⁠⁠⁠⁠Agent Method