AMI Asset Management Investment Perspective

ARM’s Silent Victory: The Hidden Chip Powering NVIDIA’s Next Generation

In this episode, the team discusses a critical week of market-moving earnings across both the retail sector and the tech industry, anchored by a deeply insightful analysis of a massive report from NVIDIA. They break down a stark disconnect in the retail space, where consumer sentiment has sunk to historic lows but companies like Target, Walmart, and off-price leaders are managing to deliver highly resilient sales numbers despite mounting pressures from gas prices and the rising cost of everyday goods. Shifting focus to technology, the team dissects how NVIDIA is cleverly reorganizing its business to build a moat against its own customers while pioneering a new structural demand leg for custom ARM-based CPUs to fuel autonomous AI agents. Finally, they look upstream at the entire semiconductor supply chain, mapping out how deliberate production limits at foundational bottleneck players like Taiwan Semi and ASML are serving as a structural barrier that keeps the current AI infrastructure boom from transforming into a classic dot-com-style bubble over build.   This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

The Peptide Revolution: Why “Ozempic” Is Just the Tip of the Iceberg

In this episode, the team discusses the rapid evolution ofthe anti-obesity medication market, tracing the history of GLP-1s from their origins in Gila monster saliva to the current dominance of brands like Ozempic and Mounjaro. They analyze the shifting landscape of drug delivery, includingthe rise of oral alternatives and upcoming "triple-action"medications that aim to balance higher efficacy with more manageable side-effect profiles. The team also explores the broad downstream impacts these drugs are having on the economy, from shifting consumer food habits and restaurant portion sizes to new medical frontiers like muscle preservation and the treatment of sleep apnea. Finally, they weigh the long-term potential of this sector as it expands toward a target market of over 35% of the U.S. population, signaling a decade of significant structural change for both the pharmaceutical and consumer goods industries.   This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities.Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

The "K" is Breaking: Why Middle-Class Value Brands are Stalling

In this episode, the team discusses the emerging "cracks" in the consumer economy as persistent inflation and a spike in gas prices begin to drive significant demand destruction. They analyze a "tale of two days" in earnings reports, where early optimism for a K-shaped recovery was met with sobering updates from value leaders like McDonald's and Planet Fitness, suggesting the low-end consumer is increasingly stretched to their limit. The team also explores the disparate impacts of GLP-1 weight loss drugs on various sectors, from potential "super cycles" in apparel and skincare to further headwinds for traditional restaurant chains. Ultimately, the discussion highlights the precarious state of consumer sentiment—which has reached levels of pessimism not seen since the Great Financial Crisis—and the long-term risks posed by sustained energy costs.   This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

Agentic AI’s Hidden Cost: The Infrastructure Shift No One Predicted

In this episode, the team discusses a revealing week in thetech sector, marked by record-breaking rallies in the semiconductor market and shifting narratives within the AI trade. They analyze how the emergence of agentic AI is structurally accelerating CPU demand, providing a secondarygrowth leg for players like AMD and Intel alongside the dominant GPU market. The team also explores the strategic "compute arms race" through the lens of a massive partnership between Anthropic and SpaceX's XAI, while examining how software companies like HubSpot and Datadog are navigating the transition to AI-driven consumption models. Finally, they weigh the "bubble" warnings from legendary investors against the reality of an AI infrastructure build-out that shows no signs of slowing down, even as it begins to reshape corporate labor strategies.   This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were orwill be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

Winners and Losers of the Hyper-Spend: Google Crushes, Meta Stumbles

In this episode, the team discusses a pivotal week in techwhere AI capital expenditure transitioned from speculative to factual, with major hyperscalers now projected to spend over $725 billion on infrastructure in 2026. The team analyzes a widening performance gap among the "Big Four," highlighting Google’s massive 63% cloud growth and Amazon’s re-accelerating AWS revenue as clear success stories, whilequestioning the muddled ROI paths for Microsoft and Meta despite their record spending. They also explore the paradox facing NVIDIA as custom silicon from hyperscalers begins to scale, alongside a deep dive into the resilient consumerhardware demand seen in Apple’s "off the charts" iPhone results. Finally, the team looks beyond the usual giants to identify opportunities in memory, power infrastructure, and the surging CPU trade required to keep global AI systems running.   This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss ofprincipal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.