Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.
Follow us on:
Max's Twitter: https://x.com/maxwiethe
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Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.
Follow us on:
Max's Twitter: https://x.com/maxwiethe
OPM on Twitter: https://x.com/opmpod
Watch OPM and our Partner Show Monetary Matters on YouTube: https://www.youtube.com/channel/UCeyqw1Ns_cnhSJh5XvXPWgw
What Investors Are Overlooking in AI & Semis | Val Zlatev
Other People's Money with Max Wiethe
1 hour 16 minutes
5 months ago
What Investors Are Overlooking in AI & Semis | Val Zlatev
Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms.
Learn More About Analog Century Capital Management: https://www.analogcm.com/
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Timestamps
00:00 Intro
01:15 What is Hard Tech?
02:41 The Evolution of the Hard Tech Sector From the 90s to Now
05:04 Investors Are Underweight Hard Tech
11:09 The Massive Impact of the End of Moore's Law
16:59 New Investment in Semiconductor Capacity
18:08 Why AI Should Be Compared to Cloud, Not Fiber
22:55 What Investors Got Wrong About DeepSeek
25:41 The US Government's Impact on AI & Chips
33:04 The Chinese Government’s Involvement in AI & Chips
35:13 Dominant Players in Chinese Semiconductor Market
39:12 The AI Supply Chain Beyond Semiconductors
43:53 Analog Semiconductors & Power Management
49:55 Winners, Losers, and Fakers in AI
57:03 Research Process for Hard Tech
01:01:25 Dispersion in Hard Tech Returns
01:03:31 Trading and Portfolio Construction at Analog Century
01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms
01:12:20 Market Neutral vs Long/Short Investors
01:14:51 The Value of Partners and Team Continuity
01:16:42 Conclusion
Other People's Money with Max Wiethe
Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.
Follow us on:
Max's Twitter: https://x.com/maxwiethe
OPM on Twitter: https://x.com/opmpod
Watch OPM and our Partner Show Monetary Matters on YouTube: https://www.youtube.com/channel/UCeyqw1Ns_cnhSJh5XvXPWgw
