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This week’s Goldman Sachs Communacopia + Technology Conference in San Francisco officially kicks off the fall schedule for investors.
The reason these events are important is simple: Public companies practice their vote for Wall Street in the critical months between the end of one year and the beginning of another.
Indeed, you’ll find few execs offering third-quarter guidance updates after an analyst follow-up question. But overall, the fall conference season is a great way for management teams to fine-tune current and future messaging while getting real-time feedback from investors.
At this year’s Communacopia, we saw many big themes emerge for investors – AI, the consumer, regulatory concerns and tensions in the media business.
But from these expected headlines, here are seven things that belong to you and my colleagues. Ali Garfinkle You’ve learned from being on the ground and talking to some of the names that run America’s biggest public companies.
A palpable fear is in the air as Microsoft ( MSFT ) tightens its tentacles in the tech industry, particularly around its investment in OpenAI, which gives the tech giant a strong advantage in the AI race.
Growth stories have been drowned out by the investor’s love affair with Nvidia (NVDA), trading on the technology’s merits. Example: Nvidia rival AMD (AMD). One contact who attended Goldman’s Lisa Sue presentation was impressed with their position in AI. Nvidia stock is up more than 200% this year; AMD got just under 70%.
From the company you have invested in is not It’s a red flag when discussing what you’re doing with automation in the next couple of years. Giant companies are trying to bring as much automation into their businesses as possible to prevent pandemic-era labor wage hikes, as well as ride the AI wave.
Not many in tech believe we are headed for a recession by 2024, contrary to the current market narrative.
For now, mass technological displacement is over.
Interest in owning former media companies like Disney ( DIS ) and Paramount ( PARA ) — which trade at multiyear lows — isn’t great, it’s not high. The ongoing fight between Charter (CHTR) and Disney is not helping.
Nvidia’s stock may have received a weak earnings reception a few weeks ago, but the shakeout here could expose you to underperformance for customers if you’re not long NVDA in 2024.
The fall conference season has kicked off at Communacopia and you can find our full coverage here.
I often leave it here, dancing around with new ideas.
And this year is no different.
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