AMI Asset Management Investment Perspective

In this episode of AMI Investment Perspective, Chris Sessing, CIO and Portfolio Manager, discusses promising medical breakthroughs highlighted at recent oncology and kidney conferences. Topics include Merck and Moderna’s personalized cancer vaccine, advancements in targeted cancer therapies, and new treatments for IgA nephropathy that could significantly slow kidney disease progression. Chris explores the clinical potential, challenges, and investment opportunities emerging from these innovations.

In this episode, the team discusses the forces driving fuelprices higher and why rising costs at the pump cannot be explained by crude oil prices alone. The discussion examines how tightening refining capacity, China's restrictions on fuel exports, and disruptions to Russian supply are contributing to higher gasoline and diesel prices. The team also explores thegeopolitical risks surrounding the Strait of Hormuz and Bab el-Mandeb, along with the implications of declining strategic reserves. The episode closes by considering how these pressures could affect inflation, energy markets, and the outlook for fuel prices.

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In this episode, the team discusses several developments shaping the technology and AI investment landscape, including the growing importance of energy infrastructure in supporting AI expansion. The team examines why power availability, grid connections, and equipment shortages may pose greater near-term challenges to data center development than AI regulation itself. The discussion also explores recent volatility surrounding OpenAI revenue reports, SpaceX's potential entry into the wireless market, and the continued strength of cybersecurity companies as AI agents become more widely adopted. The team closes by highlighting the key developments to watch as earnings season approaches, particularly cloud spending, power...

In this episode, the team discusses how a new generation of AI agents could change the way consumers shop online. The team examines what happens when consumers can delegate purchases to an agent, from finding the best price and completing transactions to handling recurring everyday purchases. The discussion explores whether removing friction could expand consumer spending, which retailers and intermediaries may face disruption, and how security and trust could influence adoption. The team also considers a potentially significant question for retailers: what happens to advertising and brand discovery when an AI agent, rather than a person, is doing the...

In this episode, the team discusses the significant repricing that has taken place across the bond market in 2026 and the forces driving yields higher. The team examines the Federal Reserve’s renewed focus on inflation, the different pressures affecting the short and long ends of the yield curve, and how government borrowing and growing corporate debt issuance are influencing supply and demand. The discussion also explores how higher borrowing costs could eventually affect consumers, housing, and economic growth. The team closes by considering the other side of the bond selloff: investors can now earn meaningfully higher income and positive re...

In this episode, the team discusses the growing debate over whether the development of advanced AI should slow down and what that could mean for investors. The team examines recent calls for stronger safety measures, the practical challenges of coordinating an AI slowdown, and the important distinction between training new models and deploying the models that already exist. The discussion also explores cybersecurity, hyperscaler infrastructure spending, data center constraints, and the growing role of AI agents in everyday workflows. The team closes by considering why technological success alone does not guarantee attractive investment returns and why price and capital...

In this episode, the team discusses the latest signals on the health of the U.S. consumer as spending data, sentiment, and company commentary continue to paint a mixed picture. The team examines rising inflation concerns, competitive pressures across retail and consumer staples, and how higher gas prices could influence spending heading into the end of the year. The discussion also explores how AI is beginning to affect consumer-facing businesses, from autonomous transportation and AI agents to new opportunities for companies to reduce costs. The team closes by considering why company-specific execution and market share gains may become increasingly...

In this episode, the team discusses the recent rise in Treasury yields and the combination of forces putting upward pressure on interest rates. The team examines U.S. deficit spending, inflation and energy prices, Federal Reserve policy, global debt markets, and the growing supply of corporate debt tied to the AI infrastructure buildout. The discussion also explores how higher yields affect both fixed income and equity markets, including the increasing competition for investor capital as high-quality bonds offer more attractive income. The team closes by considering whether much of the recent repricing has already occurred and what could drive...

In this episode, the team discusses the increasingly mixed picture of the U.S. consumer as retail sales, confidence data, credit card spending, and recent retailer earnings send conflicting signals. The team examines signs of greater price sensitivity and trade-down behavior alongside areas where spending remains resilient, including back-to-school activity and select retail categories. The discussion also explores how housing costs, inflation, promotions, and changing competitive dynamics are influencing where consumers choose to spend. With the holiday season approaching, the team considers whether recent weakness represents a broader pullback or a consumer becoming increasingly selective about when and where...

In this episode, the team discusses how the rapid expansion of data centers is reshaping electricity demand, utility infrastructure spending, and the cost of power for consumers. The team examines the growing debate over who should pay for new generation and grid infrastructure, along with the regulatory and political response emerging across several states. The discussion explores how technology companies are pursuing alternatives such as behind-the-meter generation, natural gas, nuclear power, and eventually small modular reactors as grid constraints become more significant. The team also considers the emerging idea of space-based data centers and what the search for new...

In this episode, the team discusses the July employment report and the signs of weakening beneath the headline unemployment rate. The team examines declining labor force participation, the shift from full-time to part-time employment, the rise in multiple job holders, and why the current environment increasingly resembles a low-hiring, low-firing labor market. The discussion also explores the challenges of interpreting preliminary jobs data given significant revisions and what softer employment conditions could mean for Federal Reserve policy. For now, weaker labor data may reduce pressure for higher interest rates, creating an unusual environment where disappointing economic news can receive...

In this episode, the team discusses the sharp reversal in AI infrastructure stocks, the role of crowded positioning and leverage, and why strong company results initially failed to support share prices. The team examines how forced selling across U.S. and South Korean markets distorted price signals, even as demand, backlogs, and cloud growth remained strong. The conversation also explores whether lower-cost AI models could shift value toward hyperscale platforms and why investors should distinguish between the durability of the AI investment theme and the financing structures built around it. The team closes by outlining the market signals that...

In this episode, the team discusses the emerging gray market for medical peptides, highlighting popular compounds like BPC-157, GLP-1 alternatives, and next-generation weight-loss therapies like retatrutide. They unpack the ongoing FDA Pharmacy Compounding Advisory Committee meeting, evaluating the regulatory push-and-pull around allowing 503A compounding pharmacies to produce these compounds safely in the U.S. Finally, the team breaks down the commercial landscape for telehealth platforms like HIMSS, analyzing the hurdles of patient adoption, the role of placebo effects in subjective treatments, and the timeline for these therapies to reach a regulated market.

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In this episode, the team discusses the transition of the artificial intelligence trade into the "discernment phase," analyzing a volatile week where record-breaking hardware earnings met a massive tech sell-off. The team unpacks how historic pre-announcements from legacy giants are revealing a reallocation of corporate IT budgets away from software and into crucial hardware, physical grid infrastructure, and cybersecurity. They outline why the enterprise playbook is shifting toward cost-optimized model routing to match workloads with cheaper, open-weight models instead of default frontier options. Finally, the team explains how they are positioning their portfolios around architecture-agnostic toll roads and robust...

In this episode, the team discusses the shifting state of the American consumer as major companies report mixed results heading into the critical back-to-school shopping season. The team analyzes corporate updates from brands like Nike and Pepsi, highlighting a worrying trend where recent price cuts have failed to stimulate positive consumer traffic or volume growth. They unpack how elevated gas prices, shifting demographics, and structural secular shifts like the rising adoption of GLP-1 weight loss drugs are altering traditional consumer behavior. Finally, the team looks ahead to the upcoming retail earnings season to determine if consumer-focused companies can successfully...

In this episode, the team discusses how the rapid build-out of artificial intelligence infrastructure is hitting its first major financial constraints, driven primarily by a massive structural shortage and skyrocketing costs in the memory chip market. The team explores how these rising input costs are trickling down to consumers through hardware price hikes from tech giants like Apple and Microsoft, while triggering high volatility in global tech stock indices. Finally, they examine emerging signs of discipline from major cloud hyperscalers who are beginning to push back against a "spend forever" mentality by turning toward open-source, multi-model architectures and custom...

In this episode, the team discusses the signing of a breakthrough 14-point interim agreement between the U.S. and Iran, aimed at ending Iran's nuclear program and normalizing trade in a critical energy region. They unpack the immediate, divergent reactions across commodities, where oil prices slumped on potential surplus expectations while Texas natural gas prices finally surged back into positive territory after months of deep congestion. The team breaks down a compelling valuation disconnect, noting that natural gas producer stocks have lagged behind the positive commodity move, while warning that the deal’s 60-day timeline rests on delicate geopolitical te...

In this episode, the team discusses the kickoff of the historic 2026 World Cup in North America, analyzing its massive $13 billion revenue projection and $10 billion advertising splash against surprising domestic apathy and low brand engagement. They break down the tournament's potential investment catalysts across retail, dining, and hospitality, detailing the near-term wholesale boosts for sportswear giants like Nike and Adidas, a sustained volume boom for online sportsbooks, and creative marketing plays from food chains like McDonald's and Domino's. Finally, the team connects the event back to the ongoing reality of a K-shaped consumer economy, highlighting how soaring ticket prices and...

In this episode, the team discusses a pivotal week in the technology sector where a new market regime has emerged, punishing record-breaking corporate earnings whenever they fail to surpass vertical expectations. They break down the massive hardware shifts coming out of Computex, including NVIDIA’s next-gen Vera Rubin platform, its tactical push into ARM-based AI PCs, and the massive valuation ripples felt by custom silicon players like Marvell and Broadcom. The team also explores the decoupling of cybersecurity from the broader "SaaS apocalypse," alongside a deeper look into Alphabet’s unprecedented $85 billion equity raise to fund an aggressively accelerating CapE...

In this episode, the team discusses the macro forces driving the markets to all-time highs, examining the persistent debate around an AI tech bubble versus the sector's robust profitability. They explore a recent revival in software stocks, looming liquidity tests from upcoming high-profile tech IPOs, and imminent pricing and usage limit shifts for large language models. The team also breaks down the complex reality of global oil supply, analyzing a potential truce regarding the Strait of Hormuz against deep structural damage to domestic inventories and a cautious outlook from major energy producers. Finally, they look at how these supply...

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...

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...

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...

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...

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 th...

In this episode, the team discusses a stark "divergence" in the tech market, where AI hardware giants like Intel and Texas Instruments are surging while software stalwarts face a brutal repricing over terminal value concerns. The team breaks down how the AI bottleneck is shifting from GPUs to CPUs and analog components, alongside major strategic moves like Amazon’s $11.5 billion acquisition of Globalstar and the release of OpenAI’s GPT-5.5. Finally, they pivot to the consumer landscape, analyzing how persistent gas prices and the Iran conflict are pinching household budgets, evidenced by mixed results from Tesla and a resilient volu...

In this episode, the team discusses the major marketreaction to news that Iran is allowing ships to pass through the Strait of Hormuz, causing oil prices to plummet by over 10%. Despite a stock market rally toward all-time highs, the team examines a "bifurcated" K-shaped economy where falling consumer confidence, downward job revisions, and housing market friction suggest a more fragile underlying reality. They also take a deep dive into the systemic risks within private credit and the complex "puts and takes" of the AI revolution, warning that the current concentration of growth in a single sector may be masking...

In this episode, the team discusses the massive shift in thetech landscape following Anthropic’s release of Claude Mythos and Managed Agents, which have sparked a high-stakes debate over the future of software moats. They break down the ‘Glasswing Project,’ a defensive coalition of techgiants like Apple and NVIDIA formed to patch thousands of zero-day vulnerabilities discovered by this new frontier model. The team also analyzes the ‘terminal value’ crisis facing traditional SaaS companies, exploring whetherAI-driven outcome-based pricing will ultimately save or sink the industry’s long-standing subscription models.

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In this episode, the team discusses a volatile start toApril, breaking down the dramatic 25% sell-off in memory stocks like Micron following Google’s breakthrough ‘TurboQuant’ research. The team explores the deepening supply chain crisis in the Middle East, where damage to Qatari helium facilities and the closure of the Strait of Hormuz threaten global semiconductor manufacturing and could push Brent crude toward $160 a barrel. Finally, we cover major moves in the corporate landscape, including the historic SpaceX IPO filing, McCormick’s complex "behemoth" merger with Unilever Food, and Tesla’s disappointing Q1 delivery miss.

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In this episode, the team discusses the shifting landscapefor consumer stocks as rising oil prices and a "K-shaped" economy pressure household budgets. They analyze historical data to predict which sectors—from DIY auto parts and home furnishings to resilient categories like cosmetics—are most at risk of a spending slowdown. The team also breaks down awave of potential transformational M&A activity in the staples space, including rumored deals involving Estée Lauder, Unilever's food business, and a possible consolidation between global spirits giants.

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In this episode, the team discusses a blockbuster week intechnology, highlighting key takeaways from NVIDIA’s GTC and the Optical Fiber Conference (OFC). They explore NVIDIA’s shift from individual chips to full-rack AI systems and the growing $1 trillion opportunity in Blackwell andRubin platforms through 2027. The team also breaks down Micron’s massive earnings beat, the ‘copper vs. optical’ interconnect debate, and how underappreciated tail risks, like helium supply disruptions from the conflict in Iran, could impact semiconductor manufacturing.

This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a ce...

In this episode, the team discusses the wide-ranging economic ramifications of the conflict in Iran and the resulting supply crunch in the Strait of Hormuz, where oil flows have dropped from 20 million to just 1 million barrels daily. The team explores how this crisis extends far beyond the gas pump, detailing the impact on global fertilizer supplies, agricultural costs, and the refining of essential metals like copper and nickel. By comparing the relative energy independence of the U.S. to the devastating electricity price spikes in Europe, they highlight why the fight against inflation has suddenly become much more complex...

In this episode, the team discusses a range of market pressures, beginning with a shifting investor sentiment toward AI capital expenditure as massive spending plans from tech giants face new scrutiny over return on investment. The team breaks down the "consternations" currently impacting software companies and the private credit market, including how the rise of AI-driven coding and high-profile bankruptcies are challenging established industry models. Additionally, they analyze the severe economic implications of geopolitical tensions in the Strait of Hormuz, rising oil prices, and a recent jobs report that missed expectations by a staggering margin, fueling further fears about...

In this episode, the team discusses a volatile week in themarkets triggered by a viral, fictionalized report on a "2028 Global Intelligence Crisis" that fueled fears of a massive AI-driven deflationary collapse. The team explores the impact of these skittish investor sentiments on enterprise software and "friction businesses" like DoorDash and Uber, while also analyzing a series of real-world earnings reports from companies like Salesforce, Workday, and Snowflake as they navigate the shift toward AI-integrated consumption models. They also weigh the significance of Block’s massive workforce reduction against the backdrop of NVIDIA's "perfection-priced" earnings and the resolution of the hi...

In this episode, the team discusses the key takeaways fromthe 2026 Consumer Analyst Group of New York (CAGNY) conference, a pivotal event where industry leaders outlined their strategies for navigating a volatile retail environment. The team explores the implications of General Mills’surprising guidance cut and the broader struggle of branded staples to reclaim volume from value-seeking consumers and private labels. They also analyze emerging headwinds like the impact of GLP-1 weight-loss medications on food consumption and the shifting business models of giants like Pepsi, Kraft Heinz, and Walmart. Finally, the team breaks down how innovations in AI and recent Su...

In this episode, the team discusses the rise of "OpenClaw," a revolutionary open-source AI agent that marks a shift from simple chatbots to persistent, autonomous assistants with human-like memory. The team breaks down how this "Jarvis moment" is reshaping the tech landscape, triggering a massive scramble among major AI labs like OpenAI and Meta to capture the orchestration layer between humans and data. By exploring the hardware demands for high-bandwidth memory and the cybersecurity risks of giving agents root access to personal devices, the team provides a critical look at the real-world ROI and the potential disruption of the...

In this episode, the team discusses the recent surge incommodity prices and whether the global economy may be entering a new commodity super cycle driven by AI, electrification, and infrastructure spending. They explore tightening supply and rising demand in key metals such as copper and rare earth elements, highlighting the capital intensity, long development timelines, and growing geopolitical risks tied to concentrated global production. The conversation also examines the rally in precious metals, including gold and silver, as central banks reassess reserve strategies amid fiscal concerns and shifting global dynamics. The episode concludes with a perspective on how these...

In this episode, the team discusses the sudden resurgence ofconsumer staples, exploring why this traditionally "unloved" sector is seeing its highest relative strength since 1995. The team breaks down the defensive rotation away from volatile tech stocks, the temporary sales boost from Winter Storm Fern, and the impact of historic cocoa and tariff relief on companies like Hershey and McCormick. Finally, they examine the significant 15% price cuts at Pepsi and Walmart’s milestone as the first trillion-dollar retailer, offering a selective outlook on which brands can withstand the long-term headwinds of GLP-1 drugs and a strapped lower-income consumer.

In this episode, the team discusses a high-stakes week intech earnings, analyzing why strong financial results from companies like Microsoft, Apple, and SAP were met with a surprisingly brutal market reaction. The team explores the shifting investor narrative that now favors "picks and shovels" hardware providers like SanDisk over traditional enterprisesoftware, which is facing a valuation re-rating amid fears of AI disruption. By examining Meta’s aggressive capital expenditure and the growing importance of AI monetization, the team highlights how long-term investors can identify value in the "software graveyard" while navigating a market currently driven by short-term momentum and AI...

In this episode, the team discusses the growing concern that artificial intelligence tools like Anthropic’s "Cowork" could render traditional enterprise software models obsolete. The team explores the "build vs. buy" economic reality for businesses, using a Golden Gate Bridge analogy to illustrate why the hidden costs of software maintenance, security, and hosting often outweigh the perceived savings of AI-generated applications. By analyzing the "data moat" of platforms like Salesforce and ServiceNow, the team provides a framework for identifying which SaaS companies are truly vulnerable and which remain essential systems of record in an AI-driven world.