joining us is dan niles. it's always good to hear from you.hanks for joining us. >> my pleasure >> so, were you surprised by the first half outperformance in tech and the overall market before we get into the outlook >> absolutely. i thought the -- if you go back to what we were saying when you had all the bank failures, our view is the market would rally just because the government would step in. we've seen this since the global financial crisis every time there's a problem, you've got tons of stimulus. and you have about $400 billion expansion on the fed balance sheet right when you had all those bank failures. we thought the market would get up to 4200 one big thing happened may 24th nvidia reported guided revenues 50% above consensus for the next quarter i've been doing this for 30 years. i've never seen that kind of revision up in a big cap company. so, at that point, you had a 7% rally in the s&p nvidia was up over 35% since may 24th and, you know, the market's gone to 4400, well above the 4200 that we thought it would peak out at yeah,

i'm going to bring in portfolio manager dan niles., dan can, you know, we got a lot of important earnings this week. i want to get sort of a general assessment from you. but first, i want to start with the areas that you specialize in, this tech communications. the winners and losers. >> well, i think you're starting to see during earnings season, you know, generative a.i -- every stock went up. and now companies started to report, and you've figured out while it's helping some, it's not helping others, or it's helping you but not enough the offset issues you have somewhere else. and i think microsoft's a good example of that where, obviously, they have a massive ownership in openai which produces chatgpt, but as your, where that sit -- azure, that's slowed down. it grew 27% in june, but interestingly even with a.i. contributing more to growth, they're forecasting 26-27% in september. and so while a.i. may be driving a good portion of their business, everything else is slowing down enough where the9 growth rate is slowing some more. a

. >> dan niles said when it comes tos automation warehouses ships company, et cetera, this is as revolutionanalyst web bush. >> knows what he is talking about i want to get to story this is fascinating to me the federal judge has temporarily blocked white house from communicating with social media companies, that is pretty big kids. determining likely did collude, the judge quoted a allegations made by plaintiffs are true to case arguably involves massive attack against free speech united states history this an incredible ruling you have been following this. >> yeah, this is huge pep heritage o foundation technical policy center following since lawsuit was filed by fascinate attorneys general of missouri louisiana in spring of 2022, we saw little bread crumbs to permeate the environment saying okay. we believe biden administration did this, we are in twitter files dumped okay. that was corroboration, now this ruling, it solidifies what we've assessed all along about the government was colluding with big tech companies what we saw with disinformation board, whistleblower leaks from various g

. >>> satori funds dan niles where to look fo