AI demand increasing, productivity increases are real: Partners Group's Amoroso
December 18, 2025 • 3m 29s
Scott Wapner (Host)
00:00.350
the
final
stretch
of
twenty
twenty
five
whether
a
santa
rally
is
still
possible
and
what
this
choppy
end
of
year
trade
means
for
the
start
of
next
year
let's
ask
our
panel
partners
groups
anastasia
moroso
CNBC
contributor
pain
capitalist
courtney
garcia
robin
hood
stephanie
gill
Scott Wapner (Host)
00:16.550
it's
good
to
have
everybody
with
us
anastasia
i'll
start
with
you
see
the
tape
feels
still
kind
of
heavy
i
mean
we're
getting
a
nice
bounce
today
in
the
nasdaq
it's
much
needed
i
don't
know
how
much
conviction
is
behind
it
though
in
the
near
term
how
do
you
feel
Anastasia Amoroso (Managing Director)
00:28.950
look
i
don't
know
near
term
i
think
people
may
want
to
lock
in
some
of
the
gains
and
what
has
been
such
a
great
trade
all
year
which
is
the
AI
trade
but
i
do
think
we
did
get
a
couple
of
pieces
of
really
good
news
overnight
and
also
this
morning
first
of
all
the
micron
news
it's
Anastasia Amoroso (Managing Director)
00:42.550
been
a
while
since
you
had
a
memory
chip
company
say
that
their
demand
is
outpacing
supply
so
that's
all
due
to
AI
so
that
reunderwrites
that
conviction
there
and
then
the
second
piece
of
good
news
is
of
course
the
CPI
number
and
the
fact
that
the
services
inflation
is
now
Anastasia Amoroso (Managing Director)
00:57.350
running
at
two
point
three
percent
year
over
year
so
you
take
those
two
things
together
and
i
think
they
do
you
know
give
investors
some
sort
of
a
conviction
and
i
will
say
more
broadly
scott
that
i
think
you
know
AI
trade
had
a
bit
of
a
pullback
had
a
lot
of
a
little
bit
of
Anastasia Amoroso (Managing Director)
01:11.670
consolidation
but
if
you
look
at
the
adoption
of
artificial
intelligence
if
you
look
at
the
productivity
gains
behind
AI
and
if
you
actually
look
at
monetization
all
those
things
are
progressing
in
the
right
direction
so
maybe
this
is
some
pause
some
weakness
but
i
would
Anastasia Amoroso (Managing Director)
01:25.510
actually
step
in
and
buy
with
the
expectations
for
continuous
strength
into
twenty
twenty
six
well
you
Scott Wapner (Host)
01:29.950
would
so
court
jonathan
krinsky
is
out
today
says
while
it's
premature
to
say
this
is
the
top
for
AI
stocks
evidence
is
growing
that
it's
more
than
just
a
speed
bump
you
agree
with
that
or
disagree
yeah
Courtney Garcia (Senior Wealth Advisor)
01:42.910
i
don't
i
don't
think
this
is
like
a
bubble
that's
bursting
right
now
by
any
means
i
know
that's
become
a
continued
conversation
here
on
wall
street
and
yes
it
is
getting
expensive
and
i
do
think
you
want
to
start
to
broaden
out
your
portfolio
i
think
when
we're
looking
at
Courtney Garcia (Senior Wealth Advisor)
01:54.150
earnings
growth
next
year
technology
is
still
expected
to
have
like
twenty
eight
percent
earnings
growth
going
into
twenty
twenty
six
but
when
you're
looking
at
like
materials
are
also
over
twenty
percent
industrials
are
supposed
to
be
over
fifteen
percent
there's
plenty
of
Courtney Garcia (Senior Wealth Advisor)
02:06.070
other
places
to
put
your
money
right
now
i
think
you
bring
up
a
good
point
people
are
looking
into
lock
into
some
of
these
profits
after
such
a
good
year
that
we've
had
and
i
think
it's
smart
to
do
so
so
i
don't
want
to
get
out
of
AI
but
if
you
haven't
made
any
changes
in
your
Courtney Garcia (Senior Wealth Advisor)
02:17.510
portfolio
and
a
lot
of
people
have
not
you
are
really
overweight
right
now
and
when
you're
looking
at
tech
and
communication
services
that's
over
forty
five
percent
of
the
S
and
P
five
hundred
there's
a
lot
of
concentration
risk
right
now
and
i
think
you
want
to
be
aware
of
that
Scott Wapner (Host)
02:29.990
i
feel
like
you've
been
one
who's
been
out
there
saying
on
this
program
and
maybe
elsewhere
that
you're
a
little
concerned
about
what's
been
happening
with
some
of
the
AI
story
yet
particularly
we've
been
talking
about
on
numerous
occasions
so
where
does
that
leave
you
now
Stephanie Guild (Chief Investment Officer)
02:43.790
i
think
it's
shown
up
a
couple
of
times
in
the
market
and
starting
a
few
weeks
ago
we
started
rotating
into
names
that
were
just
demolished
this
year
and
started
to
look
like
they
'd
had
a
turn
around
right
so
lululemon
is
something
right
it's
looking
good
right
now
and
it's
Stephanie Guild (Chief Investment Officer)
02:59.950
something
that
i
think
speaks
to
that
where
you're
seeing
a
change
in
the
leadership
you're
seeing
a
way
to
try
to
turn
around
the
business
and
look
my
daughter
asked
for
lululemon
leggings
so
that's
sometimes
a
anecdotal
sign
to
me
too
but
i
actually
think
we're
in
a
moment
Stephanie Guild (Chief Investment Officer)
03:14.190
where
we
could
be
starting
to
look
at
like
these
companies
will
still
make
money
like
the
chip
makers
but
i
do
think
it
will
eventually
end
up
a
little
more
commoditized
and
that's
why
i
actually
do
like
looking
at
some
of
the
software
names
for
example
that
can
benefit
from
AI
Stephanie Guild (Chief Investment Officer)
03:28.590
product
Autoscroll