Dan Ives stays bullish on Microsoft amid AI and mega-cap tech worries
December 22, 2025 • 4m 29s
Frank Holland (Anchor)
00:00.110
all
right
you
say
investors
are
under
estimating
microsoft
and
azure
growth
what
what
are
we
not
seeing
that
you're
seeing
right
now
Dan Ives (Global Head of Tech Research)
00:06.750
i
think
look
the
last
month
we've
seen
twenty
five
thirty
percent
of
the
deals
accelerated
i
mean
you're
seeing
these
use
cases
explode
i
think
we
go
into
january
when
they
report
the
quarter
and
i
think
as
the
forecast
continue
to
move
higher
because
i
think
the
stock
has
a
six
Dan Ives (Global Head of Tech Research)
00:21.270
in
front
of
it
you
know
as
we
go
into
two
thousand
twenty
six
that's
really
the
call
here
this
is
a
table
pounder
in
my
opinion
especially
on
hyperscale
or
investors
given
in
no
respect
it's
almost
a
rodney
dangerfield
the
software
the
way
they're
treating
it
Frank Holland (Anchor)
00:35.990
i
love
the
analogies
as
always
dan
the
ride
in
dangerfield
i
do
want
to
talk
about
valuations
that
seems
to
be
one
of
the
things
really
pressuring
the
tech
trade
also
some
concerns
about
the
AI
build
out
are
you
saying
microsoft
is
immune
to
those
concerns
Dan Ives (Global Head of Tech Research)
00:48.750
look
i
get
the
concerns
frank
but
i
mean
the
reality
is
all
right
checks
are
showing
i
mean
demand
supply
is
what
twelve
to
one
you
know
when
it
comes
to
nvidia
chips
the
hyperscale
build
at
only
three
percent
of
US
companies
have
gone
down
the
AI
path
i
think
when
it
looks
to
Dan Ives (Global Head of Tech Research)
01:03.470
valuation
i
think
investors
are
underestimating
the
growth
i
think
street
numbers
are
underestimated
here
anywhere
from
fifteen
to
twenty
percent
for
two
thousand
twenty
six
and
that's
really
the
call
as
it
plays
out
i
get
the
white
knuckle
moments
now
and
the
bears
sort
of
Dan Ives (Global Head of Tech Research)
01:18.350
winning
the
last
few
weeks
they're
not
going
to
win
next
year
i
think
i
i
think
tech
stocks
are
up
twenty
twenty
five
percent
in
two
thousand
twenty
six
all
right
Frank Holland (Anchor)
01:27.110
so
it's
kind
of
interesting
that
you're
very
bullish
on
azure
but
also
the
copilot
business
have
you
seen
these
reports
related
to
salesforce
where
they're
kind
of
telling
people
agent
force
it
may
actually
work
better
if
you
don't
use
gen
AI
is
that
a
concern
that
we're
Frank Holland (Anchor)
01:40.030
starting
to
see
companies
maybe
not
seeing
the
results
from
AI
that
they
thought
they
would
initially
and
and
whether
or
not
it's
a
long
term
narrative
we
don't
know
yet
that's
a
longer
term
story
but
in
the
short
term
could
that
possibly
shake
investor
confidence
in
the
AI
Frank Holland (Anchor)
01:52.270
trade
specifically
when
we're
looking
at
companies
like
at
microsoft
Dan Ives (Global Head of Tech Research)
01:56.110
yeah
it's
a
great
question
look
i
get
that
with
i
can
name
my
palantir
i
mean
those
customers
ROI
is
way
accelerated
ahead
of
what
they
ever
expected
so
i
think
it
depends
on
the
use
cases
when
it
comes
to
what
we're
seeing
with
salesforce
mango
snowflake
look
it's
an
arms
race
Dan Ives (Global Head of Tech Research)
02:12.910
playing
out
and
you're
going
to
need
to
see
certain
customers
see
the
ROI
we
talk
about
two
thousand
twenty
six
has
to
be
the
year
of
monetization
when
it
comes
to
AI
and
i
think
we're
going
to
see
that
and
i
think
that's
why
it
takes
step
besides
obviously
i
named
robotics
Dan Ives (Global Head of Tech Research)
02:29.390
autonomous
and
true
but
i
think
a
i
come
to
the
consumer
Frank Holland (Anchor)
02:33.390
all
right
i
don't
have
to
have
the
weekend
bernstein
saying
that
nvidia
is
the
cheapest
has
been
in
a
while
and
then
at
twenty
five
times
forward
earnings
it's
a
pretty
good
deal
right
now
do
you
agree
with
that
take
that
the
fact
that
the
place
we're
seeing
nvidia
at
right
now
Frank Holland (Anchor)
02:44.190
with
the
bullishness
that
you
have
this
is
a
bargain
right
now
Dan Ives (Global Head of Tech Research)
02:47.750
two
fifty
at
two
seventy
five
is
what
i
see
for
nvidia
i
mean
frankly
look
there's
one
chip
in
the
world
fueling
the
AI
revolution
it's
led
by
the
godfather
of
AI
jensen
right
and
i
think
what
we
see
here
investors
you're
not
even
factoring
in
what's
going
to
happen
the
china
Dan Ives (Global Head of Tech Research)
03:02.430
market
as
they
get
further
into
that
and
that's
our
expectations
but
look
they're
playing
a
different
game
they're
four
to
five
years
ahead
of
anyone
else
in
the
market
and
that's
why
i
think
this
is
a
stock
that's
going
to
have
a
massive
two
thousand
twenty
six
and
numbers
are
Dan Ives (Global Head of Tech Research)
03:16.110
going
to
dictate
it
and
i
think
anytime
you
see
sell
offs
in
this
golden
buying
opportunities
in
our
opinion
all
Frank Holland (Anchor)
03:23.070
right
what
about
the
index
play
is
this
more
of
a
stock
pickers
year
coming
up
in
twenty
twenty
six
or
is
it
more
about
trying
to
play
the
indexes
whether
it
be
the
triple
QS
or
some
of
these
other
really
tech
focused
etfs
Dan Ives (Global Head of Tech Research)
03:33.630
yeah
look
i
mean
overall
i
think
it's
going
to
be
a
great
year
for
because
the
second
third
fourth
derivative
as
you
point
out
across
AI
but
i
do
think
it's
a
winner
's
losers
i
think
you
have
to
focus
it
is
more
of
a
stock
pickers
market
specifically
who
do
you
own
in
software
Dan Ives (Global Head of Tech Research)
03:47.470
who
do
you
own
in
sammy
's
nuke
and
micron
sanders
some
of
the
memory
players
what
about
the
infrastructure
nebus
and
some
other
names
so
i
but
i
do
think
we
talked
about
in
our
ives
AI
thirty
like
that's
a
core
part
of
our
thesis
it's
not
just
owning
the
sector
you
got
to
own
Dan Ives (Global Head of Tech Research)
04:03.430
the
ultimate
winners
and
you
got
to
do
the
work
you
can't
see
AI
from
the
spreadsheets
as
we
always
say
and
that's
why
you
know
always
on
the
road
in
asia
and
around
the
world
trying
to
figure
out
who
the
winners
are
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