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AI investing -- Bull Case vs. Bear 
He came across a new index put out by a group called Silicon Data, which tracks the cost of LLM tokens. In recent weeks and months, there's a high correlation between the cost of the tokens and cheaper alternatives becoming available. Updated daily. Larry's provided a link to this index in his blog.

In general, buy the dip. We're in the early, early stages of what's going to be a multi-decade bull trend. 

Lots of talk about AI bubbles, so he's gone back to look at three of the stock darlings of the late 1990s. At one point, Nortel was over 35% of the Toronto 60 Index. We know what happened there. CSCO and INTC are still around. Pre-crash returns were in the magnitude of 1000% and 2000%. Today's AI stocks have run up 50% and 80%, so we're nowhere near the intensity of the dot-com bubble.

Lots more to come. Be comfortable buying the dips in AI names, but not sure he'd do that today. Thinks there's more correction risk here. But if we get back to where we were a few months ago on some of these names, it'll probably be a good opportunity (especially if you feel you've missed out).

Q3 is off to a shaky start. Q1 was good and Q2 great. Everybody is excited by earnings growth with the S&P up 30%+ based on Google's report last week of $98 billion of profit, but that came from Spacex shares. Investors ask what is the AI picture for the next 12-18 months? Uncertainty over the Fed's interest rate policy (will they hike and when?) is concerning investors. What's driving that is the uncertain US-Iran war. So, investors are stepping back from the momentum trade of the last 3 years to wait. AI is half the US GDP growth, but meanwhile, China is building new AI models that will drop the pricing of AI.

He owns a little bit, high-quality names plus 1 aspiration company, only 3-5% total. More than 50% of returns for the TSX last year was driven by gold (and, to a certain extent, base metals). He'd put on a small position, and an ETF is the way to do it. Doesn't think central banks are finished buying.

If the Fed raises rates, there might be better options (such as yield) than buying gold. So gold's checked back.