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It's more about narrative and momentum that's driving share prices now, because there's much more algorithmic trading and more retail investors. So, market are growing more detached from fundamentals for longer. It's riskier, so pick your spots. Retails investors look at headlines, rather than ROI. Problem is, that creates bubbles.

The 30x forward PE is justified, given strong earnings. He doesn't know how long this momentum will last, but he wouldn't jump off the ship today. The hyperscalers have so much free cash flow to keep buying. If the ROI doesn't emerge later, then this momentum could come to a stop, but he expects this to keep momentum to keep going for a few years.

It trades less than the market PE and is breaking out.

Earnings are surprisingly strong. Dell is clearly taking share from Super Micro Computer as the data centre build-out takes shape. Their backlog grew, raised guidance, and infrastructure services grew 181% over a year. Also, there's a huge share buyback, but we're still in early days. Earnings and margins will continue to be strong with these data centre names. Revenues have been growing 20% annually consistently. Demand is strong and will endure.

Is not concerned with rising costs. Dell has much-higher earnings backed by strong demand. They can pass on costs to their customers.

Enormous amounts required by AI, data centres, electrification, and power grids. Supply struggling to keep up. Gives you exposure to long-term economic and technology growth.