OM DENNE EPISODE
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Is the AI trade still in its early innings—or is the market starting to discover where the real limits are?
On the latest Protect the Pile, R. Patrick Kent sits down with Hedgeye Global Technology analyst Felix Wang to dig into the next phase of the AI boom. Felix explains why hyperscaler CapEx is still the key headline indicator, but argues that enterprise AI spending, model pricing and access to capital are becoming just as important. The conversation moves from Anthropic and OpenAI to Nvidia, memory, Chinese competition and the increasingly fragile economics of “neo-cloud” data-center companies.
The big question: what happens if AI demand keeps growing—but not fast enough to justify the massive spending and valuations already built into the trade?
Felix Wang, CFA is a Partner, Managing Director and Global Technology Sector Head at Hedgeye, with more than 16 years of experience covering China and global TMT; he is a Wharton graduate and CFA charterholder whose work has appeared across Bloomberg, Barron’s, CNBC and other major financial outlets.
00:00 – Is the AI Trade Starting to Change?
02:50 – The Key AI Indicator Felix Is Watching
06:30 – Enterprise AI Spending vs. Token Growth
09:30 – The Explosion of AI Models & the Price War
13:00 – Are Today’s AI Models Already “Good Enough”?
16:00 – Anthropic, OpenAI & the IPO Problem
23:30 – Memory Stocks: Why the Supercycle Could Break
33:30 – Nvidia, Vera Rubin & the Next Supply-Chain Risk
38:00 – Why AI Financing Is Becoming a Bigger Problem
44:00 – Neo-Clouds, Hyperscalers & Who Gets Hurt First
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