Cameron Dawson: Change (In the House of AI)

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**Dan Nathan** (0:56)
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**Cameron Dawson** (1:19)
One of the things that's been floating around a lot on AX and other social media is you look at the adoption of AI and it's at 2% of adults in the US are heavy users of AI. And people are like, we are still so early. And yes, we are still so early in the adoption. But that does not mean that the stocks will continue to go up. You saw that with railroads. You saw that with mainframe computers. You saw it with the telephone. You saw it with radio. You saw it with the Internet. Adoption can still continue to increase. And yet the stocks don't necessarily reflect that because they have pulled forward, either the valuation or the earnings into the front years, over earned is what we would call it. So that's classic bubble history to keep in mind that just because you're early in the adoption curve of something does not mean that you are early in the investment curve.

**Dan Nathan** (2:10)
Welcome to the Risk Reversal Podcast. I am Dan Nathan. I am here with one of my most favorite guests on the podcast. She was last on in March. I think she's probably been on close to 10 times since we started the podcast in 2021 That would be Cameron Dawson, CIO of NewEdge Wealth. Cameron, welcome back to the podcast.

**Cameron Dawson** (2:28)
Well, thank you for having me. I mean, at 10 times, I feel like I should get a badge or something. You should get something.

**Dan Nathan** (2:33)
I think we gave you one of these water bottles at some point. Maybe we'll give you one that has some gold on it or something like that.

**Cameron Dawson** (2:38)
I was gonna say, usually they give people watches and stuff, but yeah.

**Dan Nathan** (2:41)
That's not happening yet. We gotta get through the back half of the year and let's see how the market's closed. We are here at First Mark Capital's Global Headquarters. This is the first time that you've been here, great friends of ours, and we're really excited to be in here.

**Cameron Dawson** (2:54)
All right. You can feel the innovation around you. It's pretty cool.

**Dan Nathan** (2:57)
One of the things that's really interesting, you had come in again to our prior studio. We were in Currant's office. This is a private fintech company and it was really fun for three years being in an environment like that where everybody is just looking to innovate. You know what I mean? And they're looking to kind of disrupt and so that was a private company. These guys invest in all sorts of different private companies and so it is fun to be in an environment like this. Yeah, yeah, it's just a talking head.
All right, we got a lot to get through. You had, of course, one of your epic titled look ahead pieces that came out a couple weeks ago, the Metallica market. And that's something I wish Guy was here because he'd really appreciate that. But let's do this. Today's the day. It's midday on Thursday. Alphabet reported last night. The NASDAQ is down, I think, at the lows, about 1.5%. It's still up, the NASDAQ 100, about 12.5% on the year. But we're seeing some profit taking in some names that have been big drivers, not just of the performance of the markets, but also of GDP growth. And we're going to hit all of that. You've been writing a lot about that.
Fed Chair Warsh, his second meeting next week. I think a lot of folks are kind of on the edge of their seats. What's he going to say about inflation, that sort of thing? And, you know, the geopolitics is kind of right in the middle of all this, and it's kind of thrown a little bit of a monkey wrench. So, where do you want to start? Because it's dealer's choice.