Imran Khan: The Nvidia Math Says This Isn't A Bubble

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**Dan Nathan** (1:06)
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**Imran Khan** (1:29)
The biggest analog I can give you is internet. We could have this conversation in 98 and say which kind of companies will be benefited, but ultimately, every company sees internet. There used to be an internet analyst. I don't think you need any, they're still there, but I don't think you need an internet analyst anymore.
It should be digital advertising, it should be e-commerce analyst, and things like that. And I think this way, Wall Street probably going to have quote unquote AI analysts, but ultimately, every company will have to use AI. So it will be part of our life and it will change what we do.

**Dan Nathan** (2:00)
Welcome to the Risk Reversal Podcast. I am Dan Nathan. I am joined by a very good friend of mine. That would be Imran Khan. He is the founder and CEO of Proem Asset Management. Imran, welcome back to the podcast.

**Imran Khan** (2:12)
Thank you for having me. It was great to be here.

**Dan Nathan** (2:14)
Yeah, well, I'm hosting you. You hosted me somewhere last night that was far more interesting than our dark little studio. We had a great dinner last night. You put together a great group and I love when you're in here from Dallas because you always have an interesting group of investors and strategists and tech journalists and stuff like that. And I don't even know where I stand, but I appreciate that.

**Imran Khan** (2:35)
Thanks. Great to see you.

**Dan Nathan** (2:37)
All right. Let's do this. I think we got to talk about the kind of macro environment for technology. I mean, you were very focused on technology. A former analyst going back 26 years, then a high-powered banker, and then you were an operator running Snap for all intents and purposes. You had nothing to do with these spectacles that just came out in the last week or so. And then you've been managing Proem for the last, I want to say five years.

**Imran Khan** (3:01)
No, seven and a half years. Wow, all right, a little over seven years.

**Dan Nathan** (3:04)
Congratulations on that.
And so, you know, when I think about the environment, we're going to obviously talk about potential bottlenecks. You've been writing about this a little bit to your LPs. And I had the opportunity to kind of look at some of your thoughts here ahead of time. You know, there's a lot of things about use cases. I know you have a lot to say about job displacement, that sort of thing. So let's just start with where we are. You know, we have a market that if you just go back to, let's say, April of 2025, we've had a couple of significant downdrafts, right? And really, we've been able to make them up fairly dramatically in such a short period of time and then go off and make new highs. Now, a lot of that has to do with the trend that you are invested in and that you believe in. And that's obviously the AI infrastructure build. And so let's just start with where you think we are. You keep hearing this bubble, bubble, bubble, but you've found pockets to invest in that I think when you're looking at them, a lot of folks are not focused on them. Is that fair to say? Because I know that you've detailed a bunch of these ideas on the show over the last couple of years or so.