S&P 500 closes at record high
December 23, 2025 • 3m 49s
Leslie Picker (Reporter)
00:00.190
another
positive
day
on
wall
street
as
AI
stocks
continue
to
push
the
market
higher
in
SP
five
hundred
closing
at
a
record
but
our
next
guest
sees
opportunities
beyond
the
mag
seven
in
twenty
twenty
six
he
joins
us
with
names
that
should
be
on
your
radar
let's
bring
in
new
Leslie Picker (Reporter)
00:14.950
construct
CEO
david
trainer
david
so
maybe
we
just
get
right
to
it
where
do
you
see
opportunity
outside
of
the
mag
seven
and
is
it
a
safe
bet
to
kind
of
diversify
outside
in
a
bigger
way
in
twenty
twenty
six
just
given
the
returns
we've
seen
from
some
of
these
names
over
the
Leslie Picker (Reporter)
00:31.550
past
few
years
David Trainer (CEO)
00:33.120
hi
leslie
yeah
we
think
it's
not
just
a
safe
bet
we
think
it's
a
smart
bet
i
mean
look
everything
is
concentrated
into
these
very
crowded
trades
it's
been
crowded
for
a
long
time
we've
helped
clients
i
think
do
really
well
with
some
lesser
known
names
like
photronics
and
and
David Trainer (CEO)
00:48.790
firms
like
that
that
are
AI
related
but
not
necessarily
the
AI
popular
crowd
which
again
those
are
all
crowded
trades
and
so
we
we
would
definitely
recommend
people
look
to
diversify
away
from
these
these
winners
now
they've
been
winners
yes
but
they've
been
winners
for
so
long
David Trainer (CEO)
01:03.350
that
i
think
it's
time
to
look
for
something
else
if
you
really
want
to
be
able
to
outperform
Leslie Picker (Reporter)
01:06.710
OK
so
what
is
that
something
what
do
you
think
is
maybe
next
year
's
mag
seven
or
mag
something
else
David Trainer (CEO)
01:13.070
well
i
don't
know
if
there's
anything
going
to
come
out
of
the
shadows
in
terms
of
that
front
but
i
think
you
know
when
we're
when
you're
when
you're
looking
within
the
mac
seven
the
one
that
we
think
that
is
the
most
interesting
for
sure
is
google
i
mean
it's
the
only
firm
that
David Trainer (CEO)
01:25.270
owns
its
own
cloud
it
has
its
AI
it
has
all
the
it
has
its
own
own
process
or
semiconductors
and
it
generates
a
ton
of
cash
flow
so
we
think
that
one
is
going
to
be
a
winner
how
many
other
winners
there
might
be
i'm
not
so
sure
i
think
it's
i
think
i
see
a
lot
of
stocks
you
know
David Trainer (CEO)
01:41.910
whether
it's
mac
seven
or
not
mac
seven
that
have
been
awarded
valuations
that
assume
they're
going
to
be
winners
but
they
don't
have
the
assets
and
competitive
advantages
that
a
firm
like
google
has
and
i
think
we're
going
to
see
a
lot
of
that
flush
out
here
in
twenty
twenty
David Trainer (CEO)
01:55.830
six
yeah
Leslie Picker (Reporter)
01:56.790
of
course
alphabet
up
about
sixty
two
percent
over
the
last
year
are
bolstered
in
part
by
that
new
gemini
model
as
well
as
the
berkshire
hathaway
stake
in
terms
of
just
the
overall
posture
of
the
market
you
think
we
are
in
an
AI
bubble
do
you
think
that
ultimately
deflates
or
Leslie Picker (Reporter)
02:13.950
pops
this
is
a
twenty
twenty
six
thing
and
what
will
cause
it
to
do
so
David Trainer (CEO)
02:19.550
you
know
leslie
i
think
we
may
be
past
the
days
where
we
see
major
sort
of
bubble
pops
and
corrections
just
because
i
think
the
the
regulators
the
politicians
understand
that
they
can
keep
the
masses
happy
when
the
stock
market
is
up
and
that
means
keeping
liquidity
very
high
David Trainer (CEO)
02:36.750
and
and
at
hand
so
i
don't
know
if
anyone
's
going
to
be
willing
to
risk
the
political
backlash
of
taking
away
the
punch
bowl
so
i
you
know
we
call
them
kind
of
micro
bubbles
where
we
look
at
a
group
of
and
we
say
look
these
are
the
stocks
whose
cash
flows
can
somewhat
David Trainer (CEO)
02:52.790
reasonably
justify
the
valuation
and
these
are
the
stocks
that
can't
and
so
i
think
as
opposed
to
the
whole
market
going
down
we're
going
to
see
the
market
just
be
a
bit
more
discerning
as
we've
already
seen
like
for
example
we
wrote
a
piece
a
few
weeks
ago
called
the
winners
David Trainer (CEO)
03:06.270
and
losers
for
the
tech
bubble
or
the
AI
bubble
and
you
know
we
mentioned
google
as
i
mentioned
before
as
a
winner
but
you
know
oracle
one
of
the
ones
we
mentioned
is
a
loser
we
can
see
how
it
is
already
kind
of
taken
a
bit
of
a
stumble
or
more
than
a
stumble
because
frankly
it
David Trainer (CEO)
03:21.270
doesn't
have
the
cash
flows
that
google
has
to
keep
up
in
the
race
i
think
we're
going
to
see
more
and
more
of
that
playing
out
because
as
heated
as
this
race
is
in
terms
of
stock
prices
and
valuations
it's
also
heated
in
terms
of
cash
flow
demand
the
amount
of
spending
is
so
David Trainer (CEO)
03:37.510
high
that
there's
only
a
few
companies
that
can
remain
at
the
table
and
those
companies
that
can't
continue
to
empty
up
and
keep
up
with
the
spending
EG
oracle
they're
going
to
really
struggle
in
twenty
twenty
six
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