AI Stocks Are Getting Crushed, So I’m Buying The Shovels

AI Stocks Are Getting Crushed, So I’m Buying The Shovels

Opinions

NVDA (stock, NASDAQ)

Very positive opinion due to its role as an essential 'picks and shovels' provider for AI, its extremely high levered free cash flow margin (41.3%), and its strong ecosystem moat.

DUOL (stock, NASDAQ)

Very negative opinion, presented as an example of a business with no moat whose core product can be replicated for free by AI, threatening its pricing power and growth.

TSM (stock, NYSE)

Positive opinion as a key 'picks and shovels' AI company with a strong levered free cash flow margin (26.3%) and a difficult-to-replicate manufacturing moat.

GOOGL (stock, NASDAQ)

Positive opinion because it is a 'cash machine' with a strong free cash flow margin (18.2%) that can fund its own AI infrastructure investments, giving it a durable moat.

NVDA (stock, NASDAQ)

A core 'picks and shovels' company with a strong moat in its ecosystem of compute, networking, and software, and an exceptionally high levered free cash flow margin of 41.3%.

TSM (stock, NYSE)

A key 'picks and shovels' company for the AI industry with a strong moat in leading-edge manufacturing and a high levered free cash flow margin of 26.3%.

DUOL (stock, NASDAQ)

Cited as a business with no moat whose product can be largely replicated for free by AI, threatening its pricing power, churn, and growth.

GOOGL (stock, NASDAQ)

Considered a 'picks and shovels' company due to its role as a 'cash machine' that can fund data centers, custom chips, and cloud infrastructure. It has a solid levered free cash flow margin of 18.2%.

Topics

Market Volatility as Opportunity

AI "Picks and Shovels" Investing Strategy

Business Moats

Investor Psychology and Panic Selling

Hype Crash vs. AI Crash

Importance of Levered Free Cash Flow

Risk of AI Disruption to Businesses

Market Volatility and Emotional Investing

AI 'Picks and Shovels' Investment Strategy

Economic Moats in Tech

Long-Term (3-5 Year) Investment Horizon

Hype Crash vs. AI Infrastructure Build

Risks of Investing in Cash-Burning Companies