AI, Chips, and Software Moats: Where the Next Tech Opportunities May Be
In a wide-ranging discussion on the future of technology investing on CNBC, Partner and Portfolio Manager Dr. JoAnne Feeney helps breaks down what’s really driving the current AI boom—and where investors may be missing the bigger picture. From surging demand for chips and data center capacity to overlooked opportunities in software, the conversation highlights how innovation is expanding beyond a handful of mega-cap names and reshaping long-term investment opportunities.
Recorded: 4/24/26
Key Takeaways
AI demand is broader—and more durable—than many expect:
Growth isn’t limited to a few headline names; demand is accelerating across chips, data centers, industrials, and automotive, supporting a multi-year expansion cycle.
Infrastructure constraints remain the key bottleneck:
The biggest near-term question isn’t demand—it’s how quickly companies can build the data center and semiconductor capacity needed to keep up.
Software may be the most misunderstood opportunity:
While markets fear AI will disrupt software, the real advantage lies in companies with strong integration, proprietary data, and problem-solving capabilities—areas where AI may actually strengthen, not weaken, their competitive moat.
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