Partner at Yorkville & Ives Dan Ives Talks AI Infrastructure

Apple

Across the shows: 26 speakers in other episodes, 14 bullish and 9 bearish calls, past 30 days

• Dan Ives · Yorkville Ives & Co.Bullish

  Foldable iPhone could draw 5-10% of Pro users, signalling a new era of Apple hardware innovation.

  Ives has seen the foldable iPhone and estimates 5-10% of iPhone Pro and Pro Max users will go down that route. He sees it as significant because it signals a new era of hardware innovation under Ternus, Apple's incoming leadership.

  “in my opinion, this could be five to 10% of iPhone Pro and Pro Max users that go down that route. And I think this is... It's significant because it speaks to this new era of hardware innovation that we're gonna see under Ternus.”at 0:54

• Dan Ives · Yorkville Ives & Co.Bullish

  Apple is a toll collector on consumer AI via its 1.5 billion iPhone installed base.

  Investors underestimated Apple's position in the consumer AI revolution, and the company may have been late to the game. Ives argues that its installed base of 1.5 billion iPhones means Apple will collect a toll on the consumer AI highway, which is now starting to play out and drives its recent rebound.

  “Investors underestimated that on the consumer AI revolution, Apple could be late to the game. But with an installed base of 1,500,000,000 iPhones, they're gonna be the toll collector on the consumer AI highway.”at 4:50

CoreWeave

Across the shows: 29 speakers in other episodes, 6 bullish and 29 bearish calls, past 30 days

• Dan Ives · Yorkville Ives & Co.Bullish

  CoreWeave's sell-off over debt and credit spreads is a false narrative; a buying opportunity.

  Ives compares the CoreWeave selloff, driven by worries about its debt and credit spreads, to the SaaS selloff earlier this year. He concedes rising rates create some issues but argues that demand and backlog make the fear a false narrative. He sees the recent drop as a buying opportunity.

  “I'm not saying there's not some issues in terms as rates go higher, but given the demand, given backlog, I think this is ultimately a false narrative as it ultimately play out”at 1:43

AI chips & semiconductors

• Dan Ives · Yorkville Ives & Co.

  Memory chip demand accelerating 30-40% is the best barometer for AI's trajectory.

  After a Korea trip, Ives says memory chip demand has accelerated 30-40% over the last 60 and 90 days. He calls this the best barometer for what is happening in AI, and expects it to show up in earnings relative to the hyperscalers and broader tech.

  “memory, if I look at chips, we've seen demand accelerating at 30, 40% over the last sixty and ninety days. ... that, to me, continued to be the best barometer for what we're seeing in AI.”at 2:13

AI: overall outlook

• Dan Ives · Yorkville Ives & Co.

  AI build-out is only in its third inning, based on demand signals.

  Ives points to accelerating demand across the chain, from memory chips to NVIDIA and the hyperscalers, and says that demand is telling him the AI build-out is in its third inning. He says he focuses on demand rather than rate-driven nervousness.

  “And demand's telling you we are third inning relative to this AI game.”at 2:42

US stock market outlook

• Dan Ives · Yorkville Ives & Co.

  Tech market will hit new all-time highs despite pressure from 10-year yields and debt raises.

  Ives believes the tech market will ultimately make new all-time highs, citing the demand picture across NVIDIA, the hyperscalers and memory stocks. He acknowledges pressure from the 10-year yield and recent debt raises but treats demand as the main driver.

  “I just believe this is the tech market that ultimately will make new all time highs despite obviously the pressure that we're seeing in terms of the ten year and some of the debt raises.”at 3:24

AI infrastructure & data centers

• Dan Ives · Yorkville Ives & Co.

  Expects 5-10% of data centers to be blocked by political pushback, especially before midterms.

  Ives assumes 5-10% of data centers will ultimately be voted down or blocked by political opposition, which he expects to intensify into the midterms. He argues that even so, roughly 800 to 1,000 data centers remain in the pipeline, so the buildout still holds.

  “We assume five to 10% of data centers will ultimately either get booted down ... Especially as we go into midterms, that that will ultimately, you know, push them further down.”at 3:48