Tom Hulick, CEO of Strategy Asset Managers, joined CNBC’s Squawk Box Europe alongside Wells Fargo’s Chief Equity Strategist Ausun Kwong to break down last week’s market sell-off and the sharp rotation that followed, including his move to trim semiconductor exposure and add to memory names like SanDisk. He argued markets remain well-supported heading into earnings season, pointing to resilient upside earnings surprises, genuine (not speculative) AI demand, and forward valuations on chip stocks that look far more attractive than headline multiples suggest.
Tom highlighted the memory sector as one of the most compelling parts of the AI infrastructure stack right now, framing GPUs as the “brain” and high-bandwidth memory as the essential “working memory” behind them — with companies like Micron positioned as core AI infrastructure plays benefiting from sustained hyperscaler capex. He and Kwong also discussed why monetization commentary from hyperscalers this earnings season may matter more to markets than CapEx guidance alone, since spending without visible returns risks reviving fears of AI overinvestment.
Looking at risk, Tom said he sees few near-term concerns beyond typical geopolitical noise and potential softness in consumer or CapEx spending, and remains bullish on staying long chips and memory into the back half of the year — while still advocating for a diversified portfolio.