Tom Hulick, CEO of Strategy Asset Managers, joined Fox Business Network’s Making Money with Charles Payne to discuss the unprecedented nature of the current AI investment cycle and why he believes it represents a generational market opportunity unlike anything seen before in market history.
During the conversation, Tom shared his outlook on the duration of the AI capex expansion cycle, noting that with $1.4 trillion committed this year alone, he expects multiple years of continued earnings growth at an accelerated pace of 20–25%. He emphasized that Wall Street has largely stopped trying to time the end of this cycle, and that earnings momentum supports a continued bull market environment.
Tom also addressed the wave of mega IPOs on the horizon — including OpenAI, Anthropic, and SpaceX — describing them as a positive sign of liquidity and market confidence, while cautioning investors against buying on the first day of trading. As a large cap active manager, he noted his firm would wait for the right entry point rather than chase the open.
In addition, Tom shared specific stock ideas from his portfolio, including Eli Lilly, which he believes could become the first trillion dollar pharmaceutical company on the back of its drug pipeline and recent acquisitions. He also discussed GE Vernova in the power generation space, Palantir, which his firm recently exited, and JBS — the world’s largest beef and chicken processor — which he views as a downstream beneficiary of the protein demand driven by GLP-1 weight loss medications. Tom closed by sharing his view that investors should stay the course and expressed optimism about a potential resolution to the Iran-US conflict as a catalyst for year-end market strength.