Nancy Tengler manages a fund with full allocation to memory sector via Micron; sees sustainable AI buildout with 3-5 year backlogs and is unconcerned about $350B data center capex given strong cash flows.
Meta's AI spend lacks clear monetization path; Laufer Tengler sold at lower levels, rotated into Spotify which outperformed, and remains on sidelines until AI revenue model clarifies.
Google was left for dead months ago but now leads Mag 7 rotation; Laufer Tengler added to value portfolio first, then growth, expecting leapfrogging among mega-caps to continue for years.
Starbucks added recently as a consumer discretionary play benefiting from tax refund stimulus.