#43 - Ashim Mehra on AI’s Frenetic Pace, Bubbles vs. Manias, and the Next Wave of Disruption (recorded 09/29/25)
Description
From the dot-com era to today’s AI boom, Baron Technology Fund portfolio manager Ashim Mehra has seen innovation cycles up close. In this episode, he joins Jim Worden and Talley Leger to break down the layers of AI (infrastructure, models, and applications), where the real opportunities lie, and why even trillion-dollar narratives need perspective. The conversation explores the speed of disruption, global competition, capital flows, and how investors can separate durable trends from froth.
What you’ll learn:
- How AI compares to the internet revolution and why the pace is even faster
- Why infrastructure, models, and applications each carry different investment risks
- The difference between a bubble and a mania—and why AI is not just air
- How OpenAI, Nvidia, and other players are shaping short-term demand
- Why long-term winners will be defined by innovation speed and execution
- The global AI race between the U.S. and China, and what it means for investors
- Practical examples of applied AI already transforming industries
Guest: Ashim Mehra, Portfolio Manager, Barron Technology Fund
Hosts: Jim Worden (CIO, WCG) & Talley Leger (Chief Market Strategist, WCG)
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02:01 – AI’s rapid evolution and comparison to the internet era
03:29 – The AI stack: infrastructure, models, and applications
08:13 – Bubble vs. mania: why AI is real but returns may not be linear
11:09 – Nvidia, OpenAI, and the concentration of demand
15:34 – Beyond productivity: medicine, robotics, chemistry, and new compounds
29:54 – AGI timelines and why enterprises chase the prize
36:26 – Evaluating people and pattern recognition in investing
37:35 – U.S.–China AI race, geopolitics, and cloud gatekeepers
43:41 – Risks to capex: power, efficiency, and ROI concerns
48:55 – Applied AI examples: Axon police workflows and Hinge Health PT
57:18 – Small/mid-cap opportunities and concentration challenges
60:05 – Stock picking today: more data, more volatility
62:13 – Will AI replace investors or become an efficiency tool?
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