Interview with Janus Henderson Investors Portfolio Manager Denny Fish

The tech market's investment landscape, particularly regarding AI's impact, is the central focus, featuring Denny Fish, Portfolio Manager for the Janus Henderson Global Technology and Innovation Fund. Fish emphasizes the importance of AI infrastructure's strength and anticipates increased dispersion among large-cap companies based on their fundamentals. He introduces a framework of "Enablers, Enhancers, and End Users" to categorize companies benefiting from AI, highlighting the blurring lines between them, especially with hyperscalers like Amazon and Microsoft. Reflections from CES include NVIDIA's advancements in GPU technology and autonomous driving, reinforcing confidence in continued scaling laws and cost reduction. Fish also shares his allocation strategy, balancing resilient, long-term investments with smaller, opportunistic positions in emerging companies.