Keep pulling the thread on François Rochon.
François Rochon believes that artificial intelligence is a revolution on par with the importance of the internet 30 years ago.
François Rochon highlights a circular investment dynamic in the AI industry where NVIDIA invests in OpenAI, which then gives a cloud contract to Oracle, who in turn buys NVIDIA chips.
François Rochon argues that profits NVIDIA earns from sales indirectly financed by its own investments should not be valued with a high P/E multiple because they are not truly recurring revenue.
Alphabet is projecting a capital expenditure spend of around $180 billion for 2026.
Meta is projecting a capital expenditure spend of over $100 billion for 2026.
François Rochon believes Alphabet's large AI investments are primarily defensive measures to protect its search business from threats like ChatGPT.
Apple's privacy setting changes in 2022 cost Meta approximately 10% of its revenues.
François Rochon believes Meta is likely the company that has achieved the best return on its AI investments by significantly improving its ad targeting capabilities.
Over the past 6 to 9 months, Constellation Software's stock fell by more than 50% from its all-time high.
From 2014 to 2025, Constellation Software's earnings grew by 20% per year.
Mark Leonard stepped down as CEO of Constellation Software due to a serious health issue but remains on the board of directors.
François Rochon believes Constellation Software is cheap, trading at 18 times earnings while growing at 20% per year.