Tech Stock Bubble May Be Forming, Threadneedle's Berry Warns

The transcript discusses the impact of CapEx on big tech earnings, focusing on Meta's significant investment plans and the lack of transparency in ROI discussions. Concerns are raised about potential bubbles and the need for clear ROI metrics. The market's reaction to these investments, especially in AI, is also analyzed, with predictions on how different sectors might perform in the upcoming earnings season.

What is the main concern expressed about big tech companies' CapEx spending?

• The amount of money being spent

• The speed of spending

• The choice of projects

• The lack of discussion on ROI

How does the speaker view Alphabet's approach to CapEx compared to Meta's?

• Alphabet is less disciplined

• Alphabet shows better capital discipline

• Meta is more transparent

• Meta has a better track record

What is the speaker's concern regarding Meta's CapEx spending?

• Lack of qualitative descriptions

• Obfuscation due to controlling shareholder

• Excessive focus on AI

• Too much transparency

What is a potential consequence for non-AI companies during earnings season?

• More favorable forecasts

• Higher stock prices

• Punitive earnings season

• Increased investments

What does the speaker suggest about the equity market's risk premium?

• It is increasing

• It is at an all-time high

• It is zero or negative

• It is stable