Doug Boneparth, founder of Bone Fide Wealth, said in a recent interview: “You have a future here where AI will take the lead. Whether you have discounts today and you want to scoop those up in the space. These are companies you’re going to want to hold on to for the long term. Hard to see a world where you’re not investing in AI.”
I’ve been watching the AI infrastructure buildout pretty much every quarter for the past two years now, and the demand signals Boneparth is reacting to are hard to dismiss. Anthropic’s ARR has climbed to north of $30 billion, up from $9 billion at the end of 2025. How many businesses that size have multiplied themselves in months?
The Dip Is Real. So Is the Thesis.
Several of these names are genuinely cheaper than they were at the start of the year. Microsoft (NASDAQ:MSFT | MSFT Price Prediction) is down about 23% year-to-date. Meta Platforms (NASDAQ:META) has pulled back about 13% YTD. Broadcom (NASDAQ:AVGO) is off roughly 9% YTD. These are companies spending hundreds of billions to own the next decade of computing.
Meta guided for $115–$135 billion in capital expenditures in 2026. Microsoft is running at roughly $120 billion annualized. Alphabet has guided $175–$185 billion in 2026 capex. These are commitments.
NVIDIA: The Spine of It All
NVIDIA (NASDAQ:NVDA) reported Q4 FY2026 Data Center revenue of $62.3 billion, up 75% year-over-year, with networking revenue accelerating 263% year-over-year to $10.98 billion. The stock trades at a forward P/E of around 22x, not cheap, but not irrational given full-year FY2026 revenue of $215.94 billion, up 65%. The analyst consensus target sits at $268, against a current price of $177.64.
Boneparth’s broader point is that major indices already carry significant exposure to companies like NVIDIA, meaning most investors are already in the AI trade whether they’ve made that decision consciously or not. The Invesco QQQ Trust (NASDAQ:QQQ) is itself down about 4% YTD, dragged by the same names.
Boneparth acknowledged the noise: AI backlash, data center opposition, regulatory risk flagged in company filing. But his read is that none of it changes the trajectory. The VIX spiked above 31 in late March before pulling back toward 24, a textbook fear-and-recovery pattern. Historically, long-term investors who bought during similar VIX spikes have seen gains over subsequent years. If you believe the infrastructure spending is real and the demand is durable, the current discounts are the setup Boneparth is describing.
