4 steps to find winning software stocks with Ben Arnold
Equity Mates Investing Podcast
Why This AI Cycle Differs From Dotcom
Ben compares capex-to-revenue precedents and argues current AI infrastructure spending is smaller relative to revenue.
What if AI turns out to be less “bubble vs boom” and more a stress test for who can actually turn $660 billion of capex into revenue?
Ben Arnold, Investment Director, Global Equities at Schroders shares the framework his team is using to judge the AI spend and why 2026 is a reminder that your opportunity set is much bigger than the Mag 7.
In this episode:
00:00:00 Investing Beyond The Mag Seven
00:03:34 AI Spending: Boom Or Bubble?
00:10:01 Why This Isn’t Another Dotcom
00:19:32 Finding Opportunities At Market Highs
00:25:31 Two Global Stocks With Upside
00:36:51 One Exceptional Company Explained
Links Mentioned: 🎧 listen to our interview with Portfolio Manager Frank Thormann from Sept, 2025
Stocks and ETFs mentioned:
Schroder Global Equity Alpha Fund (ASX: ALPH)
Oracle Corporation (NYSE: ORCL)
Alphabet Inc. (NASDAQ: GOOGL)
Microsoft Corporation (NASDAQ: MSFT)
Amazon.com, Inc. (NASDAQ: AMZN)
NVIDIA Corporation (NASDAQ: NVDA)
Broadcom Inc. (NASDAQ: AVGO)
Arista Networks, Inc. (NYSE: ANET)
Monster Beverage Corporation (NASDAQ: MNST)
Morgan Stanley (NYSE: MS)
Tesco PLC (LSE: TSCO)
GSK plc (LSE: GSK)
AstraZeneca PLC (LSE: AZN)
Commonwealth Bank of Australia (ASX: CBA)
Tapestry, Inc. (NYSE: TPR)
Zoom Communications, Inc. (NASDAQ: ZM)
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This episode is sponsored by Schroders.
You can also find information on investing in the Schroder Global Equity Alpha Fund (ASX: ALPH) here.
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In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.
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