“I’m still very bullish,” Wayne Kaufman says, but thinks, “maybe we need some consolidation.” He looks at the massive AI spending, tracking enormous deals across the sector, and says to believe in a bubble right now means believing that the smartest people in the world are making a mistake. “We’re nowhere near” a repeat of 2000, he argues. TSM is one of his favorite stocks, and he also likes STX and GOOGL.