#66 - Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal: AI Infrastructure, Software Disruption, and the Next Phase of Tech (recorded 03/20/26)

In this episode of The Bull of Wall Street, Jim Worden speaks with Dan Gallagher, Technology Columnist for Heard on the Street at The Wall Street Journal, about the current state of the technology sector and the forces shaping markets today. Dan shares his long view on the evolution of technology, beginning with the early internet era and the first dot-com cycle, and compares that backdrop with the current wave of investment around artificial intelligence. The conversation focuses on Nvidia’s rise, hyperscaler spending, semiconductor supply constraints, memory pricing, and the broader chain of dependencies driving the AI buildout. Jim and Dan also discuss the pressure on software valuations, the distinction between platform companies and more exposed application businesses, and how investors may be thinking through durability, disruption, and changing narratives across the sector. What You’ll LearnHow the current AI cycle compares with prior technology cyclesWhy Nvidia’s growth story has been years in the makingHow memory supply and manufacturing constraints affect the AI ecosystemWhy hyperscaler spending remains central to the semiconductor storyWhat may be driving pressure on software valuationsWhy AI may create both efficiency gains and disruption across industriesHow technology adoption tends to evolve in uneven and unpredictable waysWhere Dan sees longer-term potential in physical world AI applicationsChapters01:12 Dan’s history covering technology and the evolution of tech cycles04:12 Nvidia’s rise from graphics chips to AI infrastructure leader07:22 What Dan took away from Nvidia’s recent conference and guidance09:22 Memory bottlenecks, Micron, and supply chain constraints15:10 Why Nvidia and other AI leaders may still face valuation questions19:53 Software stocks, AI narratives, and where pressure is coming from24:04 Why some software platforms may be more durable than others28:53 Palantir, secure AI use cases, and valuation sensitivity31:13 Adobe, creative tools, and consumer-facing AI disruption34:43 AI in Hollywood, content creation, and labor implications40:18 Everyday AI use cases and workflow changes45:10 AI adoption, human judgment, and preserving human connection49:31 Areas of technology Dan finds interesting over the long term GuestsDan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal SpeakersJim Worden, Chief Investment Officer, The Wealth Consulting Group Follow usLinkedIn: The Wealth Consulting GroupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting Group If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better.Subscribe at bit.ly/wealthcg