#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 Learn

How 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 applications

Chapters

01:12 Dan’s history covering technology and the evolution of tech cycles

04:12 Nvidia’s rise from graphics chips to AI infrastructure leader

07:22 What Dan took away from Nvidia’s recent conference and guidance

09:22 Memory bottlenecks, Micron, and supply chain constraints

15:10 Why Nvidia and other AI leaders may still face valuation questions

19:53 Software stocks, AI narratives, and where pressure is coming from

24:04 Why some software platforms may be more durable than others

28:53 Palantir, secure AI use cases, and valuation sensitivity

31:13 Adobe, creative tools, and consumer-facing AI disruption

34:43 AI in Hollywood, content creation, and labor implications

40:18 Everyday AI use cases and workflow changes

45:10 AI adoption, human judgment, and preserving human connection

49:31 Areas of technology Dan finds interesting over the long term

Guests

Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal

Speakers

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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