#43 - Ashim Mehra on AI’s Frenetic Pace, Bubbles vs. Manias, and the Next Wave of Disruption (recorded 09/29/25)

From the dot-com era to today’s AI boom, Baron Technology Fund portfolio manager Ashim Mehra has seen innovation cycles up close. In this episode, he joins Jim Worden and Talley Leger to break down the layers of AI (infrastructure, models, and applications), where the real opportunities lie, and why even trillion-dollar narratives need perspective. The conversation explores the speed of disruption, global competition, capital flows, and how investors can separate durable trends from froth.

What you’ll learn:

• How AI compares to the internet revolution and why the pace is even faster
• Why infrastructure, models, and applications each carry different investment risks
• The difference between a bubble and a mania—and why AI is not just air
• How OpenAI, Nvidia, and other players are shaping short-term demand
• Why long-term winners will be defined by innovation speed and execution
• The global AI race between the U.S. and China, and what it means for investors
• Practical examples of applied AI already transforming industries

Guest: Ashim Mehra, Portfolio Manager, Barron Technology Fund

Hosts: Jim Worden (CIO, WCG) & Talley Leger (Chief Market Strategist, WCG)

Follow us
LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup

02:01 – AI’s rapid evolution and comparison to the internet era

03:29 – The AI stack: infrastructure, models, and applications

08:13 – Bubble vs. mania: why AI is real but returns may not be linear

11:09 – Nvidia, OpenAI, and the concentration of demand

15:34 – Beyond productivity: medicine, robotics, chemistry, and new compounds

29:54 – AGI timelines and why enterprises chase the prize

36:26 – Evaluating people and pattern recognition in investing

37:35 – U.S.–China AI race, geopolitics, and cloud gatekeepers

43:41 – Risks to capex: power, efficiency, and ROI concerns

48:55 – Applied AI examples: Axon police workflows and Hinge Health PT

57:18 – Small/mid-cap opportunities and concentration challenges

60:05 – Stock picking today: more data, more volatility

62:13 – Will AI replace investors or become an efficiency tool?

Making Life Better at The Wealth Consulting Group
If you are 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