James Whelan and Heath Moss of HLM Investments examine technology concentration and a volatile market in the 13 November 2026 episode of Theory of Thing, powered by Small Caps.
The overnight Microsoft 365 outage provides the starting point for a discussion about dependence on a small number of cloud providers. James draws on his experience with business-continuity planning, while the hosts consider which systems are critical when a shared service fails.
The conversation then turns to NVIDIA’s leadership transition, the challenge of replacing a prominent founder and the depth of the company’s technical team. Heath discusses chip demand and the risks surrounding future AI and data-centre investment. His expectations for earnings and markets are opinions, rather than assured outcomes.
Chip exports to China and GPU accounting are also discussed. The video includes clarifications that H200 exports require case-by-case licences and security conditions, and that depreciation begins when an asset is ready for its intended use. Impairment may still apply.
Heath’s chart review covers the S&P 500, Nasdaq and NVIDIA, followed by bond yields, the US dollar, gold, copper and oil. James also discusses how smaller companies can maintain investor awareness through a thin market.
The company headlines cover Clarity Pharmaceuticals, G8 Education, Austral Resources, Inghams, Carnarvon Energy, Nanoveu, Talga Group, Ardea Resources, Future Metals, BlinkLab, Cobalt Blue and ALAND Equity Group. A clarification in the video gives Inghams’ reduction at the top end of FY27 guidance as A$10 million.
Recorded 13 November 2026. Comments reflect the information and speakers’ views at that time. Company plans, forecasts and proposed transactions remain subject to their stated conditions.
General information only; not personal financial advice. The discussion does not take individual objectives, financial circumstances or needs into account.