Dryden Pence believes there will be one or two more “insurance cuts” from the FOMC before the end of 2025 — something he sees adding power to the A.I. trade. He believes investors can buy A.I. chipmakers on dips due to their longevity. Dryden is a long-time fan of Broadcom (AVGO) due to its dominance in custom chip creation. He adds that TSMC (TSM) serves as a critical “chokepoint” to Nvidia (NVDA), while ASML Holding (ASML) acts as a chokepoint to TSMC.
(Source: Schwab Network)
10/08/2025
Pence Capital Management, LLC (“PCM”) is an investment adviser registered with the State of California that provides institutional level portfolio consultancy services to certain Unit Investment Trust (UIT) product sponsors, as well as, asset management model development offered through unaffiliated, third-party financial services firms. PCM’s Chief Investment Officer is Dryden Pence
The opinions expressed are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making any decision.
All performance referenced is historical and is no guarantee of future results. All indices referenced, if any, are unmanaged and may not be invested into directly.
The opinions expressed in this material are those of PCM.
All company names noted herein are for informational purposes only and not an indication of trading intent or a solicitation of their products or services.
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
Stock investing includes risks, including fluctuating prices and loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. No strategy assures success or protects against loss.
Schwab and PCM are separate entities.
Pence Capital Management develops investment strategies for distributors and model portfolios for advisors. To invest in Pence Capital Management Strategies, please contact your broker or advisor.
Get in touch