AI circular financing is not a red flag: Aptus Capital Advisors' David Wagner

• Software trade is currently driven by positioning/short squeeze but has potential for fundamental growth.
• Nvidia is expected to reach $275 in the coming months due to its essential role in the structural shift of computing.
• Demand for Nvidia's products is driven by hyperscalers, enterprises, and sovereign nations, exceeding bullish analyst models.
• Concerns about circular financing are dismissed as a natural sign of industry maturation, akin to financing models in other asset classes.

David Wagner of Aptus Capital Advisors believes the software trade is seeing a short squeeze but could transition to fundamental growth. He is very bullish on Nvidia, expecting it to reach $275 due to its pivotal role in a structural shift in computing, with demand exceeding expectations. He dismisses concerns about circular financing as a sign of industry maturation, not risk.