David Einhorn, founder of Greenlight Capital, stated in a recent interview with Morgan Stanley that he expects gold to significantly outperform Nasdaq over the next three to five years, possibly by a substantial margin. He believes that the ongoing deterioration of US fiscal health, the erosion of the dollar's reserve status, and the global "de-dollarization" trend have systematically elevated gold's long-term strategic value. At the same time, he warned that large-cap tech stocks on Nasdaq are facing a fundamental shift from "asset-light monopolies" to capital-intensive competitive businesses, with the AI capital expenditure wave posing a long-term threat to tech giants' profits. Einhorn revealed that gold is currently Greenlight Capital's largest macro long position and has been held long-term since 2008.