RiskReversal Pod
The RiskReversal Pod features Dan Nathan and Guy Adami in conversation with leading experts in markets and technology. They analyze key market-moving headlines to help listeners make more informed investment decisions. The show aims to deconstruct financial jargon and provide contrarian perspectives and strategies for navigating volatile markets.
Episodes
Ex-Twitter CEO gave Musk the Bird, 01A AI investments & IPO Landscape
WATCH 'The Dick & Paul Show' on YouTube: https://youtu.be/LtLBhBp5T40
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The AI Price War Nobody Saw Coming with FirstMark's David Waltcher
Dan Nathan hosts FirstMark Capital partner David Waltcher at the firm’s HQ to discuss Waltcher ’s path from an Accel internship to investing in enterprise software, security, and AI. They compare the consumer-to-SaaS shift, the post-2021 “SaaSpocalypse,” and how public markets can overreact to AI narratives, using Salesforce as a system-of-record case study. Waltcher argues many incumbents will p
Peter Boockvar: Inflation Is The Core Disease
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Dan Nathan and Guy Adami are joined by Peter Boockvar, CIO at OnePoint BFG Wealth Partners, to unpack recent inflation data and why yields remain resilient, with the curve steepening as the two-year dips while the 10-year holds around 4.65%. Boockv
Vincent Daniel: AI Buildout Credit Risks Are a Feature, Not a Bug
Checkout the WAWD Substack: https://whatarewedoingonthedesk.substack.com/
Dan Nathan welcomes Vincent Daniel, partner at Seawolf Capital and one of the investors who called the 2008 housing crash, for a deep dive into where markets stand heading into year-end. They break down new Fed chair nominee Kevin Warsh's "immaculate economy" problem, why passive fund flows are quietly the most powerful for
Sonali Basak: Building “The Bridge” Investors Can Walk Across
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
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Sonali joins the podcast on the one-year anniversary of moving from Bloomberg to iCapital, discussing her media series “The Bridge” and iCapital’s reach across wealth and asset managers. The conversatio
Nvidia's Backstop Deal Just Made Every Bank a Bag Holder
Dan Nathan and Guy Adami dig into the biggest story in markets: Nvidia's roundtable with Wall Street's top financiers — Jensen Huang, David Solomon, Jon Gray, and Stephen Schwarzman — and the multi-hundred-billion-dollar backstop deal getting compared to a modern-day CDO. Dan lays out why he thinks this AI CapEx build could make the dot-com bust and the GFC look tame, walks through Nvidia's doubli
AI Is Rewiring Retail Investing with Jim Swartwout & Jay Jacobs
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Guy Adami speaks with Jim Swartwout, CEO of Prosperum Fintech Holdings about Swartwout's four-decade career across Schwab, Fidelity, E-Trade, TradeMonster, Scottrade, Robinhood, and more, and what it reveals about the evolution of retail investing. Swartwout argues retail is in a “golden age” driven by better d
Mike Wilson: The AI Trade Has a Breaking Point, We're Just Nowhere Near It
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Views, opinions, products, services, and strategies discussed are notendorsed or promoted by Fidelity Investments. Fidelity BrokerageServices L
Nicole Kagan: Empowering Kalshi Through Research
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
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On this week's podcast, Danny Moses speaks with Nicole Kagan, head of research at Kalshi, about her path from Bridgewater to Oxford and then to Kalshi to help build the contract-writing and research function
The AI "FOMO Feeding Frenzy" with Amish Jani of FirstMark Capital
Dan Nathan hosts Amish Jani, co-founder and partner at FirstMark Capital, to discuss his tech investing career and why AI represents the fastest, largest technological sea change he has seen. Jani argues historical comparisons break down as markets and capital needs have scaled, and that gen AI’s apparent “intelligence” has surprised even early researchers. They debate token optimization, enterpri
Bill Harris at The Dead Rabbit | Standing Table #8
In this episode we’re at The Dead Rabbit, grabbing a pint with serial entrepreneur and operator, Bill Harris, best known as an early CEO of PayPal.
Bill is a veteran FinTech executive who has also served as CEO of Intuit. He later founded Personal Capital, a digital wealth management firm that grew to manage billions in assets before being acquired - and he's now founder and CEO of Evergreen.ai,
Cracks Everywhere: Japanese Yen, AI Stocks & US Bonds
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Guy Adami is joined by Peter Boockvar, CIO of OnePoint BFG Financial, to break down the growing cracks in the Bank of Japan's decades-long rate repression experiment and what a yen reversal could mean for global bond markets. They dig into the historic move in Treasury yields following Kevin Warsh's press
Warsh Out in Bonds + CME Group's Tim McCourt on Single Stock Futures
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Stablecoins, Tokenization & the Future of Banking with Adam Nelson of FirstMark Capital
Dan Nathan sits down with Adam Nelson, fintech-focused VC partner, to break down why stablecoins and tokenized real-world assets are set to reshape the financial system. They cover the GENIUS Act’s impact on regulatory clarity, why Circle’s net income now rivals major banks, how Visa and Mastercard are responding to the threat, and the rise of companies like Rain and Velocity building the infrastr
Danny Moses: Gold's Make or Break Moment is Here
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Guy Adami and Danny Moses discuss rising global yields and stress points in markets, focusing on Japan’s weakening yen, deteriorating bond market, and risks around Japan’s role as a major US Treasury holder and potential carry-trade unwind, with BOJ and Fed meetings ahead. They note August’s tendency towar
Cameron Dawson: Change (In the House of AI)
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Rick Heitzmann: The Gray-Area Deals Funding the AI Buildout
Dan Nathan sits down with Rick Heitzmann, co-founder and partner at FirstMark Capital, to kick off a new Okay, Computer. series on AI investing. They dig into the circular financing behind the AI infrastructure boom — from Nvidia backstopping Apollo's private credit for xAI to Meta's off-balance-sheet data center deals with KKR and Blue Owl — plus the shift from "tokenmaxxing" to an efficiency era
Jeff Bell & Richard Betts at Please Don't Tell | Standing Table
Today we’re in the East Village, having cocktails at Please Don’t Tell - one of the most iconic cocktail bars in New York City.
PDT is currently run by award-winning bartender Jeff Bell. Jeff started as a bar back in 2010, and now he owns the place. How about that?
He joins us alongside Richard Betts. There are fewer than 300 Master Sommeliers in the entire world, and Richard was one of them. He
The AI Scarcity Myth Is Breaking
Dan Nathan and Guy Adami break down a wild week across markets — memory stocks in freefall, Google's brutal two-day selloff, and why China's AI models are closing the gap without top-tier Nvidia chips.
Micron cratered from its all-time high of $1,255 to $800 in a matter of weeks, and the DRAM ETF whipsawed right along with it. Guy and Dan dig into whether this is a routine flush or something bigg
Jim Chanos: The Math Ain’t Mathing for the AI Data Center Build
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Vincent Daniel & Porter Collins: How Seawolf (Capital) Navigates Choppy Markets
Checkout WAWD on Substack: https://whatarewedoingonthedesk.substack.com/OTT
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
Danny Moses welcomes Porter Collins and Vincent Daniel back to the On The Tape podcast as Q2 earnings begin amid renewed inflation concerns, Middle East tensions, and continued AI-driven equity enthusiasm. T
The Parabolic Seven & The IBM Warning Sign with Ben Emons of FedWatch Advisors
Dan Nathan and Guy Adami host Ben Emons of FedWatch Advisors to discuss shifting Fed communication under Kevin Warsh, including a push away from strong forward guidance like recent comments from Waller. Emons distinguishes disinflation from deflation, noting a negative month-to-month CPI driven by energy declines but warning energy has already rebounded, making expectations volatile. He highlights
Second-Half Market Outlook & Playbook with Liz Thomas
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Guy Adami and Liz Thomas discuss recent “momentum on, momentum off” volatility, with semiconductors swinging and earnings season starting with banks that have traded well despite a flattening yield curve. They debate rising long-term Treasury yields, arguing hikes aren’t appropriate in a slowing economy and ty
China Enters the Data Center, AI Profits Walk Out — with Louis-Vincent Gave & Peter Boockvar
Dan Nathan sits down with Peter Boockvar (CIO, One Point BFG Wealth Partners) and Louis-Vincent Gave (CEO, Gavekal) to break down the AI arms race, the dollar's structural decline, and where the smart money is rotating next.
They dig into China's "Toyota vs. Ferrari" AI strategy and why cheap, open-source models threaten to commoditize OpenAI and Anthropic's trillion-dollar valuations, the sustai
Patient Equity Capital is a Virtue
Dan Nathan and Guy Adami open the podcast by framing the day’s key market story as sharp weakness and heightened volatility in memory, chips, and semi equipment, citing rapid reversals in names like Micron and Applied Materials and opaque guidance from Samsung. They discuss whether the AI build-out is increasingly debt-funded—highlighting Amazon and Oracle debt issuance and private credit deals—an
Jenny Just & Matt Hulsizer at Ascend Innovation Summit | Standing Table
For today’s episode, we look back at our conversation with Jenny Just and Matt Hulsizer at Apex’s Ascend Innovation Summit.
Jenny and Matt are co-founders of PEAK6 Investments. In 2012, they purchased the company that became Apex and helped shape it into the successful fintech company we know today. Oh and get this - they aren’t just partners in business, they’re also partners in LIFE. Married si
David Rosenberg: "There Are No More Bears Left" In This Market
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Bull Markets Die on Euphoria. Are We Finally There?
Dan Nathan and Guy Adami break down a market caught in the late stages of euphoria. They dig into Micron's record-high run and the broader memory-stock mania—and ask the uncomfortable question of who's actually left to buy at these levels. With hyperscalers rolling over (Microsoft just posted its worst month since 2000) and Palantir cut in half, Dan and Guy debate whether this is a healthy rotatio
Gene Munster Believes It's Different This Time
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
James Lavish Gives Us His "Strategy" for Trading These Markets
Find James Lavish's SubStack Here: https://www.jameslavish.com/
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
Checkout the WAWD Substack here: https://whatarewedoingonthedesk.substack.com/
In this episode of On the Tape, Danny Moses welcomes James Lavish back to the show for a wide-ranging conversation that goes well beyond Bi
Meet The VCs Digging for Gold in the Gutter with Dan Teran & James Gettinger
Dan Nathan and Guy Adami open by focusing on heightened volatility in the NASDAQ and semiconductors after the SOXX hit an all-time high then fell 7%, alongside a 10% overnight drop in South Korea’s KOSPI, raising concerns about a global snowball effect. They argue widening volatility bands, “meme stock” dynamics in names like Intel, heavy AI-related capital raising, higher rates, and data-center b
Ilir Sela at Grimaldi's Pizzeria | Standing Table #5
In New York, pizza is not just food - it’s part of the city’s DNA. And that story runs deep in Brooklyn where working class immigrant neighborhoods helped shape the pizza we know today. Grimaldi’s, sitting in the shadows of the Brooklyn Bridge, serves authentic, coal-fired brick oven pizza, sought out by tourists, locals and celebs like Ilir Sela, the founder and CEO of Slice.
As an Albanian rai
The "K is for Kroger" Economy + AI's China Problem with Danny Moses & Deirdre Bosa
Dan Nathan and Guy Adami host a special Risk Reversal episode with guest Danny Moses to discuss the latest Fed meeting under Kevin Warsh, emphasizing peak hawkish messaging, reduced forward guidance (including questioning the dot plot), and the market’s feedback loop. They debate surging volatility and extreme AI/semiconductor valuations, highlighting Intel’s sharp rally on customer speculation an
Imran Khan: The Nvidia Math Says This Isn't A Bubble
Is the AI trade a bubble? Imran Khan — founder of Proem Asset Management, former Snap executive, and the banker behind the Alibaba and Mercado Libre IPOs — isn't convinced. Dan Nathan sits down with Imran to pressure-test the bear case, from Nvidia's below-market multiple to the cyclical-vs-secular debate in memory, and to dig into why a big chunk of SpaceX's $2.5T valuation may not be a space sto
The SaaSpocalypse Is Looking Like A Bank Run with Current's Stuart Sopp & Trevor Marshall
Dan Nathan welcomes Current co-founders Stuart Sopp and CTO Trevor Marshall to discuss Current’s business momentum, the fintech landscape, and the evolving AI build-out. Sopp announces an $80 million Series E at a $1.5 billion valuation led by Spring Coast, noting Current’s profitability, deepened partnerships with Cross River and General Catalyst’s customer value fund, and over 70% growth for thr
Some VCs Are “Behaving Badly”, Ann Bordetsky Isn't One of Them!
Dan Nathan and Guy Adami break down a historic market week, headlined by SpaceX's blockbuster IPO and Kevin Warsh's first meeting as Fed Chair. Elon priced the deal himself at $135, and the stock popped to a ~$2.2 trillion valuation—instantly the 6th most valuable company in the world. The guys dig into whether the numbers actually add up, walking through Morningstar's $63 fair value, Jim Chanos's
The $1.75 Trillion SpaceX IPO Will Test This Rally with Liz Thomas and Bill Capuzzi, CEO of Apex
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Warsh's First Fed Meeting, SpaceX Going Public & A Vice Stock Update
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
Checkout the WAWD Substack here: https://whatarewedoingonthedesk.substack.com/
Danny Moses is joined by Dan Nathan to break down a market that sold off on good news — strong jobs data, sticky inflation, and a Fed whose hands look increasingly tied heading into the CPI print. The guy
OnlyDans: SpaceX IPO, Apple's AI Dissapointment & Tech's PR Problem with Dan Ives & Danny Moses
Dan Nathan is joined by Dan Ives of Wedbush Securities for a wide-ranging look at the AI trade, fresh off Ives' trip to Apple's WWDC. They dig into whether Apple has finally gotten back in the AI game with its new developer foundation and Gemini partnership, why Ives sees Apple as the "toll booth" for the next consumer AI cycle, and where Dan Nathan remains skeptical. From there: the biggest risk
Bill Capuzzi at Minetta Tavern | Standing Table #4
Today we dine at Minetta Tavern with a very special guest - Bill Capuzzi.
Bill has spent decades in financial services, holding leadership roles across firms like Pershing. As CEO of Apex Fintech Solutions, he’s helped build the backbone for many of the platforms people use to invest today, even if they don’t realize it.
Apex is the infrastructure behind the apps, the part that actually makes th
The AI Trade Shows Signs Of Weakness + Team Rubicon CEO Jim Brooks Was Here
Guy Adami and Dan Nathan break down a strange Friday tape: a strong jobs report that sent stocks lower as the market prices out rate cuts — and even flirts with hikes. They dig into the Broadcom-led selloff in semis, Anthropic's call to slow down AI development and what it could mean for the CapEx trade, and Bitcoin getting cut in half at ~$60K alongside the unraveling of the crypto treasury-compa
America's Trillion-Dollar Race to Catch Chinese Miners with Brian Paes-Braga, Founder/CEO of The Metals Royalty Company
Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, cu
Dan Niles: We're 100% in an AI Bubble... Don't Go Broke Trying to Call the Pop
Dan Nathan hosts Dan Niles of Niles Investment Management on the Risk Reversal podcast to discuss macro conditions, AI-driven market leadership, and lessons from prior tech cycles. Niles compares the current AI build-out to 1997–1998’s internet infrastructure boom, arguing recent macro scares (tariffs, Iran/oil) created buying opportunities and that a bubble can persist, with further gains likely
Lawrence McDonald: How To Listen When Markets Speak
Danny Moses interviews Larry McDonald on how several prior calls played out, including regulatory relief for banks, a rotation into hard assets and energy, and AI-linked nuclear exposure via NUKZ. McDonald argues the economy is increasingly K-shaped: wealthy consumers benefit from higher money-market yields and AI CapEx, while consumer-facing companies like McDonald’s, Home Depot, and retailers we
A VC's Playbook For Investing in the AI Bubble with Jeff Richards
Dan Nathan welcomes Notable Capital partner Jeff Richards to discuss how public-market concentration and multiple expansion in mega-cap tech are influencing private-market valuations. Richards explains Notable’s evolution from GGV Capital and its investments across AI and software, then argues that AI adoption is accelerating rapidly, citing publicly reported Anthropic run-rate growth and broad “t
The Tokenmaxxing Party Is Over and No One Wants to Admit It
Dan Nathan and Guy Adami open with promotion of their new interview series Standing Table (episodes with Anthony Scaramucci, Rick Heitzmann, and SoFi’s Liz Thomas) and note a recent RiskReversal conversation with Dan Niles about investing in a market bubble. They discuss eased geopolitical rhetoric heading into Memorial Day, crude around $88, lower yields, and the S&P 500 at all-time highs, while
The Perpetual Future Is Here with David Schamis & Jeroen Nieuwkoop of Hyperliquid Strategies
Dan Nathan hosts David Schamis (CEO, Hyperliquid Strategies) and Jeroen Nieuwkoop (COO, Hyperliquid Strategies) to explain Hyperliquid, a three-and-a-half-year-old L1 blockchain built for high-throughput exchange activity and best known for perpetual futures trading. They discuss how Hyperliquid aims to be an “AWS of on-chain trading,” enabling permissionless exchanges like Trade XYZ to list perps
Peter Boockvar Gives Us His "Boock Report" On The Markets
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
Checkout the Boock Report: https://boockreport.com
On this episode of On the Tape, host Danny Moses sits down with returning guest Peter Boockvar — independent economist, market strategist, and CIO at OnePoint BFG Wealth Partners — for a wide-ranging conversation on the forces s
Liz Thomas at Harry's | Standing Table #3
Today, we’re back on Wall Street and dining at Harry’s, a trusted Wall Street institution for over 50 years. Joining us is Liz Thomas, Chief Market Strategist at SoFi.
Her origin story starts in Wisconsin, but she’s made a name for herself in New York as a trusted market and investment guru. Prior to joining SoFi, Liz was the Director of Market Strategy at BNY Mellon, a Portfolio Analyst at Bair
Microsoft Can't Afford Its Own AI. What Does That Tell Us? + Easterly's Darrell Crate on Structural Volatility
Guy Adami and Dan Nathan discuss an S&P 500 pressing all-time highs amid sticky inflation, a 10-year yield around the mid-4% range, and low near-term volatility despite an upcoming Fed meeting and PCE data. They review mixed retail signals (strength at higher-end brands versus Walmart’s margin pressure and a strained lower-end consumer), debate the market’s resilience, and focus on AI: Nvidia’s ex
Wall Street Bull Brian Belski Sees Correction Before S&P Run Into the 8,000s
Brian Belski joins Dan Nathan to break down why he still sees the S&P 500 moving higher — but warns a correction may come first.
Belski explains why this is now an earnings-driven market, why the Mag 7 may begin to hand leadership to the other 493 stocks, and what could trigger the next pullback. He also shares his views on AI stocks, SpaceX/OpenAI IPOs, financials, industrials, housing, rates, a
The Future of AI: Agents, Defense, Space & Trillion-Dollar Startups with Shahin Farshchi & Ann Bordetsky
Dan Nathan sits down with Lux Capital partner Shahin Farshchi and AI investor Ann Bordetsky from the RBC Private Tech Conference to explore what comes after ChatGPT — and where the next wave of AI is headed.
From defense, robotics, semiconductors, and space infrastructure to AI agents, enterprise software, and the future of work, these conversations break down the technologies, companies, and t
Rick Heitzmann at Manhatta | Standing Table #2
Today we're doing lunch at Manhatta, towering 60 stories above the financial district. Joining us is Rick Heitzmann, co-founder and partner at one of New York's most influential early stage venture firms, First Mark Capital.
Rick has been early to some of the most category defining companies of the last decade, backing names like Pinterest, Airbnb, and DraftKings. That foresight has landed him o
The Future of QQQ: AI, SpaceX IPO & Mag 7 Dominance with Invesco's Brian Hartigan
In this episode of the Risk Reversal Podcast, Dan Nathan and Guy Adami discuss Friday's stock sell-off, geopolitical tensions, oil and the AI mania. Later, they sit down with Brian Hartigan, Global Head of ETFs & Index Investments at Invesco, to discuss the future of the QQQ, market concentration, passive investing, AI-driven growth, and the next wave of mega IPOs.
They dive into Nvidia’s domin
Bitcoin, Dante’s Inferno & the Future of Money with Anthony Scaramucci
Anthony Scaramucci joins Guy Adami for a wide-ranging conversation on everything from Dante’s Inferno and human nature to Bitcoin, risk-taking, wealth, and the future of money. Scaramucci explains why he believes understanding history matters more than ever, shares his outlook on China and Taiwan, and breaks down why Bitcoin could become one of the most important technologies of our time. Plus: le
Bourbon and Charts with Carter Worth
This episode might work better visually! Click here to watch on YouTube: https://youtu.be/F6p1s00YIck
Carter Worth is BACK with the WAWD Substack boys for another edition of "Bourbon & Charts"
Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today!
Timecodes
0:00 - Intro
1:30 - SPX & Semis
14:30 - Gold, $AEM & Copper
23:00 - Yield
The $400 Billion Backlog: RBC's Top Analysts Break Down the AI Trade
At RBC Capital Markets’ Private Tech Conference, Dan Nathan interviews RBC analysts Brad Erickson, Rishi Jaluria, Matt Swanson, and Matt Hedberg on Q1 earnings and AI’s impact across internet and software. Erickson says demand is solid, hyperscalers are raising CapEx as cloud ROI improves, and explains why Meta’s higher spend hurt the stock versus Google/Amazon’s accelerating cloud revenue and mar
Anthony Scaramucci at Hunt & Fish Club Restaurant | Standing Table Episode #1
Tonight we're at Hunt and Fish Club talking with Anthony Scaramucci. Most people know him for his famous two weeks in the Trump White House, but he's so much more than that.
He's the founder of SkyBridge Capital, a fixture on Wall Street, and one of New York's most resilient comeback stories. In 2015, he co-founded Hunt and Fish Club, a tribute to 1960s New York and old-school hospitality.
List
The Market Doesn't Care About Your Worries Right Now
Guy Adami and Liz Thomas discuss the April jobs report, noting payrolls rose about 115,000 versus expectations near 65,000, with unemployment steady at 4.3% and back-to-back monthly job gains for the first time in nearly a year. They argue the data increases pressure on the Fed not to cut rates, with markets pricing little chance of a cut and some lingering hike risk, though Thomas doesn’t expect
Michael Green: Has Passive Investing Crossed The Rubicon? | On The Tape
Mike Green returns to On The Tape discuss why U.S. equities hit record highs despite the Iran war and oil spike, arguing systematic 401(k) and volatility/trend strategies drove historic inflows and that markets had largely priced in fear via VIX, correlation, skew, and heavy hedging that later unwound. He critiques Nasdaq’s new low-float multiplier rules as boosting demand for IPOs like SpaceX/Ope
Coming Into FOCUS: Crude Oil, Hot Inflation, and a Wall of Worry
Dan Nathan and Guy Adami broadcast from FactSet’s FOCUS Conference in Austin, highlighting FactSet’s AI innovations, its partnership with Risk Reversal Media, and Dan’s upcoming main-stage interview with new CEO Sanoke Viswanathan. They discuss a potential “SaaS apocalypse” narrative versus the value of closed, reliable data systems like FactSet, then shift to markets: software’s technical setup,
Danny Moses: They Shot 3 Barrels Into This Market. It's Still Swimming.
Join the WAWD Substack: https://whatarewedoingonthedesk.substack.com/
Guy Adami and Danny Moses open with a brief New York Giants aside before turning to markets, focusing on Jerome Powell’s final Fed press conference as Chair, his plan to remain a governor, and expectations that Kevin Warsh will become Fed Chair as the administration seeks more influence over the Board. They discuss how markets
David Rosenberg Isn’t Drinking The “AI Productivity” Kool-Aid
This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform.
Try Fidelity’s most powerful trading experience yet: www.Fidelity.com/TraderPlus
Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIP
OpenAI's CFO Just Said Something Sam Altman Didn't Want You to Hear
Dan Nathan is joined by Guy Adami for a deep dive into a Wall Street Journal report on OpenAI's sprint toward IPO — and the growing tension between CEO Sam Altman and CFO Sarah Frier, whose candid comments about the company's financials are raising eyebrows. Dan and Guy unpack what $120 billion in fresh capital, massive enterprise contracts, and a web of vendor financing really mean for the AI tra
How AI Is Upending The Digital Ad Space with Michael Nathanson & Adam Singolda
Dan Nathan interviews Michael Nathanson, co-founder of MoffettNathanson, on the RiskReversal Podcast about his 28-year analyst career and pivot from linear media to digital advertising and Big Tech. Nathanson explains why Google and Meta became a hedge against cord-cutting-driven declines in cable networks, noting their strong growth, performance-ad monetization advantages, and durable distributio
Peter Boockvar: The AI Semi Trade is Nearing an Absolute Exhaustion Point
Dan Nathan and Peter Boockvar discuss a narrow, under-the-hood stock market rally driven largely by AI beneficiaries—especially semiconductors and data-center hardware—while hyperscalers lag as they turn asset-heavy and free cash flow falls. They note extreme momentum in semis (record RSI/long winning streak) and debate catalysts for a reversal, including hyperscaler CapEx guidance, potential dema
Dan Ives on Tim Cook's Surprise Departure & Apple's Ticking AI Time Bomb
Dan Nathan interviews Wedbush's Dan Ives on “Okay, Computer.” about Tim Cook unexpectedly stepping down as Apple CEO (remaining chairman) ahead of WWDC, Apple’s still-unclear AI strategy, and why Apple’s installed base could make it a key “toll collector” for consumer AI via edge computing, services, and an AI-enabled App/agent ecosystem that may drive higher hardware memory needs and subscription
"The Market Will Never Go Down Again"
Dan Nathan and Guy Adami discuss an unusually persistent market rally, with a “sea of green” pushing the S&P 500 to new highs as crude oil reverses lower on signs the Strait of Hormuz remains open during a ceasefire. They debate whether investors are conditioned to buy dips even if Middle East tensions flare again, noting VIX levels and an overbought setup heading into the heart of earnings. They
How The SPX Reaches Mike Wilson's 7,800 Target
Dan Nathan and Guy Adami welcome Morgan Stanley’s Chief U.S. Equity Strategist Mike Wilson back to the Risk Reversal Podcast to discuss his career at the firm and his current market outlook. Wilson argues markets have largely priced in bad news and likely put in the year’s lows near the 6,500 range, citing capitulation signals, positioning, and sentiment, though geopolitical risk from the Iran con
Does The Future Hold More Downside For Oracle?
Dan Nathan and Guy Adami discuss major tech themes and trades, focusing on dispersion in mega-cap tech and the recent underperformance and rebounds of the “Mag 7.” They examine Microsoft’s AI positioning and Azure deceleration amid ongoing capacity and power constraints, contrasted with rivals (AWS, Oracle, GCP) picking up demand tied to OpenAI. The conversation highlights Michael Burry’s view tha
Mission Impossible: Finding Value In A Volatile Market
Dan Nathan and Guy Adami discuss a volatile Friday session after a hotter-than-expected CPI, with software making multi-year lows while semiconductors push to highs, raising the idea that “something’s gotta give.” They point to Microsoft’s sharp drawdown as emblematic of software weakness and debate whether capitulation is near as earnings approach, while semis rally on incremental AI hardware hea
Liz Ann Sonders: The Stock Market Isn’t A Casino
Guy Adami welcomes Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, for a wide-ranging conversation on the state of modern markets. From the casino-like trading environment that has taken hold in recent weeks, to the deeper cultural forces driving younger investors toward speculation, Liz Ann brings clarity and perspective to some of the most pressing questions in finance today. The
Sam Altman’s MisAI-lignment of OpenAI’s Financial Reality with Gene Munster
Dan Nathan and Gene Munster of Deepwater Asset Management discuss tech stocks heading into Q1 earnings, focusing on why Google and Broadcom outperformed on news of an Anthropic compute deal using Google TPUs and Broadcom, which they view as validating accelerating AI demand. They explore investor anxiety around AI hardware multiples and hyperscaler CapEx, noting street expectations for calendar 20
The IPO Floodgates Are Open + Private Equity's AI Wake-Up Call with CNBC's Deirdre Bosa & Rowspace's Michael Manapat
The IPO floodgates are opening — and AI is driving the wave.
Dan Nathan sits down with CNBC anchor and tech columnist Deirdre Bosa to break down the biggest stories in tech right now: SpaceX's confidential IPO filing, the Anthropic vs. OpenAI battle for investor dollars, Apple's strange standoff with the vibe coding generation, and why the AI trade has been a dud in public markets even as private
The $39 Trillion Warning Markets Are Ignoring
Danny Moses returns to the Risk Reversal Podcast with a stark warning: the tools that bailed us out in 2008 and COVID won't work this time. With U.S. debt surging from $35.5T to $39T in just 18 months, Danny explains why the Fed is boxed in, why small businesses are drowning in economic scar tissue, and why crude oil hitting 4-year highs while stocks shrug should have everyone paying attention. Pl
SpaceX IPO & The Next Frontier for a $1 Trillion Industry with CNBC’s Morgan Brennan
Dan Nathan hosts CNBC’s Morgan Brennan on the RiskReversal Podcast to discuss her path from music and anthropology to Forbes during the 2009 crisis and then CNBC, and how breaking news—an on-pad SpaceX explosion in 2016 and later Trump’s defense-focused tweets—pulled her into covering space and defense tech. They explore NASA’s Artemis program and its refocus on beating China to the moon, arguing
AI, DeFi & The Great Convergence with Galaxy's FinTech Guru Joe Armao
Galaxy holds a financial interest in HYPE, BTC, ETH, and SOL. Galaxy regularly engages in buying and selling these assets, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in these assets. If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increas
What Makes the White House Blink First: Rising Rates or Sinking Stocks?
Guy Adami and Dan Nathan break down a market that looks calm on the surface but is flashing serious warning signs underneath. The real pressure point isn't the stock market — it's the bond market, where rising yields and an incoming Fed chair are setting up a test few are prepared for.
The duo cover the stagflation setup quietly taking shape, the silent destruction in mega-cap tech (Microsoft, Nv
How To Trade Volatile Markets with Dan Greenhaus
Dan Nathan and Dan Greenhaus discuss heightened Middle East war risk and how it’s driving market moves, with the S&P 500 down near recent lows, yields near multi-month highs, the dollar firming, and crude in the mid-$90s, while stressing how difficult it is to “trade geopolitics.” Greenhaus argues markets may be underpricing escalation risk but notes the U.S. is less oil-intensive, so higher gasol
Jeff Richards: These Are The Only Software Stocks Worth Owning Right Now
Dan Nathan and Jeff Richards (Managing Partner at Notable Capital) discuss shifting AI narratives and market crosscurrents, focusing on OpenAI, Anthropic (which Notable backs), xAI, Gemini, and Microsoft’s Copilot. Richards argues Claude/Cowork’s breakout and rapid model improvement are forcing every software company to ask whether its product improves as models improve, while public-market uncert
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