RiskReversal Pod

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. Plus — his one genuinely bullish conviction play in a market that's making optimism very hard to find. Checkout the WAWD Substack —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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 public-private partnerships, new contracting models, and rocket reusability have dramatically improved economics, enabling smaller firms to execute NASA missions at a fraction of past costs. The conversation covers how space and defense investing is shaped by demand signals, milestone-driven public comps, venture and private-equity capital, and a potential SpaceX IPO where Starlink’s recurring revenue is central, alongside Starship’s promise. They also discuss deconsolidation, dual-use tech, autonomous systems, changing Pentagon dealmaking, and the growing intersection of industrial policy, national security, supply chains, and resources. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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 increase accordingly. For more information, please refer to Galaxy’s public statements and filings. Cryptocurrencies, including HYPE, BTC, ETH, and SOL, are inherently volatile and risky and ultimate market movements may not align with this statement. For Galaxy’s full social media disclaimer, please visit: ⁠https://www.galaxy.com/social-disclaimer/ Dan Nathan hosts Joe Armao, fund manager of the Galaxy FinTech Fund, who recounts his path from Blackstone through the financial crisis to long/short investing at Senator, where he pushed into fintech and digital assets. They discuss a shift from recent market tailwinds to a more mixed macro backdrop, consumer resilience despite energy shock concerns, and a rotation-driven, choppier “stock picker’s market.” Armao outlines risks in private credit and gating, expects pockets of pain rather than systemic crisis, and emphasizes active balance-sheet work. On crypto, he describes Galaxy’s “great convergence” thesis: prices may lag even as blockchain infrastructure adoption accelerates via stablecoins, tokenization, and 24/7 rails for payments and trading. He explains DeFi concepts, Uniswap governance tokens, Hyperliquid’s revenue-driven token buybacks and leveraged perps, and why tokenizing blue-chip equities could expand global distribution and enable always-on markets. Armao argues AI and blockchain are now mission-critical to fintech investing and create dispersion suited to long/short strategies. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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, Nvidia, Meta), and why weakness in financials — with nearly $2 trillion in private credit exposure — may be the most underappreciated risk in the market right now. As Pete Townshend once said: "No one respects the flame quite like the fool who's badly burned." Guy and Dan think a lot of people are about to find out what that means. Show Notes An Invisible Bottleneck: A Helium Shortage Threatens the Chip Industry (NYT) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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 gasoline hurts sentiment more than GDP, with tax-bill refunds partly offsetting pump prices and a lasting geopolitical premium likely keeping oil above prior lows. They debate recession calls, citing payment networks’ commentary that consumer health remains solid, and discuss why headline inflation may rise while core inflation moves little, making Fed hikes unlikely as long-term inflation expectations stay anchored. They also address tight credit spreads, AI-driven capex concentration, tech valuation compression, layoffs, and private credit concerns, arguing losses are not yet systemic and gates are disclosed, while advising caution and sometimes doing nothing amid exogenous uncertainty. Show Notes Debt Service Payments Rising (The Daily Spark) Private credit is looking shakier (Axios) Checkout Rosenberg Research —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

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 uncertainty has pressured SaaS valuations even as enterprise AI demand accelerates. He says net-new IT spend is increasingly flowing to private AI companies with consumption-based pricing, while incumbents face the Innovator’s Dilemma and pricing cannibalization. They also cover cloud infrastructure demand, opaque private-company financials, IPO considerations, and how volatility and redemption dynamics in private credit are weighing on alt managers like Apollo, KKR, and Blackstone, though Richards expects any issues to be relatively contained. Articles Mentioned OpenAI to double workforce as business push intensifies (FT) xAI Sends Engineers to Client Sites to Win Business from OpenAI (Bloomberg) Microsoft Copilot Is Confronting Its Identity Crisis (Bloomberg) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

MRKT Matrix - Tuesday, March 24th S&P 500 falls, giving back chunk of Monday’s rally as oil prices rebound, Iran war continues (CNBC) Jamie Dimon says Iran war makes Middle East peace prospects better in the long term (CNBC) Dimon warns on AI job losses, calls for government-business incentives (CNBC) Big Banks Are Playing Both Sides of the Private-Credit Meltdown (WSJ) Apollo caps investor withdrawals from flagship private credit fund (FT) Apple Plans AI Reboot With Siri App, New Look and ‘Ask Siri’ Button in iOS 27 (Bloomberg) Meta Names New Leader of Push to Adopt AI Throughout Its Workforce (WSJ) US must suspend Nvidia AI chip exports to China, senators say (FT) OpenAI Set to Raise About $10 Billion From MGX, Coatue, Thrive (Bloomberg) SoftBank tests its own borrowing limits with $30bn bet on OpenAI (FT) --- Subscribe to our newsletter: ⁠⁠⁠⁠http://riskreversal.substack.com/⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

Dan Nathan and Peter Boockvar discuss why equities have been slow to react to a widening Middle East conflict even as oil and other commodities jump, arguing markets often assume geopolitical shocks fade until prolonged damage forces a delayed repricing. They note a sharp global rise in rates—U.S. 10-year near 4.4% and record highs in UK/European yields—as central banks shift from expected cuts to potential hikes due to inflation spillovers from energy. Boockvar warns higher yields (4.5% then 5% as key levels) can pressure equities, private credit (lower-quality, floating-rate borrowers), housing and real estate, and upper-income spending, raising recession risk if oil stays near $120. He highlights weakening AI/mega-cap leadership, cites rising private-credit defaults, and frames gold’s volatile pullback as post-parabolic consolidation amid a stronger dollar and higher real rates, while staying bullish longer term on sovereign-debt risks. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Guy Adami interviews investor George Noble about truth-telling, integrity, and eroding confidence in institutions and markets. They discuss trading realism (being right even 25% can be great), the dangers of becoming owned by a public position, and how results-chasing misallocates capital. Noble critiques passive investing for suppressing price discovery and warns reversals could be violent, citing Japan’s 1980s liquidity-driven market. He argues bonds are mispriced given deficits and inflation, expects rates/yields higher even if cuts come, and views asset gains as fiat currency debasement; he advocates owning gold (and some oil) as an inflation hedge. He criticizes private credit/equity as “mark-to-model” volatility laundering and urges real price discovery. Noble favors active management, rotation away from Mag 7, and describes his $99 idea-focused conference (800+ attendees) aimed at sharing veteran investors’ insights. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami host David Fortunato, CEO of Wealthfront, on the RiskReversal Podcast to discuss Wealthfront’s evolution from its 2010-era launch through years in private markets to its recent IPO and first public-company reporting. Fortunato recounts his path from the financial-crisis period to joining Kaching (which became Wealthfront), and explains key learnings: clients want to delegate investing, tactical allocation rarely delivers alpha, and systematic tax-loss harvesting can materially improve after-tax outcomes, later expanded via direct indexing. He describes Wealthfront’s younger, growing client base, referral-led acquisition, and focus on ease of use and peace of mind, plus products like a portfolio line of credit and a growing home-lending opportunity driven by lower acquisition costs through automation. Fortunato outlines how AI and technology support planning tools like Path, and says public-company visibility helps build awareness and trust. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Guy & Dan set you up for this week in markets, after the break Bill Capuzzi (CEO of Apex Fintech Solutions) & Tom Sosnoff (CEO of LossDog) join the pod. The guys describe Apex’s role as core market infrastructure serving nearly 40 million accounts, the global growth and rising sophistication of retail options trading, AI’s impact on fraud reduction and operational friction, Sosnoff’s new venture Lossdog and AI focus, and both critique prediction markets’ fee structure, conflicts, and looming regulatory reconciliation. Show Notes US intervention in oil futures would be ‘biblical disaster’, CME warns (FT) Schwab CEO Says Markets-Savvy Gen Z Joins Dip-Buying Frenzy (Bloomberg) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami welcome Jason Thomas, Head of Global Research and Investment Strategy at Carlyle, to discuss why equities often react far less to geopolitical risk than to financial shocks, and how a “security premium” is emerging as policymakers prioritize reliable energy supplies, potentially boosting demand via stockpiling. Thomas explains how markets adapted to tariffs after an initial shock, but argues wars are harder to “end” because multiple parties must agree. They explore a richly valued dollar, limited alternatives driving central banks and investors toward gold, and why supply-chain invoicing reinforces dollar dominance. Thomas expects S&P 500 concentration—largely tied to data centers and the Mag 7—to drive diversification toward equal-weight, small/value, and “old economy” industries amid shifting energy-transition timelines and rising defense needs. They also examine AI’s capex-revenue gap, hyperscaler valuation challenges from heavy infrastructure spending, and argue systemic-risk fears around private credit are overstated versus other leverage risks. Show Notes Bubbles as a Feature Not a Bug (Carlyle) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami discuss ongoing market volatility and rotation, noting persistent software underperformance versus semiconductor strength, with a brief IGV rebound from late-February lows that has faded as investors return to AI and semis when risk feels “all clear.” They highlight IGV’s concentration in Microsoft, Palantir, Salesforce, and Oracle, and focus on Microsoft’s lack of a meaningful bounce and key technical levels. The conversation also examines Palantir as a valuation-sensitive “story stock” amid narratives around war-driven demand and government contracts. They preview Oracle’s earnings against concerns about AI infrastructure commitments, remaining purchase obligations, margins, and negative cash flow, alongside questions about OpenAI funding and potential diversification of tenants. They close by warning that repeated shallow selloffs may be reinforcing dip-buying and speculative “bubble” behavior despite Mag 7 cooling. Article Mentioned Oracle and OpenAI End Plans to Expand Flagship Data Center (Bloomberg) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami break down a messy macro picture after the latest nonfarm payrolls miss: a softening labor market, sticky inflation, and an equity tape that still looks oddly calm on the surface. ​They dig into rising credit stress in banks and private credit, what the VIX and bond market are really signaling, and how oil shocks and geopolitical tensions in the Middle East complicate the Fed’s next move. After the break, Jen Saarbach and Kristen Kelly from The Wall Street Skinny join to unpack the Warner-Paramount mega-deal, “synergies” as code for layoffs, AI’s slow-motion impact on white-collar jobs, and why today’s conditions have uncomfortable echoes of 2008. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Guy Adami and Dan Nathan welcome Cameron Dawson, CIO of NewEdge, to discuss market psychology versus history, arguing that positioning, sentiment, and flows show continued retail buying and complacency even as institutions reduced equity exposure around “Liberation Day.” Dawson highlights warning signs including weak financials, discretionary lagging staples, and a “risk swap” from AI-disrupted software into high-valuation defensives and cyclicals. The group explores volatility selling, geopolitical risks that matter mainly through oil’s impact on earnings, and how to monitor credit—especially high yield spreads—while noting private credit and BDCs have heavier software exposure than public high yield. They debate IPO demand for mega private AI firms, bond yields’ lack of trend, the dollar’s role in non-U.S. equities, China’s partial decoupling, gold’s parabolic technicals, and how jobs, growth, inflation, and future EPS estimates shape 2026–2027 market outcomes. Show Notes The Future Freaks Me Out or Everything is Alright? (NewEdge) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan interviews veteran tech investor Dan Benton about how tech investing has changed since Benton’s 1991 “20 rules” at Goldman Sachs and why he’s releasing new “2026 rules,” alongside launching a Substack. Benton contrasts a pre-internet, sell-side, information-advantage era with today’s commoditized data, retail tools, and faster markets, arguing investors now differentiate by identifying secular themes and sticking with them. He emphasizes tech as “the market,” the need to respect the Fed, and that momentum in tech is driven by multi-year estimate trajectories, revenue acceleration, and operating leverage, with valuation often secondary until growth decelerates. They discuss stock-based compensation distorting earnings quality, rotations within AI beneficiaries, crowding and risk-off selloffs, and uncertainties around hyperscaler CapEx and OpenAI’s private-market marks. The conversation covers SaaS disruption risk, Tesla and SpaceX “selling the future,” China’s advantages, and why markets are faster but not smarter. Links Rules For Tech Investing (Google Drive) Follow Dan's SubStack: substack.com/@danbenton —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami cover PPI, upcoming earnings, and this week’s jobs report. They focus on mounting stress in the AI infrastructure and financing complex: CoreWeave’s post-earnings drop, heavy customer concentration, funding challenges, and Jim Chanos’ critique that its GPU-leasing model loses money and shows distress-level liquidity, alongside declines in Apollo, KKR, Blackstone, and banks. They contrast Nvidia’s strong quarter and 60% growth outlook with stock stagnation, discuss Broadcom as a key AI barometer, and note ongoing software multiple and margin compression highlighted by volatile moves in Workday and Salesforce. Despite rising VIX swings, falling 10-year yields, and consumer-credit concerns signaled by AmEx, Capital One, Klarna, and Walmart trade-down commentary, the S&P remains near highs; they also discuss crude’s rebound amid Middle East tensions and Bitcoin weakness pressuring MicroStrategy. After the break, Jen & Kristen join Dan and Guy live from the iConnections Global Alts conference in Miami to unpack an “AI panic” market day, why higher productivity could mean higher rates, and what private credit hiccups really signal for hedge funds and alts. They also explain how The Wall Street Skinny is turning arcane finance jargon into plain English for everyone from college students to the C‑suite, plus why there are no dumb questions when it comes to bonds, credit, and careers on Wall Street. Timecodes 0:00 - Intro 2:00 - CoreWeave & The Software Slide 17:30 - VIX, SPX & The Consumer 25:00 - Yields & Crude 28:30 - Bitcoin & Broader Market 33:20 - He Said, She Said

Dan Nathan hosts Peter Boockvar to discuss the rapid growth of private credit, arguing it has replaced bank lending but now faces rising defaults, potential liquidity mismatches as retail capital enters evergreen funds, and limited stress-testing in a downturn; they cite pressure in leveraged loans, gating/redemptions, and examples like Blue Owl financing tied to CoreWeave’s asset-heavy model and customer concentration. They connect credit stress to equity risk via the capital structure and watchpoints like the LSTA leveraged loan index, high yield spreads, and HYG. Boockvar outlines a leadership shift away from hyperscalers toward equal-weight and “boring” sectors like energy and staples, while warning a deeper tech decline could still pull markets down. They cover oil’s inflation implications, a challenging labor market, cautious consumers per Walmart/Home Depot/Lowe’s, bullish long-term gold/silver dynamics, stronger international performance, and Japan’s rising long-end yields affecting carry trades and global flows. Checkout Peter's SubStack: https://boockreport.com/Follow Peter on X: https://x.com/pboockvar?lang=en —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Broadcast live from iConnections Global Alts in South Beach, Guy Adami and Dan Nathan are joined by Dan Greenhaus of Solus Alternative Asset Management and later Vincent Daniel to discuss a sharp, risk-off market move tied to the increasingly financialized AI buildout. They review weakness across private credit and alternative lenders after reports of difficulty placing debt to fund CoreWeave’s data center, spilling over into names like Blue Owl and into large alternative managers, banks, and high-profile stocks like IBM, which suffers its worst day in decades. The group debates how a viral AI “thought experiment” amplified uncertainty about near-term industry disruption, the circular quid-pro-quo dynamics of AI financing and chip demand, and whether market valuations offer any cushion if the AI narrative falters. With Nvidia reporting the next day, they focus on expectations for growth and margins, the risk that competition could compress gross margins and re-rate the stock, and the broader question of whether AI success could drive major white-collar job losses, “ghost GDP,” and policy responses. The conversation closes with Vinnie describing investor “what if” fears around AI’s impact on employment and fee-based industries. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami are joined by Jen Saarbach and Kristen Kelly of The Wall Street Skinny to discuss two major developing market stories ahead of meeting in Miami for the iConnections Global Alts conference. The first topic is stress in private credit, centered on Blue Owl’s retail-focused semi-liquid vehicle (Blue Owl Capital Corp II) facing heavy redemptions and gating, highlighting the liquidity mismatch between retail redemption needs and long-dated loan assets. They contrast the gated evergreen structure with Blue Owl’s publicly traded BDC that was trading roughly 20% below NAV, discuss Blue Owl’s reported loan sales near NAV, and explore why the issue is pressuring related stocks like Blue Owl and Blackstone despite an S&P 500 that appears indifferent. The group connects the private credit conversation to how AI/data center buildouts are financed, including references to Meta-related structures and concerns about CoreWeave’s ability to raise capital for data center obligations, and notes that credit markets often reprice quickly only after complacency breaks. The second topic is prediction markets, focusing on Kalshi and its partnership with Tradeweb to publish analytics and potentially enable institutional trading of binary outcomes on events like Fed decisions and macro data, raising questions about democratized access, liquidity constraints, regulatory gaps, spoofing, and the role of insider information, along with implications for politics and whether more information is always better. Show Notes 1 big thing: Trump's huge tariff loss (Axios) Blue Owl permanently halts redemptions at private credit fund aimed at retail investors (FT) Wall Street Bond-Trading Hub Tradeweb Strikes Deal With Kalshi (Bloomberg) Exclusive: Supreme Court tariff ruling makes over $175 billion in US revenue subject to refunds, Penn-Wharton estimates (Reuters) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Guy Adami interviews Michael Kao (@UrbanKaoboy), discussing the historic moves in gold and silver, the debate over fiat debasement versus speculative positioning, and why charts showing central bank gold eclipsing Treasury holdings can be misleading because much of the change is price appreciation rather than new buying. Kao argues true de-dollarization is unlikely due to the lack of a rival fiat ecosystem with comparable liquidity and deep bond markets, and says a shift from Treasuries to gold as a reserve anchor would imply economic austerity and slower global GDP growth. They explore how geopolitics (including post-Ukraine reserve seizure fears) and Trump-related tariff and deficit narratives have fueled gold, while Kao outlines a contrarian view that Trump 2.0 policies plus AI could be deflationary and potentially restore productivity-driven disinflationary growth similar to the late 1990s; he also critiques CBO debt projections for assuming low productivity growth. The conversation covers AI’s disruptive impact on industry moats and equity multiple compression versus immediate default risk, touches briefly on Japan’s bond market and the yen carry trade, and examines the “sanctity” of large AI CapEx plans and whether AI expands total addressable markets or mainly drives cost cutting. Kao highlights his thesis from his piece on AI electrification: U.S. electricity demand may accelerate sharply after decades of flat growth, creating an energy bottleneck that increases reliance on natural gas (given limits to coal and nuclear), amplified by data center buildouts and LNG exports. He explains his preference for natural gas mineral strategies that distribute cash flow over trading commodities or owning E&P equities due to capital allocation risks, and notes recent oil spikes have often faded since 2022. Show Notes AI, Electrification, and the Hidden Energy Bottleneck | Michael Kao The Fourth Turning by Strauss & Howe —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode of The Risk Reversal Podcast, Dan Nathan and Guy Adami break down the massive rotation rocking the tech sector. Why are investors dumping software darlings like Salesforce, Adobe, and Oracle while Apple hits new highs? The guys debate whether the "AI tailwind" has officially become a headwind for SaaS companies and if the massive infrastructure spend by Microsoft and Google will ever generate a real return. After the break, Dan sits down with Jason Wilk, Founder and CEO of Dave ($DAVE). Jason shares his incredible founder journey—from a professional golf aspirant to landing Mark Cuban as a lead investor who capped his salary at $30k. They discuss how Dave is using AI-driven underwriting to disrupt JPMorgan and Wells Fargo, slashing default rates from 20% to 1%, and the future of fintech in a high-rate environment. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan welcomes Michael Dempsey, partner at Compound VC, for an in-depth discussion on AI, crypto, and technological investing. Returning guest Dempsey shares his insights on historical and emerging trends in AI, highlighting the evolving landscape of AI commercialization, the increasing speed from research to market, and the shift from market cap expansion to destruction. The podcast also dives into Dempsey's venture capital strategies, discussing his firm's impressive portfolio, including companies like Runway and Wave, and their new public markets fund. The conversation later transitions to crypto, with guest Evan Karvounis sharing his journey and the significant potential he sees in the decentralized exchange, Hyper Liquid. Michael further elaborates on Bitcoin's potential as a store of value. The episode encapsulates a comprehensive overview of the bleeding-edge tech landscape and its promising future. After the break, Dan welcomes Evan Karvounis to the pod. Evan shares his view on Bitcoin's current branding issues linked to the Trump administration and the preference for gold among Eastern investors. The conversation then shifts to Ethereum and Solana, which Evan believes are significantly overvalued, explaining their past success through the 'casino chip thesis.' The focus then moves to Hyper Liquid, a decentralized exchange project Evan heavily invests in. He outlines its unique approach of building a product before a chain, its market potential, and recent impressive growth, particularly in traditional asset trading. The discussion concludes with Hyper Liquid's market positioning and revenue growth potential. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Go Follow TWSS on Substack In this episode of the RiskReversal Podcast, hosts Dan Nathan and Guy Adami discuss significant market movements such as the volatility index breaching 20, the rolling over of bank stocks, and Walmart's rise to an all-time high. They also delve into sectors affected by AI disruption, including tech, software, and semiconductors. Special guests from The Wall Street Skinny, Jen Saarbach and Kristen Kelly, join to discuss Google's issuance of a 100-year bond denominated in Sterling, the ongoing Warner Brothers acquisition saga, and the long-term impact of AI on employment and various industries. The episode concludes by examining the potential market effects of these trends and the implications for retail and institutional investors. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan sits with Dan Ives, head of Technology Research at Wedbush. They delve into Q1 market earnings, guidance for 2026, and the implications on CapEx and stock market reactions. The discussion expands to OpenAI’s influence, disruptive technologies, and tech stocks like Microsoft, Meta, and Nvidia. They also cover Ives’ diversified roles including his tech research, crypto investments, and his eponymous ETF. The conversation touches on AI’s impact on tech and software sectors, the rise of financial services utilizing AI, and the broader implications for future investments and market behavior. Show Notes He’s Wall Street’s Biggest Showman. Should You Trust Him? (Barron's) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan, Guy Adami, Kristen Kelly and Jen Saarbach discuss the recent happenings in the stock market, with a focus on the significant shift in sentiment towards SaaS companies. They explore how AI investments and the ensuing financial implications are affecting market valuations. The conversation touches on several key areas, including Microsoft's fluctuating performance, the role of rising interest rates, and the broader impact on the credit markets, especially in private equity and private credit. Additionally, the panel discusses the recent volatility in the cryptocurrency market, questioning Bitcoin's role as digital gold and the structural issues within the crypto ecosystem. They also examine the intriguing financial strategies and market maneuvers of Elon Musk's companies, particularly the recent merger between SpaceX and xAI. The episode concludes with a look at potential market rotations into sectors like financials and energy, as well as the upcoming challenges posed by macroeconomic conditions and the new Federal Reserve chair. Article Mentioned Hedge Fund’s Bet on Liquidity Over Private Credit Is Paying Off (Bloomberg) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami welcome Jim Chanos, founder of Chanos and Co, to discuss a wide range of investment and market topics. They delve deep into Chanos' investment strategies, including his focus on short selling and hedging, as well as his views on the AI CapEx and its potential impacts on various industries. Jim also provides insights into specific companies like MicroStrategy and CoreWeave and highlights the implications of excessive reliance on subprime loans in companies like Carvana. The discussion expands to macroeconomic issues, such as the Chinese economy and its trade relationships with the U.S., and the speculative nature of current market conditions. The episode concludes with a look at retail investment behavior and the potential risks in the crypto market. Articles Referenced - Credit Market’s Reality Check Follows Decade of Loose Lending (Bloomberg) - The American and Chinese Economies Are Hurtling Toward a Messy Divorce (WSJ) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan hosts Rishi Jaluria from RBC Capital on the 'Okay, Computer' podcast, discussing the recent downturn in software stocks amid a contrasting performance in the semiconductor sector. Rishi attributes the decline to the rise of AI and its transformative impact on software companies. The conversation covers the uncertain future of enterprise software, with examples like Salesforce and Oracle experiencing significant drops. They explore how AI adoption could drive margin expansion across various industries, including retail and oil and gas. Finally, the potential of companies like Microsoft and HubSpot to leverage AI for growth is considered, along with the future role of AI leaders OpenAI, Anthropic, and Google in shaping the tech landscape. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan and Guy Adami break down the market moves following Kevin Warsh's Federal Reserve Chair appointment, the shocking gold selloff, silver's collapse, and why Bitcoin can't break out despite the crypto-friendly administration. After the break, Jen Saarbach & Kristen Kelly join the guys to discuss the decline in the US dollar, market sentiment and Gen Z's proclivity for gambling. Checkout these articles mentioned Hedge Funds Are Back on Top After a Long ‘Alpha Winter’ (WSJ) Companies rush to refinance as credit looks good (Axios) Gen Z is playing the economy like a casino (Axios) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode of the RiskReversal Podcast, Dan Nathan and Guy Adami host Jurrien Timmer, Director of Global Macro Research at Fidelity Investments. The discussion reflects on the October 2023 market scenario when the 10-year yield reached 5% and the S&P 500 declined by 10%. Jurrien discusses the current bond market's stability, the geopolitical factors influencing gold prices, and the stock market's concentration risks with a focus on the Magnificent Seven (Mag 7) tech stocks. The conversation also covers interest rate risks, economic policies, and the potential implications of Japan's bond market volatility on global markets. Ian provides insights into valuation models, diversification strategies, and the AI boom's speculative nature, highlighting the need for careful portfolio management in a high-valuation environment. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Dan Nathan is joined by Steve Milunovich, a tech investor and retired sell-side analyst from Merrill Lynch. The discussion delves into the parallels between the AI boom and the dotcom era, touching on technological waves from the 1980s to the present. Milunovich highlights similarities such as early-stage winners, heavy capital expenditures, and the emergence of application layers later on. They also discuss the circular financing in the tech industry and potential risks, including heavy reliance on significant players like Nvidia and issues surrounding supply constraints. The conversation explores the broader implications of AI across various industries, including financial institutions and industrials, and considers the timeline for wider adoption and monetization of AI technologies. The dialogue is framed by historical context, with references to past tech bubbles, network effects, and the potential for new winners in unexpected sectors. Show Notes AI: The Wrong Kind of Bubble (Breadcrum.vc) Meta inks deal to pay Corning up to $6 billion for fiber-optic cables in AI data centers (CNBC) AI productivity is about to become visible and investable (FT) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Guy Adami and Dan Nathan break down the biggest week of earnings season 2026, featuring high-stakes reports from Boeing, Microsoft, Texas Instruments, Apple, SanDisk, Western Digital, Exxon, and Chevron. Plus, Jen Saarbach and Kristin Kelly join for "He Said She Said" to analyze Japan's historic bond market crisis and the Netflix-Warner Bros-Paramount M&A saga. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media