Full Signal

Steve Hou is the head of research at Silicon Data and a veteran quantitative investment strategist. He joins Phil Rosen on Full Signal to discuss rising GPU rental prices and falling token prices, how investors should think about the data driving AI economy, where value will accrue for tech investors in the year ahead, and more.

This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

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TIMESTAMPS:

0:00 - Where are we in the AI cycle?

2:17 - GPU rental prices soaring

4:01 - AI frontier vs. flash models

7:18 - Falling token prices

9:20 - Jevons paradox

10:36 - The business of frontier AI labs

16:04 - What investors are pricing in

18:39 - Are valuations attractive?

21:05 - Where AI profits will accrue

25:20 - Bullish Nvidia?

26:49 - GPU depreciation

30:48 - What investors should worry about

33:41 - Is AI a bubble?

36:07 - Follow Steve

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Phil Neuhart is the head of market and economic research at First Citizens Bank. He joins Phil Rosen on Full Signal to discuss his favorite investment opportunities for 2027, the under-the-radar risks for the AI trade and macro backdrop, and what he’s putting in client portfolios right now.

Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

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TIMESTAMPS:

0:00 - AI trade in trouble?

1:56 - What if AI capex slows?

4:18 - AI adoption hits Main Street

7:39 - Great technology, bad investment?

9:22 - Will mega IPOs drain the market?

11:25 - S&P 500 target: 8,300

12:18 - The bear argument

14:34 - Labor market risks

16:21 - Fed backdrop

18:51 - Factor investing

22:00 - Utilities and consumer staples

23:48 - What clients are worried about

26:34 - What inning is the AI trade in?

28:55 - Data center NIMBYism

33:14 - First Citizens

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Josh Schafer is an investment writer at Barron’s and the author of the Substack, “Searching for Signals.” He joins Phil Rosen on Full Signal to unpack the Jensen Huang and Nvidia drama, whether the AI capex cycle is turning bearish, midterm seasonality, and the three stocks he likes best heading into 2027.

This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - Nvidia and Jensen Huang scandal

7:22 - Late-stage AI trade

8:17 - Midterm seasonality

10:38 - AI spending and cash flow

12:19 - Value vs. growth

14:30 - Rotation trade

16:46 - AI profits and productivity

20:01 - AI layoffs vs. overhiring

21:19 - Alphabet

27:24 - Visa

32:24 - Walmart

36:05 - Searching for Signals

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Drew Pettit is the chief investment strategist at Roundhill Investments, and he previously spent a decade at Citi. He joins Phil Rosen on Full Signal to discuss why the AI trade seems late cycle, how much growth is priced into stocks, the case for photonics stocks, and more.

This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - Late-cycle bull market

2:37 - Stocks getting cheaper?

5:07 - Bubble in expectations?

6:29 - Markets need bears

7:33 - Sentiment vs. reality

9:42 - Options data

11:27 - Low correlation trades

14:38 - Stock pickers or thematics?

17:15 - Mag 7 outlook

19:51 - Software and AI risk

22:00 - Photonics and optics

25:32 - HALO stocks and LOHA

27:29 - Canadian Natural Resources

29:21 - Kirby

31:07 - Thematic ETFs

35:38 - Core and satellite investments

37:56 - Roundhill Investments

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Rhys Williams is the chief investment officer at Wayve Capital Management and has been in the markets since 1987, managing about $2 billion at the peak of the dot-com bubble. He joins Phil Rosen on Full Signal to discuss why today's AI boom isn't a repeat of 1999, the data center backlash, Anthropic's S-1, his barbell portfolio strategy, and his top stock picks for 2027.

This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

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TIMESTAMPS:

0:00 - Another dot-com?

1:31 - Data center backlash

3:15 - Lessons from 1990s

7:01 - AI bear case

9:52 - Anthropic's S-1

11:12 - Barbell portfolio for 2027

12:09 - Undervalued stock picks

17:16 - Energy vs. AI

19:39 - Gas stocks and pipelines

23:16 - Consumer staples

27:14 - Astera Labs

30:13 - AI selloff

35:01 - Wayve Capital

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jordi Visser is a veteran macro investor and the founder of 22V Research. He joins Phil Rosen on Full Signal to discuss how AI is driving rates and the broader macro picture, what Microsoft’s buyouts mean for labor and capital, his bullish case for Eli Lilly and Micron, and his investment outlook for the year ahead.Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfsFull Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosenTIMESTAMPS:0:00 - AI as macro

3:53 - Next year looks different

5:41 - SPVs and private credit

7:40 - Hyperscaler free cash flow

9:27 - Microsoft buyouts

13:25 - Corporate layoffs coming?

15:15 - Redistributing profits vs. UBI

17:19 - Where's the AI productivity data?

24:29 - Eli Lilly and longevity

29:28 - Micron

33:43 - Investing predictions

36:39 - Overweight crypto

39:40 - Follow Jordi#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Adam Parker is the founder of Trivariate Research and Trivector Research, and he was formerly the Chief US Equity Strategist and Director of Global Quantitative Research at Morgan Stanley. He joins Phil Rosen on Full Signal to unpack his favorite stocks and sectors for 2027, why he's still optimistic on semiconductors and memory, the thesis for healthcare, and more.

Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - AI cycle 1/3 done

3:28 - Micron

8:44 - Weakest part of AI trade

12:23 - Run more diversified

18:57 - Buy and hold is broken

22:10 - Expensive stocks and earnings

26:13 - Don't add to losers

29:42 - Healthcare

35:15 - Eli Lilly and GLP-1

38:22 - Semis, power and healthcare

40:30 - Oil stocks and AI power

41:39 - Post-midterm AI rally

42:59 - 2030s industrial revolution

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Eddie Ghabour is the co-founder and CEO of Key Advisors Wealth Management. He joins Phil Rosen on Full Signal to discuss his highest-conviction investment ideas for 2027, the Fed's policy error, the undervalued sectors Wall Street is ignoring, and the details of his tactical investing approach versus the typical buy-and-hold strategy.

This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices

Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:

🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905

📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - Rising rates

2:29 - AI capex and inflation

3:29 - Bond market leads

6:32 - Debt-financed AI risks

10:05 - Positioning in tech

13:38 - Cybersecurity

16:38 - Healthcare

19:14 - Consumer staples

19:54 - Contrarian housing call

23:31 - Utilities

26:05 - Tactical vs. buy-and-hold

30:37 - Gold

32:24 - Bitcoin

33:41 - Follow Eddie

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Alexandra Wilson-Elizondo is the global head and co-chief investment officer of Multi-Asset Solutions at Goldman Sachs Asset Management. She joins Phil Rosen on Full Signal to discuss the next stage of the AI trade, debt financing in the AI buildout, whether today's AI boom resembles the dot-com bubble, opportunities in international markets, and what could outperform in 2027.

This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

Follow Phil on X: https://x.com/philrosenn

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💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - 4th stage of AI trade

3:51 - Is AI a bubble?

5:47 - GPU obsolescence risk

9:23 - Credit warning signs

10:34 - Best hedge against AI? 

11:32 - Pharma and utilities

16:30 - European financials

18:15 - Emerging markets

20:54 - Japan

24:37 - Longevity trade

29:31 - Back to fundamentals

31:10 - Goldman Sachs

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Stephanie Aliaga is a global market strategist at JP Morgan Asset Management, where she focuses on AI's role in markets and the economy. She joins Phil Rosen on Full Signal to discuss why the AI cycle is still early, the selloff in neocloud stocks, hyperscaler moats and frontier lab economics, why AI isn't showing up in productivity data yet, and her favorite opportunities for the AI trade for the year ahead.

Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs

📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe

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Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/

💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen

TIMESTAMPS:

0:00 - We're still early in AI

2:43 - Neocloud financing fears

4:46 - Demand vs. financing

7:10 - Hyperscaler balance sheets

10:46 - Frontier lab token economics

15:06 - AI agents boom

17:05 - Enterprise AI adoption

20:24 - Where's the productivity gains?

26:24 - Where to invest now

30:16 - Favorite sectors

34:07 - US vs. international

37:29 - Too late to buy AI?

39:07 - What could derail the AI trade

40:44 - Follow Stephanie

#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed