Full Signal

Luke Kawa is a veteran financial writer and analyst, and the markets editor at Sherwood Media. He joins Phil Rosen on Full Signal to unpack whether the Magnificent 7 can lead again, why Apple has become the group's defensive hedge, the great de-rating in chip stocks, and where we actually are in the AI bubble.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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

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

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TIMESTAMPS:

0:00 - Markets at crossroads

3:12 - Can the Mag 7 lead?

5:38 - Mag 7 vs. momentum

8:34 - Apple as a defensive stock

12:57 - Equal weight technicals

14:27 - Industrials vs. US consumer

17:32 - US vs. rest of world

21:46 - The great de-rating in chips

24:26 - Expensive stocks with slow growth

27:04 - Why global growth keeps surprising

30:37 - Where the opportunities are now

34:19 - Are we in an AI bubble?

36:28 - Follow Luke

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

Jay Hatfield is the CEO and chief investment officer at Infrastructure Capital Advisors, where he picks stocks and manages a suite of income-focused ETFs. He joins Phil Rosen on Full Signal to discuss his street-high 8,250 S&P 500 target, why he calls the Fed a fatally flawed institution, his highest-conviction stock picks, and his new covered-call strategy.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

TIMESTAMPS:

0:00 - New S&P 500 target

4:39 - What would break the bull case

5:36 - Core inflation falling

8:31 - Why Fed officials want hikes

11:36 - Kevin Warsh herding the cats

16:06 - Catalysts to fix the Fed

20:32 - Marvell

23:20 - Private credit stock pick

26:07 - Capex debate

29:01 - Lockheed Martin

30:43 - Covered-call fund

33:37 - Beating the NASDAQ

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

Andy Goldberg is the chief investment strategist at Nomura Asset Management International (https://nomuraassetmanagement.com/). He joins Phil Rosen on Full Signal to discuss the bull and bear case on the AI boom, whether hyperscaler debt and circular financing are red flags, the three sectors that benefit downstream from AI, and why he'd welcome a Fed rate hike.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

Timestamps:

0:00 - AI early innings

4:23 - Forward valuations

8:00 - Bearish narratives

10:24 - Hyperscalers turn to debt

12:38 - Owning the AI trade through debt

14:08 - Nvidia and circular financing

18:30 - Cyber risks and data center backlash

20:59 - Healthcare

24:57 - Industrials

27:47 - Financials

32:49 - Rates and the broadening trade

38:13 - How higher rates cap valuations

39:52 - Find Andy's work

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

Eric Wallerstein is the chief macro strategist for Clocktower Group, and was previously an advisor to Stephen Miran at the Federal Reserve Board as well as at the White House Council of Economic Advisors. He joins Phil Rosen on Full Signal to discuss the central bank outlook, why he is bullish on the US economy, and three global trade ideas that Wall Street is ignoring right now.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

Timestamps:

0:00 - Why the Fed shouldn't hike

1:47 - Why markets expect a hike

4:47 - Hawkish dissenters

8:14 - Warsh and Fed credibility

10:02 - Reforming the Fed's balance sheet

14:02 - Reading the bond selloff

18:24 - Tariffs as fiscal impulse

20:46 - France and the debt divergence

23:21 - Why AI capex is bullish US

24:23 - Stocks if the Fed holds

27:19 - Japanese banks

30:07 - Mexico

33:39 - Defense stocks

35:41 - Follow Eric

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

Jared Dillian is a Wall Street veteran, the editor of the The Daily Dirtnap, and the author of the new book "The Awesome Portfolio." He joins Phil Rosen on Full Signal to discuss why he's bullish on bonds right now, his version of a perfect portfolio, why he's bearish on the AI trade, and how gold and bitcoin fit into a modern portfolio.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

Timestamps:

0:00 - Are we at the top?

2:50 - Bullish on bonds

6:10 - Treasury's bond buyback plan

12:42 - The economy without AI

15:29 - Parallels to the dot-com

17:44 - Costco indicator

20:21 - The Awesome Portfolio

26:26 - Real estate

27:56 - Gold

30:41 - Cash

32:17 - Performance in a crash

38:00 - Where to find Jared

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

Jack Raines is the author of "Young Money: A Field Guide to Wealth and Purpose in Your Twenties." He joins Phil Rosen on Full Signal to discuss why young people should spend more and invest less, the pull of sports betting and prediction markets on Gen Z, how he turned $6,000 into $400,000 trading SPACs, and why housing costs sit underneath most of this generation's anxiety.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

TIMESTAMPS:

0:00 - Invest less, spend more

2:44 - Retirement vs. cheap thrills

3:36 - Increase income, not savings

5:49 - Can young people afford anything?

8:33 - Sports betting

11:30 - Prediction markets

12:03 - Stage-specificity of life

18:15 - Boring investing for Gen Z

21:08 - Comparing yourself to outlier winners

23:04 - Status games

26:55 - Trading SPACs

34:23 - Young Money

Bilal Little is a global ETF strategist at Direxion and the host of the ETF Central podcast for the New York Stock Exchange. He joins Phil Rosen on Full Signal to discuss why the market is mispricing the cost of capital, how leveraged and inverse ETFs are actually meant to be traded, and where he sees the most compelling opportunities right now.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/philrosen/Timestamps:0:00 - What the market is mispricing2:24 - Macro data vs AI4:41 - Jobs data6:05 - Shift to thematic investing8:30 - Income ETFs11:48 - Leverage15:19 - Risk appetite 17:28 - Building portfolios20:54 - Most compelling opportunities23:03 - Follow Bilal

Jay Jacobs is the US head of equity ETFs at BlackRock. He joins Phil Rosen on Full Signal to discuss the three layers of the AI trade, whether the data center buildout echoes the dot-com overbuild, the physical choke points that could throttle AI, and why healthcare may be the most overlooked way to own the theme.

TIMESTAMPS:

0:00 - Tech valuations declining

2:00 - 3 layers of AI

5:26 - Runway for the physical layer

7:46 - Another dot-com overbuild?

9:17 - Power constraint

11:15 - Indium, an AI choke point

14:52 -Risks in AI portfolios

16:05 - Why thematic funds beat sectors

19:25 - Defense stocks

22:10 - Healthcare

25:17 - Commodities

26:25 - Robotics

27:19 - Bitcoin at BlackRock

30:58 - Highest-conviction themes

32:57 - Why not financials?

33:53 - Follow Jay

Jack Farley is the co-founder of Monetary Matters Network and he recently launched Farley Associated Research, an investment Substack with its own model portfolio. He joins Phil Rosen on Full Signal to discuss why the AI capex boom still has room to run, his highest-conviction semiconductor pick, the case for silver over gold, and the stocks he is shorting right now and his macro outlook through 2027.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

TIMESTAMPS:

0:00 - Bull market's 5th year?

3:30 - Hyperscaler capex

5:04 - Free cash flow concerns

6:47 - AI pricing power

9:43 - Semiconductor pricing power

11:59 - Favorite sectors

14:02 - Lam Research

18:13 - Could China crash memory?

20:37 - Short ideas

22:09 - Silver bull case

26:11 - Macro risks

27:55 - Jack's model portfolio

28:54 - Texas Pacific Land

30:28 - Sulfur stock idea

32:24 - Korean memory stocks

34:57 - Shorting Meta

35:52 - Follow Jack

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

Ryan Detrick is the chief market strategist at Carson Group, where he helps manage more than $8 billion and has kept the firm overweight equities for over three years. He joins Phil Rosen for the 100th episode of Full Signal to discuss his S&P 500 outlook, why banks are breaking out, the sectors he likes best, and the bearish signals no one else is watching.

This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/

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/philrosen/

TIMESTAMPS:

0:00 - S&P 500 outlook

3:42 - Seasonality

7:32 - Advance-decline line

9:20 - Financials and banks

11:54 - Cyclicals for the second half

14:44 - Gold, bonds and managed futures

16:25 - Industrials

17:36 - Financials

19:33 - Tech stocks

21:48 - $1 trillion capex debate

23:56 - Secular bull case

24:47 - Europe and Japan

27:03 - The bear case with the US dollar

28:32 - Staples stocks falling

31:43 - Fed outlook

33:27 - 3 contrarian calls

34:55 - Follow Ryan