Trading the Markets LIVE: February 11, 2026 | Kris Bullock and Bijan Maleki
Speakers
Kris Bullock
— Host, Real Vision
Bijan Maleki
— Host
Summary
Kris Bullock and Bijan Maleki review a risk-off crypto market and AI-related equity trades. Kris remains bearish on Bitcoin and broad crypto, favors PAXG and Hyperliquid as relative crypto hedges, and likes gold as a safe-haven allocation. The AI discussion focuses on Palantir, Vertiv, AI hardware picks-and-shovels, and avoiding crowded Mag 7 and legacy SaaS names. The show ends with a caution to hedge crypto downside rather than wait for a bottom.
- Bitcoin is rolling over and Kris expects a break below the prior low before a durable bottom.
- Broad crypto remains risk-off, with most assets unattractive unless they have a unique narrative.
- PAXG and Hyperliquid are presented as relative crypto opportunities, while gold is favored as a safe haven.
- Palantir is viewed as oversold and more of an AI operating system than legacy software.
- Vertiv is highlighted as an AI data-center power/cooling play with strong order growth and backlog.
- Kris prefers AI hardware supply-chain exposure over crowded Mag 7/hyperscaler trades.
- Legacy SaaS names are seen as pressured by AI coding advancements.
- The hosts advise investors to hedge or rotate into safer assets if exposed to crypto downside.
Ideas
Bitcoin likely breaks prior low
Bitcoin is rolling over after an anemic bounce from a historic oversold flush. The bounce failed at the 10-day moving average, and while a higher low is the most bullish near-term scenario, he ultimately expects a break below the prior low around $59,000 before any durable bottom. He is not a buyer and suggests sitting tight or holding cash, with any bounce potentially only reaching the mid-$80,000s before rolling over again.
Crypto market remains risk-off and weak
The broader crypto market remains in a risk-off regime. With Bitcoin unable to catch a bid, most crypto assets are unattractive unless they have a unique narrative; liquidity conditions are not favorable, and crypto is too far out on the risk curve. He is not treating the market as a buying opportunity and expects continued bleeding until macro and regulatory conditions change.
Hyperliquid leads on-chain commodity trading
Hyperliquid has a unique and strong narrative as the on-chain venue for crypto traders to trade commodities such as gold and silver perpetual swaps. It remains strong despite a retrace and benefits as gold and silver hold up and have upside. He sees it as one of the best bets in crypto for investors who still want exposure, though it will be volatile.
Gold remains upside hedge
Gold is still doing well after its retrace and still has upside. In a risk-off crypto environment, he suggests investors can move into gold as a safer asset or hedge, and says it is not too late to do so.
Silver has upside as industrial metal
Silver is still doing well after its retrace and has upside. It is also an industrial metal used in the AI hardware build-out, fitting his hardware and scarcity theme as metals demand remains backed up.
PAXG is crypto portfolio safe haven
PAX Gold, a tokenized gold product, is in an uptrend against the dollar and against Bitcoin. It acts as a safe haven inside crypto and a way to de-risk a crypto portfolio; he recommends an allocation to PAXG for investors who want to stay in crypto but reduce risk.
Hyperliquid undervalued versus Coinbase volume
Bijan's research suggests Hyperliquid's spot and perpetuals volume is roughly comparable to Coinbase, while its market cap is significantly lower than Coinbase and Robinhood. He argues the fee/buyback-and-burn model makes Hyperliquid extremely undervalued, though he acknowledges the volume data could be mistaken and asks the community to verify.
Palantir oversold AI operating system
Palantir was sold off with legacy software/SaaS on fears AI coding would disrupt software, but it is not a legacy SaaS company. It is more like an AI operating system that corporations use to optimize workflows. It is oversold, revenue is up 130% year on year, order backlogs are major and multi-year, and he thinks it is a good buy and solid play going forward.
AI coding pressures legacy SaaS
Advancements in AI coding are undermining legacy software/SaaS because software can be replicated more easily. Big SaaS companies like Adobe and Salesforce have lost favor and are in decline. He uses this to explain why Palantir was incorrectly lumped in with the group.
Palantir government contract monopoly potential
Bijan sees Palantir's chart as offering one of the best entries in months, and he likes that Palantir is positioned to potentially have a near-monopoly on government contracts, a driver that may not be visible in the chart but could be an important upside catalyst.
Vertiv benefits from data center cooling
Vertiv is a picks-and-shovels AI data-center play, providing power, cooling, and infrastructure for server racks and GPUs. Data-center expansion means massive cooling and power needs, and Vertiv is an industry leader. It reported 250% year-on-year order growth, doubled backlog and guidance, and the stock jumped 18%; he says it may give back some of the gap short term but remains a solid multi-year backlog play.
Favor AI hardware over crowded Mag 7
The Mag 7 and big hyperscaler trade is overcrowded, boring, and overcooked. Better opportunities are in the AI hardware supply chain—companies providing hardware for the AI build-out—where scarcity and multi-year backlogs exist in semiconductors, IT infrastructure, and industrial metals. He wants exposure to the picks and shovels rather than the crowded mega-cap AI leaders.
Favor AI hardware over crowded Mag 7
The Mag 7 and big hyperscaler trade is overcrowded, boring, and overcooked. Better opportunities are in the AI hardware supply chain—companies providing hardware for the AI build-out—where scarcity and multi-year backlogs exist in semiconductors, IT infrastructure, and industrial metals. He wants exposure to the picks and shovels rather than the crowded mega-cap AI leaders.
Copper benefits from AI buildout
Copper is an industrial metal used in the build-out of AI chips and hardware. It fits the hardware and scarcity theme, with strong demand and backlogs supporting the group.
Up Next
This Real Vision video, published February 12, 2026, features Kris Bullock, Bijan Maleki discussing BTC, Crypto Market, HYPE, GLD, SILVER, PAXG, PLTR, Legacy software/SaaS, ADBE, CRM, VRT, SMH, MAGS, COPPER. 14 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Kris Bullock, Bijan Maleki · Tickers: BTC, Crypto Market, HYPE, GLD, SILVER, PAXG, PLTR, Legacy software/SaaS, ADBE, CRM, VRT, SMH, MAGS, COPPER