| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| SHORT |
Ram Ahluwalia
Founder, Lumida Wealth |
Hyperscalers have committed to trillion-dollar spending obligations (debt) while current revenues are a fraction of that (e.g., OpenAI/Anthropic revenue vs. valuation). Ram notes, "They're echoes of 2008 when you had debt that wasn't worth par... I don't think it's great for Mag 7." These companies are releveraging their balance sheets (issuing debt/equity) to fund CapEx that has uncertain ROI. This capital destruction reduces their ability to fund share buybacks, which was the primary driver of their stock performance. SHORT/AVOID. The risk/reward for the heavy spenders is skewed to the downside as they incinerate cash. AI monetization accelerates faster than expected, validating the spend. | 33:56 | |
| LONG |
Ram Ahluwalia
Founder, Lumida Wealth |
Nvidia and Apple are the only two major tech stocks trading above their 200-day moving averages. Nvidia has immense pricing power ("Mag 7 has no choice"), and Apple largely sat out the massive CapEx splurge. In a "picks and shovels" gold rush, the value accrues to the hardware provider (NVDA) regardless of whether the customers (MSFT/META) make a profit. Apple remains a defensive play with a cleaner balance sheet by avoiding the "incinerator." LONG. Divergence within Big Tech favors the sellers of infrastructure (NVDA) and the disciplined allocators (AAPL). A sudden halt in AI CapEx spending would crush Nvidia's order book. | 33:54 | |
| LONG |
Stefan Rust
Guest, CEO of Trueflation |
While general CPI is trending down (<1% per Trueflation), specific categories like "rare earths, energy, battery materials, gold, and silver" are moving upwards drastically. The AI and tech build-out requires massive physical resources (energy for compute, metals for hardware). Even in a deflationary consumer environment, the industrial input costs for the next tech cycle are rising. LONG. Hard assets hedge against both monetary debasement and the specific supply chain demands of the AI boom. A global recession suppresses industrial demand. | 12:18 | |
| LONG |
Austin Campbell
Founder, Zero Knowledge Group; Co-host Bits+Bips (Unchained); Adj. Prof. NYU Stern |
AI agents perform vast numbers of micro-transactions. The market is coalescing around "US dollar stablecoins" as the currency and high-throughput chains for settlement. Bitcoin is explicitly deemed "not well-designed" for this use case. As AI agents begin transacting autonomously, transaction volume will explode. This volume flows to the issuers of the currency (Coinbase/Circle) and the most efficient networks (Solana). LONG. Bet on the infrastructure that facilitates the "Agentic Economy." Regulatory crackdowns on stablecoins or a shift to CBDCs. | 44:02 | |
| LONG |
Stefan Rust
Guest, CEO of Trueflation |
Institutions are moving on-chain despite low token prices. BlackRock is using Uniswap X; Apollo is acquiring Morpho tokens. Smart money is buying the "rails" and protocols during the bear market. The utility of swapping tokenized assets (e.g., JPM Coin for Mercado Libre Coin) will occur on decentralized exchanges like Uniswap. LONG. Institutional validation provides a floor, and future tokenized asset volume will drive protocol revenue. Continued regulatory hostility towards DeFi interfaces. | 59:36 |