Chris Whalen: DOJ Drops Powell Probe — Trump Could Be Attacking Warsh By Thanksgiving

Watch on YouTube ↗  |  April 25, 2026 at 13:01  |  43:49  |  Julia LaRoche Show
Speakers
Chris Whalen — Chairman, Whalen Global Advisors

Summary

Chris Whalen analyzes the DOJ dropping the Powell probe, expects stagflation to persist, and warns on Nvidia and bank stocks. He discusses private credit risks, Middle East tensions, and the housing market. He also gives views on gold, bank earnings, and regulatory issues.

  • DOJ drops criminal probe of Fed Chair Jerome Powell, clearing path for Kevin Warsh nomination.
  • Chris Whalen expects stagflation to be the base case through 2025-2026.
  • He warns against buying Nvidia due to AI capex sustainability and insider selling.
  • He is bearish on US bank stocks, expecting credit expenses to rise and hurt earnings.
  • Private credit and broader credit quality are key risks, with many loans unable to roll over.
  • Middle East tensions and Iran's Strait of Hormuz interdiction keep energy prices elevated.
  • Chris sees distressed real estate as the next opportunity as foreclosures increase.
  • He criticizes the Spirit Airlines bailout and calls it a waste of taxpayer money.
Trade Ideas
Chris Whalen Chairman, Whalen Global Advisors 29:27
Avoid Nvidia, AI capex concerns.
Chris Whalen says he would not buy Nvidia right now because of concerns about the sustainability of AI capex, circular financing where Nvidia is financing customer purchases, and insider selling by major shareholders like SoftBank. He believes many AI data center projects will be cancelled and the tech sector needs to be approached cautiously.
NVDA HIGH
Chris Whalen Chairman, Whalen Global Advisors 31:59
Bearish on US bank stocks.
Chris Whalen expects credit expenses to rise at US banks, hurting their stock prices. He notes that while banks have sold off slightly, they remain elevated and reflect complacency. Share repurchases funded with debt are risky and will dry up if credit losses increase. He sees a correction coming in bank stocks.
KBE HIGH
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This Julia LaRoche Show video, published April 25, 2026, features Chris Whalen discussing NVDA, KBE. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Whalen  · Tickers: NVDA, KBE