Phil Rosen
@philrosenn
Chief Market Strategist, ProCap Financial • Co-founder & CEO, Opening Bell Media (207K+ subs) • Host of Full Signal • Get my newsletter every AM👇
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This bull market is still young and a small handful of stocks will dominate 2027, according to Nancy Tengler, a top 1% portfolio manager.
@ntengler's high-conviction portfolio is up nearly 50% this year so far.
We sat down to go through her favorite investment ideas, why she's ignoring risks with oil prices and bond yields, her views on hyperscalers' negative free cash flow, and how she's positioned for the year ahead.
TIMESTAMPS:
0:00 - State of the market
2:02 - Why the doomer narrative persists
3:34 - Earnings outpacing stock prices
7:12 - Broadening-out trade stalls
9:20 - Hyperscaler free cash flow concerns
11:39 - Bond yields risk
16:16 - Walmart
17:53 - AMD
19:06 - Quanta Services
20:55 - $TSLA
23:33 - CrowdStrike
25:24 - DR Horton
28:12 - $GOOG $AMZN
33:27 - Nancy's research
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Financial stocks are set to be one of the biggest winners of the AI boom.
It's a global supercycle that's bringing higher AI-related borrowing, rising rates, stronger bank net interest margins, and renewed M&A activity.
Nomura investment chief Andy Goldberg explains.
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The AI infrastructure buildout has years left to run and so does the bull market in stocks.
I sat down with Nomura chief investment strategist Andy Goldberg to unpack the bull and bear case on AI, hyperscalers tapping debt markets, circular financing, and the 3 sectors set to benefit most from the new technology.
Andy is one of the smartest guys on Wall Street and we covered a lot of ground in this conversation.
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 - Broadening trade
38:13 - Higher rates and valuations
39:52 - @Nomura
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There have been only 13 months in 40 years when University of Michigan consumer sentiment was below 60 while the Nasdaq was up 20%+ from a year earlier.
12 of them came in the last 13 months.
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The bear case on AI is not a dramatic collapse or doomsday.
It's much more likely to be as simple as a slowdown in growth for the frontier AI labs, which could happen sooner than later as these companies enter public markets.
@sonalibasak explains.
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I took the stage with @sonalibasak at Future Proof to unpack the best opportunities in the AI bull market right now. We also covered:
- Positioning for the year ahead
- Risks tied to Fed and Treasury
- Hyperscalers tapping debt markets
This is FULL SIGNAL LIVE @FutureProof_HQ!
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I took the stage with @sonalibasak at Future Proof to unpack the best opportunities in the AI bull market right now. We also covered:
- Positioning for the year ahead
- Risks tied to Fed and Treasury
- Hyperscalers tapping debt markets
This is FULL SIGNAL LIVE @FutureProof_HQ!
Show more
Your life savings deserve more than a generic answer that isn’t rooted in your real finances.
Silvia ranked #1# in our tax, mortgage and credit card benchmarks, beating ChatGPT, Claude, Gemini, and Grok.
We’re building financial superintelligence. Purpose-built for investors.
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The S&P 500 is suddenly outperforming the equal-weight $RSP after lagging all year.
The broadening trade has weakened and investors are positioning for higher rates, rising commodity prices, and AI leadership.
@LJKawa explains.
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AI fears and the Fed have left the stock market at a crossroads right now waiting for the next catalyst.
I sat down with @LJKawa to go through the 10 most important charts that explain financial markets and the macro backdrop right now.
Luke is one of the best investment minds in the business today.
The insights here will surprise you.
0:00 - Missing catalysts
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
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The AI infrastructure buildout is nothing like the internet overbuild.
GPUs are already being used at full capacity, older chips are still retaining value, and AI adoption is only accelerating.
This isn't another 1999.
@vaneck_us's Nick Frasse explains.
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AI has turned $SMH into the most popular semiconductor ETF in the world.
VanEck veteran Nick Frasse is the man behind the $70 billion fund.
We sat down to unpack the high-conviction stocks that make up the AI economy, how to bet on bottlenecks, and his favorite opportunities in the AI trade right now.
This is one of the best conversations you will hear from someone who knows semiconductor investing extremely well.
TIMESTAMPS:
0:00 - SMH and semiconductor demand
1:16 - Bear case for chips
5:27 - Semis collaborate, not compete
10:16 - Are semis still cyclical?
13:53 - SMHX and fabless chipmakers
15:32 - Asset-light vs. asset-heavy
16:59 - AI buildout bottlenecks
19:49 - Data centers, robotics, and space
21:25 - Grid-to-rack supply chain
22:51 - Financing the AI buildout
24:41 - Is AI killing software?
27:44 - Hyperscalers turning asset-heavy
29:21 - Robotics
30:52 - @vaneck_us
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More photos from stage with the great @sonalibasak at @FutureProof_HQ for a live episode of FULL SIGNAL
The Fed hiked rates for the first time in 3 years just in time for @sonalibasak and I to go on stage at @FutureProof_HQ and break down what it means for investors.
Apple $AAPL has become the only defensive stock in the Magnificent 7 because it's not pouring capital into the AI infrastructure boom.
It's been called the "loser" of the AI race for 2 years but it's compounding earnings better than almost all its peers.
@LJKawa explains.
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AI fears and the Fed have left the stock market at a crossroads right now waiting for the next catalyst.
I sat down with @LJKawa to go through the 10 most important charts that explain financial markets and the macro backdrop right now.
Luke is one of the best investment minds in the business today.
The insights here will surprise you.
0:00 - Missing catalysts
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
Show more
The biggest semiconductor companies in the world can all win because they all collaborate rather than compete directly.
Chip designers, foundries and equipment makers all work with one another.
@vaneck_us's Nick Frasse, who oversees the $70 billion $SMH ETF, explains.
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AI has turned $SMH into the most popular semiconductor ETF in the world.
VanEck veteran Nick Frasse is the man behind the $70 billion fund.
We sat down to unpack the high-conviction stocks that make up the AI economy, how to bet on bottlenecks, and his favorite opportunities in the AI trade right now.
This is one of the best conversations you will hear from someone who knows semiconductor investing extremely well.
TIMESTAMPS:
0:00 - SMH and semiconductor demand
1:16 - Bear case for chips
5:27 - Semis collaborate, not compete
10:16 - Are semis still cyclical?
13:53 - SMHX and fabless chipmakers
15:32 - Asset-light vs. asset-heavy
16:59 - AI buildout bottlenecks
19:49 - Data centers, robotics, and space
21:25 - Grid-to-rack supply chain
22:51 - Financing the AI buildout
24:41 - Is AI killing software?
27:44 - Hyperscalers turning asset-heavy
29:21 - Robotics
30:52 - @vaneck_us
Show more
Healthcare could be the best sector bet for the next decade of AI, according to Andy Goldberg, chief investment strategist @Nomura.
AI accelerates pharma research, new treatments and drug discovery.
The entire sector could see a re-rating.
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The AI infrastructure buildout has years left to run and so does the bull market in stocks.
I sat down with Nomura chief investment strategist Andy Goldberg to unpack the bull and bear case on AI, hyperscalers tapping debt markets, circular financing, and the 3 sectors set to benefit most from the new technology.
Andy is one of the smartest guys on Wall Street and we covered a lot of ground in this conversation.
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 - Broadening trade
38:13 - Higher rates and valuations
39:52 - @Nomura
Show more
The AI supercycle has barely started, according to the VanEck manager behind $SMH, the $70 billion semiconductor fund that dominates the market.
He expects semiconductors to become less and less cyclical of a business the next decade.
Show more
AI has turned $SMH into the most popular semiconductor ETF in the world.
VanEck veteran Nick Frasse is the man behind the $70 billion fund.
We sat down to unpack the high-conviction stocks that make up the AI economy, how to bet on bottlenecks, and his favorite opportunities in the AI trade right now.
This is one of the best conversations you will hear from someone who knows semiconductor investing extremely well.
TIMESTAMPS:
0:00 - SMH and semiconductor demand
1:16 - Bear case for chips
5:27 - Semis collaborate, not compete
10:16 - Are semis still cyclical?
13:53 - SMHX and fabless chipmakers
15:32 - Asset-light vs. asset-heavy
16:59 - AI buildout bottlenecks
19:49 - Data centers, robotics, and space
21:25 - Grid-to-rack supply chain
22:51 - Financing the AI buildout
24:41 - Is AI killing software?
27:44 - Hyperscalers turning asset-heavy
29:21 - Robotics
30:52 - @vaneck_us
Show more
Marvell $MRVL could end up as the stock pick of the decade.
Veteran investor Jay Hatfield says it's his favorite company because of its massive revenue backlog, Google partnership, and market position in the AI boom.
@JDHatfield_ICAP explains.
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The Fed is on the verge of a policy error but that won't stop stocks from smashing record highs this year.
I sat down with veteran investor @JDHatfield_ICAP to unpack his Street-high S&P 500 target and the Fed's fatal flaw and dirty data, the 4 stocks he likes most through 2027, and why he's leaning into covered calls with his new fund.
Jay has spent decades picking stocks and managing money on Wall Street and he has a non-consensus view of the central bank.
This conversation will make you think critically.
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 - $MRVL
23:20 - $KKR
26:07 - Capex debate
29:01 - $LMT
30:43 - Covered-call fund
33:37 - Beating the NASDAQ
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There’s only one conference in the world you can talk about the stock market on stage at lunch and then see Wiz Khalifa and Gym Class Heroes perform on the same stage by dinner.
That's @FutureProof_HQ.
And it's awesome.
Show more
AI has turned $SMH into the most popular semiconductor ETF in the world.
VanEck veteran Nick Frasse is the man behind the $70 billion fund.
We sat down to unpack the high-conviction stocks that make up the AI economy, how to bet on bottlenecks, and his favorite opportunities in the AI trade right now.
This is one of the best conversations you will hear from someone who knows semiconductor investing extremely well.
TIMESTAMPS:
0:00 - SMH and semiconductor demand
1:16 - Bear case for chips
5:27 - Semis collaborate, not compete
10:16 - Are semis still cyclical?
13:53 - SMHX and fabless chipmakers
15:32 - Asset-light vs. asset-heavy
16:59 - AI buildout bottlenecks
19:49 - Data centers, robotics, and space
21:25 - Grid-to-rack supply chain
22:51 - Financing the AI buildout
24:41 - Is AI killing software?
27:44 - Hyperscalers turning asset-heavy
29:21 - Robotics
30:52 - @vaneck_us
Show more
The Fed hiked rates for the first time in 3 years just in time for @sonalibasak and I to go on stage at @FutureProof_HQ and break down what it means for investors.
AI fears and the Fed have left the stock market at a crossroads right now waiting for the next catalyst.
I sat down with @LJKawa to go through the 10 most important charts that explain financial markets and the macro backdrop right now.
Luke is one of the best investment minds in the business today.
The insights here will surprise you.
0:00 - Missing catalysts
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
Show more
The Fed is on the verge of a policy error but that won't stop stocks from smashing record highs this year.
I sat down with veteran investor @JDHatfield_ICAP to unpack his Street-high S&P 500 target and the Fed's fatal flaw and dirty data, the 4 stocks he likes most through 2027, and why he's leaning into covered calls with his new fund.
Jay has spent decades picking stocks and managing money on Wall Street and he has a non-consensus view of the central bank.
This conversation will make you think critically.
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 - $MRVL
23:20 - $KKR
26:07 - Capex debate
29:01 - $LMT
30:43 - Covered-call fund
33:37 - Beating the NASDAQ
Show more
