This Week Flipped The AI Trade On Its Head + PEAK6's Jenny Just & Matt Hulsizer

Nov 6, 2026

Guest

Matt Hulsizer

Guest

Jenny Just

Entrepreneurs and investors Jenny Just and Matt Hulsizer, co-founders of Peak6 and Apex, join the conversation. Markets reel as AI stocks, semiconductors, neocloud names and banks face sharp volatility. They explore prediction markets, 24/7 trading, fractional options, founder culture, Poker Power’s mission to build confidence, and stock rewards that turn customers into owners.

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INSIGHT

Forced Liquidations Spread Beyond Semiconductors

Forced liquidation amplified the selloff across semiconductors, banks, and leveraged ETFs as correlations suddenly rose.
Investors conditioned to buy every dip may face structural damage if the AI trade’s underlying financing model—not just individual stocks—has begun unraveling.

INSIGHT

Bank Volatility Revealed AI Financing Risk

Bank volatility mirrored semiconductor weakness, raising questions about lenders’ exposure to AI infrastructure and private-credit financing.
Potential Anthropic and OpenAI IPOs could become a stress test if investors no longer accept enormous AI-related valuations.

INSIGHT

AI Weakness Spread Into Private Credit And Memory

Weakness in Apollo, Blackstone, KKR, Blue Owl, Caterpillar, and memory stocks suggested the AI buildout’s effects were broader than headline technology names.
Micron’s dramatic rise and subsequent halving showed how investors misread a cyclical memory business as a permanent new paradigm.

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Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC.

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE

Dan Nathan and Guy Adami recap the Apex Innovation Summit in Austin ahead of an interview with Peak6/Apex founders Jenny Just and Matt Hulsizer. They discuss midterm-election market reactions, a sharp two-day rotation and selloff led by AI-centric stocks and semiconductors (including major declines in Nvidia and the SOXX/SMH), widening stress in “neocloud” names like CoreWeave, and high volatility spilling into banks and private-credit-related financials. They review an October jobs report print of 165,000 versus an estimate near 70,000, its impact on yields, and how the Fed’s inflation fight could be complicated by an AI-trade slowdown. In the interview, Just and Hulsizer cover innovation such as prediction markets, 24/7 trading, fractional options, liquidity provision, investing in founders and culture, “Poker Power” and risk-taking, and Apex’s stock-rewards loyalty programs.

Show Notes

Trump’s Trouncing Gives Warsh Room for Maneuver on Rates (Bloomberg)

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