Full Signal

Sonali Basak is the chief investment strategist for iCapital. She joins Phil Rosen on stage at Future Proof for a live episode of Full Signal to discuss the Federal Reserve's first rate hike in 3 years, funding the AI infrastructure buildout, hyperscalers tapping debt markets, and her favorite opportunities in the market right now.Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/TIMESTAMPS:0:00 - First Fed hike in 3 years3:11 - AI capex fueling growth5:56 - Financing the AI buildout9:22 - Treasury vs. Fed in bond market11:05 - Rising 10-year yield risks14:57 - Financials & Industrials17:42 - AI bear case and sell-off22:14 - What will we be wrong about?25:34 - Public-to-private VC research28:29 - iCapital research#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Nick Frasse, VanEck product manager specializing in semiconductors and AI infrastructure, explores the forces reshaping technology markets. They examine the strongest bear case for chips, whether AI could ease semiconductor cyclicality, and the bottlenecks holding back data-center growth. The conversation also covers fabless chipmakers, robotics, space, hyperscalers, and why software moats may withstand AI disruption.

Luke Kawa is a veteran financial writer and analyst, and the markets editor at Sherwood Media. He joins Phil Rosen on Full Signal to unpack whether the Magnificent 7 can lead again, why Apple has become the group's defensive hedge, the great de-rating in chip stocks, and where we actually are in the AI bubble.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/TIMESTAMPS:0:00 - Markets at crossroads3:12 - Can the Mag 7 lead?5:38 - Mag 7 vs. momentum8:34 - Apple as a defensive stock12:57 - Equal weight technicals14:27 - Industrials vs. US consumer17:32 - US vs. rest of world21:46 - The great de-rating in chips24:26 - Expensive stocks with slow growth27:04 - Why global growth keeps surprising30:37 - Where the opportunities are now34:19 - Are we in an AI bubble?36:28 - Follow Luke#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jay Hatfield is the CEO and chief investment officer at Infrastructure Capital Advisors, where he picks stocks and manages a suite of income-focused ETFs. He joins Phil Rosen on Full Signal to discuss his street-high 8,250 S&P 500 target, why he calls the Fed a fatally flawed institution, his highest-conviction stock picks, and his new covered-call strategy.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/TIMESTAMPS:0:00 - New S&P 500 target4:39 - What would break the bull case5:36 - Core inflation falling8:31 - Why Fed officials want hikes11:36 - Kevin Warsh herding the cats16:06 - Catalysts to fix the Fed20:32 - Marvell23:20 - Private credit stock pick26:07 - Capex debate29:01 - Lockheed Martin30:43 - Covered-call fund33:37 - Beating the NASDAQ#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Andy Goldberg is the chief investment strategist at Nomura Asset Management International (https://nomuraassetmanagement.com/). He joins Phil Rosen on Full Signal to discuss the bull and bear case on the AI boom, whether hyperscaler debt and circular financing are red flags, the three sectors that benefit downstream from AI, and why he'd welcome a Fed rate hike.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - AI early innings4:23 - Forward valuations8:00 - Bearish narratives10:24 - Hyperscalers turn to debt12:38 - Owning the AI trade through debt14:08 - Nvidia and circular financing18:30 - Cyber risks and data center backlash20:59 - Healthcare24:57 - Industrials27:47 - Financials32:49 - Rates and the broadening trade38:13 - How higher rates cap valuations39:52 - Find Andy's work#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Eric Wallerstein is the chief macro strategist for Clocktower Group, and was previously an advisor to Stephen Miran at the Federal Reserve Board as well as at the White House Council of Economic Advisors. He joins Phil Rosen on Full Signal to discuss the central bank outlook, why he is bullish on the US economy, and three global trade ideas that Wall Street is ignoring right now.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Why the Fed shouldn't hike1:47 - Why markets expect a hike4:47 - Hawkish dissenters8:14 - Warsh and Fed credibility10:02 - Reforming the Fed's balance sheet14:02 - Reading the bond selloff18:24 - Tariffs as fiscal impulse20:46 - France and the debt divergence23:21 - Why AI capex is bullish US24:23 - Stocks if the Fed holds27:19 - Japanese banks30:07 - Mexico33:39 - Defense stocks35:41 - Follow Eric#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jared Dillian is a Wall Street veteran, the editor of the The Daily Dirtnap, and the author of the new book "The Awesome Portfolio." He joins Phil Rosen on Full Signal to discuss why he's bullish on bonds right now, his version of a perfect portfolio, why he's bearish on the AI trade, and how gold and bitcoin fit into a modern portfolio.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Are we at the top?2:50 - Bullish on bonds6:10 - Treasury's bond buyback plan12:42 - The economy without AI15:29 - Parallels to the dot-com17:44 - Costco indicator20:21 - The Awesome Portfolio26:26 - Real estate27:56 - Gold30:41 - Cash32:17 - Performance in a crash38:00 - Where to find Jared#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jack Raines is the author of "Young Money: A Field Guide to Wealth and Purpose in Your Twenties." He joins Phil Rosen on Full Signal to discuss why young people should spend more and invest less, the pull of sports betting and prediction markets on Gen Z, how he turned $6,000 into $400,000 trading SPACs, and why housing costs sit underneath most of this generation's anxiety.This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/TIMESTAMPS:0:00 - Invest less, spend more2:44 - Retirement vs. cheap thrills3:36 - Increase income, not savings5:49 - Can young people afford anything?8:33 - Sports betting11:30 - Prediction markets12:03 - Stage-specificity of life18:15 - Boring investing for Gen Z21:08 - Comparing yourself to outlier winners23:04 - Status games26:55 - Trading SPACs34:23 - Young Money

Bilal Little is a global ETF strategist at Direxion and the host of the ETF Central podcast for the New York Stock Exchange. He joins Phil Rosen on Full Signal to discuss why the market is mispricing the cost of capital, how leveraged and inverse ETFs are actually meant to be traded, and where he sees the most compelling opportunities right now.Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - What the market is mispricing2:24 - Macro data vs AI4:41 - Jobs data6:05 - Shift to thematic investing8:30 - Income ETFs11:48 - Leverage15:19 - Risk appetite 17:28 - Building portfolios20:54 - Most compelling opportunities23:03 - Follow Bilal

Jay Jacobs, US Head of Equity ETFs at BlackRock, explains the three-layer AI framework: infrastructure, intelligence, and applications. He covers the multi-year data center buildout and potential physical choke points like power, materials, and networking. He also highlights why healthcare, defense, materials, and robotics matter for owning the AI theme over the next decade.