Full Signal

Gargi Chaudhuri, BlackRock's Chief Investment and Portfolio Strategist for the Americas, shares insights on the evolving AI landscape and its implications for investment strategies. She discusses BlackRock's optimistic projections for AI by 2026, while cautioning against overvaluation and crowding risks. Gargi also highlights the importance of diversifying AI investments, explores the impact of macroeconomic factors, and addresses client concerns about sourcing income and geopolitical risks. Don't miss her thoughts on Bitcoin's role in portfolios!

Jay Hatfield, CEO of Infrastructure Capital Advisors and a noted contrarian macro investor, dives into his critiques of Jerome Powell and the Fed's policies. He argues that the Fed relies on outdated data and lacks monetary expertise, advocating for reforms to the 2% inflation target. Hatfield contrasts real-time inflation with the Fed's measures, underscores the risks of political influence on the Fed, and discusses how money supply impacts market forecasts. He even suggests Christopher Waller as a better choice for Fed chair.

Anthony Pompliano, CEO of Professional Capital Management and a leading Bitcoin investor, shares his insights on the future of cryptocurrency and technology. He discusses why Bitcoin faced challenges in 2025 and predicts a bullish outlook for the next decade. Pompliano explores how AI will boost productivity and transform the labor market, highlighting its dual role in job disruption and creation. He encourages young professionals to embrace AI tools to enhance their skills and career prospects, setting the stage for a tech-driven future.

Cullen Roche, founder and CIO of Discipline Funds and author of "Your Perfect Portfolio," shares insightful macro perspectives. He discusses how AI is poised to create disinflationary pressures by increasing supply and lowering costs. Cullen critiques the Fed's policy missteps during the pandemic and explains why the $38 trillion government debt isn't as concerning as it sounds. He also highlights demographic shifts as a factor influencing inflation, along with the need for innovative policies in an AI-driven economy.

Mike Green, Chief Investment Officer of Simplify Asset Management, challenges traditional notions of poverty, claiming the real poverty line is close to $140,000. He critiques the outdated formula used to calculate it and discusses the generational divide in perceiving financial struggles. Mike highlights issues such as benefit cliffs, rising costs for young families, and how modern capitalism perpetuates inequality. He advocates for policy changes like expanding the Earned Income Tax Credit to empower individuals and stimulate affordability.

Stephanie Aliaga, a global market strategist at JPMorgan Asset Management and AI expert, joins the discussion on investing's future. She dives into why AI isn't a bubble, comparing today’s data center build-out to the dot-com era. Stephanie highlights the shift towards diverse stock-picking strategies amidst concentrated AI gains and addresses circular financing risks. She also explores AI's impact on jobs and its implications for Fed policy, offering insights on productivity and market positioning for 2026.

Kai Wu, founder and CIO of Sparkline Capital, dives deep into the shifting landscape of tech investing. He discusses how the Magnificent Seven are transitioning from asset-light to asset-heavy models, highlighting risks tied to AI's capital expenditure boom. Wu debates the impact of rising competition on tech oligopolies, emphasizing consumer benefits against producer pitfalls. He also draws parallels with historical infrastructure booms and shares insights on measuring true AI commitments, while remaining optimistic about AI's transformative potential.

Steve Hou, a quantitative researcher at Bloomberg with a PhD in financial economics, dives into the transformative effects of AI on the economy. He discusses the K-shaped divergence in labor markets, emphasizing how AI boosts returns for knowledge workers while posing challenges for young professionals. Steve also shares insights on developing a new stock index aimed at capturing companies in fundamental inflection points, highlighting a unique strategy to navigate the evolving financial landscape and the implications for investors.

Nancy Tengler, CEO and CIO of Laffer Tengler Investments, brings four decades of Wall Street experience and top-tier portfolio management to the discussion. She shares her six high-conviction stock picks for 2026, highlighting the evolving tech landscape and AI's role in earnings growth. Tengler compares today's market to the dot-com bubble, warns about governance issues within OpenAI, and emphasizes Walmart as a tech-forward retailer. She also discusses AMD, DR Horton, and why cybersecurity, particularly CrowdStrike, is crucial in the AI era.

In this discussion, Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, dives into the booming world of ETFs and the increasing dominance of Bitcoin in traditional finance. He highlights the staggering number of ETFs launched this year and the implications for investors. Eric explains how crypto ETFs are legitimizing the market and shares insights on Vanguard's game-changing approval of Bitcoin ETFs. He also debates the effectiveness of passive versus active investing in shaping market dynamics, offering a unique perspective on industry risks.