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Drew Pettit is the chief investment strategist at Roundhill Investments, and he previously spent a decade at Citi. He joins Phil Rosen on Full Signal to discuss why the AI trade seems late cycle, how much growth is priced into stocks, the case for photonics stocks, and more. This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube: 🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - Late-cycle bull market 2:37 - Stocks getting cheaper? 5:07 - Bubble in expectations? 6:29 - Markets need bears 7:33 - Sentiment vs. reality 9:42 - Options data 11:27 - Low correlation trades 14:38 - Stock pickers or thematics? 17:15 - Mag 7 outlook 19:51 - Software and AI risk 22:00 - Photonics and optics 25:32 - HALO stocks and LOHA 27:29 - Canadian Natural Resources 29:21 - Kirby 31:07 - Thematic ETFs 35:38 - Core and satellite investments 37:56 - Roundhill Investments #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Rhys Williams is the chief investment officer at Wayve Capital Management and has been in the markets since 1987, managing about $2 billion at the peak of the dot-com bubble. He joins Phil Rosen on Full Signal to discuss why today's AI boom isn't a repeat of 1999, the data center backlash, Anthropic's S-1, his barbell portfolio strategy, and his top stock picks for 2027. This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/ Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube: 🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - Another dot-com? 1:31 - Data center backlash 3:15 - Lessons from 1990s 7:01 - AI bear case 9:52 - Anthropic's S-1 11:12 - Barbell portfolio for 2027 12:09 - Undervalued stock picks 17:16 - Energy vs. AI 19:39 - Gas stocks and pipelines 23:16 - Consumer staples 27:14 - Astera Labs 30:13 - AI selloff 35:01 - Wayve Capital #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jordi Visser is a veteran macro investor and the founder of 22V Research. He joins Phil Rosen on Full Signal to discuss how AI is driving rates and the broader macro picture, what Microsoft’s buyouts mean for labor and capital, his bullish case for Eli Lilly and Micron, and his investment outlook for the year ahead.Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfsFull Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D📨 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/phil-rosen-763601187/💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosenTIMESTAMPS:0:00 - AI as macro 3:53 - Next year looks different 5:41 - SPVs and private credit 7:40 - Hyperscaler free cash flow 9:27 - Microsoft buyouts 13:25 - Corporate layoffs coming? 15:15 - Redistributing profits vs. UBI 17:19 - Where's the AI productivity data? 24:29 - Eli Lilly and longevity 29:28 - Micron 33:43 - Investing predictions 36:39 - Overweight crypto 39:40 - Follow Jordi#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Adam Parker is the founder of Trivariate Research and Trivector Research, and he was formerly the Chief US Equity Strategist and Director of Global Quantitative Research at Morgan Stanley. He joins Phil Rosen on Full Signal to unpack his favorite stocks and sectors for 2027, why he's still optimistic on semiconductors and memory, the thesis for healthcare, and more. Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube: 🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - AI cycle 1/3 done 3:28 - Micron 8:44 - Weakest part of AI trade 12:23 - Run more diversified 18:57 - Buy and hold is broken 22:10 - Expensive stocks and earnings 26:13 - Don't add to losers 29:42 - Healthcare 35:15 - Eli Lilly and GLP-1 38:22 - Semis, power and healthcare 40:30 - Oil stocks and AI power 41:39 - Post-midterm AI rally 42:59 - 2030s industrial revolution #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Eddie Ghabour is the co-founder and CEO of Key Advisors Wealth Management. He joins Phil Rosen on Full Signal to discuss his highest-conviction investment ideas for 2027, the Fed's policy error, the undervalued sectors Wall Street is ignoring, and the details of his tactical investing approach versus the typical buy-and-hold strategy. This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube: 🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - Rising rates 2:29 - AI capex and inflation 3:29 - Bond market leads 6:32 - Debt-financed AI risks 10:05 - Positioning in tech 13:38 - Cybersecurity 16:38 - Healthcare 19:14 - Consumer staples 19:54 - Contrarian housing call 23:31 - Utilities 26:05 - Tactical vs. buy-and-hold 30:37 - Gold 32:24 - Bitcoin 33:41 - Follow Eddie #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Alexandra Wilson-Elizondo is the global head and co-chief investment officer of Multi-Asset Solutions at Goldman Sachs Asset Management. She joins Phil Rosen on Full Signal to discuss the next stage of the AI trade, debt financing in the AI buildout, whether today's AI boom resembles the dot-com bubble, opportunities in international markets, and what could outperform in 2027. This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/ 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - 4th stage of AI trade 3:51 - Is AI a bubble? 5:47 - GPU obsolescence risk 9:23 - Credit warning signs 10:34 - Best hedge against AI?  11:32 - Pharma and utilities 16:30 - European financials 18:15 - Emerging markets 20:54 - Japan 24:37 - Longevity trade 29:31 - Back to fundamentals 31:10 - Goldman Sachs #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Stephanie Aliaga is a global market strategist at JP Morgan Asset Management, where she focuses on AI's role in markets and the economy. She joins Phil Rosen on Full Signal to discuss why the AI cycle is still early, the selloff in neocloud stocks, hyperscaler moats and frontier lab economics, why AI isn't showing up in productivity data yet, and her favorite opportunities for the AI trade for the year ahead. Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs 📨 Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ 💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen TIMESTAMPS: 0:00 - We're still early in AI 2:43 - Neocloud financing fears 4:46 - Demand vs. financing 7:10 - Hyperscaler balance sheets 10:46 - Frontier lab token economics 15:06 - AI agents boom 17:05 - Enterprise AI adoption 20:24 - Where's the productivity gains? 26:24 - Where to invest now 30:16 - Favorite sectors 34:07 - US vs. international 37:29 - Too late to buy AI? 39:07 - What could derail the AI trade 40:44 - Follow Stephanie #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jérémie Boyer is the co-founder of Aurelion Research, an independent investment research firm based in Montreal. He joins Phil Rosen on Full Signal to discuss Canada's defense spending boom, the coming uranium supply squeeze, the Brazil election trade, and his top stock picks that Wall Street is ignoring. This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices Full Signal episodes are available on Apple Podcasts and Spotify 3 hours before YouTube: Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-rosen-763601187/ Timestamps: 0:00 - NATO defense spending 3:35 - Nuclear power demand 5:02 - Cameco 6:54 - Latin America Stocks 11:07 - AI and pharma 13:07 - Globus Medical 14:48 - Century Aluminum 17:10 - Space bet 18:54 - Does SpaceX help MDA? 20:42 - XP 21:44 - Nvidia bull case 26:10 - Follow Jérémie #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Meb Faber is the co-founder and chief investment officer of Cambria Investment Management, which runs a suite of ETFs with roughly $5 billion in assets. He joins Phil Rosen on Full Signal to discuss the "bear market in diversification," why US stocks look expensive next to the rest of the world, the global buyback boom, risks of the AI trade, and how he'd build a portfolio from scratch today. Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs Watch on YouTube: https://www.youtube.com/@philrosenn Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - Historic bull market 4:28 - Bear market in diversification 7:40 - Opportunities outside the US 9:51 - US stocks look expensive 11:37 - Buyback revolution 17:02 - Value without avoiding tech 20:45 - SpaceX, Anthropic, OpenAI 22:34 - Will AI be a good investment? 27:07 - Building a portfolio from scratch 31:57 - Investing at all-time highs 33:28 - Shareholder yield 39:14 - Follow Meb #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Phil Rosen — co-founder of Opening Bell Media and chief market strategist for Silvia Inc. — joined Anthony Pompliano on stage at the Silvia Investor Summit in New York to discuss the most important charts driving markets, the stocks inside his portfolio today, and the bull and bear cases on AI.This conversation was filmed on October 8, 2026. Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - Tech and energy doing heavy lifting 2:26 - Oil spikes vs. a resilient stock market 3:39 - Investors stopped caring about Iran 5:30 - Midterm year seasonality 8:31 - The bear case on AI 9:32 - The bull case on AI 11:17 - What would break the AI trade 12:11 - Using AI to make investments 15:09 - Micron, Vertiv, Marvell 16:27 - Eli Lilly 17:24 - Inside my portfolio 18:40 - Bonds are boring 20:40 - Opening Bell Daily and Silvia Insights #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Kai Wu is the founder and CIO of Sparkline Capital. He joins Phil Rosen on Full Signal to discuss the K-shaped stock market, why he's cautious on the AI infrastructure trade, whether Anthropic and OpenAI have real moats, and why AI early adopters present the market's best opportunity. This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 Most stocks are crashing 3:27 Bearish on AI boom 5:50 3 stages of AI buildout 8:17 Circular financing 11:46 Do Anthropic and OpenAI have moats? 17:06 $2 trillion AI lab IPOs 18:25 Chips and boom-bust cycle 22:51 Avoid picks and shovels 25:10 Lessons from historical disruption 29:18 Best opportunities today 34:05 2 stocks with moats 37:58 Picking stocks with AI 41:17 Follow Kai #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Julia Hermann is a global market strategist at New York Life Investment Management. She joins Phil Rosen on Full Signal to discuss the shift to a market-led liquidity regime, the future of the Fed put, political pushback on AI data centers, why she's still bullish on financials, and where she sees opportunity in the year ahead. This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/ Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - New liquidity regime 4:43 - Rethinking the Fed put 7:04 - Don't count on a bailout 8:08 - Rise of non-bank liquidity 10:11 - Kevin Warsh and market-led policy 13:09 - Total portfolio approach 15:42 - What to buy for the next decade 17:11 - AI driving capital  20:33 - Midterm elections 22:14 - Political pushback on data centers 25:41 - Financials 27:33 - Why not just own tech? 30:47 - Fixed income 32:12 - 5% yields vs. stocks 35:26 - Should we trust the Fed? 36:45 - Unreliable jobs data 39:12 - Follow Julia #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Tatiana Darie is macro strategist at Bloomberg. She joins Phil Rosen on Full Signal to discuss why stocks keep hitting records with yields above 5%, why she thinks the AI cycle is in a mature stage, the junk credit risk investors should pay attention to, and her favorite sectors heading into 2027. This episode is sponsored by Harbor Capital Advisors: https://www.harborcapital.com/suite/ai-labs/ Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - Stocks up despite 5% yields 5:49 - Warsh Fed risks 8:04 - Rising oil and energy prices 9:32 - Gas prices top 2022 peak 10:24 - Energy is boosting earnings 15:54 - Expectations bubble? 16:27 - AI cycle is mature, not early 19:46 - Red flag for the AI trade 21:31 - Tactically bullish 22:54 - Buy-and-hold is not enough 24:29 - Deflation or burst? 25:28 - Junk Credit 28:44 - Tech looks cheap 30:24 - Semiconductors 31:36 - Energy 33:38 - Utilities 34:26 - Healthcare #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Anthony Pompliano is the CEO of Silvia Inc. and the author of "How to Live an Extraordinary Life, Volume 2." He joins Phil Rosen on Full Signal to discuss the problems with macro data, the accelerating AI trade, the three assets he likes best, and how investors should position for the decade to come. This episode is sponsored by Y'all Street Asset Management: https://www.yallstreetetfs.com/ Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ Timestamps: 0:00 - Macro bears are wrong 5:53 - AI adoption reality check 8:23 - Bitcoin, gold, land 10:08 - Microsoft and Netflix? 14:31 - Barbell portfolio strategy 16:01 - How AI impacts Bitcoin 19:41 - Gold 20:43 - How to Live an Extraordinary Life Vol. 2 23:05 - The ego tax 24:02 - Procrastination is arrogance 25:19 - Amateurs built Noah's Ark #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Josh Schafer is an investment writer and strategist at Barron's, and the author of the Searching for Signals Substack. He joins Phil Rosen on Full Signal to discuss why market breadth is weakening even near record highs, how Meta's Muse is fueling the AI rally, the rise of consumer AI agents, and his top stock picks for the year ahead. This episode is sponsored by Bloomberg: http://bloomberg.com/equityindices Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps: 0:00 - Market breadth narrowing 2:49 - Why stocks ignore bond yields 4:22 - Meta Muse 6:00 - Fee AI products vs. monetization 11:16 - Would consumers pay for AI agents? 13:39 - AI regulation and existential risk 16:32 - AI token prices 19:08 - Trump's tech CEO seating chart 22:09 - Intel 23:32 - Cybersecurity 26:01 - Walmart 28:38 - Under-the-radar sports stock 31:37 - Searching for Signals#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed