Advertise on podcast: Full Signal

Jeff Hirsch is the editor of the Stock Trader's Almanac, the market guide that just hit its 60th anniversary. He joins Phil Rosen on Full Signal to discuss the midterm-year "sweet spot" for stocks, the AI super boom and his Nasdaq outlook, what 5% bond yields mean for investors, and why he's selling bonds and buying small caps. 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 - Where are we in the cycle? 0:30 - AI super boom 3:02 - Midterm-year sweet spot 6:42 - Bond yields at 5% 9:19 - Split Congress hurts stocks 10:40 - AI earnings beat everything? 11:40 - Does seasonality still matter? 14:35 - Tech concentration 16:25 - Turning bearish 19:07 - Lessons from super booms 21:00 - Favorite sectors 22:30 - Small caps 25:25 - MACD signal 27:57 - Steelman the bear case 29:03 - What we could be wrong about 29:47 - Follow Jeff #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Justus Parmar is the CEO of Fortuna Investments, an America-first venture capital firm, and Joey Magazine is a partner at Fortuna Investment and an elected official as Miami Beach Commissioner and Chair of the Finance Committee. They joined Phil Rosen on stage at Future Proof in California to discuss how to make investment decisions that align with policy, the sectors that should outperform in the current macro and geopolitical backdrop, and what ideas will win the next decade. 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 - Investing from policy 2:34 - Capital flight and midterms 4:06 - Uranium, rare earths, aerospace 6:02 - Sectors that survive policy 9:56 - America First vs. pure innovation 12:52 - What investors miss on policy 15:35 - Miami as Wall Street South 17:46 - Building Miami's ecosystem 20:13 - Government stakes in private companies #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Jessica Inskip is the director of research for StockBrokers.com and one of the most followed investment voices in the industry. She joins Phil Rosen on Full Signal to unpack the risks in the bond market, AI overwhelming the macro setup, and the stocks and trades she likes best heading into the new year. 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 - Bullish trading cycle 2:55 - End of the cycle? 4:30 - 10-year yield at 5.2% 7:32 - Price-agnostic to price-sensitive buyers 8:10 - Bonds vs. stocks 10:49 - When yields hurt stocks 12:53 - US fiscal credibility 16:53 - All in on AI 18:03 - Hyperscalers 20:27 - Meta's Muse 26:00 - Apple 31:09 - Corners of the market to avoid 32:35 - How to buy tech 33:40 - Follow Jess #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Warren Pies is the founder of 3Fourteen Research, a leading institutional risk manager and research firm. He joins Phil Rosen on Full Signal to discuss his current portfolio positioning, sector calls, why he's bullish semiconductors and hyperscalers, GPU availability and AI demand, and more. 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 - Overweight equities 3:30 - Tech-heavy market and AI leadership 5:29 - Macro shocks 11:05 - Low correlations and pair trades 13:37 - Semis and broadening trade 17:35 - GPU availability and rental rates 21:22 - Compute indicators flashing bullish 25:08 - Frontier lab ARR 30:08 - Hyperscalers leadership 32:34 - AI CapEx and the Fed 36:38 - What ends the bull run? 40:32 - Favorite sectors 41:46 - 3Fourteen Research #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Nancy Tengler is the CEO and chief investment officer of Laffer Tengler Investments, where she has managed growth, dividend-growth, and value portfolios for three decades. She joins Phil Rosen on Full Signal to discuss why she still sees the AI bull market in its early stages, whether hyperscaler cash burn and rising bond yields are real threats, and her highest-conviction stock picks heading into 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/philrosen/ Timestamps: 0:00 - State of the AI bull 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 - Tesla 23:33 - CrowdStrike 25:24 - DR Horton 28:12 - Alphabet and Amazon 33:27 - Where to find Nancy's research #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - First Fed hike in 3 years 3:11 - AI capex fueling growth 5:56 - Financing the AI buildout 9:22 - Treasury vs. Fed in bond market 11:05 - Rising 10-year yield risks 14:57 - Financials & Industrials 17:42 - AI bear case and sell-off 22:14 - What will we be wrong about? 25:34 - Public-to-private VC research 28:29 - iCapital research #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

Nick Frasse is a product manager at VanEck, where he works on SMH, the largest US-listed semiconductor ETF with over $70 billion in assets. He joins Phil Rosen on Full Signal to discuss the most credible bear case for chips, why AI demand could make semiconductors less cyclical, the bottlenecks slowing the data center buildout, and why software companies with strong moats will likely hold up against AI. 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 - 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 - Follow Nick and VanEck #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - Markets at crossroads 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 #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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ 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 - Marvell 23:20 - Private credit stock pick 26:07 - Capex debate 29:01 - Lockheed Martin 30:43 - Covered-call fund 33:37 - 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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ 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 - Rates and the broadening trade 38:13 - How higher rates cap valuations 39:52 - 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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ Timestamps: 0:00 - Why the Fed shouldn't hike 1:47 - Why markets expect a hike 4:47 - Hawkish dissenters 8:14 - Warsh and Fed credibility 10:02 - Reforming the Fed's balance sheet 14:02 - Reading the bond selloff 18:24 - Tariffs as fiscal impulse 20:46 - France and the debt divergence 23:21 - Why AI capex is bullish US 24:23 - Stocks if the Fed holds 27:19 - Japanese banks 30:07 - Mexico 33:39 - Defense stocks 35:41 - 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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ Timestamps: 0:00 - Are we at the top? 2:50 - Bullish on bonds 6:10 - Treasury's bond buyback plan 12:42 - The economy without AI 15:29 - Parallels to the dot-com 17:44 - Costco indicator 20:21 - The Awesome Portfolio 26:26 - Real estate 27:56 - Gold 30:41 - Cash 32:17 - Performance in a crash 38:00 - 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/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS: 0:00 - Invest less, spend more 2:44 - Retirement vs. cheap thrills 3:36 - Increase income, not savings 5:49 - Can young people afford anything? 8:33 - Sports betting 11:30 - Prediction markets 12:03 - Stage-specificity of life 18:15 - Boring investing for Gen Z 21:08 - Comparing yourself to outlier winners 23:04 - Status games 26:55 - Trading SPACs 34:23 - 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 is the US head of equity ETFs at BlackRock. He joins Phil Rosen on Full Signal to discuss the three layers of the AI trade, whether the data center buildout echoes the dot-com overbuild, the physical choke points that could throttle AI, and why healthcare may be the most overlooked way to own the theme. TIMESTAMPS: 0:00 - Tech valuations declining 2:00 - 3 layers of AI 5:26 - Runway for the physical layer 7:46 - Another dot-com overbuild? 9:17 - Power constraint 11:15 - Indium, an AI choke point 14:52 -Risks in AI portfolios 16:05 - Why thematic funds beat sectors 19:25 - Defense stocks 22:10 - Healthcare 25:17 - Commodities 26:25 - Robotics 27:19 - Bitcoin at BlackRock 30:58 - Highest-conviction themes 32:57 - Why not financials? 33:53 - Follow Jay