Hedgeye Podcasts

Go to HedgeyeAM.com for more

00:00 – Midterms, Markets & the Final Election Setup
04:50 – The Senate Races That Could Decide Control
11:30 – Could Iowa, Kansas & Texas Surprise Everyone?
18:35 – When Will We Actually Know the Election Results?
22:20 – The House Map Shifts Toward Democrats
27:45 – How the Election Could Reshape the AI & Data Center Boom
30:25 – Why Data Centers Became a Political Battleground
35:00 – Governors, AI Regulation & the Fight Moving to the States
37:00 – The Lame-Duck Playbook: Defense, Spending & Shutdown Risk
43:10 – Could a Democratic Wave Defang Trump in 2027?

With Election Day just days away, the 2026 midterm map is still moving—and the consequences could extend well beyond Washington.

On the latest Protect the Pile, R. Patrick Kent, Sam Rahman and John McNamara welcome back Hedgeye Chief Political Strategist JT Taylor for a final pre-election breakdown of the races that matter most. JT walks through the Senate and House battlegrounds, why Ohio, Texas, Maine, Kansas and Iowa could surprise, and whether Republican spending arrived too late to change the trajectory.

The discussion also turns to what happens after Election Day: data-center policy, AI regulation, defense spending, a possible lame-duck scramble in Congress—and why a Democratic wave could dramatically alter Trump’s leverage in Washington.

JT Taylor is Hedgeye’s Chief Political Strategist and Sector Head of Macro Policy, with prior experience as a congressional chief of staff, senior aide to Jack Kemp, President and CEO of Empower America, and an executive at the U.S. Chamber of Commerce.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Go to HedgeyeAM.com for more info

Is the AI trade still in its early innings—or is the market starting to discover where the real limits are?

On the latest Protect the Pile, R. Patrick Kent sits down with Hedgeye Global Technology analyst Felix Wang to dig into the next phase of the AI boom. Felix explains why hyperscaler CapEx is still the key headline indicator, but argues that enterprise AI spending, model pricing and access to capital are becoming just as important. The conversation moves from Anthropic and OpenAI to Nvidia, memory, Chinese competition and the increasingly fragile economics of “neo-cloud” data-center companies.

The big question: what happens if AI demand keeps growing—but not fast enough to justify the massive spending and valuations already built into the trade?

Felix Wang, CFA is a Partner, Managing Director and Global Technology Sector Head at Hedgeye, with more than 16 years of experience covering China and global TMT; he is a Wharton graduate and CFA charterholder whose work has appeared across Bloomberg, Barron’s, CNBC and other major financial outlets.

00:00 – Is the AI Trade Starting to Change?
02:50 – The Key AI Indicator Felix Is Watching
06:30 – Enterprise AI Spending vs. Token Growth
09:30 – The Explosion of AI Models & the Price War
13:00 – Are Today’s AI Models Already “Good Enough”?
16:00 – Anthropic, OpenAI & the IPO Problem
23:30 – Memory Stocks: Why the Supercycle Could Break
33:30 – Nvidia, Vera Rubin & the Next Supply-Chain Risk
38:00 – Why AI Financing Is Becoming a Bigger Problem
44:00 – Neo-Clouds, Hyperscalers & Who Gets Hurt First

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October8, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Hedgeye Asset Management Portfolio Managers R. Patrick Kent & Sam Rahman and HAM CIO John McNamara and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October8, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Leyla Kunimoto, Founder & Chief Editor of Accredited Investor Insights and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October8, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Danielle DiMartino Booth, Founder, CEO & Chief Strategist of QI Research, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Dave Collum, Professor of Chemistry at Cornell University, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jurrien Timmer, Director of Global Macro at Fidelity, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Dan Rasmussen, Founder & Portfolio Manager of Verdad, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between David McAlvany, CEO & Portfolio Manager of McAlvany Financials Group, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jim Bianco, President of Bianco Research, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jim Rickards, NYT Bestselling Author, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Go to HedgeyeAM.com for more info.

With the midterms just weeks away, the battle for Congress is getting tighter—and the market implications are growing.

On the latest Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright welcome Hedgeye Chief Political Strategist JT Taylor to break down the races, voter trends and policy risks that could shape Washington after Election Day. Taylor walks through the most competitive House and Senate contests, the growing importance of independent voters, and why he watches prediction markets alongside traditional polling.

The conversation also tackles potential October surprises, Iran, energy prices, defense spending and what different election outcomes could mean for governing—and markets—in 2027. With control of Congress potentially coming down to a handful of races, this is a timely roadmap to what matters most over the final stretch.

JT Taylor is Hedgeye’s Chief Political Strategist and Sector Head of Macro Policy, with prior experience as a congressional chief of staff, senior aide to Jack Kemp, President and CEO of Empower America, and an executive at the U.S. Chamber of Commerce.

00:00 – Midterms, Markets & the Stakes for Congress
02:25 – Why the House Map Is Moving Toward Democrats
07:45 – The Key House Races to Watch
16:30 – Can Democrats Really Flip the Senate?
21:00 – Ohio, Kansas, Texas & the Senate Wild Cards
26:15 – Could Fetterman Become the Senate’s Swing Vote?
31:00 – Trump’s Approval Rating & the 2006 Midterm Parallel
34:10 – October Surprises: Iran, Markets & Energy Prices
38:45 – Why Independent Voters Could Decide the Election
54:20 – What the Midterms Could Mean for Defense Spending

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

00:00 – Meet George Noble: Four Decades in the Markets
03:50 – How Markets Changed: From Fundamentals to Financialization
07:30 – The Hidden Problem With Private Equity & Private Credit
14:20 – What Rising Cost of Capital Could Break Next
16:40 – Why Insurance Could Be the Next Big Risk
20:00 – Gold, Deficits & the Coming Liquidity Problem
24:00 – Are “Uncorrelated” Assets Really Diversified?
29:20 – Bitcoin, Speculation & the Gambling Mentality
33:00 – Why Markets Eventually Punish Bad Policy
41:00 – Lessons From Peter Lynch & the Return of Fundamental Investing

What happens when decades of cheap money collide with a rising cost of capital?

On the latest Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright welcome veteran investor George Noble for a wide-ranging conversation on private equity, private credit, AI, interest rates and where financial stress may be hiding beneath the surface. Noble argues that years of artificially cheap capital have distorted markets—and that the consequences may only now be starting to emerge.

Noble brings more than four decades of investing experience, including managing Fidelity’s first international fund and later billion-dollar hedge funds. He is also the author and publisher of The Noble Report

From AI financing and insurance risk to gold, speculation and lessons learned from Peter Lynch, this episode challenges some of today’s most popular market assumptions.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more info

00:00 – A Strange Market Near All-Time Highs
05:20 – Market Rotation, Narrowing Breadth & Investor Positioning
07:30 – Why Oil Is Driving Everything Right Now
13:50 – When High Energy Prices Become Demand Destruction
17:30 – Software vs. Semiconductors: The Momentum Battle
23:10 – Can Software and Semis Rally Together?
28:10 – The AI Safety Narrative & Push for Regulation
34:00 – Are AI Expectations Getting Ahead of Reality?
39:20 – Meta, Apple & the Search for AI’s Killer App
49:00 – Deficits, Data Centers & the Coming Fight for Capital

The market may be sitting near all-time highs, but underneath the surface, things are getting a lot more complicated.

On the latest Protect the Pile, R. Patrick Kent and Sam Rahman dig into deteriorating market breadth, $100+ oil, rising borrowing costs and the growing strain higher energy prices could put on consumers and economic growth. They also break down the shifting battle between software and semiconductors, asking which parts of the AI trade can keep working as momentum changes.

Then the conversation turns to the next phase of AI: regulation, real-world applications, Apple and Meta’s consumer advantage, and whether today’s massive data-center buildout is creating tomorrow’s winners—or simply repeating some familiar mistakes from the dot-com era.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

**This episode originally aired live on Hedgeye.com on September 15, 2026***

Artificial Intelligence is the biggest story in markets. It’s also creating some of the biggest risks.

Longtime Hedgeye Nation fan favorite and hedge fund manager Mike Taylor joins Hedgeye CEO Keith McCullough for a new Real Conversation.

They’ll tackle the elephant in the room: the growing AI bubble and the various risks building beneath the surface.

Expect a candid discussion on where the boom is most vulnerable, what investors may be underestimating and where the best risks and opportunities are taking shape.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more info

00:00 – Markets Return With Oil, Rates & Quad 2 in Focus
06:00 – The Weak Dollar Tug-of-War
12:30 – Midterms, Politics & the Coming Defense Spending Boom
15:00 – Iran, the Red Sea & the Growing Oil Supply Risk
23:00 – Why Modern Warfare Is Becoming More Expensive
28:30 – Can Policymakers Keep Markets Going Through the Midterms?
33:20 – Russia, Ukraine & a New Threat to Global Energy
38:00 – Could Higher Rates Break the AI Boom?
45:45 – The AI Price War: Who Actually Makes Money?
53:15 – AI Bubble or Next Internet? Finding the Real Winners

What happens when rising oil prices, a weakening dollar, geopolitical escalation and an increasingly crowded AI boom all collide at once?

In the latest Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and Neil Howe unpack a market being pulled in several directions at the same time. The panel debates whether tightening energy supplies and expanding global conflicts could reignite inflation and reshape the economic regime heading into the midterms.

Then they turn to AI, where massive infrastructure spending, aggressive price competition and sky-high expectations are raising a harder question: even if AI changes everything, who actually makes the money? From OpenAI and Anthropic to Apple, Snowflake and Databricks, the group digs into where the real winners - and risks - may be hiding.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

**This episode originally aired live on Hedgeye.com on August, 26, 2026**

Visit Hedgeye.com for more great investing content.

Debt keeps climbing. The dollar keeps falling and losing purchasing power. Most portfolios still aren't built for what comes next.

Join us for a new Real Conversation between Hedgeye CEO Keith McCullough and Rick Rule, CEO of Rule Investment Media, founder of Battle Bank and Sprott's largest individual shareholder.

With the national debt eclipsing $40 trillion, 42% of income tax revenue now going toward interest and the Federal Reserve struggling to control the long end of the curve, Rick believes dollar debasement is no longer a forecast. It's the base case.

Keith and Rick will break down the math of America and what it means for gold, silver, uranium, oil and mining equities that many investors still overlook.

Expect decades of hard-won investing discipline distilled into plain terms: buy what's hated, wait for the setup and let patience do the work. Rick will share what he owns, where he's adding and why the biggest risk most investors face sits between their own two ears.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and their guest Jerry Jordan unpack a market increasingly driven by flows, leverage, momentum and corporate buybacks—and what that means for investors trying to separate underlying fundamentals from price action. They discuss the hidden weakness beneath top-heavy indices, record valuations and margins, and the danger of putting peak multiples on peak earnings.
The group also debates the outlook for energy and commodities, inflation, Treasury intervention and a weaker U.S. dollar before diving into the economics of the AI boom: hyperscaler CapEx, Anthropic and OpenAI, model commoditization, and whether the enormous investment cycle can generate sustainable returns.
Finally, Jerry lays out the contrarian theme he believes the market is still underpricing: hard assets. His central call is that continued dollar weakness and eventual policy support for the bond market could create an environment where gold outperforms the stock market over the next three to five years.

Timecode Markers

00:00 – Introducing Jerry Jordan
05:17 – Why Market Flows Matter More Than Ever
10:01 – “Price Is 99 of 100 Factors”
13:24 – The Hidden Carnage Beneath a Top-Heavy Market
16:05 – When Cutting Equity Exposure Makes Sense
20:02 – The Danger of Peak Multiples on Peak Earnings
21:54 – The Bull Case for Energy & Commodities
25:49 – A Different Way to Think About Inflation
27:49 – Treasury Intervention, the Dollar & Hard Assets
29:44 – Could AI Economics Prick the Equity Bubble?
31:19 – The Bull Case for Anthropic & AI Profitability
35:02 – Is AI Becoming a Utility Business?
37:48 – Why AI Models Could Become Commodities
45:59 – What the Market Is Mispricing
47:03 – Why Gold Could Outperform Stocks
50:30 – What Breaks With a 7% 10-Year Yield?
51:30 – Private Equity, Insurance & Hidden Systemic Risk

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface.

Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility and the limits of trying to control inflation with blunt tools. The conversation then shifts to AI, where the team digs into open versus closed models, hyperscaler CapEx, cloud economics, compute capacity, security risks and whether today’s spending boom will earn returns above its rising cost of capital. It’s a thoughtful look at markets, geopolitics and technology through a risk-first lens

00:00 Welcome to Protect the Pile
01:17 Markets Near Highs & the Bullish U.S. Setup
02:58 David Salem’s “Five Follies” Framework
08:46 Energy Positioning & the Iran Conflict
11:06 Resource Wars, Hormuz & the Red Sea
17:24 Dollar Weakness, Allies & a Fragmenting World Order
24:26 The Fed, Inflation & the Limits of Control
29:07 Treasury Intervention, Japan & the Yen Carry Trade
36:59 Open vs. Closed AI Models
38:36 Hyperscaler CapEx, Cloud Economics & Compute Risk
51:55 Cybersecurity, Cost of Capital & AI Folly

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On Friday afternoon, after US equity markets closed, the United States government bought Japanese yen for the first time in twenty-eight years.

And every explanation we've seen from the mainstream media looks like fish floundering.

So Hedgeye CEO Keith McCullough called the money doctor. Professor Steve Hanke of Johns Hopkins has spent forty years watching governments try to outsmart currency markets, and he does not grade on a curve.

"Not only the analysts, but the financial press just have Japan completely wrong, and they've had it wrong for a long time." — Steve Hanke

In a new (hopefully) regular segment, Keith and Steve discuss the topics that Wall Street and its media are missing - or getting dead wrong.