Futurum Equities Podcast

AI stocks sold off hard this week while TSMC and ASML posted records. CoreWeave's 2032 bonds hit a record 14.5% yield on Tuesday, and on Friday CoreWeave, Nebius and IREN each fell more than 11%. Daniel Newman and Shay Boloor went live after the close on episode 60 to sort out what drove the selloff and what they bought, then took your questions.

Shay says the cost of capital is the reason the market pulled back so hard, with Anthropic's slower growth on top. He reads the hot CPI and PPI prints as an energy shock, with gasoline about half of the increase in final demand goods, and says the Fed cannot add oil supply by moving rates. Daniel calls CoreWeave the canary in the coal mine, says Nebius, IREN and CoreWeave will become hyperscalers, and argues that the AI labs and the neoclouds are all moving to a hyperscaler business model. He expects Anthropic to end the year at $100 billion to $115 billion of ARR and says 20 times ARR is a reasonable multiple. Shay is adding to Nebius and added DigitalOcean. Daniel sold a CoreWeave put spread to March and is buying Micron.

On TSMC and ASML, Daniel calls the two companies the adults in the room and says TSMC, one of the most conservative companies on the planet, is still spending big. Shay says ASML expects demand to exceed supply through at least 2028, with customers already talking about orders for 2029 and 2030, and that its memory system sales grew far faster than logic. His worry is the hyperscalers raising capital, Meta in particular, before their earnings in a couple of weeks.

The Q&A covers Nebius against CoreWeave, why Rocket Lab is Shay's top add, Daniel's buys in Rocket Lab, ASTS, Micron and Intel, HBM against DRAM and NAND, Qualcomm's Meta deal at about 14 times earnings, Shay's QQQ hedge rule, a Tesla and SpaceX merger, Daniel's healthcare names, Oracle's bonds, ASTS launch access, and Oklo.

Watch the full episode with chapters on YouTube: https://youtube.com/live/glYVLCLOI6Q?feature=share

The show is live every Friday. Bring your tickers and questions to the chat and the guys will take them on air.

Payrolls rose 29,000 in September against roughly 90,000 expected, and unemployment ticked up to 4.2%. Micron guided its next quarter to $61.5 billion at an 87% gross margin, and AMD agreed to buy Fei-Fei Li's World Labs for about $8.2 billion in stock. Daniel Newman and Shay Boloor take the jobs report, Micron, Synopsys, AMD and Nvidia's agent safety platform on episode 59, then take your questions.

Shay calls the jobs report Goldilocks: labor cooled without falling apart, and he does not see the Fed needing to raise rates again. His worry is the consumer, with wage growth of about 3% roughly matching core inflation. Daniel says the hikes were justified on war-driven inflation that should fade, while jobs keep getting revised lower, and that the bond market has already done the hiking for the Fed. Both hosts say the end of the war in Iran is the catalyst for a year-end rally.

Daniel calls Micron the World Series of Earnings. He says the revenue growth came on roughly the same supply as a year ago, so the story is pricing, mix and margin, and that memory supply may stay tight until 2030. He expects Micron to use its growing cash pile to invest across the ecosystem the way Nvidia has. Shay walks through how much of the quarter came from pricing rather than bit growth and why the market still prices Micron like a commodity. On Synopsys, Daniel says OpenAI found that chip design tools cannot be vibe coded, and that GPT-Synopsys adds AI to the tools instead. He calls ServiceNow's Flow the right way to package vibe-coded software for the enterprise, and Shay calls ServiceNow fair at 30x earnings. Shay calls AMD's World Labs deal a genius acquisition that ties model research to AMD's chip roadmap, with the payoff in products around 2028. Daniel reads Nvidia's safety platform as zero trust for agents, which start with no permissions and are granted them, and argues AI companies should carry liability when their systems cause harm.

The Q&A covers cybersecurity valuations, Muse use cases and why Apple should have built it, IREN's Horizon handoffs, why Shay bought Cerebras, Axon after the Flock backlash, oil and gas, SoFi, and Oracle LEAPs against its credit rating.

Watch the full episode with chapters on YouTube: https://youtube.com/live/ruhlhBovNLM?feature=share

The show is live every Friday at 1 PM ET. Bring your tickers and questions to the chat and the guys will take them on air.

Meta got the re-rating both hosts called at the start of 2026. Meta closed Thursday up 27% from the day Muse launched on September 8, AMD crossed $1 trillion on September 21, and Micron reports a 14-week quarter on September 30. Daniel Newman and Shay Boloor take the three in order on episode 58, then take your questions.

Daniel says the AI winner will be the company with the most compute and energy at its disposal. Meta kept buying CPUs, GPUs and its own accelerators while the market wrote it off, and Muse puts that compute to work. Muse is free up to 100 million tokens a week, with $20 and $100 tiers above that, and Meta plans to take a small fee on each transaction. Daniel calls the transaction model the move Apple should have made. Shay's four qualities of an AI winner are proprietary data, install base, compute and energy. He says Meta had three of them all along, argues it now deserves a Google-like multiple for a consumer AI product, and warns that the next quarterly report will not show any of it.

On AMD, Shay counts 40x 2027 earnings against 15x for Nvidia and warns that warrants held by Meta and OpenAI will lift the share count in any 2030 model. Daniel says the market treats Nvidia as the incumbent with everything to lose and AMD as the entrant with everything to gain, and that the stock is priced as if Helios, AMD's first rack-scale system, carries almost no execution risk. On Micron, Shay explains why the guide could look light: fiscal Q4 had 14 weeks and Q1 has 13. He is watching strategic customer agreements, HBM4 share and capex timing, and has not heard one plausible sign that memory pricing power is eroding. Daniel says Futurum's 2030 CPU forecast has more than doubled since January, walks through the follow-up reporting on the Coxon post, and says every AI scare so far has ended in a rally. He is long Viking Therapeutics after its maintenance data and says Novo Nordisk should buy it.

The Q&A covers DigitalOcean and its move past GPU rentals, Everpure after its investor day, the rest of the year with the 10-year at its highest since 2007, Shay's agentic AI picks for 2027, AI power and 800-volt DC, Muse against Grok, the Anthropic IPO, Amazon in 2027, and why crypto has not rallied more.

Watch the full episode with chapters on YouTube: https://youtube.com/live/ZXGtsiKvV40?feature=share

The show is live every Friday at 1 PM ET. Bring your tickers and questions to the chat and the guys will take them on air.

Meta's Muse hit No. 1 on the US App Store ten days after launch, cybersecurity had its best week of the year on AI fear, and the Fed hiked for the first time since 2023 with both hosts on record for no hike. Daniel Newman and Shay Boloor open episode 57 a week after the pace the frontier call and grade what it changed.

Daniel brings ETR survey data from about 50 enterprise CIOs: the buyers of AI are fine with a slowdown, want third-party evaluation, and will pay a premium for the testing. They cannot keep up with the releases, he says, and both hosts call the labs' slowdown push regulatory capture ahead of the OpenAI and Anthropic IPOs, which Shay has zero plans to buy. Nebius raised prices about 20%, Anthropic wants 5 gigawatts by year end, and Daniel repeats that the compute is the moat. Daniel calls the hike bullish for cash holders and a problem for anyone on a credit card or a 7.5% mortgage. Shay's rule is to separate demand from financing: the buildout does not slow, the neo clouds that borrow to build get replaced by Microsoft and Meta funding from cash flow.

Meta is Shay's case of monetizing intelligence a company already owns. Muse turns a hotel ad into a booked reservation, which moves Meta from creating demand to participating in the transaction. Daniel calls it the Apple move Apple never made. Cybersecurity, the show's application winner call since the SaaSpocalypse, is now fully priced by both hosts' account. Daniel says the opportunity was the Mythos selloff. Shay holds CrowdStrike and Cloudflare at about 8% of his portfolio, counts them at 100x free cash flow, and would not be surprised if they go nowhere for two years. His replacement trade is memory and power: Micron, Vertiv, onsemi and Nebius, with SiTime, Aehr Test Systems and Credo as the less obvious bottlenecks for 2027. Daniel backs memory, calls Nvidia undervalued for the systems it builds, and puts Meta and Google back on his list as stack owners.

The Q&A covers whether the hike changes either host's buying, the 2027 themes, Daniel's long healthcare in Oscar and Hims, Oracle as a 2028 story and a 0.3% trade, Dell at 21x against Micron at 6x, and the first lightning round: short Dell and Intel, long Micron and Nvidia.

Watch the full episode with chapters on YouTube: https://youtube.com/live/w8bfh5NXhGs?feature=share

The show is live every Friday at 1 PM ET. Bring your tickers and questions to the chat and the guys will take them on air.

An AI doom post from a former Anthropic researcher passed 100 million views this week, and Daniel Newman and Shay Boloor open episode 56 by grading it against what got signed and reported. Oracle grew cloud infrastructure revenue 121%, Amazon tied warrants on Qualcomm stock to as much as $60 billion of chip orders, and Meta's Muse agent ranked fourth on Signal65's Pinnacle benchmark.

Daniel reads the Jacob Coxon post as a media event with nothing actioned after the tour. Shay files it under the doomsday narratives the market has cycled through and names the risks he actually watches: power constraints, capital intensity and higher rates for longer. Oracle is the test case. Daniel calls 121% cloud infrastructure growth the pace setter among hyperscalers and still cannot get past the cash Oracle does not have. Shay says nothing in the quarter changed the narrative: half of a $664 billion backlog converts inside three years, the GPU fleet runs at 98% utilization, free cash flow is still negative, and only time fixes the stock. That leads into the dislocation both hosts see in Dell at 23x forward earnings, more than Nvidia, while memory names like Micron trade as a commodity. Daniel's answer is cash conversion. Shay would rather own memory. Qualcomm only has to be at the table, and AWS just gave it a multi-generation seat in custom inference silicon and 1.6 terabit optics, which Shay reads as bullish for Credo, Astera Labs, Broadcom and Marvell. Muse sits fourth on Pinnacle behind three frontier models, and Shay's case for Meta is a move from monetizing intention to monetizing action. The Q&A covers what a Fed hike next week does to a capex pipeline both hosts call price inelastic, AeroVironment and Kratos after the drone selloff, Daniel's covered call and put spread playbook, Shay's VIX 20 rule and 10% cash position, the prisoner's dilemma that keeps every hyperscaler spending, and Apple as the safe haven with the largest install base.

Watch the full episode with chapters on YouTube: https://youtu.be/hMhZ5-R6Y6c

The show is live every Friday at 1 PM ET. Bring your tickers and questions to the chat and the guys will take them on air.