RiskReversal Pod

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE

Cameron Dawson, CIO of NewEdge Wealth, joins Dan Nathan to break down her "Metallica Market" outlook and why the hyperscalers are undergoing a fundamental transformation — from capital-light monopolies to capital-intensive AI infrastructure builders. They dig into Google's first negative free cash flow quarter since 2004, why 80% of its Q2 earnings came from a one-time $99 billion investment gain, and whether the Mag 7's current dominance echoes the Nifty Fifty and dot-com eras. Cameron also lays out the risk that 2027 S&P earnings estimates could be near their peak, why semiconductors (now 19% of the index) are driving the bulk of 2026's earnings growth, where she still sees strength in financials, and what a Fed Chair Warsh rate move next week could mean for stocks heading into a seasonally choppy back half of the year.

Checkout Cameron's 'Metalica' note at NewEdge: https://www.newedgewealth.com/mid-year-outlook-the-metallica-market/

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The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Dan Nathan sits down with Rick Heitzmann, co-founder and partner at FirstMark Capital, to kick off a new Okay, Computer. series on AI investing. They dig into the circular financing behind the AI infrastructure boom — from Nvidia backstopping Apollo's private credit for xAI to Meta's off-balance-sheet data center deals with KKR and Blue Owl — plus the shift from "tokenmaxxing" to an efficiency era, the rise of Chinese open-source models, memory stock froth, and what's next for the IPO market after SpaceX.

Show Notes

Big Tech Is Hiding $1.65 Trillion in Debt. How Worried Should Investors Be? (Yahoo Finance)

SpaceXAI Explores Major Data Center Expansion in Texas (The Information)

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Today we’re in the East Village, having cocktails at Please Don’t Tell - one of the most iconic cocktail bars in New York City.

PDT is currently run by award-winning bartender Jeff Bell. Jeff started as a bar back in 2010, and now he owns the place. How about that?
He joins us alongside Richard Betts. There are fewer than 300 Master Sommeliers in the entire world, and Richard was one of them. He’s also built some of the most distinctive brands in the industry, including Sombra Mezcal, Astral Tequila, and most recently Tequila Komos.
We discuss the business of restaurants and hospitality, building a luxury tequila band, and trends in how alcohol is being consumed.

Timecodes

00:00 Why Premium Brands Are Winning

00:50 Standing Table Opening

01:30 Inside PDT: New York's Iconic Speakeasy

02:47 Meet Jeff Bell & Richard Betts

03:35 How PDT Became a Global Cocktail Destination

05:29 Becoming a Master Sommelier

08:03 The Business of Restaurants & Hospitality

10:59 Building a Luxury Tequila Brand

14:04 Are Younger People Drinking Less?

16:03 The Secret to Building Authentic Brands

19:27 Social Media, Hospitality & Customer Experience

24:16 Advice for Future Entrepreneurs

25:38 Closing Thoughts
—

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Standing Table is made possible through our continued partnership with Apex Fintech Solutions.

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

For more information, visit the Apex Fintech Solutions website: https://apexfintechsolutions.com/

LinkedIn: apex-fintech

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The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.​​

Dan Nathan and Guy Adami break down a wild week across markets — memory stocks in freefall, Google's brutal two-day selloff, and why China's AI models are closing the gap without top-tier Nvidia chips.

Micron cratered from its all-time high of $1,255 to $800 in a matter of weeks, and the DRAM ETF whipsawed right along with it. Guy and Dan dig into whether this is a routine flush or something bigger. Google sold off 10% after Gemini news broke the hyperscaler rotation narrative, and they debate whether the moat still holds given decelerating margins and ballooning capex.

On the China front: DeepSeek raised $7B at a $52B valuation, Alibaba announced $50B in capex, and Moonshot's new model is narrowing the gap with US labs — all without access to Nvidia's most advanced chips. Dan and Guy also revisit the Nvidia-vs-component-suppliers margin debate, unpack Apple's surprising rally into earnings, and call the technical line in the sand on Netflix after its cash flow miss cut the stock in half.

Plus: a quick check on crude, refiners hitting new highs, and what's next for energy names like Exxon and ConocoPhillips.

Show Notes

Google Gemini Launch Delayed as Tech Falls Short of Internal Goals (Bloomberg)

Chinese Models vs. Frontier Models (The Daily Spark)

China’s Moonshot Unveils AI Model That Narrows Gap With US Firms (Bloomberg)

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing.

LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE

Dan and Guy speak with legendary short seller Jim Chanos about extreme market dispersion beneath an S&P near all-time highs, rising retail speculation, and a new wave of IPOs, secondaries, and insider selling. Chanos explains his hedged 40-stock model portfolio and argues the AI build-out is driving a torrent of equity and debt financing, often off balance sheet, into long-lived assets with uncertain economics. He warns that long-term projects are being justified by spot pricing, while “construction in progress” accounting and depreciation timing defer costs, inflating earnings and masking obsolescence. He compares today to—and “worse” than—the late-1990s infrastructure boom, highlights falling incremental returns on hyperscaler invested capital, notes shifting neo-cloud business models toward “asset light,” and says bull markets price promises while ignoring financial reality.

—FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.

Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.