Jack Farley is a macro expert and the co-founder of the Monetary Matters Network. He joins Phil Rosen on Full Signal to discuss the semiconductor sell-off, the strongest bear case against AI, blowout bank earnings, the specific stocks he&#x27;s buying right now, and how he&#x27;d allocate a $100,000 portfolio today. Today&#x27;s episode is sponsored by Direxion: https://shorturl.at/EBirr 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 - Semiconductor bear market 1:19 - Leverage unwinding the rally 2:32 - Crowded AI trade 4:13 - Broadcom, Marvell 6:36 - Intel skepticism 8:07 - Michael Burry&#x27;s bear case 10:44 - AI&#x27;s subsidized economics 12:40 - Tokenmaxxing 15:05 - AI economics 18:17 - Rotating into software 19:19 - IBM&#x27;s worst day ever 23:13 - Blowout bank earnings 25:34 - Stablecoins outlook 27:36 - Lam Research 32:16 - Texas Pacific Land 34:51 - S&amp;P Global 37:08 - Building a $100,000 portfolio 44:34 - Follow Jack #podcast #investing #markets #macro #stocks #bitcoin #fed

Macro Strategist: 3 stocks to BUY as leverage hits the AI trade

Full Signal

Jack, over the last month we've seen semiconductors take a hit, memory stocks take a hit, Micron is looking pretty red these days. What stands out to you about this sell-off? Jack Kuznicki Well, I'll start by saying I think it's a BUY right now. So I'm long and I am not selling and I don't think that it is wise for people to sell unless they're ridiculously leveraged, which let's be honest, I think some people are, which I think is bad.

Jack Kuznicki But I think the sell-off, the absolute top in the semiconductor index probably was like in the middle of June. So June 18th or June 22nd, whatever. I think the weakness actually started a little bit before on probably like June 3rd, I think which is a Wednesday when Broadcom reported they were not very strong in terms of the guidance department.

Jack Kuznicki And I think that's what started a sell-off in specifically, I guess let's call it like the not core chip part. So like the interconnects and the switches, so like the Broadcoms, the Marvell's of the world. Jack Kuznicki And then of course the earnings from the memories has been tremendous and memory stocks have been coming down since like the middle of June. So I think there's a lot of themes within semis.

Jack Kuznicki That have been doing really well that have faltered over the past two to three weeks. Jack Kuznicki Do you think that the memory sell-off is mostly sentiment driven? Jack Kuznicki I think it is leverage driven and I think that, you know, you can't just blame leverage on the way down. I think leverage drove it up and leverage is now driving it down, but I think the fundamentals are intact and strong.

Macro Strategist: 3 stocks to BUY as leverage hits the AI trade

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Macro Strategist: 3 stocks to BUY as leverage hits the AI trade

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.