Markets are pushing new highs, but RPK, Sam and John argue the tape still feels “choppy”—with volatility staying sticky and credit showing early warning signs. They then unpack the AI buildout: why software’s upside may get pressured as AI agents reshape pricing, and why the real bottleneck could be “stuff” like data centers, chips, and especially power. Guest Jay Van Sciver lays out what this could mean for industrials and the grid, then they hit transports/tariffs, detour into Tesla/SpaceX structure risk, and close with Q&amp;A on managing earnings grenades through sizing and risk discipline. Hedgeye Founder &amp; CEO Keith McCullough&#x27;s long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. 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&#x27;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&amp;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.

AI Capex - Back to Infrastructure | Protect the Pile: Episode 7

Hedgeye Podcasts

# Full Transcript

**Podcast:** Hedgeye Podcasts

## Participants

- **Patrick Kent** (Hedgeye Asset Management)
- **Sam Rahman** (Hedgeye Asset Management)
- **John McNamara** (Hedgeye Asset Management)
- **Jay VanSkyver** (Hedgeye)
- **Jay VanSkyver** (Hedgeye)

## Transcript

All right, welcome back to Protect the Pile, the no-nonsense investment show where we cut through the market noise with a panel of seasoned practitioners who play the game every day. We'll dissect what's going on out there and talk about some of the opportunities, some of the risks, and help you navigate the markets through the Hedgeye Risk Framework and all the real world experience we have between this combined group of esteemed collaborators.

So, I am Patrick Kent or RPK of Hedgeye Asset Management and with me as always is Sam Rahman. And joining us as well, John McNamara, also a portfolio manager and colleague at Hedgeye Asset Management. And Jay VanSkyver, the international man of mystery, covers industrials at Hedgeye. And welcome Jay, thanks for coming on. Jay VanSkyver, Great. Thanks so much for having me.

Matt Kemp, Ph.D.: Yeah, this is a pretty loose format. I'll kind of just level set a little bit, put this episode in place and time, and then we'll kind of get into a little bit of up top just talk macro for a few minutes, and then we'll get into some more industrials related topics, and we can kick it around. Then I've got a few Q&A questions from the audience, and then, yeah, we'll kind of wrap it up. So, keep it on schedule.

Matt Kemp, Ph.D.: We're recording on February 27th. My last episode was, I think, February 6th. So, even though we keep trying to do these every other week, life intrudes. And in this case, it was a snowstorm that kept me trapped in Florida for longer than I planned to, which I guess wasn't the worst place to be, but it was a little more expensive than originally planned.

Matt Kemp, Ph.D.: We're sitting here. The S&P 500 is at 68.56 roughly, down about 1.7% from the all-time high set basically, I don't know, one month ago. And here we are at month end. There's a little bit of noise going on out there. Matt Kemp, Ph.D.: You know, it's been a strange couple of days recently, right? We had kind of, we're in the chop bucket, volatility's up. We kind of are stubbornly sitting around kind of, you know, 1920 in the VIX.

Matt Kemp, Ph.D.: Vol-A-Vol is a bit elevated. Kind of just seen it everywhere across the board, which is a little strange, only because the liquidity environment is so supportive, I think, at the moment. At least the way I look at these things, as we've talked about multiple times over some of these episodes.

Matt Kemp, Ph.D.: We've had, you know, global dollar liquidity is, you know, as I look at it, which is just global, you know, the major M2 across major economies converted back to dollars that is growing at double digit rates on sort of one month, three month and six month annualized as well as year over year. Matt Ke...

AI Capex - Back to Infrastructure | Protect the Pile: Episode 7

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

AI Capex - Back to Infrastructure | Protect the Pile: Episode 7

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.