NVIDIA guided fiscal 2028 to 70% revenue growth against a street at 44%, and CFO Colette Kress says even that number is capped by supply, with demand running closer to 100%. Daniel Newman and Shay Boloor spend episode 54 on the NVDA print that took out two bear theses at once, Kevin Warsh's hawkish Jackson Hole debut, and the week Shay sold IREN with the power thesis still intact.

The guys open on the print: a top line beat near $4 billion that sold off until the fiscal 2028 guide landed, roughly $40 billion of the $89 billion data center quarter now coming from outside the hyperscalers, and AWS ordering about 2 million more GPUs even while it builds its own silicon. The one crack is margins, guided to 74% on memory inflation. Then the mood flips to IREN: one of the worst conference calls of the year, a deal the company legally cannot announce, and a capex raise well above what Nebius spends. Daniel is holding for what he thinks is underneath it. Shay sold his position on corporate governance while conceding the power thesis has only gotten stronger. On Jackson Hole, neither host believes a Trump appointed chair raises rates, but a higher floor pushed money toward quality. The software conversation runs through Dario Amodei's televised concession, the SaaSaPalooza, and CrowdStrike raising its ARR growth guide to 34% on AI security demand. The Q&A covers Shay's beach stock rule, Rocket Lab and AST SpaceMobile after the SpaceX IPO, why nobody undercuts Nebius while power stays the bottleneck, memory stocks priced as cyclical, and the Marvell print Shay left more bullish than he entered.

Watch the full episode with chapters on YouTube: https://youtube.com/live/8ENYvjLeDIs?feature=share

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

Anthropic put an October IPO on the table, and the neo clouds sold off hard into the news. Daniel Newman and Shay Boloor spend episode 53 on the narrow window where Anthropic can be the only public frontier AI stock, the margin test NVIDIA faces next week, and the Marvell warrant deal the market read backwards.

The guys open on the data center politics souring the AI narrative into the midterms, then get into the week's headline: Anthropic closed a 39 point pervasion gap on OpenAI in 12 months per the ETR data and crossed over, while the early Q3 read shows OpenAI re-accelerating and Codex pervasion doubling in a quarter. Shay's read is a scarcity window, since OpenAI can't list until 2027. The catch is capital absorption: a raise that could approach $100 billion has to be funded from somewhere, and the obvious source is the AI proxies. On NVIDIA, the counter to the peak capex thesis is Vera Rubin holding 75% gross margins, SpaceX growing from roughly 4% of revenue toward 10% by the end of next year, and token margins climbing toward an expected 90% on Feynman while paid token demand runs up 7x this year. Marvell gets the correction segment: 7% dilution over 6.5 years against $120 billion of Google spend, roughly ten years of run rate from one customer. The Q&A covers OpenAI's consumer monetization, Coherent's December CPO ramp, Cipher at $15, the 70% anti data center poll, and Kevin Warsh's first Jackson Hole.

Watch the full episode with chapters on YouTube: https://youtube.com/live/y0TG80GbQBY?feature=share

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

A prominent memory bull flipped short term bearish over the weekend, and Sandisk answered with an investor day that guides to 80% gross margins out to 2030. Daniel Newman and Shay Boloor spend episode 52 on the memory wall, the week the GPU depreciation bear case broke, and Futurum's new $12.7 trillion AI capex number.

The guys open on why Daniel calls memory a 5 to 10 year constraint and why the memory wall can't be engineered around fast enough to dent the trade. Sandisk's investor day gets the full treatment: mid to high teens growth guided through fiscal 2030, 80% non GAAP gross margins, free cash flow at 50% of revenue, and KV cache reaching 35% of AI data center NAND workloads by 2030. Then the neo clouds: CoreWeave's five year A100 contracts on six year old silicon, the $400 million of annualized non GPU business, and Nebius's first Blackwell capacity auction clearing 15% above its own best pricing with all of 2027 bookable at those levels. Plus Applied Materials' record sequential quarter, Shay's new Vertiv and ON Semiconductor positions for AI power, and the Q&A: the humanoid robotics SPAC red flag, the best AI energy stock, Aehr after a 15x run, AppLovin's binary Q3, Cipher's messy quarter, Credo against Astera Labs, and how Burry and Cramer keep getting the AI trade wrong.

Watch the full episode with chapters on YouTube: https://youtube.com/live/mzPSln0f19g

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