Futurum Equities Podcast

(Hosted by Shay Boloor and Daniel Newman)

We’re not here to recap headlines. We’re here to unpack how Nvidia’s architecture is reshaping data centers. How AI agents will disrupt every enterprise. The markets are about to get harder. AI is about to explode and chance the world. The next five years will break most of the frameworks people have used for the last decade. That’s exactly why we’re doing this. Because if you want to survive this next cycle, you need to understand how real tech scales and how money moves around it. The Futurum Equities podcast is committed to deliver Insights from the Inside with each and every episode.

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#60
Friday · 1 hr
Google, Amazon and Intel all showed AI demand. QQQ still fell 3.4%.| Ep 62
Google, Amazon and Intel all reported this week, and on Friday QQQ fell 3.4%. Daniel Newman and Shay Boloor went live at 3 PM ET on episode 62, with QQQ down about 4% while they were on air, to sort out what changed in AI this week and what did not. Chief Market Strategist Shay Boloor says his line in the sand, the 21-week moving average on QQQ, broke before the open, and 680 is the next level he is watching. Daniel lists every Friday that QQQ gapped down more than 2.5% after a down day: 2001, June 2002, October 2008, twice during COVID, Liberation Day, and today. He says each one came during a real capitulation. His read on the week is that none of the misses were about AI. Google Cloud grew 103% and AWS grew 39%. What weakened was the business that pays for AI: Google's ads and Amazon's free cash flow. On Google, Shay says this was the first quarter Search came in under half of revenue, and AI Mode earns less per query than traditional search does. Reddit fell about 29% on the same shift in traffic. He would buy Google for Cloud, with a backlog near half a trillion dollars and more than 100 TPU customers. On ServiceNow, Shay sold near $140 before the print and still sees it as the control tower for enterprise AI agents, with the revenue arriving in 2027. Daniel bought more at $110 and plans to hold it for five years. On Intel, which fell 29% on Friday, Daniel says Intel could sell every data center chip it can make and cannot make more, and that the stock ran from $20 to almost $150 before the numbers showed up. Shay says the CPU demand Intel cannot fill goes to AMD and Nvidia. The Q&A covers the 10-year near 5% and the funding squeeze on neoclouds, a stagflation playbook, the reported Marvell and Lumentum deal, Credo against Google and Amazon, robotics picks, SpaceX at $135, Cipher and IREN, the Anthropic IPO, and whether AMD could have an Intel quarter. Watch the full episode with chapters on YouTube: https://youtube.com/live/aOQqqdj1DTk?feature=share Bring your tickers and questions to the chat on the next live show and the guys will take them on air.
#59
October 22 · 59 min
SpaceX, Meta and Tesla gave AI bulls the numbers. Stocks sold anyway. | Ep 61
SpaceX, Meta and Tesla all reported this week, and AI stocks still sold off. Daniel Newman and Shay Boloor went live Thursday morning on episode 61, with QQQ down about 2% while they were on air, to work out why strong earnings did not lift the market and what they are buying. Daniel says good tech earnings cannot outrun the headline, and the headline is that Iran is not solved. He says the analysts who downgraded CoreWeave after it fell from above $100 to about $50 are making their call after the move already happened. Chief Market Strategist Shay Boloor says SpaceX gave AI bulls everything they could ask for and the trade still did not reset. To him that means yields and the discount rate are setting prices right now. He is adding to his AI names while the macro holds them down. On SpaceX, Daniel says it could be the largest hyperscaler within 18 months and can charge 40 to 50 billion dollars a gigawatt for compute. Shay points out that 84% of SpaceX's capex went to AI. He reads the quarter as good news for Nebius, IREN and CoreWeave, because one of the largest new suppliers still cannot find enough spare compute for its own needs, and he says the bottleneck is moving from GPUs to power, cooling and electrical equipment. On Meta, Daniel calls the quarter a Goldilocks beat with a small capex raise. Shay says Muse produced real engagement and shopping data for the first time. Daniel flags how many users drop off two weeks after signing up and says agents that see ads are the bigger upside. On Tesla, Daniel thinks the company is getting ready for a merger with SpaceX. Shay calls it the best Tesla report yet for FSD and still prefers SpaceX. The Q&A covers when to move from buying dips to protecting capital, Daniel's muni bond fund and healthcare names, Shay's 21-week EMA line on QQQ, whether supply can catch up to demand before the macro clears, Google below its 200-day against Nebius and space stocks, and Cipher and IREN's untapped power. Watch the full episode with chapters on YouTube: https://youtube.com/live/16_OoGzB6Pw?feature=share Bring your tickers and questions to the chat on the next live show and the guys will take them on air.
#58
October 16 · 1 hr 5 min
CoreWeave Bonds Hit 14.5%. ASML Still Can't Build Enough Machines. | Ep 60
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.
#57
October 2 · 57 min
Payrolls Rose 29,000. Micron Guided $61.5B. AMD Bought World Labs. | Ep 59
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.
#56
September 25 · 58 min
Meta is up big on Muse. AMD is priced for no mistakes. Micron is next. | Ep 58
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.
#55
September 18 · 55 min
AI slowdown lasted a day. Cyber is overpriced. Memory got left behind. | Ep 57
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.
#54
September 11 · 57 min
The AI Doom Post Passed 100M Views. Power and Rates Are the Real Risk. | Ep 56
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.
#53
September 2 · 57 min
Only the Servers Got Paid This Week. Every Other AI Beat Sold Off.| Ep. 55
Dell grew revenue 58% to a record $47 billion, raised its full year earnings guide to $25.50 a share, and closed up 16%. Palo Alto Networks grew next generation security ARR 63%, beat on every line, and closed down 9%. Daniel Newman and Shay Boloor spend episode 55, a Wednesday recording, separating the strong businesses from the strong stocks: Dell, Palo Alto, MongoDB, Credo, Astera Labs, and the bar Broadcom and Snowflake have to clear after the close. The guys open on Dell: $60.9 billion of AI server orders, a $95 billion backlog, AI factory customers up from 5,000 to 6,500 with almost all of that growth from enterprises, and Signal65's new Pinnacle benchmark on the cost of a correct outcome. Then Palo Alto, which grew NGS ARR 63% to $9.1 billion and still sold off after walking in at 90x earnings against a 50 to 55x historical mean and a 76x COVID high. MongoDB grew Atlas 29% for the fifth straight quarter and fell 13% on a guide that implies deceleration, with Daniel pulling the ETR spending data live. Credo is where the hosts part ways: revenue grew 115%, the stock fell 20% on deceleration and customer concentration, Shay added 25% to a top five position at 22x forward earnings, and Daniel counters with Apple as the bellwether for what a hyperscaler eventually does to a dependent supplier. The preview block covers the one Broadcom number that matters, the $100 billion AI figure, Snowflake at 70x free cash flow, and HPE's enterprise led quarter. The Q&A covers Aehr Test Systems, the packaging trade in TSMC, Amkor and Intel, memory staying tight through 2030 and Micron vs SK Hynix, Shay's 20% gross margin rule, and the 10 year yield keeping the data center trade on pause until the war is over. Watch the full episode with chapters on YouTube: https://youtu.be/JrTi8Cv-YeQ The show is live every Friday. Bring your tickers and questions to the chat and the guys will take them on air.
#52
August 28 · 1 hr 1 min
NVIDIA Guided 70% Growth. Its CFO Says It Could Double With Supply. | Ep 54
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.
#51
August 21 · 59 min
Anthropic IPOs in October. The only frontier AI stock for a year. | Ep. 53
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.
#50
August 14 · 58 min
Memory is a 5 to 10 year constraint. The 2030 guides just proved it. | Ep. 52
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.
#49
August 7 · 1 hr 1 min
SpaceX Guided to $260B by 2029. Shay Bought the Lockup Fear. | Ep. 51
TITLE: Ep 51: SpaceX Guided to $260B by 2029. Shay Bought the Lockup Fear. DESCRIPTION: SpaceX just delivered its first earnings report as a public company, and the number nobody modeled stole the whole show. Daniel Newman and Shay Boloor spend episode 51 on the print, the lockup everyone was selling ahead of, and why a weak jobs report has the entire AI trade breathing again. The guys go deep on SpaceX: 92% growth in an AI cloud business that was never supposed to exist at this scale, a revenue path from $44 billion this year toward $260 billion by 2029, and the math behind Shay buying the lockup fear at $109 to $110 before the print. From there it's Palantir's rerating with net dollar retention at 157% and roughly $6 billion of US commercial contract value closed, Daniel calling the end of the SaaS apocalypse, AMD's conservative guide and the Helios rack scale ramp, the no rate hike case under Kevin Warsh after a weak jobs Friday, Shay's new Vertiv position for AI power exposure, Micron over SK Hynix on HBM, and the reveal that Shay sold every share of his Tesla on a SpaceX merger theory. The Q&A covers Daniel's put selling playbook, the Oscar Health case study, T1 Energy and EOS Energy, and who wins when models get cheap. Watch the full episode with chapters on YouTube: https://youtube.com/live/bRWV51UXeDQ The show is live every Friday. Bring your tickers and questions to the chat and the guys will take them on air.
#48
July 24 · 1 hr 2 min
Google grew cloud 82% and still got sold. Where the money went | Ep. 50
Episode 50 lands in a strange tape. Google grew its cloud business 82% and the stock got sold anyway, and Daniel Newman and Shay Boloor spend the show on what that selling actually means for everyone holding the AI trade. The guys go deep on Alphabet's print: a $25 billion cloud quarter growing 82% with 36% operating margins, a $15 billion capex raise, and the earnings math behind Shay's call that Google is "a great business, bad investment" until EPS clears $20 again in 2029. Nvidia at 18x earnings gets the other side of that trade. From there it's the $11.7 trillion cumulative AI capex bull case through 2030, TSMC raising capex $8 billion in a quarter while flagging a bigger 2027, Intel's blowout on server CPU pricing and Shay's rule that INTC has to prove an external foundry customer to earn its price above $100, Tesla converting record deliveries into a 1% operating margin, Micron and the HBM demand curve the market keeps mispricing, and IREN's $2.8 billion AI cloud contract with roughly half the GPU capex prepaid by customers. Plus SpaceX lockup math and entry levels, Meta at 18x with Shay's $1,200 thesis, and Jensen Huang joining X mid show. The back half is all viewer Q&A: ServiceNow as the benchmark for AI software, Shay's tier one and tier two software framework, whether Meta is the best Mag 7 buy right now, IREN position sizing, and the drone bucket ahead of the Anduril IPO. The show is live every Friday. If you're tracking AI infrastructure or trading this earnings season, bring your tickers and questions to the chat and the guys will take them on air. If this one helped you make sense of the tape, a like genuinely helps the show reach more investors. Subscribe and hit the bell so you catch the next live, and come argue with Shay about NVDA at $100 in the comments.
#47
July 8 · 57 min
SK Hynix listed 3x oversubscribed. Why Micron is the cleaner entry from here. | Ep. 49
MU at 6x earnings, NVDA at 18x, and SK Hynix listing 3x oversubscribed on NASDAQ. The memory selloff heading into the listing looked like a fundamentals problem. It wasn't. Daniel Newman sat down with the SK Group chairman on listing day. Shay Boloor walked through exactly why Micron is his cleanest memory entry right now, why NVIDIA has become the capital-safety trade in a volatile market, and where the Mag 7 relative value actually sits heading into the second half. Tickers covered: MU, NVDA, SKHYF, META, MSFT, PLTR, SNOW, DDOG, NOW, CRWD, PANW, DELL, OKLO, BE, GEV, ASTS, RKLB, HIMS, OSCR, SHOP, ADBE, CRM, SAP, AMD. Key data points from this episode: Futurum Equities $155 price target on MU. Futurum 2027 AI-only CapEx forecast of $1.44T. BofA projecting NVIDIA at 65-70% share of AI CapEx. Software names up roughly 50% off April 2025 lows. SK Hynix IPO 3-4x oversubscribed with 30-50% listing-day run risk flagged. 00:00 Intro and SK Hynix US listing context 00:43 SK Hynix NASDAQ debut and Daniel's chairman sit-down 02:14 MU price target, memory rankings, and tariff advantage 07:48 Why geopolitics won't stop AI CapEx 08:14 NVDA as the return-to-safety trade at 18x earnings 10:06 BofA NVDA revenue projection and AMD's role 11:48 Futurum 2027 AI infrastructure CapEx forecast 12:33 NVDA CPU business and Jensen's neo-cloud strategy 14:35 Bottleneck bros valuation gap: NVDA at 18x, MU at 6-8x 15:50 NVIDIA as the T-bill 19:24 META as second-best Mag 7 opportunity 20:03 MSFT at roughly 20% undervalued with $100/share upside 30:08 RKLB, HIMS, and OSCR portfolio moves 32:52 Software up 50% from April lows, rotation dynamics 34:17 Top four AI software winners: PLTR, SNOW, DDOG, SHOP 35:24 ETR survey data flagging enterprise softness risk 37:38 CRWD and PANW both post best quarters in company history 38:07 Daniel on SaaSPocalypse and the era of abundance 39:35 ADBE, CRM as system-of-record value plays 41:00 DELL up 4x YTD but 17% gross margins limit the case 42:44 OKLO down from $200 to $46, Stage 4 breakdown flagged 44:00 BE and GEV as behind-the-meter power plays 46:47 SAP vs PLTR as business AI platforms 49:12 ASTS as the pure space connectivity play 54:20 Samsung profitability data point 54:55 SK Hynix listing bag-holder risk for chasers 56:11 MU near 50-day SMA as re-entry setup #FuturumEquities #DanielNewman #ShayBoloor #AI #Investing #Markets
#46
July 2 · 56 min
META flipped $145B of CapEx into a new business overnight. | Ep 48
PLTR, MU, META compute leasing, and the software bounce: Shay added to Palantir in the $115 range as Alex Carp's CNBC interview reframed the proprietary data moat, and every Future 15 software pick turned green in the same week. This episode covers why the application and data layer sits above frontier model companies as the durable AI winner, what META leasing 500 megawatts of excess GPU capacity actually means for neo clouds like NBIS and CRWV, and why the hosts think that sell-off was overdone. Futurum's price target on MU sits at $155 with street highs above $200. MSFT announced a $2.5B forward-deployed AI joint venture. AWS raised GPU rental prices 20%. OpenAI giving 5% equity to the US government gets called out as pure IPO valuation mechanics, not patriotism. The memory trade, physical AI sensing plays, and the AI CapEx prisoner's dilemma all get full treatment in the back half. Tickers covered: PLTR, MU, META, MSFT, NVDA, SNOW, NOW, CRM, ADBE, ORCL, NBIS, CIFR, WULF, CRWV, ASTS, AXON, AMBA, AVAV, KTOS, ACHR, JOBY
#45
June 18 · 58 min
Fed broke the rate narrative. NVDA and AI capex face a new math | Ep 46
Daniel Newman and Shay Boloor are live on The Futurum Equities Podcast, breaking down how and why the Fed just handed the market a regime change disguised as a hold. If you're running any AI or tech exposure right now you need to understand what actually happened. The Fed kept rates at 3.5% to 3.75%, but that's the least interesting part of the decision. The dot plot median shifted to 3.8% year-end, nine of eighteen officials are now projecting a 2026 hike, and the cutting-bias language got stripped from the statement entirely. The 2-year Treasury confirmed it immediately, jumping 14 basis points to 4.153%. That's the bond market telling you this is structural. For NVDA, MSFT, META, GOOGL, AMZN, and PLTR, which are all priced on multi-year earnings streams, a higher discount rate compresses multiples even when the fundamentals don't change. Daniel and Shay will pressure-test each name against that reality. The hyperscaler capex commitments are also load-bearing: META guided $125 to $145 billion, MSFT is at $120 billion-plus, AMZN is at $200 billion, and GOOGL is at $175 to $185 billion. That contracted demand flows through to NVDA's data-center segment regardless of where the 2-year goes.
#44
June 12 · 1 hr
Oracle's $638B backlog and SpaceX's index clock. What breaks next. | Ep 45.
SpaceX debuted at a $2T valuation, 4x oversubscribed, and the largest IPO in history. While the market chased the narrative, NVDA fell 15% from its May highs and ARM ran. Shay closed the ARM position and rotated into NVDA at roughly $200, targeting $300 on a 24-25x earnings multiple. That's the trade the episode is really about. We break down the SpaceX IPO valuation case, why Shay sees the entry as questionable despite loving the business, and what the proxy-chasing dynamic says about where the real AI infrastructure opportunity sits right now. Oracle's OCI transition gets a full breakdown too: a $638B backlog that is larger than Amazon, Microsoft, and Google combined, but mid-teens margins against hyperscaler margins of 30-50% that explain exactly why the market is skeptical on conversion. We close with rapid-fire coverage across drone defense, AI networking names including AVGO, MRVL, ANET, COHR, and CREDO, and the power infrastructure trade with GEV, VRT, Bloom Energy, and Shay's new position in FGNT near $50. Tickers covered: NVDA, ARM, ORCL, RKLB, ASTS, PLTR, SNOW, MDB, GOOGL, AVGO, MRVL, ANET, COHR, LUMN, CREDO, CSCO, HPE, VRT, GEV, BE, FGNT, MRCY, AVAV, KTOS, TSLA Disclaimer: This episode is for educational and informational purposes only. Not financial advice. Past performance does not guarantee future results. Do your own research before making investment decisions.
#43
June 10 · 53 min
Anthropic's S-1 just repriced AMZN, GOOGL, and MSFT | Ep. 44
Watch as Shay & Daniel break down Broadcom's 15% post-earnings collapse, NVIDIA's stubborn undervaluation at ~20x forward earnings vs. AMD's 40x and Intel's 60x+, and the dangerous valuation distortions emerging across the AI ecosystem ahead of the SpaceX and OpenAI IPOs. This episode dissects: • Why NVIDIA remains the king of the AI infrastructure economy despite market euphoria • Broadcom's "Uncle Sam of AI" role and why 100B in 2027 revenue wasn't enough • ARM's $500B market cap exuberance trade vs. NVIDIA's rational pricing • Snowflake's 34% product revenue reacceleration and data infrastructure separation • CrowdStrike and Palo Alto as clear AI cybersecurity winners (with valuation caveats) • HPE's 30% earnings beat and 50% monthly gain via compute & networking dominance • Zscaler's alarming 10% organic growth deceleration • The SpaceX $1.75T valuation vs. $800B fair value: $1T of pure exuberance • Why rate expectations just shifted the entire market narrative • Marvell's 33% jump on Jensen Huang's trillion-dollar comment Disclaimer: This episode is for educational and informational purposes only. Not financial advice. Past performance does not guarantee future results. Do your own research before making investment decisions.
#42
May 22 · 57 min
NVIDIA, SpaceX & the $10 Trillion Data Center Supercycle | Ep 43
This week on the Futurum Equities podcast, Shay Boloor and Daniel Newman break down NVIDIA’s massive beat and $91B guidance while the market continues chasing speculative AI small-caps over dominant long-term compounders. The discussion dives into Futurum Equities’ new $10 trillion AI infrastructure thesis, Rolf Bulk’s top semiconductor picks with major upside potential, and why companies like NVIDIA, Broadcom, AMD, TSMC, Micron, and SK Hynix may still be undervalued despite historic growth. The episode also explores Broadcom’s expanding AI networking dominance, ASML’s long-term EUV bottleneck, Anthropic’s rapid revenue growth, and how a future SpaceX IPO could reset valuations across the AI compute and infrastructure ecosystem. Shay and Daniel explain why volatility is creating opportunity, why “excellence” is being overlooked by the market, and where they see the biggest long-term winners in AI and semiconductors.
#41
May 15 · 55 min
NBIS, CSCO, AMAT Just Previewed the NVDA Print | Ep 42
This week on the Futurum Group Equities Podcast, hosts Daniel Newman and Shay Boloor break down the latest action across AI, semiconductors, and the broader tech market after another volatile but powerful week for stocks. The conversation dives into the frenzy surrounding the latest AI trade, comparisons between emerging AI players and NVIDIA, and whether valuations across the sector are starting to get overheated. The duo also discusses investor sentiment, IPO momentum, enterprise AI spending, and key names, including Cisco, Applied Materials, and NVIDIA, as the AI infrastructure race continues to accelerate. From market psychology to long-term AI positioning, this episode covers the biggest narratives driving tech stocks right now. Subscribe for weekly conversations on AI, semiconductors, enterprise tech, and the future of the market.

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