The Exchange

Epizodai

• The Exchange 6/3/26 03.06.2026 57min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• The Exchange 6/2/26 02.06.2026 41min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• The Exchange 6/1/26 01.06.2026 52min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• “Dude, You’re Getting a Dell,” A Hiccup for the Space Race & A Dot-Com Moment without the Bubble 5/29/26 29.05.2026 43min

  Dell shares are on pace for their best day ever as AI server revenue soars. A setback for SpaceX competitor Blue Origin puts the IPO back in the spotlight. Semiconductor stocks are on a historic run and Nvidia is no longer leading the charge.
• Semis Outperforming Mag 7, Warsh’s First Move, SpaceX IPO Impact on Markets 5/28/26 28.05.2026 43min

  Are semi stocks outperforming at the expense of the Mag 7? We’ll debate and look at how long that can continue. Plus, Komal Sri-Kumar joins us with his thoughts on Kevin Warsh’s first move as Fed Chair. And we dig into the SpaceX IPO and its impact on the benchmarks with a market structure expert.
• The $1T Club, Cyber the New Semi & A Potential Rate Hike 5/27/26 27.05.2026 46min

  SK Hynix joins Micron as the latest member of the $1 trillion club, but is bigger always better? Cyber security ETF BUG up 37% over the past two months. Could cyber stocks be the new semis play? And the odds of a rate hike are climbing, but could the market be getting ahead of itself?
• Micron’s $1T Move, Pope Leo’s AI Warning, Knicks Win & Potential Spin(off) 5/26/26 26.05.2026 43min

  Micron crossing $1 trillion in market cap for the first time; how much room is left to run? Pope Leo calling for the “disarming” of AI, saying it threatens to normalize an “anti-human vision” of society. And as the New York Knicks head to their first NBA finals since 1999, Wall Street is buzzing about Madison Square Garden Sports’ potential spinoff of the Knicks and Rangers.
• Warsh sworn in as Fed Chair, OpenAI’s IPO Plans, “Chip mania” still intact? 5/22/26 22.05.2026 44min

  Former Fed Governor Larry Lindsey gives his take on what a Kevin Warsh-led Fed will look like. Redpoint Ventures’ Managing Director and OpenAI investor Erica Brescia joins Kelly on the AI startup’s path to the public market. And Jeff Kilburg is sticking with Intel despite the stock’s meteoric rise.
• The Nvidia Read-Through, Bond Market Headwinds, Government’s Quantum Leap 5/21/26 21.05.2026 44min

  Nvidia’s earnings beat, stock buyback, and dividend hike not exciting Wall Street, but one chip subsector is seeing a boost. Greg Ip’s “dangerous brew that’s rattling bond markets.” And the CEO of D-Wave Quantum discusses the government’s new $100M stake.
• Not Hot on Nvidia, Public Offering Parade & Hundred-Point Hike? 5/20/26 20.05.2026 43min

  Nvidia reports after the bell, but our portfolio manager sees better opportunities in semis. Wall Street readying for both SpaceX and OpenAI to file for IPOs this week. Plus, why the Fed may have to hike rates by at least 100 basis points.
• The Global Bond Rout, The Solo Sell on Nvidia, and Google’s New AI Agent 5/19/26 19.05.2026 42min

  Yields soaring around the world as bond vigilantes try to force a Fed hike ahead of Kevin Warsh’s installation as Fed Chair. The street’s only analyst with a ‘sell’ rating on Nvidia lays out his bear case ahead of earnings. Plus, Google unveils Gemini Spark at its annual developers’ conference.
• Court Rules Against Musk in Legal Battle with Sam Altman, OpenAI 5/18/26 18.05.2026 52min

  We go live to the courthouse after Elon Musk loses his court battle against OpenAI and Sam Altman; Big Technology’s Alex Kantrowitz and Deepwater Asset Management’s Gene Munster join Kelly for instant reaction. Plus, what to watch in Walmart’s and Target’s reports this week.
• The Exchange 5/15/26 15.05.2026 43min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• Cerebras Opens for Trading, A Midterm Misstep, and Crypto Clarity 5/14/26 14.05.2026 49min

  The Exchange, along with a little help from two surprise guests, takes a deep dive into the blockbuster Cerebras IPO as shares start trading at the top of the hour. President Trump was “fawning over the Chinese Communist Party”, according to AEI’s Derek Scissors, and that could give Democrats an edge in the midterms. Plus, a win for the crypto industry.
• The Exchange 5/13/26 13.05.2026 43min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• Bubble Babble, Memory Mayhem, and a Spring Swing 5/12/26 12.05.2026 43min

  Chip stocks, including Nvidia, Intel, Micron, Qualcomm and AMD, are sitting near record highs and fueling concerns of a 1999 repeat. One Korean policymaker’s suggestion of paying citizens an AI “dividend” throws the memory trade into temporary disarray. Plus, home prices post their strongest monthly gain in nearly two years.
• Dotcom Do-Over?, Nadella Takes the Stand, and The Sleeper in Semis 5/11/26 11.05.2026 44min

  The run-up in tech has Dan Niles remembering like it’s 1999, but he says the rally “has at least one more great year.” Microsoft’s Satya Nadella takes the stand in the Musk vs. Altman trial. Plus, the under-the-radar chip company UBS says is “the fastest grower” in the space.
• Two Rate Hikes, Tensions Ahead of China Summit, and AI Economic Distortions 5/8/26 08.05.2026 43min

  KPMG's Diane Swonk makes the case for two rate hikes this year. The Iran war could make for an acrimonious meeting between President Trump and China's Xi next week. Plus, the Wall Street Journal's Greg Ip writes AI is "distorting practically everything about the economy."
• Whirlpool's Recession Warning, A Spending Split, and the Burger Battle 5/7/26 07.05.2026 44min

  Whirlpool sinks on disappointing results, and management says the Iran war triggered a recession-level industry decline. New signs the K-shaped is widening. Plus, McDonald's stays afloat while Shake Shack stumbles.
• Semiconductors Soar, Apple's AI Fumble, and Former FDIC Chair Bair 5/6/26 06.05.2026 43min

  Bernstein joins the AMD bandwagon after shares surge on earnings. Apple's R&D spend rises as it tries to catch up in the AI race. Plus, former FDIC chair Shiela Bair talks Warsh, banks, and new children's book, "How Not To Lose A Million Dollars."