Show Notes
Stephanie Aliaga is a global market strategist at JP Morgan Asset Management, where she focuses on AI's role in markets and the economy. She joins Phil Rosen on Full Signal to discuss why the AI cycle is still early, the selloff in neocloud stocks, hyperscaler moats and frontier lab economics, why AI isn't showing up in productivity data yet, and her favorite opportunities for the AI trade for the year ahead.
Today's episode is sponsored by Direxion: https://www.direxion.com/product/daily-tsla-bull-and-bear-leveraged-single-stock-etfs
Full Signal is available on Apple Podcasts and Spotify 3 hours before YouTube:
🍎 Apple: https://podcasts.apple.com/us/podcast/full-signal/id1850620905 📢 Spotify: https://open.spotify.com/show/2CX5KAB0jdOTBNPVJOHN6D
📨 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/phil-rosen-763601187/
💸 Sign up for Silvia, your personal AI CFO that helps you manage your finances: https://silvia.com/?utm_source=opening_bell&utm_medium=partner&utm_campaign=phil_rosen
TIMESTAMPS:
0:00 - We're still early in AI 2:43 - Neocloud financing fears 4:46 - Demand vs. financing 7:10 - Hyperscaler balance sheets 10:46 - Frontier lab token economics 15:06 - AI agents boom 17:05 - Enterprise AI adoption 20:24 - Where's the productivity gains? 26:24 - Where to invest now 30:16 - Favorite sectors 34:07 - US vs. international 37:29 - Too late to buy AI? 39:07 - What could derail the AI trade 40:44 - Follow Stephanie
#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed
More from Full Signal
Jérémie Boyer is the co-founder of Aurelion Research, an independent investment research firm based in Montreal. He joins Phil Rosen on Full Signal to discuss Canada's defense spending boom, the coming uranium supply squeeze, the Brazil election trade, and his top stock picks that Wall Street is ignoring.
Meb Faber is the co-founder and chief investment officer of Cambria Investment Management, which runs a suite of ETFs with roughly $5 billion in assets. He joins Phil Rosen on Full Signal to discuss the "bear market in diversification," why US stocks look expensive next to the rest of the world, the global buyback boom, risks of the AI trade, and how he'd build a portfolio from scratch today.
Phil Rosen — co-founder of Opening Bell Media and chief market strategist for Silvia Inc. — joined Anthony Pompliano on stage at the Silvia Investor Summit in New York to discuss the most important charts driving markets, the stocks inside his portfolio today, and the bull and bear cases on AI.This conversation was filmed on October 8, 2026.
Kai Wu is the founder and CIO of Sparkline Capital. He joins Phil Rosen on Full Signal to discuss the K-shaped stock market, why he's cautious on the AI infrastructure trade, whether Anthropic and OpenAI have real moats, and why AI early adopters present the market's best opportunity.
Julia Hermann is a global market strategist at New York Life Investment Management. She joins Phil Rosen on Full Signal to discuss the shift to a market-led liquidity regime, the future of the Fed put, political pushback on AI data centers, why she's still bullish on financials, and where she sees opportunity in the year ahead.