Futurum Equities Podcast

Futurum Equities Podcast
  • 5.0 (9)
  • Investing

(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.

  1. 2d ago

    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.

  2. Sep 25

    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.

  3. Sep 18

    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.

  4. Sep 11

    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.

  5. Sep 2

    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.

  6. Aug 28

    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.

  7. Aug 21

    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.

  8. Aug 14

    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.

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Ratings & Reviews

5
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9 Ratings

About

(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.

Information

  • Creator
    Futurum Equities Podcast
  • Years Active
    2025 - 2026
  • Episodes
    57
  • Rating
    Explicit
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    Futurum Equities Podcast

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